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Will Congress pass a bailout bill?

September 25, 2008

U.S. lawmakers neared agreement on a massive Wall Street bailout plan on Thursday with more protections for taxpayers, giving world stock prices a boost even as data showed the U.S. economy slowing.

Lawmakers hope to reach a bipartisan consensus on a proposed $700 billion rescue for U.S. financial firms in time for a meeting at the White House Thursday afternoon.

“The idea of a rescue plan has gotten a public airing. Now it’s time for both sides to roll up their sleeves, get together in a room and hash this out once and for all,” Charles Schumer, the New York Democrat who chairs the congressional Joint Economic Committee, said in a written statement.

Do you think Congress will pass a bailout bill by its scheduled recess on Friday, continue to meet through the weekend, or give up and go on vacation?

Leave your answers in comments, or log into the news prediction Hubdub to place a virtual wager.

Will US Congress pass some form of a financial bailout bill before their recess in late September?

Comments

Financial Bailout:

The American people are speaking, but politicians are NOT LISTENING.

Let’s have some accountability, for both the individuals that caused this mess and the politicians that are supposed to represent the PEOPLE. JUST SAY NO!

Posted by Albert | Report as abusive
 

It has to be passed. It’s important for the americans and the rest of the world. But I guess they should continue dealing closely with the situation and propose new plans, after passing the 700 billion plan. JUST SAY YES, of course!

Posted by Marcos | Report as abusive
 

“The American people are speaking, but politicians are NOT LISTENING.

Let’s have some accountability, for both the individuals that caused this mess and the politicians that are supposed to represent the PEOPLE. JUST SAY NO!”

AGREED! Too many oppose this! Who works for who, congress or the people?
Just say NO!

Posted by Nath | Report as abusive
 

Duh
there is an election in 40 days
let the people vote
let the people decide on this money
let the people vote

duh duh duh lets vote on the bail out !

what a concept !

Posted by Richard Tover | Report as abusive
 

The Congress will fund anything the President asks for. Why? I wish I knew, maybe its alien mind control at work!!! All I can tell you is enjoy the day for tomorrow today will be known as the “good ole days”.

Posted by Jim in the US | Report as abusive
 

What is the big rush? Many pols say must be solved now!, none say why this many months old problem must be cured by Friday.
What else can be done with 700 billion-with-a-B borrowed from our kids to fix the not so visible problem?
Do you care if the two remaining “banks” on Wall St. fail?

Posted by W Loren | Report as abusive
 

I say let the chips fall where they will and let them go down the tubes,, The congress will let other businessness go broke if the big boys make mistakes and lose then let them go Americians will work and revive themselves if given the chance ,, We dont need the extra expense of a bail out

 

I’m mad as hell and I for one am not going to take this anymore. I’ve been watching the votes closely lately and my representatives are clearly NOT listening to me or any of their constituents. If this or any Federally funded bailout goes through, we are REQUIRED as citizens to remove these criminals. This is our nation, and we should not be handing over the keys to the politicians and bankers who squabble over trillions in debt as though it were some sort of D.C. version of Monopoly. IMO, these people should be thankful we’re not calling for a lynch mob. Interesting times = Sucks.

 

Instead of listening to the keynesians who brought us the melt down to begin with on how needed the bailout is, why don’t we listen to followers of the Austrian school, such as Ron Paul who has been predicting this for years to anyone who would listen? (See his 2000 “A Republic If You Can Keep It” as one example.) He and they are against the bailout. Without it the market finds equilibrium and we move on after a now necessarily bad year. With the bailouts, it is a bad decade, as similar measures dragged out the Great Depression. Why listen to the losers instead of those proven correct by current events? No cash for trash. There is a reason congress’s rating is where it is. Voters know the difference between ‘bipartisanship’ in the interests of the American people — and collusion. Pass this and I predict dramatic congressional turnover in November.

Posted by spinnikerca | Report as abusive
 

If americans don’t mind paying back the “bailout” next year by adding on over $7000 in their taxes…by all means. Go right ahead Congress!Pass it! It wont be the first ridiculous bill that has been passed!

