Should the Ballout plan have been passed ?

[WarpSpeedChewy]

I'm curious to see the actual number of people who are for it being passed and those who aren't for it.

[Jason Tate]

Hmm, the choices don't offer my take ...

Yes, I think something needs to pass -- I think it's imperative for a variety of reasons:

1) It’s true that some parts of the real economy are doing OK even in the face of financial disruption; big companies can still sell bonds (and have lots of cash on hand), qualifying home buyers can still get Fannie-Freddie mortgages, and so on. But commercial paper, which is important to a lot of businesses, is in trouble, and I’m hearing anecdotes about reduced credit lines causing smaller businesses to pull back. Plus there’s a serious chance of a run on the hedge funds, which could make things a lot worse. With the economy already looking like it’s headed into a serious recession by any definition, the risks of doing nothing look too high.

2) The credit markets are freezing up as you read this (1-month t-bill at 0.04 %, TED spread at 3.5)

I don't like it, and I don't like the plan (it's missing key elements) - however, something has to be done - quickly. And the bill not passing is only going to make things worse.

[WarpSpeedChewy]

Hmm, the choices don't offer my take ...

Yes, I think something needs to pass -- I think it's imperative for a variety of reasons:
Well I thought the choices fit the range of different options but maybe you're right. Either way it just refers to wither or not the bill should have been passed today. In any event, that's what the other option is for.

I like your explanation of it. Hopefully people specify their choices on here.

[Machu505]

We need more time. Limit compensation for the CEOs, improve the cost, no unlimited power for the treas secretary.

[open mind]

on an idealogical level i hate the idea so i thought about picking the totally against it stance....but i suppose some sort of bill needs to be passed soon, so i chose the need more time to make a decent bill option.

[oldwirehands]

J6f4q9zIIe0

[incredulous]

We need something to address the immediate problem, and soon. Things are getting worse and worse by the day, while members of Congress are off on vacation. People are panicking. While a blank check would be a horrible idea, we need some kind of plan, and we need it to pass as soon as possible.

[Jason Tate]

6hXVf0QgzEc

[zach note]

I am kind of torn. I strongly believe in Laissez-faire, but I am a bit afraid of what could happen if nothing is done. However, I don't necessarily believe this whole situation is as bad as it is made out to be. I don't see average investor being very much affected right now. And even in cases of companies failing...Wachovia "collapsed" and Citi immediately bought them. Citi would not have bought this asset unless they had reson to believe it was a good oppurtunity.

I say take your money out of your savings accounts, buy stock right now, and let the maket fix itself.

[ghostykidd]

creepy what bush says since bailout failed to happen
if this is proof for some future things to come.....sheesh....
someone put and end to him and the bastards who pull his strings
:(



- President Bush said Tuesday the economic damage to the nation will be "PAINFUL and LASTING" if Congress fails to pass a $700 billion bailout bill.


ADVERTISEMENT

Bush said the troubled economy is depending on "decisive action on the part of our government." He spoke a day after the House voted narrowly to defeat the massive relief measure that his administration and leading members of Congress had agreed was necessary.



Bush said he wanted to "assure our citizens and citizens around the world that this is not the end of the legislative process.

"

He also said "it matters little what path a bill takes to become law. What matters is that we get a law. We're at a critical moment in our economy.

"

The president said he acknowledges "this is a difficult vote for members of Congress"and that many are uncomfortable with what's transpiring in the economy. But he also declared: "We're in an urgent situation and consequences will grow worse each day we do not act. If our nation continues on this course, the economic damage will be painful and lasting.

"

"We're facing a choice between action and the real prospect of economic hardship for millions of Americans," Bush added. "For the financial security of many Americans, Congress must act.

"

The president cited Monday's free fall in the stock market as an ominous, and real, sign of what's to come if a rescue deal isn't approved.



Bush said that administration officials will be talking with congressional leaders on Tuesday on how to keep legislation moving. Congress is on a break for the Jewish holiday.



"The sooner we address the problem, the sooner we can get back to the path of growth, and job creation," he said. "This is what elected leaders owe the American people.

"

[AmarnaReign]

No

[saysmydoctor]

I'm on the wall too, but we need to do something.

[aoftbsten]

to be honest i don't know. I think in this case maybe yes, just because we need to act now on this crisis. of course if we do just act impulsively, things can go wrong.

of course i had this reason pushed in front of me today: if we bailout all these corrupt banks that got us into this situation, they will never learn. i think this is a pretty valid point

i have no idea really. i wish i did