Democrats Reject $700 Billion Blank Check

[GinaMaria]

Source: San Fran Chronicle

Washington - Congressional Democrats worked Monday to reshape the lame-duck Bush administration's jaw-dropping request for an additional $700 billion and unprecedented authority to buy distressed assets to prevent a financial meltdown, amid a sense of deja vu on Capitol Hill over a similarly open-ended war resolution that Congress gave the administration six years ago.

snip

Still, angry rumblings continued to grow in the rank and file of both parties as lawmakers dribbled back to Capitol Hill and began expressing outrage at both the price tag and the extent of the authority that the administration wants.


Read more: http://www.truthout.org/article/democrats-reject-700-billion-blank-check

---

While this may not be over, we are making great strides. Keep calling and emailing Congress. They are getting a lot of pressure on this.

[Eric J in MN]

1. What to tell your representatives:

Suggested words when contacting a Democrat:

Please vote against the bailout.

It isn't the job of government to prop up corporations by buying their bad investments.

In October 2002, shortly before a federal election, Bush said that Iraq
was a crisis and got Congress to rush into giving him the authority to invade Iraq.

Please do not make the same mistake. No more major legislation under Bush.

Wait until next year, and consider slowly and carefully how to help the economy.

Suggested words when contacting a Republican:

It is not the job of government to prop up corporations by buying their bad investments.

Corporations should absorb their losses on their bad investments and enjoy their profits on their good investments.

Please vote against the bailout.

[greyghost]

2. Well said on both counts.

[Eric J in MN]

9. Thanks. NT

NT

[kimmylavin]

3. Good tips!

Short and sweet...

[Eric J in MN]

55. Thank you. NT

NT

[GinaMaria]

8. Here are some ways to send the message

Thanks Eric

You can send a message through
www.congress.org
or
http://www.democrats.com/stop-paulsons-plunder

For the rightwing lurkers out there, use this:
http://capwiz.com/sicminc/issues/alert/?alertid=1195450...

[IndependentDem]

34. thanks for posting those very valuable resources! nt

[dixiegrrrrl]

90. the capwiz link is broken, n/t

[GinaMaria]

98. Yes it is broken

Wonder what happened to it. There is still a link on the RightMarch page about Welfare for the Rich, but links are dead. Wonder what happened? Were they told to get on board with the bailout program? I will edit the above post to let people know it is not working.

Oops edit time has elapsed.

[Hugin]

10. Kicked and Recommended for this good advice.

Nice job Eric J! :thumbsup:

[Eric J in MN]

16. Thank you. NT

NT

[fascisthunter]

14. I Told Them to Change Their Political Party Affiliation to Republican

and be done with it all if they pass this BS.

[proud2BlibKansan]

15. I asked my reps when they were going to bail out the homeless and the uninsured

[Eric J in MN]

25. Yes, we could do more for the economy by building affordable housing...

...and expanding insurance than by giving money to Wall St.

[offog]

47. You are so right!

Sound like New Deal stuff. Put people to work building not only affordable housing, but fixing crumbling infrastructure such as roads, schools and bridging.

You also need to get back to a system where people can get ahead when they work hard, instead of running like crazy to stay in the same spot, only to fall behind anyhow.

I remember a comment Jon Stewart once made to a guest on the Daily Show, about how the American economy is set up to reward investment rather than work. That sure worked out well! :sarcasm:

[Eric J in MN]

77. Workers pay a bigger percentage tax on their salaries....

...than someone pays on a stock sale.

[EmilyAnne]

27. Thanks! n/t

[FatDave]

36. Very good, but do you think...

Do you think it would help to throw in the word "socialist" when talking to a republican rep?

[greyghost]

46. Yes, very much so.

[Window]

Excellent advice! K/R.

:kick:

[robertpaulsen]

48. Looks like they might be listening this time. Here's what I wrote:

When I hear the forceful pleas of politicians and bankers so vociferous regarding the impending collapse of the economy if the bailout is not approved, one word above all others springs to mind to describe what is happening: BLACKMAIL. Because these are not pleas when it involves the transfer of $700 billion and maybe more from failed bankers and other fraudulent financiers to the pocketbooks of the innocent American masses; they are THREATS from the wealthy against the workers: comply with our demands or we will bury you as much as the system permits.

I say: ENOUGH!!! This is supposed to be a government of the people, for the people, and by the people, not of the many, for the few, and by the corrupted. If you have any semblance of a conscience, you will not vote for this bailout. You will work towards a solution that values justice over convenience. It may seem more convenient to stick this collosal trainwreck on the backs of American workers, but it is the antithesis of justice!

