Tuesday, September 30, 2008

The Bailout Plan:They can't kill our economy

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' Retailers are also braced for a slowdown as consumers feel the pinch of reluctant lenders. Jon Levin, owner of Orchard Street Associates, a retail sales group based in Burns Harbor, Indiana, said many independent retailers, including among his 4,000 customers, have postponed orders for the holiday season and are waiting to gauge customer demand because financing is just not like it used to be. "It's not a question of the high cost of credit, there's nothing available out there," said Levin, noting that he hears of sales agencies going out of business almost every week. "The party's over and people don't want to admit it ... I don't want to admit it, but you had to see it coming." David Zugheri, co-founder of Envoy Mortgage Ltd, which has 475 employees in 20 states, has also seen a big slowdown. He said 30 percent to 40 percent of prospective buyers who could have qualified for mortgages two or three years ago are being shut out. "There has been a mad rush back to the basics and if you don't have the necessary documentation you cannot get a loan," Zugheri said. But he noted that not all credit is dead. "If you have decent credit, a verifiable income and want a loan for under $400,000 it's business as usual." Ohio businessman Duane Hickerson, a partner at Columbus-based Relay Gear, which makes promotional products, said he has not yet had to struggle to get credit from his regular lender. But he said standards have definitely changed. "The bank has gotten more stringent over the last 3, 4, 5 months," said Hickerson. "They've forced us to make some changes in what we do as a business and what kind of debt load we're carrying. They've changed our covenants in terms of what kind of pace we have to pay down loans." Hickerson said the company laid off four people two months ago to try to tighten up its bottom line to please the bank. But even as Main Street feels the pain of the credit crisis, business owners are divided over the proposed Wall Street bailout. Some oppose it, some feel it is necessary -- illustrating the difficulty facing members of Congress, most of whom are trying to win re-election in November. Thomas may be losing car sales, but he's glad the bailout failed: "They don't need to bail out CEOs of these high-powered banks. Why should they? They're already millionaires." Cabinet-maker Gallo said he was angry taxpayers would end up footing the bill to bail out troubled Wall Street banks -- but he also thought it was necessary. "They've got to do something to save the banks," Gallo said. "They can't kill our economy.""My line of credit has been cut to nothing," said Gallo. "We're all hurting... and wondering what is going to happen."..
Fear swept the financial markets after the vote and resulted in the worst single-day drop in two decades, nearly nine percent. The Standard & Poor's 500-stock index fell 8.77 percent, its biggest drop since October 1987. A trader, left, looked at the numbers on a board at the New York Stock Exchange.
John Boehner, the Republican minority leader, called the measure "a mud sandwich" but urged members to reflect on the damage that a defeat of the measure would mean "to your friends, your neighbors, your constituents" as they might watch their retirement savings "shrivel up to zero."
Sixty-five Republicans joined 140 Democrats in voting for the measure, while 133 Republicans and 95 Democrats voted against it. "The legislation has failed," Speaker of the House Nancy Pelosi said at a news conference after the vote. Some Republicans seemed to blame Pelosi's speech from the floor, which attacked Bush's economic policies, for the defeat.

Defying President Bush and the leaders of both parties, rank-and-file lawmakers in the House on Monday rejected a $700 billion economic rescue plan in a revolt that rocked the Capitol, sent markets plunging and left top lawmakers groping for a resolution.
The stunning defeat of the proposal on a 228-205 vote after marathon talks by senior Congressional and Bush administration officials lowered a fog of uncertainty over economies around the globe. Its authors had described the measure as essential to preventing widespread economic calamity. The markets began to plummet even before the 15-minute voting period expired on the House floor. For 25 more minutes, uncertainty gripped the nation as television showed party leaders trying, and failing, to muster more support. Finally, Representative Ellen Tauscher, Democrat of California, pounded the gavel and it was done.

