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There is an interesting article on this –
http://bigpicture.typepad.com/comments/2008/09/10-questions-fo.html
If you vote NO on bailout, Are you prepared to live with the consequences which the administration have painted? Credit crunch for home/auto loan, etc? IMO, it seems like the fear mongering similar to when they were trying to get approval for the Iraq war!!
Also do write to your House rep and Senators if you are NOT for bailout, so that they know what their constituents are thinking (and yes it does make a difference). You can write an e-mail to them.
CA Senators:
http://www.senate.gov/general/contact_information/senators_cfm.cfm?State=CA
House Rep:
http://www.house.gov/
In yesterday’s ‘Daily show with Jon Stewart’ episode, he does a side by side comparison of The Bush speech – one he made to gather support for the Iraq war and the other speech that he made 2 days ago to garner support for the bailout. Both times, he seemed to instill fear of all the bad things that could happen if he didnt get the approval.
Thats exactly what they did after 9-11 and passed the Patriot Act. Then came the Iraq war with the fear of so called WMD they went to war and now the grim picture painted so that the bail out passes….
Personally, I am opposed to the bailout plan. IMHO if the plan passes, it will provide only temporary relief but at a huge cost.
I still see emails on my mailing list where people ask for for advice about how to walk away from a depreciated home without ruining their credit. This is still happening so we will see its effect in the future.
Unfortunately, they have managed to paint such a grim picture that if the plan does not pass, the stock market may dip significantly.
I would vote against the bailout. The patch work just wouldn’t work in fixing the system. NO ONE has a count of how deep this cancer is and what’s the point of providing temp relief.
I would let the whole system break, let the free market forces decide the direction, let the water find its own level even though for me personally it may mean facing consequences.
But atleast tomorrow we can hope for a fresh new system with necessary checks built in not to repeat the same thing tomorrow.
And by the way once the system stabilizes, then use this 700 billion to rebuild a more robust system.
In favor, aaj ki socho kal kisne dekha hai 🙂
Investment analyst and entrepreneur Dr. Marc Faber concluded his monthly bulletin (June 2008) with the Following:
”The federal government is sending each of us a $600 rebate. If we spend that money at Wal-Mart, the money goes to China . If we spend it on gasoline it goes to the Arabs. If we buy a computer it will go to India . If we purchase fruit and vegetables it will go to Mexico , Honduras and Guatemala . If we purchase a good car it will go to Germany If we purchase useless crap it will go to Taiwan and none of it will help the American economy. The only way to keep that money here at home is to spend it on prostitutes and beer, since these are the only products still produced in US. I’ve been doing my part.’
http://philip9876.wordpress.com/2008/09/11/marc-fabers-comment-on-the-us-economy/
Well, “aaj ki socho…” was exactly what the subprime lenders, borrowers, and investors were thinking when they started the march towards the mess we are in today. In the long run the package will definitely provide relief. This will bring back the much needed confidence in banking system. At this moment no one wants to lend them money.
Whatever the outcome I think we should stop using “smart” and “Wall street” in the same sentence for a few years.
Hank Paulson hasn’t proven to be very bright, either (of course, brighter than me). we will have to take a huge leap of faith in him in managing this program with the knowledge that Goldman started exposing itself to this mess under his ‘able’ guidance. And pardon my cynicism but the fishy change of status of Goldman when Lehman sank without help doesn’t seem to help his credibility either.
Anyway, we are in for a ride of our lifetime so, hold on tight… and vote for the package.
Seems like a lose-lose situation either way. I’m not sure whether they have addressed the fundamental problem that was the cause for this meltdown in this 700 billion bailout plan. People are still walking away from their homes right now that will continue to contribute to the bad debt and home prices are still expensive compared to renting (they are not even down to the 2004 level in the bay area). So housing still has further to fall IMHO.
So how many got converted from NO to Bailout to YES to bailout – given the 777 fall of the Dow and 200 fall of Nasdaq?? Need a seperate poll for this 🙂 🙂
My vote hasnt changed. Like I said, the administration has managed to instill enough fear that markets were going to react this way. Instead of instilling fear in everyone, they may be better off using this tactic on the speculators/individual investors who were responsible for the mortgage mess (they seem to have nothing to lose).
I was for the bailout and am still FOR the bailout.
The congressmen are thinking about their constituency and getting re-elected. Too much responsibility on their feeble shoulders.
Go Bail Out!!!
After yesterday and now today’s reaction I DEFINATLY VOTE NO for the bailout. THis just some kind of whacked out conspiracy.
I have a basic question. How exactly does giving money and bailing out really increases confidence in the system. Just exactly what the heck people mean by this ? Infact it will encourage greed tomorrow giving confidence to the same kind of people that government will go to any extent possible tomorrow also to save the so called financial system.
Just as witnessed today, there is nothing that changed between yesterday and today as far as the 700B bill is concerned. Then why did the market go up ?
It just means there is no relation between the wallstreet and what happens at washington. There is no fundamental left at wall street.
Its all a big game.
haha…people seem more split on the bailout issue as compared to the presidential race.
