Why Congress Is Failing America

Congress has let us down. The charters for both the House Finance and Senate Banking committees are oversight and jurisdiction over the nation's financial institutions. They have been a no show on this crisis for over a decade and now we want them to craft a bail-out? No Way!! Really we should be asking for all the committee members' resignations.

The only emergency that I can detect is that many insolvent banks and other institutions want a whole bunch of money now. Probably most of them have been actually insolvent for many months - they merely decided to wait until the middle of a Presidential election and a week before the scheduled adjournment to claim there is a crisis. I applaud Congress for taking some time on the single greatest expenditure our nation has ever been asked to make. Sure, the politics seem a little haphazard, but I didn't see the banks and Paulson in February saying we have this grave problem and we need action within the next 6 months to address it. And are seriously trying to suggest that they woke up to the fact that their mortgage debt portfolio was garbage only late last week? Nonsense.

Congress has let us down. The charters for both the House Finance and Senate Banking committees are oversight and jurisdiction over the nation's financial institutions. They have been a no show on this crisis for over a decade and now we want them to craft a bail-out? No Way!! Really we should be asking for all the committee members' resignations.

It amazes me how many people gravitate to one party line or the other like there is much difference one way or the other between the way the two major parties govern this country. Reading the posts below, it is obvious that most people have not taken the time to educate themselves on how we got to where we are. There is no way to post a history lesson in this context but let's just say this, "If you put a frog in boiling water, he jumps out immediately. However, if you put a frog in warm water and heat it up slowly, you get frog stew. He adjusts to each small change until the lid blows off." This is what has been happening for decades - by both parties. At best, each thinking they are doing us a favor by keeping the bubbles going. Each bubble created and replaced by the next bubble. The few who try to implement change are drowned in a system where the bottom line is exactly what we saw last night. Everybody finger pointing and yelling. Agreed there are very different ideas about the best way to minimize the affect on the population in general but the bottom line is the government is just like most of the people in this country - they spend more than they make, do not save properly, and then look to someone to bail them out. There is no quick fix. Socialism is not the answer. Don't let the "spin" get you. Anger clouds judgment. Get the facts folks because this stew is still heating!

This 400,000 thing has been going around the internet being posted everywhere. Obvious from a mass email. Problem is no one bothers to check their math before posting it. It has a problem of three too many 0's. It is 400, not 400,000 to each person.
As for the last comment, the Senators are doing their job, It is the House Republicans that are dragging their feet. Tax breaks and insurance isn't going to fix this.

Both sides of the aisle have completely screwed this up. Instead of acting like mature, intelligent , elected officials of the people, they have resorted to name calling, finger pointing, and foot stomping. I believe every Senator who has been involved in these lame games should be voted out the next time they are on the ticket.

The failure isn't simply with the politicians! The bureaucrats also get mighty cozy with those they regulate and with the politicians. Bureaucrats don't mind spending money foolishly, they have no voters asking questions of them or voting for or agianst them in the next election.
The "bailout" may seem to be a good thing to Wall Street and to bureaucrats while the voters aren't being considered. The politicians have an obligation to speak up for those voters that elected them to represent the people not Wall Street.

we in china is busy scripting spacewalk dialogue a day before it occurs, beating dogs to death with sticks, flattening students with tanks, killing babies with melamine...

Congress Isn't failing America. For the first time in 8 years it's acting properly. It's a deliberative body, LET IT DELIBERATE.

Why aren't wall streeters in jail?
Why aren't wall streeters on tv explainging their malfeasance?

Let's vote out every single US House Rep and start over!!

This whloe thing is a classic case of putting that cart before the old horse. The first step needs to be towrds those mortgages. How about if the banks and mortgage holders ere made to bring all residential loans down to 9% where they are higher. reduce the outstanding balance by 25% incertain zip codes where the vlaue drop has been precipitous. And, thsn, work with those people to make it work. The Fed could then promise to pay the bond holders a percntage of their loss, the banks a percentage of their loss but not all of it. The businesses that got us in to this deserve to suffer some. That is the nature of capitalism, it is risk and
reward.
Then with all this money we want to use, lets cut the capital gains tax to zero for six months, cut the corporate tax rate to 15% for two years, give a 25 % tax credit for R&D on alternative enregy, offer consumers a 25% tax credit for purchase of vehicles getting 35 MPG or the equivalent in alternative forms. Give businesses 35%.
This would get the economy moving in the right direction, move us towards energy independence and, maybe, generate enough taxes to help us with our infrastructure problems. Bet all of this could be done for less than $700 billion.

I'm not mad House Republicans balked at the bail out. I'm mad they waited until the 11th hour to voice their concerns. Senator Shelby said his economic advisers are telling him the Paulson plan won't work. Do you mind sharing what you know with the rest of the class Senator? Who are these economists? What are they proposing in the alternative? Do any of them think your counter proposal is a better solution? If McCain and friends sign off on the proposal tommorow afternoon, then they will have needlessly delayed an urgently needed solution for the sake of political theater. I'm betting even McCain isn't maverick enough to refuse to sign off on the bail out and risking economic collapse.

Daniel, you must be kidding! Congress may finally save our system by finally not giving in to the CORRUPT BUREAUOCRATS who have been in collusion with their Corrupt Wall Street buddies doing the revolving door thing between Goldman Sachs, J.P Morgan and the Treasury Department.......let these investment bankers collapse and get rid of the Central Bank which is a private bank set up in 1913 for the benefit of the world's most elite and wealtthy private individuals.