Posted by Keline | Report as abusive
 

It will pass. The real question should be ‘Should it pass?” the answer to that is NO. Over paid executives will continue on as before, while taxpayers foot the bill.

The government will overpay to ‘buy’ these debits, the sell the back on the cheap, so the companies can make twice as much profit at taxpayer expense.

Posted by Jo | Report as abusive
 

Of course they will pass it!! Do I agree…HECK NO!! However,if anyone I intend to vote for votes in favor of it, they WON’T get my vote!!

Posted by Michele | Report as abusive
 

If we pass this bill it will ruin the dollar it will ruin our country…. You cant fix Inflation with more Inflation…. When was the last time you overdrew at the bank and they charged you for it … Well its the banks turn now and instead we are GIVING THEM MONEY !

Posted by Euphobic Optimist | Report as abusive
 

This bailout is tantamount to giving an increase in a credit line to a perpetually overdrawn lender, who never pays down the debt, then claiming that it is a solution to a “crisis”….. The only actual crisis is that as a nation, we’ve gradually accepted a fiat money standard. Want to solve this crisis? Eliminate the Fed and go back to honest money, backed by gold. Then, force the president and congress to adhere to balanced budgets. While, not so popular among the benefactors of government intervention, honest money would be truly beneficial to everyone concerned about price stability, real growth and savings.

Posted by Jeff Hatfield | Report as abusive
 

Should we suspend the Constitution 2 bail out banks?
Sub-section 8 of the proposed bailout is the scariest language I have ever seen. READ IT CAREFULLY! What it specifies is that the Treas. Sec. will be allowed above and beyond the reach of the Constitution itself! What kind of mentality would even consider such a thing?

HUH?

Suspend the provisions of the judicial system & the US Constitution for one man? This is ABSURD, and should be considered cause for treason charges. NO SUCH AUTHORITY should EVER be granted in this country, for any reason. We have not/do not/will not recognize the powers of a “king!” That is our history, our responsibility and our legacy!

Appalling, scary, illegal, absurd, disgraceful! THOSE are the key words of the bail-out “message,” and should be resisted!

Folks, this is dangerous wording. There is more here than meets the eye.

Posted by David | Report as abusive
 

HELLO

I DON,T SEE WHERE THEY HAVE THE RIGHT TO BE BAILED OUT EVERY AMERICAN WHO IS IN DEBT WOULD LOVE TO BE BAILED OUT FOR HOW ABOUT A BAIL OUT FOR EVERYONE JUST WIPE THE SLATE CLEAN AND START OVER

Posted by DEIDRE | Report as abusive
 

IT WILL BE PASS, AND IT MUST BE PASS. NO MATTER WHAT. IF NOT, THE WORSE WILL BE COMING. MORE BANKS TO FILE FOR BANKRUPTCY, MORE INSURANCE FIRM TO FAIL, NEVER ENDING.

Posted by YAO | Report as abusive
 

Enough is enough. It’s time for every single member of Congress to go down in flames if they vote for this Bailout bill! And you can bet, I’m going to do my part to make sure that happens. Folks, we have lost our country and the politicans in Washington and the bankers in New York have stolen it! If you want it back, get off your butts and let’s get rid of them. If not, I assure you, this bailout theft is only the tip of the iceberg. You choose!

Posted by M. | Report as abusive
 

This is a big mess

Posted by Owl | Report as abusive
 

Holy kaka!!! They didn’t pass it!!! Maybe there is a God :)

Posted by Jim | Report as abusive
 

People of America.. kiss your retirement funds goodbye.

Posted by Marc | Report as abusive
 

WE SHOULD ALL BE REJOICING TO THE FAIL OF THIS MONSTROUS, IDIOTIC BILL.

I don’t want my hard-earned money going to the ones responsible for bringing down this economy because they decided to give out countless bad lends to the majority of Mexican illegal aliens for houses and such. I work my butt off to afford what I have, and keep what I keep, they deserve this hell they’ve created for privileging these vultures on our society.

Posted by Greg | Report as abusive
 

Since it appears we will have some sort of bailout plan anyway, perhaps we should insist that a rider be attached to ensure predatory lending practices stop.

