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The public is not buying the bailout

Even as Congress seems to be moving toward a final version of the bailout plan, it's clear that the American public is not buying it. This is how the New York Times puts it: "Americans' anger is in full bloom, jumping off the screen in capital letters and exclamation points, in the email inboxes of elected representatives in the nation's capital." Sen. Barbara Boxer has received nearly 17,000 emails about the plan--almost all opposed. So in selling this to the public, supporters will have to pay attention to marketing what's in it for the taxpayer. All of that remains to be seen. The details are still being hammered out, but the plan will go down easier if there is an equity stake for the government in banks, some relief for mortgage holders and some controls on how all the money will be spent.

For more:
- here's a New York Times article

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Comments

Instead of bailing out these institutions, let's divide the money the gov't wants to use, among all adult working taxpayers who are legal citizens and not on welfare. This would allow these Americans to help pay off their debts and put money back in the system as taxes paid. It seems that all benefit.

That's interesting but this government doesn't want to help the average American pay their debts they want to help their billionaire friends pay their debts. See the logic in that right, glad to show you the light.

1. The President nor the Congress is suppose to use tax payer dollars for private interpirse.
It's Un Constitutional.
2. Where as most of these financial gufu's will tell you if anyone wants to listen to them, since they get their stipend from the same source, is that without this "bailout" - banks will close, money will be lost and people will be out of work.
-Excuse me? - I've noticed in the last several months that Banks have been changing names, some closing up completely - before any crisis.

I say like everyone else seems to be saying - is if you want to help - give the """TAX""" paying public the 700 billion and watch the economy.

A BIG AMEN TO YOUR LAST SENTENCE!!!

It is surprising how ignorant of fact most people are in this Country. You hear the most ridiculous and scary arguments over and over again. Obama followed through on a practice initiated by the Bush/Paulson team. The objective was to stabilize the financial system without which the slide into Depression was relatively assured. Hugely supported by the GOP. It has met with some manner of success. The initial bailouts with some noted exception has netted the Government(Taxpayers)to date some 15% on dollars expended. There are still more Banks in trouble and the Automakers are still in trouble. This is a long term solution that will no doubt end with some form of tax policy change to eliminate the huge deficit being developed to keep this economy afloat. I think we can again create a surplus of the kind left by the Clinton administration. Over time the economy will rebound on it's own power. But it would be a much longer, bloody time period if the Fed's had sat on their thumps and did nothing. It would have been irresponsible for the Obama administration to not play the hand dealt. Patience is the keep. But we must remain vigilant to both the objectives and the consequences. Maybe for political reasons they have not done so, but the Admninstration must create and communicate a clear road map of how they intend to proceed to stabilize the economy, what it will cost/over what period of time and how they envision we will recover to the point of surplus again. This strategic plan ought to include regulatory changes to preclude the public being taken advantage of again by a few greedy people and their cronies. After all this Country was not intended to be an oligarchy by the founding Fathers.

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