[DissedByBush]

54. Very good, I'll write mine, call for hearing

He's a Republican so I can't use the one that's more informative. But for you with Democratic representatives, don't forget the rush to pass the oxymoronic Patriot Act after 9/11.

I'll also demand immediate hearings into all those involved in this mess. I want the suckers up front and center to account.

[mascarax]

62. "He's a Republican so I can't use the one that's more informative."

Thanks for making me laugh! (I know what you mean - I modified for a Repub too.)

[Whoa_Nelly]

69. What I wrote to my representatives and Pelosi

Some all mine, some borrowed from here and there (Thanks DU!), but my message was clear...I hope!

My letter:

Say NO! to the bailout of corporate greed. The $700 billion of taxpayer is basically to have taxpayers pay premium prices for lousy assets.

As Paul Krugman (NYT) wrote:
it seems all too likely that a “fair price” for mortgage-related assets will still leave much of the financial sector in trouble. And there’s nothing at all in the draft that says what happens next; although I do notice that there’s nothing in the plan requiring Treasury to pay a fair market price. So is the plan to pay premium prices to the most troubled institutions? Or is the hope that restoring liquidity will magically make the problem go away?
http://krugman.blogs.nytimes.com/2008/09/20/no-deal/

There is NOTHING in the draft of this bailout bill that gives us, the taxpayers, any stake, financial or otherwise, in the outcome of the economic crisis brought on by greed and allowed corruption by those corporations who made this mess. A bailout of $700 billion, (so far roughly the equivalent of what we, the taxpayers, have paid so far for the Iraq War), is nothing but a band-aid to the problem, rewarding those who made bad financial decisions and choices with no charges, hand-slapping or otherwise, against the CEOs responsible.

I am also very concerned and upset when I read about (unelected official) Secretary Paulson already in negotiation with companies such as Morgan Stanley, to be hired to sort this mess out, again at the expense of the taxpayers. Companies such as Morgan Stanley, charge thousands of dollars an hour; this should not be coming from the taxpayers' pocket. In fact, NONE OF THIS should be coming from our pockets. However, the point of this letter is to make you, my representatives, sit up and take notice. So, PAY ATTENTION! The current wording of this draft to bailout these mortgage failings caused by PRIVATE institutions DOES NOT SPECIFY what valuation method for the Mortgage-Backed Securities to be purchased the Treasury will use. Only if Congress specifies that the Treasury will purchase at a discount and how that discount will be calculated, based on how many mortgages are non-performing, should the Treasury be given non-reviewable power. There HAS TO BE wording in this draft addressing the fact that Mortgage-Backed Securities still have value, and that the bailout is about separating the good from the bad so it can be valued and sold again, not lumping it all together with no final plan in place.

As it is, I am very angry right now that any of this should fall on my, and other American, shoulders at all! Instead of panicking about the situation, do it right the first time, and do what you were elected to do: Represent me, represent us, take care of your constituents first, Congress! DO NOT VOTE ON THIS DRAFT AS IT IS CURRENTLY WRITTEN!

[Just-plain-Kathy]

92. It looks like both Obama and Lying John are going to vote yes for the bailout.

I know Obama is talking about placing limits on the bailout, but can Bush just erase the limits?

[tavalon]

76. Nuanced statements for Dems and KISS comments for the Repugs

Too funny!

[yurbud]

89. great idea

[orleans]

4. !!

"Conservative Republicans oppose the bailout but are unlikely to stop it."

reallllly??? SO REPUBLICON CONGRESSPERSON NOW RUNNING FOR RE-ELECTION, YOU WERE AGAINST THE BAILOUT BEFORE YOU VOTED FOR IT?

[greyghost]

5. Keep calling and emailing Congress. Yes they are getting a...

earful from BOTH sides of the aisle.

KEEP UP THE PRESSURE!

[Eric J in MN]

18. Fortunately, there are both liberals and conservatives who don't want government...

...propping up corporations.

I hope we can get through to politicians to resist the fearmongering of George W. Bush.

[greyghost]

49. Damn straight. They have been railroaded to much by this...

administration already.

[Jacobin]

6. It is strongly reminiscent of the run up to the invasion of Iraq

Trust us.

Give us the power to invade.

You're all gonna die!!! if we don't invade.

Danger danger danger.

We can fix it if you just leave it all up to us.

