Recession Weary Nation Still Hurting from Financial Meltdown

I immigrated to America, on 1988. I was sick of the idiot politicians and selfish CEOs in my native country. Riches get richer, the poor people get poorer, and middle classes get thinner. Nobody can be 'successful' in their lives, if there is no 'string' with 'power', politicians. Rich CEOs get richer under the protection of their friends, corrupt politicians. 90% of 'money and wealth' (inside the country) belong to the 5 % of population, rich CEOs and politicians. I saw no 'hope' and no 'dream' in the country. So I decided to leave it. I feel shame on my native country. That's why I don't want to reveal the name of the country... After I leave my country, I came to America, 'the land of oppertunity', 'where the justice lives', 'where I can be treated equally whether I'm rich or poor', 'where I can make my dream come true, if I work hard'. I was so happy to be in USA. And in 5years, I became US citizen on 1993. I was proud of myself in being US citizen, and still am. USA, the country I can fall in love, the country that can protect me, the country that can help me to make my life in great shape, the country that my kids can be safe. I worked hard. I payed my taxes on time. I never asked for food stamp or government checks. And I was confident that I can become a 'middle class' soon... But, now, I'm not sure if I can become a 'middle class'. For the last few years, I've started to see more and more of the 'same politicians' and 'same CEOs' that I had seen in my native country. The same 'power and rich people' that don't care for the innocent citizens. The same politicians who always cheat the honest citizens. The same CEOs who get rid of the ' hard working middle classes'. The same idiots who educated at famous colleges but still don't have the basic knowledge in politics and finance. The same 'rich and powerful' duo who never care for the 'fellow citizens'. But, I still have the same pride that I got when I get the citizenship of USA. Many people came to America, from all over the world. And altoghether, we made, the 'best' country in the world, USA. The best place for our kids and us. We should keep our country, as the same as our ancestor did. Our kids should be proud of the parents. Our decendants should be proud of America, as we do. We have responsibilities! My fellow politicians and rich CEOs. Don't let us give up on you. Don't lead our country to wrong way. Don't try to kill the middle class of America. Don't let our cittizens to give up on USA. Don't make your kids feel shame on you. Power and money is not everything. Without us, there are no you. Pease remember what our ancestors did to make this country to this good. *** NOW WAKE UP! AND SEE WHAT YOU'VE BEEN DOING. STOP IT. AND GET BACK TO 'REAL WORK'. WORK FOR US, NOT YOU! YOU IDIOTS. "NO BALIOUT". - from a citizen who still don't know English Grammar very well, but who think himself as middle class -

I have never been one to "complain" but this situation is completely out of control. I am convinced that our government just doesn't care about us, the middle class taxpayer! Not once during these bs bailout negotiations have we've been mentioned! Economists actually say that while the banks are being repaired, compliments of our tax dollars, we the middle class need to be prepared for futher layoffs, higher taxes, higher cost of living and many more foreclosed homes. Are our so called leaders crazy? Do they not see the pics above? Do they not know how many American children are homeless? I think we need to wake up and start making demands on our government, how much more of this crap are we to take? Honestly, if every household just took some action, refuse to pay our mortgages, our taxes etc. What could they do to all of us? NOTHING!!! Maybe we need to screw up first....then let our own tax dollars bail us out!

Iscotho, are you sure you aren't the one that's on the meds?

Wake up people, this whole situation is revolting. Our elected members of congress are out of touch and sticking us with more debt. Collectively we owe 11 Trillion dollars now. Do you know how much that is? It works out to roughly $50,000 per person, man, woman and child. So, broken down by citizen, a family of 2 kids and 2 parents owes almost $200,000. Maybe we can all get an (negative) equity loan. No risk to the banks, we'll just have AIG insure the risk, and everyone can get a 40 year, interest only mortgage. Are you paying attention?

Within 10 years - just 10 years, the interest alone on our national debt will consume 50% of our annual budget. Are we ready to say bye to social security? Can we keep our military? Can we fund education?

