What do we do now ? I have a small business in construction and i have been doing all i can. I can not get a loan and i have 2 homes half done that are presold. I do not have the cash to make payroll for my 9 employees. What should I do?

9/29/08 2:31pm about on Sep 29th, 2008 at 2:31pm

This is great news! I too have a small business and I have always spent wisely and saved. Not just 7 years ago when I opened my business, but all of my life. I REFUSE to pay a dime to ANYONE who has made unwise investments. To drew79, it probably sucks to be you, but tell me, why is that my problem? What we do now is let all of you who were blinded by greed suffer the consequences of your actions. Get it? YOUR ACTIONS!

9/29/08 4:54pm about on Sep 29th, 2008 at 4:54pm

Thank God congress saw through the lies! I was in the depths of dispair fearing that everyone would fall for the biggest ripoff in history. I was afraid that we had all become too apathetic to fight. I am re-energized by this wonderful news. I know that there will be tough times ahead but the beauty of the free market system is that if there is anything of true value, any drop in percieved value will correct itself in time. I pray for those of us, myself to some degree, that have overextended themselves and hope that we will all weather the storm.

9/29/08 6:46pm about on Sep 29th, 2008 at 6:46pm

Thank God!!! After reading the draft, I find the concepts threatening to the nature of democracy. Placing the Secretary of the Treasury in such a position of power translates to corporate socialism - The Secretary will have complete control over the market. The language on page 13 is equally disturbing because it is not nearly specific enough to protect taxpayer interests. The legislation calls for the Secretary to "take into consideration" taxpayer interests: I am most certain that those in positions of great power always took taxpayer interests into consideration right before they decided their own interests dominated the decision-making process and acted in a way contrary to taxpayer interests. That language is inviting abuse as it would be difficult to hold a person accountable for their thoughts. In addition to these concerns, the first oversight panel won't even meet for 30 days after giving the Secretary an unprecedented amount of power - This is substandard, considering the amount of trust the American people place in those that represent us. Perhaps, prior to signing this piece of legislation into law, Congress might entertain the possibility that statements made by the leader of the free world as well as other powerful figures have had an effect on the market. Words like "crisis" as well as the issuance of doomsday predictions might, just might, have had some effect on the instability seen within the market. This legislation is a rush to judgment and Congress has not considered enough alternatives to date nor are they taking care to consider American interests properly. The day this piece of legislation is signed into law will be a tragic day for our democracy. While Bush's administration has failed to protect American interests, the legacy of this Congress will be that they have never questioned him or his determinations.

9/29/08 8:56pm about on Sep 29th, 2008 at 8:56pm

Why should the taxpayer bailout those who made bad decisions? Credit was manipulated by the financial geniuses; now that it has come home they want to turn to the taxpayer. They were smart enough to create disasterous loans. Lets see if the are smart enough to turn around this situation.

9/29/08 9:01pm about on Sep 29th, 2008 at 9:01pm

DREW, I DON'T UNDERSTAND. WHY CAN YOU NOT GET A LOAN. DO HAVE "BAD" CREDIT. RECEIVING LOANS IS BASED ON OUR CREDIT HISTORY...YOU EITHER HAVE OVEREXTENDED YOURSEL (TOOK A GAMBLE) OR YOU HAVE OVER EXTENDED YOURSELF IN THE PAST (ALSO A GAMBLE WHICH DID NOT WORK FOR YOU THEN AND MUST NOT BE WORKING FOR YOU NOW). THE HOUSES ARE PRESOLD? IS THE MONEY FROZEN SOMEWHERE? IF PRESOLD...WHY WOULD YOU NOT HAVE THE CASH TO PAY YOUR EMPLOYEES? SOMEWHERE YOU HAVE GAMBLED THAT EVERYTHING WOULD WORK OUT IN THE END. THIS IS THE SAME THING WALLSTREET HAS DONE. AND NOW THE REST OF US ARE EXPECTED TO BAIL. MY ARMS ARE GETTING TIRED. I PAY HALF A MORTGAGE FROM A FIRST MARRIAGE, I PAY A MORTGAGE ON A HOUSE ME AND MY SECOND WIFE LIVE IN. I AM A NURSE, SHE IS A NURSE AID. WE HAVE TWO NEW CARS. TOGETHER WE HAVE FIVE CHILDREN. NO ONE HAS OFFERED TO BAIL ME OUT AND YOU KNOW WHAT? I DON'T NEED THEM TOO. I WORK 50-60 HOURS A WEEK AND SO DOES MY WIFE. WE LIVE WITHIN OUR MEANS. ALL I CAN SEE IS MY TAXES GOING UP BECAUSE OTHERS CHOSE TO GAMBLE AND TRY TO LIVE BEYOND THEIR MEANS. SORRY FOR YOUR TROUBLE, DREW, BUT YOU MADE IT, YOU FIX IT.