(Then they hire the CEO of a major bad player who helped cause the calamity to fix it...with little or no oversight)

[BearSquirrel2]

33. I agree ...

I agree, they are giving them the same scary "trust us" routine. I think they should tell them to shove it and pass their own plan to extend new lines of credit to firms that weren't extreme fuckups.

[Triana]

7. CALL, email, fax, sign petitions. DO NOT let up! Site below sends to congress, Pelosi & local paper!

http://www.usalone.com/help_people_instead.php

[GinaMaria]

11. Great Resource

Thanks for sharing this. I sent all new messages. Keep their in boxes and phone lines burning with activity. With the added touch of contacting your local paper.

[Bennyboy]

12. Done, thanks for the link.....

I love sending stuff to Doolittle.

[eowyn_of_rohan]

24. I would rather not have a "middle man" , instead email directly to the recipient

just am not sure about some of these sites. just my opinion, of course.

[Triana]

40. OK - HERE you go...ALL of them-LINK to darn near everyone on Capitol Hill!

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=4059987&mesg_id=4060031

THANKS to Hell Hath No Fury for this!

[Liberalynn]

57. Done

emailed Clinton, Schumer, and Kuhl. Thank you for the link.

I said let the CEO's sell off all their personal assets and put them towards the Wall St. debt, said it should not be up to the Amercian people to have to pay for their mistakes.

[eowyn_of_rohan]

67. THAT's what I was looking for--- THANKS!

[pleah]

56. Done.

:)

[David__77]

13. Many of the liberal politicians are clueless.

They are totally and completely misguided. This bailout must not proceed.

[Krakowiak]

60. not clueless.... follow the money opensecrets.org

Look at Chris Dodd and Barney Frank for example...
Top Contributers:


Barney Frank

Contributor Total
American Bankers Assn $70,450
JPMorgan Chase & Co $69,500
National Assn of Realtors $65,042
Human Rights Campaign $50,275
Laborers Union $49,750
American Fedn of St/Cnty/Munic Employees $49,000
UBS AG $47,850
American Assn for Justice $46,500
Securities Industry & Financial Mkt Assn $40,996


Chris Dodd

Contributor Total
Citigroup Inc $422,094
United Technologies $382,100
Bear Stearns $351,950
SAC Capital Partners $282,000
American International Group $281,438
Deloitte & Touche $275,220
Goldman Sachs $264,116
Morgan Stanley $209,725
Greenwich Capital Markets $206,000
Royal Bank of Scotland $203,750
Credit Suisse Group $197,550
Merrill Lynch $186,950
JPMorgan Chase & Co $180,173
PricewaterhouseCoopers $175,650
KPMG LLP $161,140
Lehman Brothers $160,400


This is why we are in trouble. It's not a matter of ideology. These people are paid for just this sort of event.

[Nihil]

80. Wish I could recommend your reply.

When will people WAKE UP?

They are not there to work for the people who vote for them;
they are there for the people who PAY for them.

:grr:

Last time the blank cheque went to the arms suppliers and
the outsource companies (Halliburton, Blackwater, KBR ...).
This time it's going to the financial slugs.

The best democracy that money can buy.

Enjoy your "election" ...

[crossroads]

17. Just say 'thanks, but no thanks'! That's what sarah said she said... nt

[Eric J in MN]

20. Our cash for their trash? Thanks but no thanks. NT

NT

[FVZA_Colonel]

19. It's getting better, but it's not nearly there yet.

Even now I don't know how anyone can support this.

[GinaMaria]

22. yesterday we saw a few

concessions; oversight, home mortgage protections. Today we are seeing more resistance to this bailout. Tomorrow is when the House said they would have a signed bill. I'm hopeful that by tomorrow this will be dead and Lame Duck can go south for the winter and never come back. Keep the pressure coming. If you haven't seen the clip of Rep Kapture on the Home Page, it is a thing of beauty. I sent my DC rep and Senators the link and told them she was expressing my thoughts exactly. Send short messages, long ones, whatever. Just keep them coming. They have to see that the real cost to them is the electorate!!!

[ShortnFiery]

21. If our democratic reps PASS this horrific power grab to the wealthy, they're not Democrats.

I'll work to vote out ALL who vote for this TRASH, regardless of whether they have a D or R behind their name. If they vote for this, they're part of the right wing CORPORATE duopoly. :grr:

Save this for the next President or YOU'RE OUT! :nuke:

[adsdan]

23. This "Its all of our fault" bull ...

They're saying people were greedy for taking out these mortgages ... well they weren't called predatory loans for nothing. Who would blame anyone for taking out a sub-prime mortgage when the nature of the loans weren't fully disclosed to them and they were being pushed so enthusiastically.

