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Return to Article: Bailout bill would have given Treasury chief unfettered authority

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  "The present circumstances are akin to "wartime conditions", in the traditional sense (think WWII)."

  I must beg to differ. If we were into the WWII war-time state of mind, we most likely wouldn't be in this position right now. If we had the mind-set of our parents or grandparents, we wouldn't be charging the "war on terrorism" and leaving the tab for our kids. We would all be sacrificing in support of our government, mission, and troops.

  Instead, over the past 8 years, the Party Pachyderm and this administration have fostered the "entitlement" fiscal environment so that regardless of the "war', troops, or the crisis "du jour"; the plebs won't pay a dime of the cost incurred. Instead we'll finance our way out the way the rest of the world's oligarchies do; let our enemies buy our debt and then declare either nationalism or bankruptcy.

  To be called "American" used to synonymous as a standard for innovation, effort, thrift, and a "we'll make it work!" attitude. The stain and stench of urbanality has spread under the guidance of the supposed "prudent party". Sacrifice, whether fiscal, through effort, or morality seems to be a term passé.

  Once more, I am NOT asking someone to take my money; particularly the current crop of CEOs and CFOs. There are enough hands besides my own fumbling around in my pockets now. I just decry the lack of ownership and the loss of that essential quality "American" that so defined our national and expansive spirit earlier in our history. Even as sacrifice is needed now, the PP has emasculated this bill by throwing money at a problem without a "bill payer". I see calls to let Big Business fail, but the tax breaks are taking all the sting out of this legislation. If bankruptcies keep the credit industry honest, taxing the people make our representatives and the "Beltway Bandits" (since there MUST be no CPAs there) honest.

  Skeeter is right on ONE point; this budget is out of control. He is just myopic on the cause. The Emperor has no clothes and the PP are children running naked through the sprinkler; with the weather about to take a dangerous sea change.

  Tip off Posted October 2, 2008 9:50 AM
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  I rent and I don't have any debts. When will I get my cut of the $700 Billion? Does anyone know when my check comes in the mail?

  Tony B Posted October 1, 2008 4:56 PM
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  Not sure WHY this is continually being billed as "The Bailout Bill". Bailing someone out means you are giving them something. The govt is NOT giving anybody anything; they are LOANING them the money to get solvent. This means they are PAYING BACK the govt. The one thing the govt does need to do, however, is to make sure the high paid, overproced management personnel do not get the "golden parachutes" - the millions of dollars in compensation for causing this mess to begin with. i am not a lawyer, but it seems to me that their contract for compensation is with the firm, not the govt. Therefore the govt should not be held liable to give them one red cent.

  Susan Posted October 1, 2008 9:10 AM
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  The present circumstances are akin to "wartime conditions", in the traditional sense (think WWII). There are higher priorities of survival that override the luxury of well-ordered business in periods of peacetime and prosperity. Will there be shortcuts and even abuses? - most assuredly. But it will make no difference if political and economic constituencies "get a fair shake", but there is no economy in which to peddle their wares.

  I don't think this has sunk in yet.

  Contract Specialist Posted September 30, 2008 3:46 PM
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  I would like to see the guilty individuals go to prison and their assets divided for programs for the poor,I know this won't be but i just know some of the actions that caused this crisis were criminal. I have worked a job all of my adult life that is so busy that we can't barely go to the bathroom never mind breaks, there should be no break for elected officials until the job is done. The president should also go to jail for his crimes or his stupidity. He is either really bad or really dumb. It is a shame I don't know how these people live with themselves. If I saw the president standing next to me and he spoke to me I would blankly walk away. I want to see some real punishments for the guilty individuals. There is no excuse if you have been elected it is your job to serve not lie and not posture serve. Get busy!

  Mary Moynihan Posted September 30, 2008 3:41 PM
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  Does anyone really care about this?? Most of the objections I heard related to the requirement that those who were having trouble with their mortgages could have part of the principle waived or payment lowered to 1 they could now afford with no additions to the length of the contract. It would have been a windfall for those who caused the problem

  Dan ketter Posted September 30, 2008 11:16 AM
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  I initially watched the voting on CSPAN and then decided to read this bill last night. When a 3-page bill turns into a 110 pages, this raised my eyebrows. After reading the bill, I came to the conclusion that the Treasury Secretary would be given czar-like power over this mess with a blank check and no justification for the amount. With all due respect to innocent people who are effected by Wall Street's greed, the "bandaid needs to be ripped off," and the market needs to correct itself without the government stepping in. If I use a credit card and cannot make the payments, I am a high credit risk. If the debts cannot be paid by these ginomrmous financial institutions, then they must fail just like I would have to declare bankruptcy if I had a small business that failed. Would the government step in and help my small-business? I don't think it would.

