Why did the bailout fail??

[manning]

Folks, you just saw the power of the people.

70% of the people was against it and told congress if you vote for it we vote you out.


So, everyone here who don't vote should consider voting.

I don't remember what the exact number of voters turn out but I think it is around 40%.

Does it make sense that the minority (I don't mean race, just numbers) of the country controls the country?

Remember, the larger the vote the harder it is to rig the vote.

 

[mamacatnv]

How educated to the issue is that 70% - I'm not slamming, I'm truly curious.

It's easy to say, NO, don't spend the money but does the American public fully understand the consequences? Did our representatives vote in our best interest or in theirs?

 

[lovemygoofy]

I'm sorry but the everday average American does not understand why the bailout has to happens. It needs to be explained in everyday average words and not by an elected representative. We need someone to be on the television stressing why this is so important. The avereage hourly worker more than likely does not understand how this will trickle down to him/her.

They really won't understand until the house is lost, jobs are scarce, or retirement accounts are at zero.

I'm disgusted with every elected member of congress and our president that we are even in this predictament. At one time when our elected members could work together for the greater good of this country and neither side could past their petty partisan issues to do what was needed. I think it shouts volumes about our elected officials.

 

[djm99]

It seems to me that many are worried about their seats in congress and the upcoming elections. They are more educated on this bill. Those that opposed it, I hope they know what they are doing.

 

[The Mystery Machine]

It failed because the Repubs did not deliver their promise of "half of the votes".

 

[John VN]

Many people JUST DO NOT UNDERSTAND .

 

[PatsMom]

As one representative put it, "most of us say 'I want this thing to pass, but I want you to vote for it - not me'"

I believe that the average American is not educated enough about what has brought this crisis on and the ramifications of allowing our financial infrastructure to crumble. Congress should be better educated but some are choosing to take the path they believe will lead to re-election. And in the case of some republicans, I believe that they want to distance themselves from George Bush.

It is already on CNBC that the Democrats are working on a new bill. But with the high Jewish holidays coming up, it probably won't go anywhere for the next two days.

 

[rwdavis2]

It failed because the Repubs did not deliver their promise of "half of the votes".

92 democrats voted against it as well. That's about 40% of them.

 

[Jennifer S]

It failed because the Repubs did not deliver their promise of "half of the votes".

Well Dems could have passed it w/o their help- why didn't they?

 

[joviroxx]

It failed because the Repubs did not deliver their promise of "half of the votes".

Again, if its such a great plan, why even depend on the Repubs. All they needed was 11 more. The democrats couldn't convince 11 of 92 nay votes?

 

[JimFitz]

Pelosi Should Be Ashamed Of Herself

 

[tedhowe]

Well Dems could have passed it w/o their help- why didn't they?

I'm so tired of seeing this posted.

The didn't because that's how politics works.

This is not going to be a popular plan... but it is necessary.

When something like this needs to get passed, the politics dictate that it be bipartisan and each party needs to bring the requisite votes from their side of the aisle to the vote.

Both parties have seats in the House that are 100% solid - where no effective challenger has been seen from the other side for years (if not decades) - THOSE are the votes that have to come through to vote for controversial legislation - because there's really no political risk.

But those votes aren't enough. There need to be some "sacrificial lambs" from a political standpoint. There are usually junior members of the congressional delegations that have to "take one for the team" to get a bill like this passed, and vote for unpopular legislation. They don't like to do it, but its part of the system. That's the function of the leadership on each side of the aisle, especially the Whips... to get the rank and file of their party to support the unpopular, but necessary legislation.

I agree that Pelosi was an a** to make remarks like she did, but it's the Republican leadership is also responsible for NOT being able to get their party in line when there was a tentative agreement.

 

[RitaE]

How educated to the issue is that 70% - I'm not slamming, I'm truly curious.

It's easy to say, NO, don't spend the money but does the American public fully understand the consequences? Did our representatives vote in our best interest or in theirs?

No I really don't understand the consequences. I have no idea just how close to that precipice we really are as a nation. All I have is a bunch of blowhards who I trust less daily on TV predicting doom and gloom. I've also read articles by more than a couple of really respected Economists who say guess what? We're still at huge risk of failure even IF this bailout plan passes.

I know Warren Buffett made a statement in favor of the bailout. I think I marginally trust him. However, I am fundamentally a believer in the market system and might gut tells me that when in doubt follow your principal beliefs. I am at the moment very much in doubt.

Yes I know that the Stock Market might take a hit over this if nothing is done and I know that "real" Americans (whatever that means) will be negatively affected. However I have seen NOTHING that convinces me that this particular bailout plan will improve things and it could very drastically effect the future of our country.

We are literally passing on $750billion more debt to our future after a weekend's worth of work. I gave more thought to the menu at my last Christmas party than what this solution has warranted. I don't like it.

 

[Golf4food]

It failed because the Repubs did not deliver their promise of "half of the votes".

And those Reps didn't support it because of some of the crap the Dems included in the bill to begin with... and then tried to use the media to spin all the blame against the Reps who were never going to support some of the Dems provisions.

Drastic case, but just for illustration:

Reps: Here's a bill that does lots of good things that Dems want but also includes a provision to make GW Bush emporer of the US for life.