[BlooInBloo]

26. People should refuse to use the jackass term "distressed assets" and call it what it REALLY is....

SHITPILE.

[katty]

28. Paulson & gang now asking 'american whiners' for $$$

who's whinning now??!!!

[Eric J in MN]

29. The blogger Atrios...

...has been using the phrase "Big Shitpile" to describe mortgage-related assets held on Wall St. for months now.

[BlooInBloo]

30. Yes, that's where I got it from.

[happygoluckytoyou]

31. DONT CRUMBLE TO THE GOP....... WE win... they just want to play chicken... prepare for the "NEWS"

that DEMS are holding up the process----

DAMN FUCKING RIGHT..... and KEEP HOLDING IT UP until we get something with checks and balances...

[Eric J in MN]

32. I don't want Bush to get $700 billion even with checks-and-balances. NT

NT

[Swede Atlanta]

35. Proceed with Caution!

My recommendation to our elected officials is - Proceed with Caution!!!!!

I can't say that this bailout isn't necessary. No one can assure us this will be successful. For these very reasons Congress needs to proceed very carefully. They need to get input from academics, business leaders, citizen groups, etc. and then fully and systematically consider the plan based on the risks, likelihood of success, cost and other impact to our economy, etc. Then they need to consider a reasonable number of alternative plans with the same vigor and diligence.

Only then should they consider taking a vote on such a drastic and momentous piece of legislation.

The legislation also must:
- Provide for appropriate Congressional oversight and be subject to judicial review by the independent judiciary
- The Secretary of Treasury should appoint a competent Regent to oversee the program
- The Regent should be overseen by a small competent and non-partisan cadre of subject matter and policy experts
- The program should be subject to mandatory monthly review by Congress for the first 12 months and thereafter as determined by various measuring criteria
- The debts to be purchased may not be open-ended. The nature of the debts to be acquired should be noted with sufficient specificity to avoid "scope creep"
- Each loan should be assigned to a "case worker" who will evaluate the merits and conditions of the loan, review payment history and other criteria, and be able to work with the homeowner to restructure the debt. That isn't to say every loan can be salvaged but this must be done to protect homeowners
- Bankruptcy laws must be amended to give homeowners forced into foreclosure and bankruptcy as a result of unscrupulous lending practices protection
- The program should be subject to annual review by Congress for funding

[LatteLibertine]

37. I told mine

No bailout without oversight and limitations. No "executive compensation".

If the Democrats want to impress the people, now is the time. I can guarantee you I'll be working against anyone that tries to get elected if they vote unlimited powers, no accountability and 700billion to do with as they please.

[GinaMaria]

38. Senate Switchboard #

United States Senate Switchboard
[phone]

[Triana]

39. KEEP calling, emailing, faxing! LINK to send to congresscritter, Pelosi and local paper all at once

http://www.usalone.com/help_people_instead.php

[GinaMaria]

42. some interesting people weighing in on this

While supporting the intervention, regulatory expert Robert Litan of the Brookings Institution said, "It cannot be disputed that all of this financial firefighting may create serious long-term problems," including the potential for the so-called moral hazard, which encourages still more excessive risk taking in the future on the expectation that taxpayers will pick up the losses.

snip
Sen. Jim DeMint, R-S.C., warned that the bailout will swell the federal debt and "send the value of the dollar into a free fall as investors around the world question our ability to repay our debts. It's also very likely that this plan will extend the cycle of bailouts, encouraging other companies to behave in reckless ways."


The government's budget position, already bad, will be made worse, said Dan Seiver, a finance professor at San Diego State University. He said the $700 billion is probably an underestimate, once all the additional aid for homeowners that Democrats want, plus the Treasury's extension over the weekend of the offer to buy up debt to U.S. affiliates of foreign banks. "Which is only fair," Seiver said. "We don't want the rest of the world even angrier at us, saying you have to hold your toxic junk."


Over the longer term, the U.S. fiscal position "just got significantly worse because we're going to float a lot more of our paper out there, and we're going to have a bunch of junk on our balance sheet that we didn't have before," Seiver said, predicting that interest rates could rise over the next decade. "If you're the Chinese, how much more American paper do you want to take when we're not backing it up as well as we used to?"