9/30/08 1:41am about on Sep 30th, 2008 at 1:41am

The banks and financial systems did this to themselves. They first gave low interest rate ARM mortgages to individuals who I believe could make the payments however once the ARM became due the rates doubled and tripled because of low credit scores. The increased monthly payment is what forced this mortgage problem. If the banks would simply extend the existing interest rates many of these homes wouldn't have gone into foreclosure.

9/30/08 6:58am about on Sep 30th, 2008 at 6:58am

I believe that we should all help each other out in times of need!!! However when it comes to the Tax Paying Citizens of the USA needed to bailout our banking systems, it changes things. The bailout out plan in truth is to bailout the already rich while forcing the already hard working Americans to cater such actions. I take no part in it! And anyone else who dares to listen to there own voice should not vote in favor of it! Regardless to what Bush says about how we would face a long harsh economic recession. It seems to me that the system should correct itself eventually, either that or completely fall apart. In which case we would just rebuild another one that is better. A better system that will always involve the peoples interest and not just the rich. How bad could it be for us to really for example start using bicycles instead of cars and growing our own food? This would be healthy to us for starters and not to mention our mother Earth! Or lets say you cant find a job which is untrue because of the possibilities our country offers if one simply sacrifices a little. If illegals can do so and still manage to be successful then so can a citizen. We are already in recession but more importantly we still have us. We longer have to pretend a false American dream. Life is what we make it and I strongly believe that if we as a country stick together we will overcome any recession!!! Lets not fall for the gimmicks of politics!

10/1/08 9:48am about on Oct 1st, 2008 at 9:48am

I live modest. Why should I have to pay for the people who have not done the same. Ya'll made bad choices, now learn from your mistakes.

10/1/08 4:43pm about on Oct 1st, 2008 at 4:43pm

The banks and financial systems did this to themselves. They first gave low interest rate ARM mortgages to individuals who I believe could make the payments however once the ARM became due the rates doubled and tripled because of low credit scores. The increased monthly payment is what forced this mortgage problem. If the banks would simply extend the existing interest rates many of these homes wouldn't have gone into foreclosure. Why should the taxpayer bailout those who made bad decisions? Credit was manipulated by the financial geniuses; now that it has come home they want to turn to the taxpayer. They were smart enough to create disasterous loans. Lets see if the are smart enough to turn around this situation. After reading the draft, I REFUSE TO PAY A DIME TO ANYONE who has made unwise investments. Especially bailing top executives of these banks and financial organizations out of a pickle and letting them retire with their GOLDEN PARACHUTES. Those golden parachutes should be taken away from the executives of these banks and finacial organizations that were greedy and self-first attitude (me, me, me) that got us into the financial situation that we are in today. Why is that my problem? What we do now is let all of you who were blinded by greed suffer the consequences of their actions. Get it? THEIR ACTIONS! NO EXECUTIVE COMPENSATION PACKAGES!!!!!!!1 LET THEM LOSE ALL THEIR MONEY, LIKE EVERYONE ELSE!!!!!!!!!!!!!!!!!!!!! I FEEL THAT THIS MUST BE INCLUDED IN A BAILOUT – IF ONE MUST BE PASSED THIS PART OF THE AGREEMENT IS NOT A DEAL-BREAKER!!!!!!!!!!!!!!!!!!!!!!!!

10/2/08 10:54am about on Oct 2nd, 2008 at 10:54am