Why I like this bailout bill

[undercutter2006]

At first I thought it all was just going to be just a big giveaway to fat pigs on wall street, but the more I listen to democratic lawmakers (including Obama) talk about this bill, the more I like it. A lot of this money is going to social programs like unemployment benefits, education benefits, small business owners. So basically it seems like that progressives in the senate are using the current financial crisis as an excuse to strengthen social programs which they might not have political capital to do otherwise, which is a good/smart thing to do.

What do you think?

[texastoast]

1. I'm not there yet

Calling my rep to discuss this little tidbit that I had to find from a paper halfway around the world.

"Also included were more obscure terms extending tax breaks for motor-sports racing tracks, makers of wooden arrows for children, and the rum excise tax for Puerto Rico and the Virgin Islands."

And these items have to do with the mortgage corporate welfare crisis . . . how?

[Marrah_G]

2. This bill is nothing like what people think it is.

I support passage of the bill. I believe we are in big trouble if it is not passed in some form soon.

[texastoast]

3. Postponing the inevitable downfall

More of the same instant gratification that got us here in the first place. Rotten to the core unless they amend it.

[TornadoTN]

5. Agreed. Anyone that is seeing the impact can see this as an important step

It's part of a larger plan by a potential Obama administration, but its very critical. I posted this elsewhere, but I'll post it here so maybe a few more eyes will see.

Let me just give you an example of how this is impacting my own business:

We are one of the last true American manufacturers left. Our products are almost 100% all-American made from US components (some models require a special part that only the Austrians have perfected, so that has to be imported). We sell equipment to the energy sector - Coal, Oil, Biofuels and we sell equipment to the Environmental sector - wastewater, environmental clean-up, and so on. Our products make a significant impact from a Green perspective.

We have already had several, solid customers come back to us and request that we renegotiate contracts based on the unavailability of business credit lines for capital expenditures or medium to long term projects. We have done our research and this is happening all across the board - and these are in sectors that are growing and should be a solid source of secure cash. Our suppliers of raw material are also hitting a credit crunch and two things are happening: A. Prices are rising and B.Shortages of key components. Internationally, the banks are being even tighter about financing and we are hitting snags in securing funds from international sources interested in buying our products.

We employ 400+ people in two states and we export worldwide. Tell these 400 people that this bailout is only for the executives at Wall Street. Sure, the bail out bill is far from ideal, but the way we are seeing it, there doesn't appear to be a better option at this point to maintain some semblance of an economy until a new administration comes into power and makes sweeping changes.

[Marrah_G]

8. All we can do is try and wait things out.

I work in the mortgage insurance industry. I am surrounded by financial guys. Our business depends on a healthy middle-class economy.

[girl gone mad]

4. I agree with Stabenow:

Although I think we need to act to fix our American economy, I do not feel this bill is the right way to do it, and I voted against this package when it came before me in the Senate.

What is most outrageous to me is that this is not an accident. We are in this crisis because of a failed philosophy and a failed set of priorities that have rewarded greed. We have seen policies of massive deregulation and willful neglect of what is going on in these markets.

We know there is a crisis on Wall Street, but there's a much bigger crisis in Michigan and across America. Hard-working families, who play by the rules, are the ones in crisis every single day, and this bill does little for them. People are losing their health care, their pensions, their jobs, and their homes.

This legislation is fundamentally the wrong approach to fixing our economy. We need to start from the root of the problem and help families stay in their homes and keep their jobs.

Just last week, the Senate was unable to get bipartisan support for a jobs bill that would have helped families in Michigan who are suffering the worst in this economy. Our bill would have created desperately needed jobs in Michigan. That bill represented the right priorities!

Although I'm glad the final bill included some alternative energy tax provisions that I have championed in the Senate, the underlying legislation did not do enough to address the real problems of jobs, health care, energy independence, and home foreclosures.

In the coming months, I will continue fighting to stop the policies that got us to this crisis and hold the people accountable who failed to protect our country. Most importantly, I will continue to focus on creating new jobs in Michigan.

Sincerely,
Debbie Stabenow
United States Senator


Bank bailouts have been tried in past crises, and they have a low rate of success.

Recapitalization would be a better plan.

[Warpy]

6. There was a lot to like in it

especially the part where the money is doled out carefully and in parts and bankers are going to have to apply to the next Congress for most of it.

The bill is a wise one because Congress simply doesn't have enough time to fix the problems. The right wing scum thought they'd hustle a huge blank check through a Congress eager to recess. They were wrong. Even the GOPs weren't quite that eager.

This is probably the best we can expect right now, although I'd have been less generous with the total amount. It is enough to keep the whole shaky edifice from toppling before the new Congress is able to begin fixing all the GOP idiocy that led to the collapse. Once that happens, we might escape the worst. If it doesn't happen, if the GOP cheats its way back in, then we will face total collapse because the GOP can't think outside its destructive dogma.

Yes, it's a sop to thieves. Yes, it's necessary. No, it won't work unless the next Congress undoes Reaganism. However, it's the best we can expect at this time.

[kdenninger]

7. No, it won't be doled out slowly

You obviously missed the conference call (which wasn't supposed to be open to "regular people", but a couple of friends of mine managed to sneak in as we got the code for it before they held it) in which Treasury said they would have and deploy the entire $700 billion in 15 days.

How? The House and Senate must block them within 15 days from doing so, and they will be on recess.

You want to know what this bill is about? Go look here:

http://www.youtube.com/watch?v=ONUSxiGN4m4

[TornadoTN]

9. I need to see where they are going to be in charge of the funds

From all accounts, this was going to be a managed disbursal. And of course this is beneficial to China - everyone knows this. They essentially owned our nation previously and this bailout ensure they keep their currency in line without destroying the US economy.

Can you link me to something solid about this conference call and the details of how they are going to get the money outright?