Common Sense dictates that we should not allow the people who caused this to be the people who 'fix' this. We need people with clearer thinking, strategic vision for the whole country and ethics.

[Triana]

53. THis is why I think it's good for Congress and Senate Dems to HOLD off a bit until..

...they know exactly what is going on and so they don't get broadsided with another stupid, expensive junket like the last 2-3. Hell, we can't afford it.

[Hubert Flottz]

84. I like the Idea someone had about letting the folks with the...

incomes over a million dollars a year pay their taxes.

[GinaMaria]

85. HI BUDDY!

:hi: haven't seen you in ages

[Hubert Flottz]

88. Hi Gina!

Good to see you posting...Hope you are as okay as okay can be these days!

I have emailed my congress critters and told them to just say no to Wall Street bail-outs.

It made my day to see you back! :hug:

[Mendocino]

41. Lack of regulation led to this mess,

now the provocateurs want unregulated funds to fix it.

Just say NO!

[99 Percent Sure]

43. Also, the House of Representatives will also hold a hearing this week . . .

Bombard their committee office in the same manner.

[Willo]

44. No to the rush! No to the $700 credit line!

Where is the proof that were on the verge of collapse? And why last week but not today?
Why the urgency and why now? Why can't it wait until December or January?

Where is the proof that making a way for more people to pay their mortgages wouldn't do more for the economy than saving some of these companies with a bailout?

Why not evaluate the needs of each company that is in trouble and provide assistance accordingly? That's right, let each company APPLY FOR AID and receive (or not) based on need. No credit line and no across the board bail out.


STAND UP DEMOCRATS AND DECENT REPUBLICANS! SAY NO TO BUSH AND HIS ENDLESS SCAMS!!!

[GinaMaria]

45. How have the bailouts of Frannie and Freddie

panned out? If this is such a great solution, shouldn't we see evidence of improvement from financial welfare we gave to these two?

[northernlights]

50. my rethug aides sounded pretty unhappy

I told them the whole thing reminded me of mushroom clouds and how Iraqi oil would pay for the war. And the patriot act shoved through with no time to read it.

No bailout with consequences.
No bailout without oversight.
No bailout without transparency.
No bailout without reregulation.
No bailout without reciprocity.
No bailout without consequences.

When they asked if I wanted a written response, I said the ONLY response I want is a no vote on the bailout. Don't think we don't know how they vote. Don't think we aren't watching. Because we are.

There was a whole lot of gulping at the other end of the phone. They were scared. No doubt about it.

My dem rep in congress, on the other hand, was quite chipper. "Sounds like you and Tom (Allen) are on the same page!"

No backing down.

[Paula Sims]

51. If they can GUARANTEE that the $700B will prevent a recession/depression

then I'd consider supporting it. Otherwise NO WAY! No incorporating it into CEO salaries, especially anything that Paulson might get after this administration.

[greyghost]

52. We've been in a recession for months, and no they can't

GUARANTEE a depression is not around the corner.

[baldguy]

58. Let the banks fail! Bail out the HOMEOWNERS!

[Frndlychap]

59. NO more blank checks

Remember what happened the last time Bush got his wish on a blank check?

[Matariki]

61. Looking for a way to continue bleeding The Treasury after they're voted out of office?

[99 Percent Sure]

63. The House Financial Services Committee holds testimony Wednesday,

September 24, 2008 (TOMORROW!)

House Financial Services Committee
Democratic Staff
2129 Rayburn House Office Building, Washington, DC 20515
Ph: [phone]
Fax: [phone]

Keep the pressure on!

www.faxzero.com to fax committee free of charge (limit 2 free faxes per day).

[GinaMaria]

75. this is great info

Thank you. I'm writing mine tonight.

[GinaMaria]

82. Sent Free Fax #1

Stop the Bailout. Enough already. Slow down, assess the facts, think and then develop a plan. Do not rush into this like the Iraq war and Patriot Act. Don't rush. Don't do anything that might tie the hands of the new president. Think this through. Take the time to do due diligence. (borrowed the rest of the fax from Dennis) This is a debt crisis, not a credit crisis. The same corporate interests that profited from the closing of U.S. factories, the movement of millions of jobs out of America, the off-shoring of profits, the out-sourcing of workers, the crushing of pension funds, the knocking down of wages, the cancellation of health care benefits, the sub-prime lending are now rushing to Washington to get taxpayers' money to protect themselves.

The double standard is stunning: their profits are their profits, but their losses are our losses.
This must STOP. Say NO to Corporate Welfare and keep the government out of the pockets of future generations.