If they pass this load of bull they call a bailout (I call it a railroading) I'ts either time for a revolution or its time to head for Canada.

I'm completely disappointed by the kids of the depression generation.
Time to rise up,

I do have to say that I am totally and completely disgusted in the way this bailout is being handled. So these companies will be taken care of but what about those of us that have started to really see the horror that lays ahead. I am a mother of three children and have been married to my husband for 18 years. We have always worked very hard for everything we have. It wasn't until the last year or two that we started noticing how hard it was for us to make payments and our monthly movie night became non exsistant. Still we rearranged and handled it. Now with paying twice as much for gas in our vehicles and our grocery bill almost twice what it was two years ago, again we are having to rebudget to keep going. Why is it that the middle class is having to do this while those we trust to handle some of our most important finicial issues are going to get fat and happy once this deal goes through. If the middle class is not going to get a say in how this is all handled and our states are not going to stand up for us Dem or Rep alike, they need to go. It is not fair to make this kind of a decision without letting us have a sound say in it. Is this Russia? Are we becoming a communist country? I believe this is beyond being socialist. What about the thousands of small business that are struggling right now to make ends meet? What about the ones that did a poor job at running their businesses? Why not bail them out? I know it is all on a much different scale but this bailout is crazy. The companies will still foreclose on homes that should never have been approved to begin with and the CEO's will take home a nice little check for a crappy job well done. Why do we reward people in this country for not doing what is right? Where is the ethics. This is robbery at its finest.......I say the American people need to be empowered. I say divide that $700 billion among the paying tax payers and let them get themselves out of debt or even a little ahead so they can enjoy life. I would love to pay off all my debt to get a fresh start instead of paying it out like I had agreed to..... anyone else? With the cloud of debt out of the way, the economy would grow again...
After the bailout all that will happen is more debt will be accumulated by Americans and we will see the same problem in 10 years. This is not going to make the average americans life any better. We still will be paying higher prices for everything, paying higher taxes and struggling to make sure our heads stay above the water. This whole thing is a mess.

I do have to say that I am totally and completely disgusted in the way this bailout is being handled. So these companies will be taken care of but what about those of us that have started to really see the horror that lays ahead. I am a mother of three children and have been married to my husband for 18 years. We have always worked very hard for everything we have. It wasn't until the last year or two that we started noticing how hard it was for us to make payments and our monthly movie night became non exsistant. Still we rearranged and handled it. Now with paying twice as much for gas in our vehicles and our grocery bill almost twice what it was two years ago, again we are having to rebudget to keep going. Why is it that the middle class is having to do this while those we trust to handle some of our most important finicial issues are going to get fat and happy once this deal goes through. If the middle class is not going to get a say in how this is all handled and our states are not going to stand up for us Dem or Rep alike, they need to go. It is not fair to make this kind of a decision without letting us have a sound say in it. Is this Russia? Are we becoming a communist country? I believe this is beyond being socialist. What about the thousands of small business that are struggling right now to make ends meet? What about the ones that did a poor job at running their businesses? Why not bail them out? I know it is all on a much different scale but this bailout is crazy. The companies will still foreclose on homes that should never have been approved to begin with and the CEO's will take home a nice little check for a crappy job well done. Why do we reward people in this country for not doing what is right? Where is the ethics. This is robbery at its finest.......I say the American people need to be empowered. I say divide that $700 billion among the paying tax payers and let them get themselves out of debt or even a little ahead so they can enjoy life. I would love to pay off all my debt to get a fresh start instead of paying it out like I had agreed to..... anyone else? With the cloud of debt out of the way, the economy would grow again...
After the bailout all that will happen is more debt will be accumulated by Americans and we will see the same problem in 10 years. This is not going to make the average americans life any better. We still will be paying higher prices for everything and struggling to make sure our heads stay above the water. This whole thing is a mess.