If the banks stopped charging me and hiking up the interest rates to unfordable rates, perhaps I could get out of my own financial fiasco.I think no more than 5% over prime would yield these vultures plenty of money to work with without killing me!

Posted by Karin | Report as abusive
 

The media really seems to be twisting how Americans feel about the bailout and this bill. The media seems to keep repeating that Americans don’t want this bill to pass and we don’t understand what will happen if it does not pass. That Americans don’t understand how the system as a whole will be affected if this bill is not passed. This is not accurate. Most of us Americans are not as ignorant as this current administration and have seen this coming for some time. We are not saying that something should not be done. We are saying that this bill is not right and should not be passed. We want an alternative!!! This bill is insane and really does not involved the average American. We need to come up with a bill that corrects the problems at hand and resolves these issues. The American people need more in return. We need to be helped out. This bill stinks and we need to come up with something better that involves helping out all Americans directly and not just the top of the chain and expect this trickle down effect to work all of the sudden. It hasn’t worked what will make it work now? Why are we throwing more wood on a burning fire? Lets let the fire burn out and then build accordingly. We all agree that something needs to be done. But don’t let that make us pass this insane bill that is not going to correct the problem or truly help your fellow Americans! Draft a new bill with head economists and have it open for discussion. And by not passing this bill is not what is hurting the market it is the fear that the government that has forced upon this nation that is hurting the market. They are manipulating the market right now with this fear method that they always do to get done what they want. DON’T LET THEM PASS THIS BILL! IT WILL NOT WORK AND IT IS BOGUS. Make congress come up with another option bill that helps out everyone and does not mainly focus on Wall Street and banks. We have to do something but this bill is not the solution and I think everyone knows that. That is why it failed Monday.

Posted by Steven | Report as abusive
 

This bubble had to burst. Easy credit—senseless spending. We need to look at ourselves in the mirror and realize that a desire for “bigger & better” led us to this point. It was not all the wall street gang fueling the fire. Easy credit was the drug—300 million citizens living above their means.

Posted by Paul | Report as abusive
 

The Bailout,

I say no to the bailout.I cannot agree on this bailout on the reason the wall street and these big companies screwed up big time.Now they want the government to bail them out for there mistakes that they made.This bailout is to bailout the bad debt in europe and asian banks not just the USA we are bailing out other countries with this 700 billion.Now american people have to pay the price to bailout other countries as well.Not just us,but other nations.I say NO to the bailout let the big companies suffer and don’t it out on the people below who has to pay the taxes. VOTE NO on the bailout.

Posted by paul mitchell | Report as abusive
 

politicians are baught and paid for since 1913 when the Feceral Reserve System was passed. Nobody knows the reason or method used by these people. Ron Paul has the answers visit him on the web. Four your own good. Or stay dumb and wondering. lou Morelli

 

All this bill will do is make a bigger mess. We should get to the root of the problem instead of hacking off what we can immediately see. If we do pass it that’s the first step into socialism while at the same time the top 1% still gets to live high on the hog. Kind of nice to watch these snobs fall under the weight of their own greed.

 

Subsection b regarding 11.3 Trillion dollars was a shocker to read about. Does this law in general, give the Bush treasury secretary carte blanch over our lives with no oversight. Talk about DEREGULATION, WHAT IS GOING ON HERE? Big companies need regulation and he does not? Please explain.

Posted by Larry | Report as abusive
 

I have not heard Mr. Obama tell what he would do to solve the problem of the people over spending their budgets. I would like to know what he thinks his qualifications are for being President for he has not been in politics in Washington but a short time. I would like to know where he served in the military and what branch and for how long. I don’t thing he has the qualifications to do this job. I haven’t heard him say anything that would do anything for the economy but stop sending jobs overseas but that will make us enemies of other countries. What is his position on the global stage,taking jobs away from friendly countries and bringing them back home is good but how is he intending to compensate these countries?

I am still undecided, McCain has shown where he stands on issues but not Obama, he spends his time putting republicans down. He does have a good appearance but is that and his gross inexperience on the world stage enough for him to be president.
Sincerely, James C. Owens

 

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