Please call the senators and congressmen and leave email messages for them saying that “please show some spine and stand against this bailout/buying fiasco”…If you vote for the bailout then you have lost my vote come next elections…
Below is list of all senators….At the least call the California senators….
Akaka, Daniel K.- (D – HI) Class I (202) 224-6361
Alexander, Lamar- (R – TN) Class II (202) 224-4944
Allard, Wayne- (R – CO) Class II (202) 224-5941
Barrasso, John- (R – WY)Class I (202) 224-6441
Baucus, Max- (D – MT) Class II (202) 224-2651
Bayh, Evan- (D – IN) Class III (202) 224-5623
Bennett, Robert F.- (R – UT) Class III (202) 224-5444
Biden, Joseph R., Jr.- (D – DE) Class II (202) 224-5042
Bingaman, Jeff- (D – NM) Class I (202) 224-5521
Bond, Christopher S.- (R – MO) Class III (202) 224-5721
Boxer, Barbara- (D – CA) Class III (202) 224-3553 ,
Brown, Sherrod- (D – OH) Class I (202) 224-2315
Brownback, Sam- (R – KS) Class III (202) 224-6521
Bunning, Jim- (R – KY) Class III (202) 224-4343
Burr, Richard- (R – NC) Class III (202) 224-3154
Byrd, Robert C.- (D – WV) Class I (202) 224-3954
Cantwell, Maria- (D – WA) Class I (202) 224-3441
Cardin, Benjamin L.- (D – MD) Class I (202) 224-4524
Carper, Thomas R.- (D – DE) Class I (202) 224-2441
Casey, Robert P., Jr.- (D – PA) Class I (202) 224-6324
Chambliss, Saxby- (R – GA) Class II (202) 224-3521
Clinton, Hillary Rodham- (D – NY) Class I (202) 224-4451
Coburn, Tom- (R – OK) Class III (202) 224-5754
Cochran, Thad- (R – MS) Class II (202) 224-5054
Coleman, Norm- (R – MN) Class II (202) 224-5641
Collins, Susan M.- (R – ME) Class II (202) 224-2523
Conrad, Kent- (D – ND) Class I (202) 224-2043
Corker, Bob- (R – TN) Class I (202) 224-3344
Cornyn, John- (R – TX) Class II (202) 224-2934
Craig, Larry E.- (R – ID) Class II (202) 224-2752
Crapo, Mike- (R – ID) Class III (202) 224-6142
DeMint, Jim- (R – SC) Class III (202) 224-6121
Dodd, Christopher J.- (D – CT) Class III (202) 224-2823
Dole, Elizabeth- (R – NC) Class II (202) 224-6342
Domenici, Pete V.- (R – NM) Class II (202) 224-6621
Dorgan, Byron L.- (D – ND) Class III (202) 224-2551
Durbin, Richard- (D – IL) Class II (202) 224-2152
Ensign, John- (R – NV) Class I (202) 224-6244
Enzi, Michael B.- (R – WY) Class II (202) 224-3424
Feingold, Russell D.- (D – WI) Class III (202) 224-5323
Feinstein, Dianne- (D – CA) Class I (202) 224-3841 ,
Graham, Lindsey- (R – SC) Class II(202) 224-5972
Grassley, Chuck- (R – IA) Class III (202) 224-3744
Gregg, Judd- (R – NH) Class III (202) 224-3324
Hagel, Chuck- (R – NE) Class II (202) 224-4224
Harkin, Tom- (D – IA) Class II (202) 224-3254
Hatch, Orrin G.- (R – UT)Class I (202) 224-5251
Hutchison, Kay Bailey- (R – TX) Class I (202) 224-5922
Inhofe, James M.- (R – OK) Class II(202) 224-4721
Inouye, Daniel K.- (D – HI) Class III (202) 224-3934
Isakson, Johnny- (R – GA)Class III (202) 224-3643
Johnson, Tim- (D – SD) Class II(202) 224-5842
Kennedy, Edward M.- (D – MA) Class I(202) 224-4543
Kerry, John F.- (D – MA) Class II(202) 224-2742
Klobuchar, Amy- (D – MN) Class I (202) 224-3244
Kohl, Herb- (D – WI) Class I (202) 224-5653
Kyl, Jon- (R – AZ) Class I (202) 224-4521
Landrieu, Mary L.- (D – LA) Class II (202) 224-5824
Lautenberg, Frank R.- (D – NJ) Class II (202) 224-3224
Leahy, Patrick J.- (D – VT) Class III (202) 224-4242
Levin, Carl- (D – MI) Class II (202) 224-6221
Lieberman, Joseph I.- (ID – CT) Class I (202) 224-4041
Lincoln, Blanche L.- (D – AR) Class III (202) 224-4843
Lugar, Richard G.- (R – IN) Class I (202) 224-4814
Martinez, Mel- (R – FL) Class III (202) 224-3041
McCain, John- (R – AZ) Class III (202) 224-2235
McCaskill, Claire- (D – MO) Class I (202) 224-6154
McConnell, Mitch- (R – KY) Class II (202) 224-2541
Menendez, Robert- (D – NJ) Class I (202) 224-4744
Mikulski, Barbara A.- (D – MD) Class III (202) 224-4654
Murkowski, Lisa- (R – AK) Class III (202) 224-6665
Murray, Patty- (D – WA) Class III (202) 224-2621
Nelson, Bill- (D – FL) Class I (202) 224-5274
Nelson, E. Benjamin- (D – NE) Class I (202) 224-6551
Obama, Barack- (D – IL) Class III (202) 224-2854
Pryor, Mark L.- (D – AR) Class II (202) 224-2353
Reed, Jack- (D – RI) Class II (202) 224-4642
Reid, Harry- (D – NV) Class III (202) 224-3542
Roberts, Pat- (R – KS) Class II (202) 224-4774
Rockefeller, John D., IV- (D – WV) Class II (202) 224-6472
Salazar, Ken- (D – CO) Class III (202) 224-5852