[GinaMaria]

83. Free Fax #2

I slightly altered the message from Dennis Kucinich found in this thread: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4066781

STOP THE BAILOUT
The U.S. government has been turned into an engine that accelerates the wealth upwards into the hands of a few. The Wall Street bailout, the Iraq War, military spending, tax cuts to the rich, and a for-profit health care system are all about the acceleration of wealth upwards. And now, the American people are about to pay the price of the collapse of the $513 trillion Ponzi scheme of derivatives. Yes, that’s half a quadrillion dollars. Our first trillion dollar compression bandage will hardly stem the hemorrhaging of an unsustainable Ponzi scheme built on debt "de-leverages."

Does anyone seriously think that our public and private debts of some $45 trillion will be paid? That the administration's growth of the federal debt from $5.6 trillion to $9.8 trillion while borrowing another trillion dollars from Social Security has nothing to do with this? Does anyone not see that when we spend nearly $16,000 for every family of four in our society for the military each year that we are heading over the cliff?

This is a debt crisis, not a credit crisis. Just as FDR had to save capitalism after Wall Street excesses, we have to re-invigorate our economy with real - not imaginary - growth. Any economic plan written by and for Wall Street is part of the never-ending war on the middle class.

The same corporate interests that profited from the closing of U.S. factories, the movement of millions of jobs out of America, the off-shoring of profits, the out-sourcing of workers, the crushing of pension funds, the knocking down of wages, the cancellation of health care benefits, the sub-prime lending are now rushing to Washington to get taxpayers’ money to protect themselves.

The double standard is stunning: their profits are their profits, but their losses are our losses.

This bailout will not bring real jobs back to America. It will not bring back jobs that make things. It does not rebuild our schools, streets, neighborhoods, parks or bridges. The major product of this financial economy is now debt. Industrial capitalism has been destroyed.

In the next few days Dennis Kucinich will push for a plan that includes equity for every American in any taxpayer investment in this so-called bail-out plan. Since the bailout will cost each and every American about $2,300, he has proposed the creation of a United States Mutual Trust Fund, which will take control of $700 billion in stock assets, convert those assets to shares, and distribute $2,300 worth of shares to new individual savings accounts in the name of each and every American.
He will also insist that all of the following issues be considered in whatever Congress passes:

Reinstatement of the provisions of Glass-Steagall, which forbade speculation
Re-regulation of the finance, insurance, and real estate industries
Accountability on the part of those who took the companies down:
a) resignations of management
b) givebacks of executive compensation packages
c) limitations on executive compensation
d) admission by CEO's of what went wrong and how, prior to any government bailout

Demands for transparency
a) with respect to analyzing the transactions which took the companies down
b) with respect to Treasury's dealings with the companies pre and post-bailout

An equity position for the taxpayers
a) some form of ownership of assets

Some credible formula for evaluating the price of the assets that the government is buying.
A sunset clause on the legislation
Full public disclosure by members of Congress of assets held, with possible conflicts put in blind trust.
A ban on political campaign contributions from officers of corporations receiving bailouts
A requirement that 2008 cycle candidates return political contributions to officers and representatives of corporations receiving bailouts
And, most importantly, some mechanism for direct assistance to homeowners saddled with unreasonable or unmanageable mortgages, as well as protection for renters who have lived up to their obligation but fall victim to financial tragedy when the property they live in undergoes foreclosure.

[Blaze Diem]

64. The whole thing should be tabled untill the elections are over.

Dems should halt its final vote completely. Just to make sure it is NOT being used as an election year tool for bias tpwards one or the other candidate.
Considering what the demands are in this ransom note, it shold be given much more time & discussion.

Table it till after the elections or better yet, till their return in January.
Bet Goldman Sachs, etc. survive till then.

[Clear Blue Sky]

65. Good. Let the risk takers pay the price...nt

[wildflowergardener]

66. Money Markets

<Already, the American Bankers Association prevailed on the administration to alter its guarantee for money market funds, arguing that the open-ended backstop had threatened to trigger a flight from bank deposits.>

Can anyone tell me if something has changed on this recently? I was starting to get worried about my supposedly safe money (not a great deal of it, but still the money I count on having and money I'm saving for my property taxes, etc.) in my uninsured Money Market Mutual fund - then I read that they would be backing those. Does anyone know - is what I read above meaning they have decided not to after all, or is that referring to them changing their mind in the first place and deciding to back those funds.

