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$700b bailout defeated -digg this on ABC


By macdoodle - Posted on 29 September 2008

 http://digg.com/business_finance/House_defeats_700B_bailout_vote
See the original image at abclocal.go.com

House defeats $700B bailout vote

abclocal.go.com — BREAKING NEWS: The House has defeated the $700 billion bailout legislation for the financial industry. Stay with ABC7NEWS.COM for more on this developing story: http://abclocal.go.com/kgo/story?section=news/ national_world&id=6413360

Republican or Democrat, I am can't believe that the investors today lost $1.4 Trillion dollars because Congress could not approve a very unusual measure permitting investment (not necessarily an expenditure) of up to only $700 billion - the actual expense to be far less and maybe a true profit.  Why can't our leaders articulate that what our country needs to do is move forward to become more like us - investors.  Let's get this thing approved ASAP.  Republicans and Democratic hold-outs need to see the light.  Whoever successfully supports our President's proposal will have my vote, rest assured.  Pass this along.

While I don't completely disagree with your statement (I don't consider it a complete expense... there will be some recoup of $), I disagree that Congress should pass the bill without debate and accept the Bush proposal as presented.

I'm curious about your stance as an investor -- stockholders take the riskiest stance, therefore get the possible return.  Any part of this plan that IS a bailout of investors bothers me. Owners of small businesses take risks every day -- HUGE risks because they put the bulk of their net worth into their business. They don't get a bailout from taxpayers if they don't manage the business propoerly.  

The problems we face will not be solved by the minds that created them.

There are other opinions and Michael Moore points out the short comings of the bill that was defeated:

Here's my guess: The Democratic leadership in the House secretly hoped all along that this lousy bill would go down. With Bush's proposals shredded, the Dems knew they could then write their own bill that favors the average American, not the upper 10% who were hoping for another kegger of gold.

So the ball is in the Democrats' hands. The gun from Wall Street remains at their head. Before they make their next move, let me tell you what the media kept silent about while this bill was being debated:

1. The bailout bill had NO enforcement provisions for the so-called oversight group that was going to monitor Wall Street's spending of the $700 billion;

2. It had NO penalties, fines or imprisonment for any executive who might steal any of the people's money;

3. It did NOTHING to force banks and lenders to rewrite people's mortgages to avoid foreclosures -- this bill would not have stopped ONE foreclosure!;

4. It had NO teeth anywhere in the entire piece of legislation, using words like "suggested" when referring to the government being paid back for the bailout;

5. Over 200 economists wrote to Congress and said this bill might actually WORSEN the "financial crisis" and cause even MORE of a meltdown.

Put a fork in this slab of pork. It's over. Now it is time for our side to state very clearly the laws WE want passed. I will send you my proposals later today. We've bought ourselves less than 72 hours.

Yours,

Michael Moore
MMFlint@aol.com
MichaelMoore.com

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