Sanders, Bernard- (I – VT) Class I (202) 224-5141
Schumer, Charles E.- (D – NY) Class III (202) 224-6542
Sessions, Jeff- (R – AL) Class II (202) 224-4124
Shelby, Richard C.- (R – AL) Class III (202) 224-5744
Smith, Gordon H.- (R – OR) Class II (202) 224-3753
Snowe, Olympia J.- (R – ME) Class I (202) 224-5344
Specter, Arlen- (R – PA) Class III (202) 224-4254
Stabenow, Debbie- (D – MI) Class I (202) 224-4822
Stevens, Ted- (R – AK) Class II (202) 224-3004
Sununu, John E.- (R – NH) Class II (202) 224-2841
Tester, Jon- (D – MT) Class I (202) 224-2644
Thune, John- (R – SD) Class III (202) 224-2321
Vitter, David- (R – LA) Class III (202) 224-4623
Voinovich, George V.- (R – OH) Class III (202) 224-3353
Warner, John- (R – VA) Class II (202) 224-2023
Webb, Jim- (D – VA) Class I (202) 224-4024
Whitehouse, Sheldon- (D – RI) Class I (202) 224-2921
Wicker, Roger F.- (R – MS) Class I (202) 224-6253
Wyden, Ron- (D – OR) Class III (202) 224-5244
My crystal ball says –
1) The bailout plan will get accepted. (The administration wont rest until this happens :-()
2) The short sell ban will get extended.
3) We are eventually doomed.
What surprises me is that Democrat did not come with any plan for the Iraq War.
And they have lot of time for this. I am still against with Bailout plan.
Remember, any alternate plan for Iraq war would have been dubbed “unpatriotic” then.
Nilesh – Why is Barbara Boxer a 3rd class senator? 🙂
People are confusing talk radio rantings with reality and the conspiracy theorist are back in game (they were after 9/11, too) full throttle.
The economy of this country gets a boost from credit money. In the absence of it fall in capital intesive sectors like Auto, Housing, other Manufacturing (stronger dollar doesn’t help exports at least, in the short run) industries is imminent.
It’s not just the USA, other countries are considering bail out packages as well. They must be stupid, too. Right?
Rohit, is there any guarantee that the 700 billion plan will work ? My feeling is that the crisis wont stop at the 700 billion. Just two years ago, a broker was ready to qualify us for a million dollar home. Are you kidding me ? Was I supposed to eat cement and direct all my income towards mortgage ? These practices havent stopped. And until they do, the root cause of the problem will not be addressed and they will need more money to fix it for the short term. Until the brokers do their job ethically and until the homeowners pay their dues dutifully …this problem will not end.
Btw have you noticed, they throw the word billion around as if its a small amount. The talk is no longer in millions anymore. 🙂 Boy, we have a long way to go…
Btw, anyone know why the 12% jump in citigroup today ? I thought financial institutions were in trouble.
Rohit, infact all the senators that voted for the bailout are 3rd class 🙂
the classes are based on their term limits
http://en.wikipedia.org/wiki/Classes_of_United_States_Senators
I agree with Rohit. We as a group have a saving mentality but this economy has always prospered or at least seem to have prospered because of tremendous spending and people are spending with borrowed money. If credit becomes tighter, it will have impact on rest of the economy.
Plan or no plan, it is a loose-loose situation. IMO, people need to change the way they think (or don’t think).
A rose by any other name would still smell just as sweet… really ???
Look what changing the term bailout to ‘economic/finance reform’ did 😉
Well, actually it may stink the same though…
The abusive practices of lending have stopped due to credit crunch. Buyer with a **little less** than perfect creidt are not getting home or auto loan. Happened to couple of folk i know.
This is a nice column in NY Times: Something to think about.
http://www.nytimes.com/2008/10/02/opinion/02kristof.html?_r=1&ref=opinion&oref=slogin
Floor comments by the House representative (Pete Stark) who voted NO earlier – for Californa 13th district (which has all the cities from oakland to Newark and to pleasanton)
http://www.house.gov/stark/news/110th/pressreleases/2008-09/29-bailout.htm
Wall Street’s double-dippers….Firms that created the mess are the ones to benefit from it…
http://www.msnbc.msn.com/id/26890867/
Interesting read on what is added to the Bailout Package to make it attract votes…
http://www.cnn.com/2008/POLITICS/10/02/bailout.pork/index.html