Funny Business

This blog may be titled "Funny Business," but no one's smiling over this bailout. Those who wrote in unanimously feel there's something funny going on in crafting a solution.

Here are just some snippets of your outrage.

Funny Business Comments:

From Charles G.:
"The media and the talking heads continue to say that Americans don't understand the bailout - when are they going to realize that Americans do indeed understand the bailout - they just don't want it - and that hysterical threats of disastrous financial outcomes are not believed. After all, didn't everyone say if there was no agreement by last Wednesday the world as we know it would end? Let wall Street crash - stocks are vastly overpriced in any event and the market is going to find it's own price regardless of what we do."

From Lois K:
"It’s bad for America, as the treasury can handle each bank, company on an as need basis. It worked with WAMU and Wachavia. Enough! Trust the government to make a bad situation worse."

From SB:
"Apparently Main Street understands it better than Wall Street. May be Wall Street should start living in the real world."

Daris R:
"Looks like the media is convincing some that the world will end if banksters don't get their freebie. It's a lie...Our country has one chance. Accepting responsibility, recognizing-not rewarding--failure, and the efficient use of our country's tax revenues and other resources. Bailouts not only don't help, they are counter productive to that end."

Dennis H:
"Why is the only solution to the financial crisis for us (the taxpayer) to buy the worthless pieces of paper that the banks hold? They're telling us that there is no other answer to the problem, just this: reward the thieves that caused the problem."

From Randall D:
"Instead of bailing out Wall Street to help Main Street, how about bailing out Main Street to help Wall Street?...Why don’t we encourage private investment in these CDO’s by changing the tax code for profits and losses on these things? How about no capital gains tax on profits from buying depressed CDO’s? How about being able to write off twice what is lost on a CDO investment?"

John P. forwarded me a letter he wrote to Congress. Here is part:
"I believe the right move at this juncture is to vote 'no' on this $700B bailout and let nature take it's course. We (Americans) would rather pick up the pieces of a broken system and start over with no debt than to pay for the same companies that have taken advantage of us day in & day out."

When John S. tried to email his Congressman, he got this message:
'The House of Representatives is currently experiencing an extraordinarily high amount of email traffic. The Write Your Representative function is therefore intermittently available."

Greg P. says this mess is the result of the collapse of what he calls "food-stamp backed mortgages":
"Under Clinton , the entire federal government put massive pressure on banks to grant more mortgages to the poor and minorities. Clinton 's secretary of Housing and Urban Development, Andrew Cuomo, investigated Fannie Mae for racial discrimination and proposed that 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low- to moderate-income borrowers by the year 2001."

"Concerned in WV" screams in all caps:
"IF BUSH WANTS A BAILOUT ...LET HIM AND THE RICH ONES WHO HAVE PROFITED THESE PAST 8 YEARS DO THE BAILOUT THEMSELVES...BUT LEAVE THE PEOPLE OUT OF IT. IF I GET DRUNK AND PUKE ON MYSELF, IT'S NO ONES PLACE TO CLEAN ME UP BUT MINE...SO WHY SHOULD WE CLEAN UP WALL STREET????"

Rita R. says we are the victims of scare tactics:
"Peter Schiff has it right, if we can not get loans for college, then the colleges will have to lower rates to make it affordable to us and we will not NEED loans. Why do you, politicians and Wall Streeters want us to perpetually live on loaned money?...We should not HAVE to rely on credit to live. That is what you want us to think."

From Jim W.:
"Although I lost money in yesterdays Stock Market 'plunge', you see that today is proving that the world did not end. The current Bailout is Baloney. If you don't have the money to buy a new car, you probably should buy a used car that you can afford. If your credit cards are maxed out, you don't deserve any more credit until they are paid off!"

From Rich J. on my post expressing surprise that Michael Moore and the Cato Institute are united in their dislike of the bailout proposal:
"Michael Moore is complaining about 'The Rich?' Isn’t he one of 'them' now?"

• Bailout Would Only Prolong Crisis: Jim Rogers
• Nobel Prize Economist Stiglitz Sees ‘Long Recession’

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