Who’s Paying the Bill?

This link of a CSPAN video clip may help set the context, as these hearings were at the time of McCains attempt at S.190.

http://www.youtube.com/watch?v=_MGT_cSi7Rs

"Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis"

Americans don't bailout terrorists. We impeach.

http://www.beachwoodreporter.com/politics/nader_predicted_wall_street_me.php

Nader Predicted Wall Street Meltdown
By The Nader/Gonzalez Campaign

Eight years ago, consumer advocate Ralph Nader correctly predicted that the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) were on track to follow the savings and loan industry of the 1980s and 90s into a big financial heap of trouble. Nobody listened, and taxpayers are now at risk of losing tens of billions of dollars. Wall Street is being shaken to its foundation. American International Group Inc., the biggest U.S. insurer by assets, is now teetering on the brink of ruin after suffering losses of $18 billion in the past three quarters, largely due to its sub prime mortgage exposure.

"Nader Rips Mae and Mac," declared the Milwaukee Sentinel Journal on June 16, 2000. "Ralph Nader, warning of a potential taxpayer bailout similar to the savings and loan crisis, urged lawmakers to cut government benefits to mortgage-market giants Fannie Mae and Freddie Mac - which he called 'poster children for corporate welfare.'"

This year Nader, who is also running for president as an independent, is getting credit for his prescience.

"Give one presidential candidate credit for identifying the problem and getting the policy right - and doing so before the twin government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac went into the tank in mid-July," wrote Lou Dubose in The Washington Spectator on Aug. 1. Dubose went on to quote Nader's June 15, 2000 Congressional testimony about HR 3703, a bill that would have reigned in some of the most dangerous tendencies of GSE's, had it passed.

In a letter to SEC Chairman Christopher Cox in 2006, Nader also criticized the exorbitant salary of GSE executives Jamie Gorelick, Daniel Mudd, Robert Levin and Timothy Howard, and noted that their financial incentives were in direct conflict with consumer financial security because of the grave moral hazard created by accounting manipulations they sanctioned that benefited their personal wealth, with no penalty for being caught.

Read more art www.votenader.org

At the root of all of this is GREED. From legislators to bankers to CEO's everbody wanted to make as much money possible, in as short of time possible - and we, the average american citizen, is stuck with the bill. It is absurd that anyone thinks this "bailout" will accomplish anything other than allowing those who make these sorts of "investments," to avoid the consequences of their actions. They get to keep their huge salaries and golden parachutes. The rest of us are left in the quagmire they created. I am a responsible citizen, I pay my bills on time and save for large purchases rather than use credit cards. We have a portfolio for our retirement which we have seen decimated by all the shinanigans on wall street - meaing we may die before we can afford to retire. It's time for our government to step up to the plate and DO THEIR JOB - which should be protecting average citizens like myself.

At this point, it does not really matter what political party did what in this financial fiasco, both parties are responsible. I am a life long democrat, but those in congress helped create this mess by not doing their jobs, because they were too busy taking campaign contributions from certain banks and mortgage houses. Finally, the American public who are going to pay for this fiasco need to take responsibiity too. All of us have been living beyond our means on credit cards debt, and just generally buying today and thinking we would pay tomorrow for the toys, electronic gadgets, clothes, vacations, etc,. Savings have dimnished and we can't be bothered getting a good education because that takes effort, perserverance and work. We get what we deserve, and unfortunately, those of us we worked hard, saved and lived on a budget are now having to bail all of these institutions and individuals out. Okay, but I want accountability, I want names of these lending institutions, I want some regulation, I demand transparency. I am sick and tired of individuals in Congress getting elected and instead of doing the people's business, they are busy already planning for their next campaing. And by the way, at their salary, how come they work a 3 1/2 day week and if we diden't know.

I agree with some of the parts of the last string, I dont think that I have ever trusted what any person running for office has said. I think they need to add another box to the ballot for NONE OF THE ABOVE

The one constant I have encountered in this thread seems to be that everyone wants to blame the dems or reps, when in actuality, it is the base conflict between them that is causing our woes. The only thing they have in common is that they just plain don't give a hoot about anyone that doesn't vote for them. And if you want them to do ANYTHING for you, you had better pony up some cash. And give till it hurts. Because if you don't, you will anyway. If we put all of the dem supporters on one side of the room and all of the rep supporters on the other side, you will find that it still is only half of the American voting public. Now unfortunately, that leaves the poorest half of the country as well. And we all know that you can't be President unless you are rich. I truly believe that if all of those un-spoken for voices had one person they could trust, this country could be great again. It pains me that with voting being such a heralded benefit of democracy, that so few people can realy learn what it is that they are voting for, while so many can just plain believe the propaganda that one of those parties can spew about the other. I am also amazed at the fact that so few people of this world can learn from history. Ooohh, maybe a democrat can save us this time. Ooohh, maybe a republican can save us this time. Guess what America! It has never happened, and it never will! When one party has no interest in the other, you get conflict. And another thing I will promise you is that a rich person never cares about someone who isn't. Let's find someone who came from nothing and still has nothing. That is the person that will get my vote. With over 5bil people in the pool, why are we stuck with 2 choices? So what you're telling me is that my only choice in life is to give up freedom OR liberty. Tough choice. Hey, I have an idea. Give me someone that can give me both. If I lean too far to the left, I fall over. If I lean too far to the right, I fall over. If it's all the same to you, I'll stand on both feet. I get more stability here. Wow, what a metaphor. Maybe I can be president. Maybe I can be the king of Atlantis too. I hear they are storing it in area 51. Elect me president and I'll expose that too.
Wake up people. We can no longer trust this government to act for our better interests. They have proven for decades that they cannot be trusted. Every politician that has taken office, in at least my lifetime, has talked out of both sides of their mouth.
IN GOD WE TRUST! ALL OTHERS WE OUTSOURCE!