I don't beleive that I I as a taxpayer who makes his mortgage payment monthly (I have a note I can afford), should have to pay out agian to cover those who are beyond their mean to pay. Another social program that does not work. Who pays? Those of us whohave shown responsibility when it came to making monet decsions.
I as other AMericans are again being held hostage by a govenment made of soialists liberals that talk about the middle class and how they should be helped, but go out of their way to screw us at every turn.
I am tired of paying taxes for those politicians and the constiuents that they represent that have their hand out that they the politicains gladly give my money to.
Its time for the middle class to vote these morons out of office. Its also time for the middle class to say we are done with the programs that rewards those who wont work or be responsible for themselves or for their families.
Its time for those in this country who believe that having babies without having anyway to support them become responsible and quit having them or figure out how they will support themselves. I am a middle class worker who because of the economic situation lost his job after 24 years and have found another and started over. I don't expect the govenment to pay for me. Instead I found an other job and have started all over.
If only thise who don't work but expect a free ride would do the same. Maybe the banks wold not be forced to give money to those who dony qualify.
For those of you who say this is racxist all I can say to you if you beleive that its because you beleive it. I never said it. You make it race to justify the wrong being doen to thise who truly work and support this country wityh our tax money. So get over yourself and become responsible and get a job

In 2005, for the first time in history, a serious Fannie and Freddie reform bill, S. 190, was passed by the Senate Banking Committee. The bill gave a regulator power to crack down, and would have required the companies to eliminate their investments in risky assets. If that bill had become law, then the world today would be different. But the bill didn't become law, for a simple reason: Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue. Republicans, tied in knots by the tight Democratic opposition, couldn't even get the Senate to vote on the matter.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSKSoiNbnQY0



In support of S 190, also known as the Federal Housing Enterprise Regulatory Reform Act of 2005, John McCain said: "For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay."

http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16

Federal Housing Enterprise Regulatory Reform Act of 2005 would have Amended the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish: (1) in lieu of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD), an independent Federal Housing Enterprise Regulatory Agency which shall have authority over the Federal Home Loan Bank Finance Corporation, the Federal Home Loan Banks, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) the Federal Housing Enterprise Board.
Most importantly with regard to the CDS situation, S. 190 set forth operating, administrative, and regulatory provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting. Adoption of these regulatory provisions would have undoubtably affected the way CDSs were dealt with in "private" enterprises.
The bill would have also amended the Federal Home Loan Bank Act to establish the Federal Home Loan Bank Finance Corporation., and transfered the functions of the Office of Finance of the Federal Home Loan Banks to such Corporation. If this had been in place three years ago, this whole situation might have been averted.

http://www.govtrack.us/congress/bill.xpd?bill=s109-190&tab=summary

I agree with a majority of the comments. It is ironic that the same greed that has been motivating companies to misreport profits, increase year over year sales by astronomical numbers, and continue to cut pensions and long term security for the workers that are the lifeblood of their organization, is the same greed that has taken them to the point we are at today. In spite of this, there are still many companies that have done the right things fundamentally, fulfilling their social responsibilities, taking care of their employees, and creating long term plans based on delivering quality products and services. Many people rely on these companies not only for their products and services, but for a steady paycheck. It is for that reason that we must past some sort of bailout now. I am frustrated along with everyone else and would love to let the irresponsible companies out there fail. This would ultimatley do more harm for all of us than good. Without the proper flow of credit this crisis will spread to many industries causing massive layoffs, less tax revenue, and a complete lack of confidence in our economy. We need to temporarily temper our emotions, fix this crisis first, and overhaul the system second.

I grew up believing that if I worked hard, payed my taxes, defended my country and freedom. I could have the American dream of owning a home , sending my kids to college, and a secure retirement. I believed if we lowered the taxes on the job creators the trickle down theory would rise all boats! Wrong! They took the profits and moved my job overseas. I'm constantly worried about losing my healthcare again! My retirement is in jeopardy! We are going into wars of choice! What is going on? Why do keep helping those who need it the least and everyone is on their own? I'm deeply saddened by the direction this country is headed. We have to change or I'm not sure I can tell my grandkids that this the greatest country on earth!