  Robert Bernard Posted September 30, 2008 10:25 AM
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  In light of the status our nation's financial position as of Sept 30, 2008, I hesitate in giving anyone (Treasury Secretary Henry Paulson) that much power. I have worked hard all my life and keeping my head above water is getting harder all the time. I resent the CEO huge salaries, compensation, and retirement packages, too many people have lost jobs to make the CEO look good and the CEO's claim they have saved the company money. I do not want to line anybody's pocket for making mistakes or wrong decisions which affects every American citizen/taxpayer (man, woman, and child).

  I wholeheartedly approve this measure: The legislation "contains several provisions, agreed to jointly by the Congress and the administration, to ensure appropriate oversight of this process and to ensure that taxpayer resources are not used to finance windfalls for irresponsible corporate executives," the White House said in a statement of administrative policy. HOW WILL THIS BE PREVENTED?

  I also approve this measure: post all transactions made through the troubled asset program online where the public could view them.

  The Federal Acquisition Regulation (FAR) already includes a number of provisions that allow for sole-source and expedited emergency contracting. In the aftermath of the invasion of Iraq and in the weeks after Hurricane Katrina, federal acquisition rules were suspended so the government could purchase supplies and services promptly. Government investigators later found numerous examples of wasteful and unnecessary spending. WHY IS THIS ALLOWED TO HAPPEN?

  I do not think we need to add to the National Debt by hiring additional personnel when a committee could be selected from Congress or other Government agencies to conduct and manage audits and investigations of Troubled Asset Relief Program activities. WHY MAKE THE FINANCIAL SITUATION WORSE?

  American Taxpayer Posted September 30, 2008 10:10 AM
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  Let the failed institutions fail. Federal income tax was never meant to be used to bail out bad debt. Just like real estate, the market will right-size itself. This is not 1929.

  NoBodySpecial Posted September 30, 2008 8:55 AM
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  Apparently the fact of a national emergency doesn't change the administration's spots. A blank check of the kind attempted in this bill is typical of the past several years. Another prime example of how the current Legislative and Executive Branches are paying no attention whatsoever to the provisions of the US Constitution! I can't even IMAGINE the type of stupidity and short-sightedness it takes to include provisions of this type into a bill, much less for it to come so close to passing. 699 billion of the 700 billion would most likely have gone to big business for consulting fees, or people hired from big business, and 1 billion would have gone for the bailout for which the 700 billion was intended, and who would have been stuck with the bill? The middle class workers, as usual!! At least, some of the Legislative Branch personnel noticed that the voters were watching, this time. Maybe because the election is about 5 weeks away, and they aren't sure that the attention span of the average voter is shorter than that?

  Larry R. Doane Posted September 30, 2008 8:31 AM
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  We need to fire Sec. Paulson, because he is part of the problem. No pork in the bill especially for the voter fraud ACORN organization.

  Joe Willie Hann Posted September 30, 2008 8:06 AM
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  This bill is still too much of a "blank check" for the Treasury Secretary. It allows too much power for one person and not enough oversight that has any teeth.

  Go back to the drawing board or bring FDR and his administration back from the grave!

  Tim Posted September 30, 2008 7:32 AM
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  Why is it that only the members of the millionaires and billionaires clubs are so much in an hurry to pass this bail out. Most of them created this mess! Let them sell off their chateaus in France and bail themselves out. Let Buffet and Gates pitch in. I don't want to help until I see a little withdrawl from the deep pockets of the club members. Let the market fix itself even if it means everyone has to hurt. It is our selfishness that created this mess for our children anyway.

  Peter Posted September 30, 2008 7:07 AM
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  Are there restrictions on what kind of assets can be purchased? Do they have to be mortgage related? Can they be credit swaps? What about contracts where the counter party is in default or at risk? What about silver shorts when there is an investigation into manipulation and large short positions by unnamed banks?

  curious taxpayer Posted September 29, 2008 11:39 PM
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  Ron Paul was right.

  Honey Posted September 29, 2008 10:04 PM
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  This vote just sealed the fate of John McCain and the Republican party in general. In a word, they are "DONE" ! The American people deserve better than this and they are going to get it Nov.

  Retired Air traffic Controller Posted September 29, 2008 9:09 PM
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  The President has unfettered authority and you see where we are, don't You? So why would we be so stupid as to give it to the Treasury Secretary too?

  Frank Gembicki Posted September 29, 2008 6:47 PM