Posted by ( abuela1942 ) on September 29, 2008 at 6:44 p.m. ( Suggest removal )

Something needs to be done because retirees are losing their life savings from their IRAs and they need that money for monthly expenses. Also, people still working are seeing the value of their retirement accounts go down in their 401Ks.

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Posted by ( smmarkfan ) on September 29, 2008 at 8:47 p.m. ( Suggest removal )

If we're going to put up OUR money to bail out Wall St, let US do it and let US reap the benefits.
Give each individual who filed a 2007 income tax return a $2,500.00 "investment credit". The feds can send you a form on which you can indicate which stocks you would like and the number of each. They will complete the transaction for you.
The full amount as well as all subsequent dividends (excepting losses) must remain in the American stock market for a minimum of two years, during which you may trade as you see fit. After that time, you may sell off stocks as you see fit and pay income tax on any amount over the original $2,500.00, which you also may keep.
Here's the kicker... anyone who dies or is convicted of a felony before they sell out forfeit the entire portfolio to the US Treasury with no rights of survivorship.
It could work...

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Posted by ( tcfred ) on September 29, 2008 at 11:07 p.m. ( Suggest removal )

People are angry because they have been incorrectly told that wall street greed has caused this and that the $700B is a "Bail out".
History will show that there is enough blame to reach full spectrum - from the creative investment banker right through to the local loan broker that passed on mortgage packages with poor credit ratings. And, don't forget the millions of home buyers who did not read their contract, didn't get a lawyer and did not know what a balloon payment is.
On the second point, "Bail out" is an inflamatory and misleading term and the nations media has failed us in not putting the proper face on this situation.
Our leadership needs to listen to the concerns of the constituents but listen to the advice of the students of economics. (Masers Paulson, Bernanke, Buffet etc.)
Today the country lost $1.1 Trillion in the equities market and over $4 Trillion since last October when the credit market worries began taking it's toll on the market. That loss is born by 7 in 10 Americans, not Wall Street brass. It took Wall Street 32 years to recover from the 1929 crash.
The Congress did an exceptional job of putting together the bill that was voted on today. It needs another vote. The health of the United States is depending on Congress to pass this legislation. It is the most important single piece of legislation that has ever been before Congress.

tcfred

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Posted by ( Anaconda ) on September 30, 2008 at 5:12 a.m. ( Suggest removal )

Obama and Dems put pork and spending in bill. Obama included his buddies at ACORN for 20% of the profits.

Obama was right there by ACORN's side all along.

"I've been fighting alongside ACORN on issues you care about my entire career," he told the group last November

ACORN also got funding from two charities, the Woods Fund and the Joyce Foundation, when Obama served on their boards, and from the Chicago Annenberg Challenge - the radical "education reform" outfit Obama ran from '95 to '99.

Ironically, the group stood to be a key beneficiary of the goodies Democrats were loading into Treasury Secretary Hank Paulson's rescue plan - including one demand that 20 percent of any profits the feds make from reselling mortgage securities go to fund groups like ACORN.

Happily, that add-insult-to-injury bit appears to have been eliminated from the rescue bill - thanks essentially to Republican objections.

(In that context, it's worth noting that John McCain worked for years to rein in Fannie and Freddie. Had Democrats not blocked action, the whole mortage mess might well have been avoided.)

Debate over the rescue plan begins in earnest today - and much disapprobation will be heaped on "Wall Street greed" as it proceeds.

Don't be misled, though.

In the end, from a mighty ACORN an even mightier crisis did grow.

With Barack Obama's help

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