Meg

[SleeplessinSoCal]

68. Gingrich calls bailout "Obama-Bush" plan

"Republican leaders are now hoping Democrats load the legislation with unrelated measures that would give them the political cover to oppose it, members and aides said. At the same time, party leaders are using back channels in the business community to gauge member support for a “clean” bill.

Former House Speaker Newt Gingrich (R-Ga.) warned his former colleagues that they would pay a price in November for backing the bailout now — and that John McCain could ride to victory over Barack Obama by persuading voters that the bailout is really the “Obama-Bush plan.” While McCain seemed to move in the other direction Tuesday, Gingrich called the Paulson plan “stupid,” “a really bad idea” and “the kind of corrupt scheme that could have been designed by Vladimir Putin.”

http://dyn.politico.com/printstory.cfm?uuid=9057754C-18FE-70B2-A8C13EAACA75F308

[Zhade]

70. What kind of madness are we infected with when NEWT GINGRICH is against this...

...while DEMS are for it!

[rusty charly]

71. Newtie is Nutty.

[ryanmuegge]

72. They'll cave, but at least they can say that they fought it when they're up for re-election.

[crossroads]

73. Paulson owns $700 Million in Goldman S. stock

http://www.slate.com/id/2143018/

This is outragious!

CR

[bemildred]

74. Yeah, he's just trying to save himself and his cronies.

This goes way beyond chutzpah.

[GinaMaria]

78. Here's another way to send your message

http://congressorg.capwiz.com/congressorg/issues/alert/?alertid=11957686

This goes to your Rep, Senators, * and Paulson.

[OakCliffDem]

79. K & R

[GinaMaria]

81. Eric and everyone else

What are your thoughts on today's messages for the Congress peeps?

My first thought is to tell them to put the brakes on this. Don't rush. Don't do anything that might tie the hands of the new president. Think this through. Take the time to do due diligence.

[Zorra]

86. Great. Bu*h's intention is to further destroy our nation through this plan.

Congress should completely leave the Bu*h administration out of the loop at any meetings that pertain to any plans for the rescue of the economy. Any concession to Bu*h will lead to further disaster.

Congress itself can come up with a workable plan, complete with extreme oversight and honest management, that will be reasonable, effective, and satisfactory to the American people.

And it won't make Bu*h's wealthy friends any richer.

[GinaMaria]

93. Here's my next batch

I borrowed from some of the posts here

Subject: Bush, the boy who cried 'wolf'

I am writing to express my concern that you are about to use taxpayer dollars to bail out the Wall Street elite based on high pressure fear tactics by the bush administration. Bush did the same thing to get us into a war with Iraq and to rush through the Patriot act. His history of rushing things through Congress with scare tactics should mean that Congress stops listening to him.

Congress should completely leave the Bush administration out of the loop at any meetings that pertain to any plans for the rescue of the economy. Any concession to Bush will lead to further disaster (like the war in Iraq and the Patriot Act). Congress itself can come up with a workable plan, complete with extreme oversight and honest management that will be reasonable, effective, and satisfactory to the American people.

And it won't make Bush's wealthy friends any richer.

We have had multiple bailouts and buy outs and the economy has only worsened. Bush's policies, plans and strategies are complete failures. Have we been helped by the rescues of AIG, Fanny Mae, Freddy Mac, or numerous others in recent history? This is and has been a losing plan. Do not count on this administration to provide facts or reliable information. Congress must work this out themselves on behalf of those they represent. Separation of Powers is a clear boundary. The president does not get to issue legislation that you just sign. Congress is more trustworthy than the current sitting president to solve this issue.

If investment bankers have made decisions that are "costly and reckless," then they should be costly only to the banks concerned. Capitalism means taking risks, and the rewards that go to entrepreneurs have always been justified on the basis of those risks. There is no sound moral or economic justification for taking money out of the pockets of working Americans to bail out rich investment bankers who made bad choices. If you bail out Wall Street this time, you had better be prepared to do it again, because you will have created a culture of dependency: they will know that they can take big gambles with other people's money, secure in the knowledge that you, their friend, will bail them out if the going gets tough. These Wall Street elitists need to pull themselves up by their bootstraps and get off the dole.

Well, if you want to know what to say as the voice of taxpayers in Illinois, then I recommend that you should say that you should not spend one penny of our tax money to bail these gamblers out. If this bailout is so important, let the private sector handle it, as they have done in the past. How many times have we heard that government intervention in the economy can only stifle innovation and quash the entrepreneurial spirit of capitalism? You cannot be against socialism when it comes to providing health care to American workers but for it when it comes to bailing out rich investment bankers.

