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What's your opinion on the bailout?

We've been hearing a lot from the bureaucrats, politicians and pundits about the U.S. government's plan to restore confidence in the financial system by rescuing banks from tons of bad debt. We'd like to get your opinions and hear how you're being affected. Your thoughts and experiences often shape our coverage. You can submit your comments to our Public Insight Network, post them here, or on any of our stories pertaining to the crisis.

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It's already a few days and nobody is telling us what on the hell the bailout money is coming from??? The government is running huge deficits, robbing social security funds to pay for so-called "war "and suddenly has cash for crooks and thieves. On the top of it we don't see those guilty of this mess.Are we all stupid and let again our government do with us what they desire?????

An individual's direct allocation of their tax payment to specific items or areas of the national budget would provide both a structural direct democracy and transparency to governmental affairs.

On the Unwisdom of Economic Interventionism<br>
(c) 2008 Howard A. Landman<p>

The economy has gone to hell. We can't pay what we owe.<br>
And now the politicians try to act like they all know<br>
just what to do to fix it, but they haven't got a clue;<br>
'cause they're the ones who screwed it up, and if they ever knew<br>
the way to fix things then they wouldn't have made this mess at all,<br>
but now they're bleeding billions more at Wall Street's beck and call.<br>
What the hell are they thinking? Are they all drunk?<br>
Don't try to catch a falling knife until you hear the <i>thunk</i>.

While the bailout may hold merit in the long run, it's nothing short of rewarding irresponsibility. It's like a parent being mad or dissappointed at their child when the child tears up their room when the parent left the sledehammer with the child. People ought to be held accountable and the canditates should actually speak above a 2nd grade level to about the issue to the American people and offer real, specific solutions that aren't so broad that you can't tell where they stand. Telling Americans, "I'll fix it" or "We need to work together and fix it" tells me nothing. My co-workers have offered better rhetoric and solutions during our 15-minute break that the government or the canditates have.

I don't see the point in buying up debt (non-performing mortgage loans. Why not buy the asset (the houses)- by paying off the loan at a seriously big discount. Create a new note for the homeowner that fits their budget. When home is sold, share in the profit (pre-arranged). This is a win-win for the banks and troubled homeowners. Of course, homeowners would have to prove hardship, just as they do now in work-outs with their lenders.

It looks like we are going to get this bill, even though all of the public opinion I have seen is negative; further evidence that our government cares little for the people it is supposed to serve. It seems to me that all we can hope for is that Congress will prevent them from buying any credit default swaps, or any other such derivatives. We shouldn't buy pure bets, and we need language inserted into this bill to regulate or even eliminate these instruments that have enabled this crisis. I don't think markets can work when risk is divorced from the assets that are supposed provide security against the risk.

There was a reason that we once broke the big banks up, and only allowed them to operate in single states. Those reasons never went away, and were never more obvious than they are now. 'Too big to fail' must be eliminated from our economic system.

[copy of an email I recently received -- obviously a spoof on the Nigerian Oil email scams, but amusing I suppose]

Dear American:

I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude.

I am Ministry of the Treasury of the Republic of America. My country has had crisis that has caused the need for large transfer of funds of 800 billion dollars US. If you would assist me in this transfer, it would be most profitable to you.

I am working with Mr. Phil Gram, lobbyist for UBS, who will be my replacement as Ministry of the Treasury in January. As a Senator, you may know him as the leader of the American banking deregulation movement in the 1990s. This transactin is 100% safe.

This is a matter of great urgency. We need a blank check. We need the funds as quickly as possible. We cannot directly transfer these funds in the names of our close friends because we are constantly under surveillance. My family lawyer advised me that I should look for a reliable and trustworthy person who will act as a next of kin so the funds can be transferred.

Please reply with all of your bank account, IRA and college fund account numbers and those of your children and grandchildren to wallstreetbailout@ treasury. gov so that we may transfer your commission for this transaction. After I receive that information, I will respond with detailed information about safeguards that will be used to protect the funds.

Yours Faithfully Minister of Treasury Paulson

Clearly, we are in a Financial Armageddon, one in which the next buyout will not be so inexpensive... but expect the cost to be magnitudes higher in order to deal with the Credit industries house of cards. This will begin the Domino effect when we hit double digit unemployment.

What is clear here is that Wall Street's investment advisers/pundits and prognosticators know absolutely nothing about investment nor giving advise, nor predicting the future -- as always has been the case. For that matter I have to question the track record of all those economists (such as the quarterly email I receive from UCLA Anderson School of Management) -- in fact where is that track record for everyone to see?

Even the good old DOW is a moving target and unreliable gage, ---if one stock does not perform move it out!

No - not all finance institutions and advisers are Crooks per se, but an entire Financial industry has been built up upon playing off the psychology and greed of the average investor. What is needed is someone to start a Financial Anonymous so that people who think they are investing can learn to say "I'm a Gambler and I'm a Looser" -- and the only winners are the ones who handle the money.

Those are just a few of my thoughts on the debacle.
Best

If our financial system is the "house of cards" that Bush described (thank you for playing that sound bite, NPR!) and home prices returning to the level of four or five years ago is enough to start bringing the whole thing down then IT NEEDS TO COME DOWN.

Using over $1,000,000,000,000 of taxpayer money to save these people from the consequences of their bad investment decisions will only green light new levels of greed and corruption that will make the last ten years seem charitable.

The American system works only in the presence of personal responsibility -- that means losses for those who make bad investments, jail time for anyone on Wall Street who deserves it, and maybe some economic pain for the taxpayers who voted these clowns into office. We deserve to feel the pain so we'll change our ways.

Bailouts burden our children and their children with the taxes to make interest payments on this debt for the foreseeable future. They shouldn't have to pay for our irresponsibility.

Mortgaging the incomes of our children to save the huge Christmas bonuses on Wall Street this year and perhaps make life a tiny bit easier on the average American today will only encourage another episode of incredible irresponsibility and greed, greed, greed among the people who profit by risking the money of others.

I've been annoyed by all the short sellers moping all day about how nobody appreciates their role in keeping market exhuberance under control. They've keep saying, 'We're the ones who spot trouble before all the cheerleaders.' That's fine. The problem lies in when shorting is motivated more out of bloodlust than by actual belief that a stock is really overpriced. Shorting my former employer, IndyMac Bank, was fine because it was early and justified by the belief of what would happen. The shorting we have seen subsequently was about seeing how low prices could go and how much money could be made. it was more akin to Iraqis looting their hospitals after the war than to correcting overvaluation. Thank goodness society stepped in and established some order.

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