Bailout rage: "Socialism in America ... Welcome to the Third World!"
Backlash against the unprecedented taxpayer bailout for ... surgery to know that selling homes to people who can't ... Everybody knows the bailouts are a disaster for our economy ...
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Obsidian Wings: Bailout
Kill this bill. No way, no how, no bailout. You know, if the ... us the money to bail out the system? If we can't ... as to why this bailout means life-and-death for our economy.
more ...
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Bailout Plan in Jeopardy!?!
... screechers on this site ... you can't ... and derivatives are what is Killing our economy ... The bail out is BS!! We, the People, should not allow our representatives to pass this ...
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Housing Bailout Plan » Miami Condos For Sale | Miami Real Estate ...
I cant say that I’m fully on board with your ... It may have taken some time but I think our economy is going ... you want, or for that matter, give them a payment plan they ...
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naked capitalism: Why You Should Hate the Treasury Bailout Proposal
... that if McCain wins, Gramm would be running the bailout, LOL You can't ... The US economy is in a death spiral now that the foreigners (our creditors) have figured out that the US is ...
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Senate to vote on $700 billion bailout plan Wednesday
House vote to kill the bailout. “This is an important accomplishment and a way ... want to spend $700 billion dollars ($700,000,000,000) of our tax money to bailout American ... Why can't I default on all of my bills and just ask the government to ...
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Source: Rocky Mountain News
NewsDateTime: 2 hours ago

What to Look For in Tonight’s Debate
... if i have to check the news everyday in hope to hear that our economy is ... they could either pass the purposed plan or push through their own plan. They ... 3rd: he states he wants the debate delayed so he can focus on the economy (what? you cant ...
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Source: New York Times Blogs
NewsDateTime: 9/26/2008

Stephanopoulos: Paulson Fears Deal May Collapse
Treasury Secretary Henry Paulson fears the Wall Street bailout deal is falling apart after a chaotic White House meeting ... When will the PONZI scheme of propping up our economy end? We must all suffer, not just me paying for someone else’s mistake ...
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Source: ABC News Blogs
NewsDateTime: 9/25/2008

Democrats claim progress in reaching bailout deal
The man, if you can call him that, can't tell us what he stands for, except that ... They are willing to take away from the poor, the elderly and anybody else to bailout ... This frail economy will get people to be stuck even in jobs they don't like so they ...
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Source: ksl.com
NewsDateTime: 9/26/2008

The $700 Billion Wall Street Bailout: One More Weapon of Mass ...
... Obama has not leapt on board for the bailout like he has. Everyday the economy is ... Consumerism is roughly 70% of our GDP, and consumers strangled with usurious debt cant go ... Republican dominated MSM I add.) Let's kill Hitler, then heal our ...
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Source: Common Dreams
NewsDateTime: 9/25/2008

Videos from YouTube
Title: Let's Play "WALLSTREET BAILOUT" The Rules Are... Rep Kaptur
Categories: military,economy,congress,taxcuts,gitmo,habeas,News,congresswoman,relief,mama,bush,kaptur,iraq,cheney,bill,corpus,

Published on: 9/22/2008 8:03:52 PM
Title: NYC Wall St. Bailout Protest 25 September 2008
Categories: News,stock,street,bailout,protest,market,bush,nyc,wall,bank,

Published on: 9/27/2008 3:00:58 AM
Title: Congressman Ron Paul Schools Bernanke on the Bailout Plan
Categories: Price,Monetary,Wall,Bail,Constitutionality,News,Bailout,Ron,Bernanke,Street,Out,Authority,Debt,Fixing,Federal,Paul,Depression,

Published on: 9/24/2008 11:32:51 AM
Title: Ron Paul Fox News 9/17/08 AIG bailout
Categories: News,Fox,Baldwin,Ron,McKinney,News,Paul,Nader,

Published on: 9/17/2008 3:23:30 PM
Title: This Is How The Bail Out Will Screw You
Categories: bad,paulson,pay,off,economy,bailou,the,henry,News,loans,money,street,john,bush,financial,treasury,loan,turks,crisis,wall,republicans,mccain,young,hank,administration,secrretary,

Published on: 9/22/2008 9:44:53 PM

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