Please do not mortgage my children's future in the name of massive giveaways to people who have always justified their fat paychecks on the basis of being smart. If they are smart enough to earn six- and seven-figure salaries, they are smart enough to get out of their current financial problems.

[Alcibiades]

87. My letter to Libby Dole

I am writing to express my concern that you are about to use taxpayer dollars to bail out the Wall Street elite.

If investment bankers have made decisions you call "costly and reckless," then they should be costly only to the banks concerned. Capitalism means taking risks, and the rewards that go to entrepreneurs have always been justified on the basis of those risks. There is no sound moral or economic justification for taking money out of the pockets of working Americans to bail out rich investment bankers who made bad choices. If you bail out Wall Street this time, you had better be prepared to do it again, because you will have created a culture of dependency: they will know that they can take big gambles with other people's money, secure in the knowledge that their friend, Libby Dole, will bail them out if the going gets tough. These Wall Street elitists need to pull up their bootstraps and get off the dole.

You've said that you "will remain engaged in this process as a strong voice for taxpayers to ensure that these dramatic steps are absolutely necessary." Well, if you want to know what to say as the voice of taxpayers in North Carolina, then I vote that you should say that you should not spend one penny of my tax money to bail these gamblers out. If this bailout is so important, let the private sector handle it, as they have done in the past. How many times have we heard that government intervention in the economy can only stifle innovation and quash the entrepreneurial spirit of capitalism? You cannot be against socialism when it comes to providing health care to American workers but for it when it comes to bailing out rich investment bankers.

Please do not mortgage my children's future in the name of massive giveaways to people who have always justified their fat paychecks on the basis of being smart. If they are smart enough to earn six- and seven-figure salaries, they are smart enough to take their licks when they have them coming.

[dixiegrrrrl]

91. My letter

Hurricane victims get NO aid from FEMA
while bank robbers get welfare that WE have to pay for.
The voter's memory is not as short as you may think.

NO BAILOUT!!!!!

[GinaMaria]

94. Attend an emergency rally against the Bush bailout.

email from True Majority

Dear XXX,

America Says NO Bush Bailout!

Attend an emergency rally against the Bush bailout.


Our pressure is working. Already this week, TrueMajority members have made almost 20,000 calls to tell their Senators "NO" to the Bush corporate bailout. Now news is beginning to come out that some lawmakers, Republicans and Democrats alike, are having second thoughts about going along with the administration's plan.

We can put the brakes on this.

Tomorrow, Thursday, September 25th at 5 pm ordinary Americans are organizing Emergency Rallies against the Bailout nationwide. Other TrueMajority members have already started 75 rallies in their towns, will you join them?

ATTEND AN EMERGENCY RALLY AGAINST THE BAILOUT

We're all in this together. The proposed bailout is a $700,000,000,000 dollar check from your bank account, handed over to Wall Street. This is literally the largest give away of public money to the private sector in history. We have an historic emergency, and it's on us to step up and lead.


If there isn't already a rally in your community, start one right now.

Once you pick a time and place we'll help turnout other TrueMajority members to your event and provide signs you can print out and a sample program. The most important thing is for you to pick a spot where you'll be seen, and start inviting other people you know right now.

Together we'll send a clear message that America Says NO to Bush Bailout!


Thanks for leading the way,

-Ilya

Ilya Sheyman
Online Organizer

Find a rally near you
http://truemajority.wiredforchange.com/o/8/t/107/event/search.jsp?distributed_event_KEY=5

[pinniped]

95. Ya, instead the blank check will be 650 million.

.

[GinaMaria]

96. keep pushing

they are the ones with the uphill battle. Congress has moved very far away from the bush plan in the last 48 hours. Don't give up.

[GinaMaria]

97. We can't stop now

They (Dems in Congress) may have to compromise but keep the pressure on so we don't compromise our values or Future Americans' futures! Please write or call anyone you can reach in Congress today. Tell them exactly what you want them to do. No Bailout or more limited bailout etc. Let them know exactly how you feel and exactly how you think about this situation. Don't hold back. This is too important.

I suggest the CEOs and all the big players who screwed this up, pool their money to fix this mess. I didn't cause this. I'm not going to be left with the responsibility to fix it.

If anyone has any suggested talking or writing points that may be helpful to others, please post. Don't give up now. * and his cronies need to be slapped back and put in their place. Enough of his abuse on the American people.