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Congress:Demand reforms
Published Wednesday, October 1, 2008
Congress is clearly in a pickle over the $700 billion plan designed to buy out devalued loans from banks.
While we believe Congress should reconvene and pass the bill, it ought to include some reforms of the system, and a better explanation as to how it will benefit the average person.
Everyone from President George W. Bush to Federal Reserve Chairman Ben Bernanke to investment guru Warren Buffett says that if the bill – which failed Monday – does not pass, it will certainly put the U.S. economy in a recession.
Yet, members of Congress likely are also hearing from a majority of constituents who oppose the bill. It’s easy to understand why. The bill bails out big business and those who got wealthy by making bad loans, it is difficult for the average person to understand the benefits of the bill, and that taxpayers will eventually end up paying if the value of the loans does not increase over time.
In the upcoming negotiations, Congress needs to demand that reforms in the banking industry become a reality, and that a public campaign to explain what happened, and why it affects regular people, be part of the bailout bill.
Wall Street owes it to the regular folks.
Comments
The Daily Journal is happy to host community conversations about news and life in Fergus Falls and the surrounding area. As hosts, we expect guests will show respect for each other. That means we don't threaten or defame each other, and we keep conversations free of personal attacks. Witty is great. Abusive is not. If you think a post violates these standards, don't escalate the situation. Instead, flag the comment to alert us. We'll take action if necessary. It's not hard. This should be a place where people want to read and contribute -- a place for spirited exchanges of opinion. So those who persist with racist, defamatory or abusive postings risk losing the privilege to post at all.Posted by potatosup (anonymous) on October 1, 2008 at 12:19 p.m. (Suggest removal)
I just have one question. Who are the "we" that you are referring to in your belief that Congress should reconvene and pass this bill? I don't think they should pass anything and an investigation and some research should be done on the causes within all the years that lead up to this. Here on "Main Street" we've been feeling a pinch in our budgets long before the Corporate Finance companies or the White House ever admitted there was a problem. Let's let Wall Street level off with some basic supply and demand rules and let the Washington take some responsibility for lack of oversite and corporate kickbacks from lobbyists.
Posted by earlhofert (anonymous) on October 1, 2008 at 2:34 p.m. (Suggest removal)
End corporate welfare - let 'em fail!
Posted by Jerry (anonymous) on October 1, 2008 at 3:30 p.m. (Suggest removal)
Someone stupid takes out a loan they know they cannot afford and some stupid loan agency gives someone a loan they know is more than they can afford. We are suppose to bail them out, I think not!!!
Posted by metasonics (anonymous) on October 1, 2008 at 4:56 p.m. (Suggest removal)
Jerry and earlhofert agreeing on something?
Awesome!
I say let them fail too!
they knew the risks and deliberately set others up to fail!
Posted by mgdbottled (anonymous) on October 1, 2008 at 7:02 p.m. (Suggest removal)
So the US should just go back to the barter system? How many potatos would you be willing to swap for a gallon of gas? How about couple dozen eggs for a bushel of wheat? Any takers. That's what happens when the money disappears. Won't do much good to have a few bucks when its value goes south and a gallon of imported gas costs you $30 bucks. Course most of you won't have a job so you won't have to worry about having a few worthless dollars.
Posted by freda (anonymous) on October 1, 2008 at 7:32 p.m. (Suggest removal)
Congress needs reform itself! Send McCain and Palin in there and get the politicians off their addiction to OPM -other people's money! The dems in congress are the ones who blocked the Bush Administration and the Republican Congress from regulating Fannie and Freddie - they wanted to buy voters by giving them home loans they had no way to pay for. If you can't afford a mortgage, you should rent and save. That is the American Dream, and if people would hear their leaders say you can save, live on what you own and make it, instead of you are poor and needy and need the Democrats to take care of you, they would live up to it!
Posted by mgdbottled (anonymous) on October 1, 2008 at 7:51 p.m. (Suggest removal)
Poor people bought all those $600,000 condos that are now being defaulted on, huh? Really, poor people? Geez, some of those poor people owned three or four of those $600,000 condos intending on just flipping em'. Yeh, I guess a bank shouldn't loan millions of dollars for real estate to a poor person. Somehow, your logic seems flawed. Get your facts straight. Unbelievable!!!!!!!
Posted by mgdbottled (anonymous) on October 1, 2008 at 7:58 p.m. (Suggest removal)
Forgot to mention the thirty $800,000 condo units that were built about a mile down the road from me. The city spent over a million dollars in sewer and water upgrades for that project. Only a couple were sold, the developer went bankrupt and several banks got stuck with the paper and now the poor people who own "ma and pa" businesses have to pay triple for their sewer and water service to pay for what those "poor people" developers didn't do. Get your facts straight. More unbelievable!!!!!!
Posted by Jerry (anonymous) on October 2, 2008 at 12:08 a.m. (Suggest removal)
Carter and Clinton insisted that loans be given to anyone that wanted a house regardless of their finantial status or employment record. Is buying votes legal or what? No sweat, by Monday we will all be owners of lots of banks, homes etc. Why not do like the ultra liberal, and rich Warren Buffett does, take advantage of the situation and buy companies like GE, he don't mind at all that GE has been furnishing Iran with anything they want. How did a democrat ever get so rich?????
Posted by metasonics (anonymous) on October 4, 2008 at 10:52 p.m. (Suggest removal)
the Palin's are fornacators in the eyes of the established churches!
1. Sarah Palin's first son, Track Palin, was born in April 1989
2. Sarah Palin was married on August 29, 1988. She eloped.
3. 38 weeks is the typical human pregnancy.
4. 38 weeks before her son's birthday, April 20, 1989, is July 28, 1988 - i.e., that would be the hypothetical day of conception.
5. If this data is correct, that would mean that Sarah Palin eloped four weeks after her son's conception.
speaking of religion and candidates, has anyone else made these connections?
the BIBLICAL Sarah was from Ur in BABYLON
also (Rev 17:1) "the great whore that sitteth upon many waters"
Palin received the nomination in Minnesota which is Dakota Indian for "sky tinted water." The state motto of Minnesota is "Land of 10,000 Lakes."
The area Wasilla is located was called "Benteh" by the Dena'ina Indians, meaning 'among the lakes'.
(Rev 17:2) "and the inhabitants of the earth have been made drunk with the wine of her fornication."
Oil (which is plentiful in Alaska) can be called the WINE that has made the inhabitants of the earth drunk. Palins husband is an oil man.
(Rev 17:3) "and I saw a woman sit upon a scarlet coloured beast, full of names of blasphemy, having seven heads and ten horns."
Wasilla is derived from the Russian Vasili, from Basil, which is also where the word Basilisk comes from. A basilisk is the mythological King Serpent beast. Wasilla has seven letters and Sarah Palin has ten letters.
(Rev 17:5) "THE MOTHER OF HARLOTS AND ABOMINATIONS OF THE EARTH."
The mentally challenged (indcluding Down's Syndrome) were called "Abominations of the Earth."
(Rev 17:6) "And I saw the woman drunken with the blood of the saints, and with the blood of the martyrs of Jesus"
Palin addresses with gusto the troops who are going to war as well as those who have died in Iraq and Afganistan.
(Rev 17:15) The waters which thou sawest, where the whore sitteth, are peoples, and multitudes, and nations, and tongues.
The United States of America is a country of many peoples, multitudes, nations (ethnic groups), and tongues.
IS Sarah Palin the foretold WHORE OF BABYLON?
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