When this 1st started going down I said to a few friends that if WE (the tax payers) are burdened with this bail out then the EXECUTIVES of any company being bailed out should not get a RED CENT. They are the reason their companies failed. They are the reason their people were 'short selling' and 'naked short selling" as well as pusing for subprim loans, which cost them and OUR economy BILLIONS, that's with a 'B' folks. We as tax payers need to speak up NOW and write your congressman telling them that YOU, ME, US will not pay these EXECUTIVES for failing their companies and our COUNTRY. It is absolute insane to imagine that congress is even considering 'Limiting' EXECUTIVE compensation!! WHAT compensation you failed at your job miserably your are herby terminated! you will receive NOTHING, NADA, ZERO!!!! it???s as simple as that. For the 1st time in my life I actually agree with the French president who stated :Who is responsible for this disaster? May those who are responsible be punished and held accountable,'

People we need to nip this in the bud now. Mock my words that when the dust settles and you hear that some CEO or any top executive at AIG or Lehman???s got 23 Million dollars as compensation it will be too late!!!!

Banana Republic. That is what this then Great Country will settle for. Where were the government when these same financial institutions that now are failing were giving loans for people without any credit, sometimes without SS#. I am no financial wiz but I could clearly see what was coming. The gov let it go to fill the pockets of their friends (resulting in big donations...). This GOP sold this country in so many different ways that is very sad to think about it. Imagining that they got this country with a surplus and they are leaving it bankrupt....

If they MUST help I want see legislations such as:

1) ) any financial institution that seeks help will not distribute dividends for at least 5 years and no employee will get any bonus

2) The shareholders will be given extreme power to fire CEOs, Board directors and vote on companies' plans. Shareholders would vote the board of directors.

3) The gov will make it illegal to brokers, investors to make extra money when their funds make money. If they do not return money when the fund their administer loses, they cannot pocket when the fund makes money.

4) Any type of investment that the average American Citizen cannot use, such as naked shorting, options, etc, would be banned to level the playing field.

5) Any institution that benefits form this bailout will automatically decrease all mortgage principals they hold by 5% and decrease the interest by 1%

6) Have the person of Carl Icahn to oversee all this implementation. See his blog to understand why.

please do not leave us, the American People, to again pay for the Wall Street greed. We cannot afford it anymore

"ABOVE ALL THINGS I hope that the education of the common people will be attended to, convinced that on their good sense we may rely with the most security for the preservation of a due degree of liberty." -Thomas Jefferson

As a public high school teacher, the current state of our public institutions reflect our values as a society, from my point of view. I ask Newsweek readers to PLEASE consider the following comparison of our institutions: our pubic schools and our private financial "powerhouses" that are now being bailed out with our taxpayer dollars.

We are bailing out these failing institutions with taxpayer dollars while the state of our public school system continues to decline. Think about this, voters PLEASE! Not just for the sake of your own personal interests, but for the sake of our country.

Good teachers are being laid off and class sizes are growing. No child left behind is a law that requires improvements without funding to implement these improvements. Schools are listed as "failing schools" (terrible for morale) because of unrealistic goals/unfunded mandates funded by politicians seeking to score political points. What is often "left behind" in our public schools is often a stressed out skeleton staff that does not have the ability to properly educate our students.

Meanwhile, these corporate lobbyists that effectively secured deregulation and what they consider "optimal" conditions for success (deregulation). And a few well-connected people have lined their pockets with enormous amounts of other peoples' money.

John McCain has a record of being a major player and advocate of deregulation and has taken money TIME AFTER TIME from the deregulation lobbyists - the very same "fat cats" he's now criticizing! NOW McCain is calling for change, when his deregulation in part has created this mess?

This sort of short-term gain at the expense of long-term growth way of thinking has infected our entire way of running our society.

Unfortunately, young people (the MAJORITY) of our future do not have the money or the resources to hire corporate lobbyists. Their teachers and their schools have limited resources. And there are little organized efforts to reform and progress/ lead our public schools into the 21st century. In every other developed and developing country we compare our students' progress with, there are sustained efforts to improve, fund, and prioritize education.

In America, we are starving our schools while bailing out reckless fat cats who've thrived on greed. Is this the American Way? Or have we lost our way?

Let this difficult period be a lesson. We all want healthy money markets and retirements. We must see the connection between healthy public schools and a healthy economy that is investing in human capital. Hopefully (as we say in class) we will learn from all of this and use it to improve, grow, and succeed.

Republicans believe that unconstrained free markets will solve all ills. This fiasco was caused by that fundamentally naive and unrealistic belief. Once the American people see that competently managed regulation is good for the country, we will start getting on the right track again. Government and regulation is not the problem, only incompetent government.

The national debt was $9.6 trillion before this debacle. Now, it will be about a trillion more. Over 80% of that has been generated by Republican Presidents. Who does it cost? All of us, and especially future generations since it acts as an anchor against growth. How do we overcome it? Slow the growth in the deficit: McCain's budget plan is $4.6 trillion of debt and Obama's is $3.3 trillion. Increase growth in the economy as a whole: since WW2, growth under Republicans averaged 3% and under Democrats averaged 4%. In other words, it is time for the voters to send the Republicans into exile in Siberia. Or, to Alaska if the Russians don't want them.

this is what i would like to know why bail the big the companies out and use are tax money to do it mean while the little guy still has to try to pay there bills and the big guys just let the government pay there bills with are tax dollars. i think there is something very wrong is this country . I feel this way if you pay there bills why not pay all are bills