Who cares that all the rest is good, Dems would never support it.

 

[RitaE]

and btw --

There were plenty of Democrats AND Republicans who are not in favor of this bailout and the reason why is THEY DON'T LIKE THE BILL.

It isn't like voting for an American Idol contestant where you pick a favorite side and vote for them no matter what. Every once and awhile, a few of them actually put some thought into it.

 

[lovemygoofy]

No I really don't understand the consequences. I have no idea just how close to that precipice we really are as a nation. All I have is a bunch of blowhards who I trust less daily on TV predicting doom and gloom. I've also read articles by more than a couple of really respected Economists who say guess what? We're still at huge risk of failure even IF this bailout plan passes.

I know Warren Buffett made a statement in favor of the bailout. I think I marginally trust him. However, I am fundamentally a believer in the market system and might gut tells me that when in doubt follow your principal beliefs. I am at the moment very much in doubt.

Yes I know that the Stock Market might take a hit over this if nothing is done and I know that "real" Americans (whatever that means) will be negatively affected. However I have seen NOTHING that convinces me that this particular bailout plan will improve things and it could very drastically effect the future of our country.

We are literally passing on $750billion more debt to our future after a weekend's worth of work. I gave more thought to the menu at my last Christmas party than what this solution has warranted. I don't like it.

Well for one alot of retirees lively hood is from their 401k and retirement accounts. They are loosing thousands everyday. Many won't be able to pay for medicine or buy food, yes for some it really is that tight.

Another problem is that many many companies/corporations don't keep liquid assets on hand and do wheeling and dealing with small loans to pay the bills including payroll.

Because of the lack of liquid assets out in the economy, banks and credit markets are going to tighten the reigns. This includes not extending credit and loans to companies to pay payroll. People even with excellent credit are going to have difficulty buying a house or getting cars which impacts even more people. IE the workers that make houses or build cars.

This isn't just about loosing a couple dollars here or there. It really is going to be thousands of people's livelyhoods on the edge.

 

[Piglets Mommy]

No I really don't understand the consequences. I have no idea just how close to that precipice we really are as a nation. All I have is a bunch of blowhards who I trust less daily on TV predicting doom and gloom. I've also read articles by more than a couple of really respected Economists who say guess what? We're still at huge risk of failure even IF this bailout plan passes.

I know Warren Buffett made a statement in favor of the bailout. I think I marginally trust him. However, I am fundamentally a believer in the market system and might gut tells me that when in doubt follow your principal beliefs. I am at the moment very much in doubt.

Yes I know that the Stock Market might take a hit over this if nothing is done and I know that "real" Americans (whatever that means) will be negatively affected. However I have seen NOTHING that convinces me that this particular bailout plan will improve things and it could very drastically effect the future of our country.

We are literally passing on $750billion more debt to our future after a weekend's worth of work. I gave more thought to the menu at my last Christmas party than what this solution has warranted. I don't like it.

ITA..I "Get" that we need some sort of bailout...I just think it neds to be explained in Layman's terms so that everyone can understand it..would make that $750Boillion debt a little easier to swallow.

Well for one alot of retirees lively hood is from their 401k and retirement accounts. They are loosing thousands everyday. Many won't be able to pay for medicine or buy food, yes for some it really is that tight.

Another problem is that many many companies/corporations don't keep liquid assets on hand and do wheeling and dealing with small loans to pay the bills including payroll.

Because of the lack of liquid assets out in the economy, banks and credit markets are going to tighten the reigns. This includes not extending credit and loans to companies to pay payroll. People even with excellent credit are going to have difficulty buying a house or getting cars which impacts even more people. IE the workers that make houses or build cars.

This isn't just about loosing a couple dollars here or there. It really is going to be thousands of people's livelyhoods on the edge.

I think most people understand this, but that they want explained is HOW this bailout will help them..they have alreasy seen huge losses in their IRA's 401k's etc. If they have already lost their home, or cashed in a retirement plan to help them stay afloat after a job loss, how will the bailout help? For those who are already seen huge losses and can't pay for food, shelter and healthcare, how will this help? I have been reading on this, and understand that it is needed, but I think it would be a lot easier for most American's to swallow if it was explained clearly and simply.

 

[Tanuki]

If you mean that the people with "excellent credit" will not be able to get a fixed interest loan when the house payment is less than 28% of their total monthly (income minus other debt obligations), when they are able to present a tax return with the income as stated along with two consecutive monthly paychecks, and when they put 10 to 20% down on the house (in other words - the old fashioned way) I sincerely doubt it.

I suspect that those who aren't able to afford the payments will not be buying a home.

Banks make lots and lots of money from people with good credit. Someone will lend them the money.

 

[NotUrsula]

Maybe this will help: http://www.businessweek.com/bwdaily/dnflash/content/sep2008/db20080928_417591.htm

Short article on what commercial paper is and why it matters.

 

[phorsenuf]

I know its no fault of terrorists, but wasn't this what they tried to accomplish back on 9-11, to cripple our economy. Perhaps our politicians should have been watching things a little more closely on the home front. Looks like the terrorists may have succeeded after all.