John McCain Saves the Day...OOPS...

Well I think a majority of Republican congressmen voted against the bailout package on fundamental ideological grounds, that people who take risks should carry the can when things go wrong, etc, etc. Though no Repubican myself, I understand that point of view. I understand and feel real anger that we should be bailing out rich bankers who have made an almighty mess. And a lot of people out there feel the same. However, I also understand that in this time of crisis it seems we have little choice but to swallow this bitter pill and accept to go along with this bailout, with as much protection for the taxpayer as possible. The problem is that many Republican congressmen have still not grasped that the world has fundamentally changed in the last 2 weeks: the dominant ideology of the free-market, laissez faire economics with minimal regulation is over. The era of more govt intervention and regulation has now arrived and harsh reality has forced the Republican Bush administration to accept this. It is now going to be very interesting how the remainder of this election plays out: how will the Republicans adjust to this new world where their ideology, so dominant over the last 30 years, is now in shredds and where they have to go on the defensive?

I just posted below about Laura Tyson, the chief economic adviser for President Clinton, who was on Rachel Maddow's show a few minutes ago and according to her it vital that this is passed. I sure know what you mean about no knowing who to believe but she's one I've really liked and respected for along time and I really think she knows her stuff. Personally, until someone proves her wrong I'm going to take her word for it. I sure agree about their reasons for being against the bill. Talk about a bunch of babies! Annie

Oh, make no mistake, I understand not wanting to vote for the bailout. I am almost tempted to say that we shouldn't do it at all. Almost. I also realize that it was the republicans who deregulated banking and that McCain is a "champion" of deregulation. Deregulation may not be the only cause of the situation we are in, but it certainly tied the knot in the noose. It does seem we have little choice, but many economists are saying otherwise. Frankly, I don't know who to believe. That alone is enough to make me angry. I don't have a problem with republicans being against the bailout for legitimate reasons, but I do have a problem with the reason they gave. That was ridiculous.

I just checked to make sure mine (Kanjorski) did as well although I had seen him on TV yesterday saying he supported it! Laura Tyson, formerly of the Clinton Administration and currently an adviser to Obama, was just on Rachel Maddow's show and she explained it SO well why it's so important for this to get done. I'd heard it and read it before and obviously so have you but apparently according to some of the members on Congress on TV today many of the American people either didn't know the details or didn't quite get it, but Tyson explained it very simply and clearly. It's not about "bailing out" Wall Street, it's about saving the economy. If something isn't done it will effect us all, whether we invest on Wall Street or have stock market investments in our retirement plans or not, whether we have a current mortgage or not, whether we run our own small business or not, and whether we personally rely on credit in our daily lives or not. Nobody will be able to get credit, even overnight, and that will bring business to a grinding halt. The results cold include no jobs, very high inflation, shortages of everything imaginable - to compare it to the Great Depression isn't an exaggeration. Yesterday when it looked like they were really going to get it done I was actually saying to my friends and family how proud I was of everyone involved in coming up with a compromise and working together. I didn't care what party they were from or whether I'd approved of things they'd done in the past, I was very pleased with them for a brief moment when I actually thought our government could work as it was meant to, FOR THE PEOPLE, putting partisan politics aside. OOPS! Annie

I'm from NC and this is how our members voted: Democrats: Yes: Etheridge, Miller, Price, Watt Democrats: No: Butterfield, McIntyre, Shuler Republicans: Yes: 0 Republicans: No: Coble, Foxx, Hayes, Jones, McHenry, Myrick My Rep. is Myrick and she voted no. I hope to vote her out this coming election for oh, so many reasons! As you can see, the Democrats were split; the republicans from my state all voted no. There is a map with information for each state on this page: http://www.msnbc.msn.com/id/26946382/

Thank, Annie! I usually watch Rachel, but I missed her earlier tonight. I'll catch her early morning, though (around 3 or 4 a.m.). lol Yes, I need someone trustworthy to explain it. I've gone back and forth with how I feel about it. I figured that when Myrick voted "no" I should be for it...we never agree on anything! Harry Taylor is running against her and I think he has a great chance of winning. If I could just get rid of her and Elizabeth Dole I'd be happy with NC! lol

I agree, especially with your last sentence, although I'm sure you've read how many posters here think McCain won handily the other night and Obama was the one who was disrespectful. Unbelievable! I'll tell you what, though, if they're depending on Palin to bring them a win they'd better hang it up right now...lol! Annie

I'm not so sure about that - I've heard anywhere from 7 to 11; he DOES have 13 cars, though! Annie

First of all, it didn't even go to the Senate yet and I haven't seen any other mention of earmarks or pork barrel spending in regards to this bill anywhere else. Do you have anymore information on this? I know there were provisions added to what Bush had originally submitted such as eliminating the "Golden Parachutes" for CEOs and other things to reportedly make sure it did help out "Main Street as well as Wall Street". Anyway, nobody is happy to have to shell out $700 billion to bail out people who mismanaged their funds and in some cases outright broke the law but it can't be allowed to go unfixed. It will affect all of us in a very short time if something isn't done. Annie

I think everyone is confusing the Spending Bill with the financial bail out bill. If you read the Spending Bill posted at FOX that another member linked it's for the Spending Bill even though that member is saying it's the bail out bill.

It made it to the house and they voted it down. Why? All the ear marks. Well that was one of the reasons given. YOu know just because it did not make it to the senate did not mean they did not have their fingers in that pie and were talking to their fellow elected officials. I do not like the bail out, nobody does. Infact it really ticks me off. But at this time I can say we need it. But we should not have a lot of BS attached to it. Nor should we be held hoteage to pay for the earmarks just to get what we need. That is extortion in my opinion. Which is a crime. Give me what I want or I won't give you what you need. Is that really what we elected these people for? It was also on CNN tonight on the news about the junk that was added. Sense my account has had to start over I have lost copy and paste. I did not realize how much I loved that right until I lost it. Go to Cnn.com and then you will a link to the actual bill. There is also a link that tells you who voted which way. It is all on the main page. It is the big story so it is at the top. I do hope they can come to an agreement soon. If not things will get really dirty really fast.