YOUR COMMENTS

Am I truly the only person who can see how horrific this entire bailout plan is? Is this a crisis because the people in the White House and Congress and their friends personally stand to loose some money? I don't even know where to start.

What we're talking about is giving (because the "ownership in the company provision" may not be approved) nearly 1 Trillion dollars (because the latest $700 Billion doesn't include the previous bailouts) to investment firms because possibly 2-3% of all US mortgages which MAY OR MAY NOT be in some of their real estate investment portfolios may not be great investments and might be losing money ("toxic" as they refer to it). In reality it's not that these investments have no value .. the property is not gone from the face of the Earth .. it just might not be worth as much as once valued. The biggest ill is simply that these firms did not, and still have not, done their accounting. They do not know what in their portfolios might be good and what might be not so good. And so these firms and their investors (read wealthy) are afraid .. afraid like anyone who bought a bad car. But you don't see government coming in to fix Joe's car do you? And these investment firms don't even know if they HAVE a bad car .. they're just afraid that they MIGHT. And we're going to GIVE 1 TRILLION DOLLARS (more than our existing 2008 deficit) of some other country's money (because we already don't have the money we are spending) to these firms because they are afraid?? So who goes bezerk when the executives of those firms walk away with a nice package deal for "turning things around" (with taxpayer money) on those few bad investments?

To put this level of spending into perspective .. an Apollo-style mission to the moon in today's dollars would be roughly $130 Billion and putting a new 300 ton livable base on the moon and occupying it for a year would cost roughly $350 Billion. Now you may or may not like the idea of space travel but at least we might get something tangible from a lunar base or two .. that's right 2 towns on the moon for $700 Billion .. like a place for humanity to survive while we destroy ourselves with stupidity here on Earth.

And the repercussions are far too many to detail here. Borrowing all this money to give to corporations will devalue the dollar which will make everything from fuel to food more expensive for the average citizen (did you or did you not see oil jump immediately). It will also make those lending countries less likely to lend us other money which will make future mortgage and other loan rates (not some fantasy decade in the future but starting NOW) more expensive. These points of the bailout along with others will wreak havoc on our economy .. exactly the kind of thing they are claiming spending $700 Billion will prevent. It also gives unprecedented power to the President (that right .. the Executive Branch, not Congress unless some provisions are put in place, will decide who gets this money like it is a war on terror or something). The Executive Branch will effectively decide which corporations and corporate executives get nearly $1 Trillion of our money because they are afraid. Not afraid for their lives like the victims after Katrina (where people were left to rot) .. but afraid for their investments .. because they don't know what they may or may not have. Debate the "it's not the President writing the checks" point with me if you want but that's basically what IS happening. It was originally the President's $700 Billion bailout plan .. not Congress. No concerns for average Joe or Jane. No concerns for the common good. Care for our investors. Save the investors!

INVESTMENTS .. these are investments which inherently contain risk .. what does this say to future investors in any sector (risk .. why worry when the Fed will arrive on horseback)?.

This $700 Billion free spending bill should not go forward .. especially without oversight by all branches of our government. It WILL destroy the future of the United States and have terrible repercussions for our children and generations to come.
- Jim M, Hooksett, NH

For all of those condemning 'big business', you need look no further than your lovely congress critters...When you play 'Affirmative Action' with the mortgage market, you'll end up exactly where we are now. If left alone, there never would have even been a 'sub-prime' mortgage market, and the 3/4% failures that are dragging every other sector down. All so Barney Frank, et al, could 'buy' votes from the inner cities....Sheesh!...Look at how the Dems are pushing for assurances for deadbeats to stay in "their" homes!?!? I say let the markets fall; I'm sick of bailing out deadbeats, and failed companies!
- Geoff, Derry

I on the fence about the bailout on one hand I think it's time for some trickle up ecomonics. Why help the banks and fniancial instutions? Why not help the people are losing thier houses instead?

One the other hand the 700 billion the government spends on this will be an investment, unlike the bailout of the S&L crisis in the 80's at least this time the government will own property that hopefully will increase in value before the "bill" needs to be paid. Even if the real estate prices don't rebound as quickly as they need the majority of the expense could be recovered by the sale of those assets.

As for AIG, I think it's interesting that everyone complains about "Socilized medicine" but they don't seem to care about "Socialized investment banking".
- Jeff Comeau, Manchester

Perhaps the people are ready for a revolution.
Unfortunately, judging by the comments of many, it would be a Marxist uprising.

No more tax breaks for big corporations?
Corporations don't pay taxes, consumers do. And they will pay more when businesses are whacked with higher tax bills. What is so hard to understand about that?

Caps on executive salaries?
Really? What an excellent idea! While we're at it we could try price controls again. After all, they have worked so well in the past.
Let's also mandate a $20.00/hr. minimum wage. America is a mean country, and it's not fair that some don't have plasma tv's and lot's of toys.

"...a crisis is a bad time to ask the very people who put you at risk."

It certainly is. That is why the last organization we should expect to untie this Gordion Knot is the very organization that made it possible in the first place.
That's right, THE FEDERAL GOVERNMENT laid the foundation for this house of cards.

But hey, no sense in letting a few facts of life get in the way of populist, 'nanny-state save us' rants. Is there ?

I too, am stunned. Not to mention sad.

"Forgive them (Founding) Father(s), for they know not what they do."
- Mike P., Manchester

The bailout shouldn't happen. Let the banks fail so the market can perform the necessary correction that is needed to get back to solid footing. It's going to hurt everyone, but it will hurt more if $700 billion is squandered to rescue the CEOs and management of these companies and the correction happens anyway. If the bailout is passed, watch the Congressmen and business leaders sell their positions, allowing the market to crash. You can bet as soon as the market spikes after a bailout, I'll be cashing out. This whole thing is just a ruse to allow those people in positions of power to influence the market so they have a chance to save what they can of their money.
- Frank, Manchester

Art is right - todays top story is about a woman who walked away from a halfway house to get high again and then is caught bring a friend back to jail. Riveting story. The finnancial debacle is about the fourth story down the page.

But I guess you can understand the UL doing this as it's not a story that helps get republicans elected


(Editor's note: Page One of the print edition is dominated by New Hampshire's local reaction to the financial crisis. Sixteen Union Leader reporters and correspondents combined on that project. That report was the top story on UnionLeader.com's home page for several hours earlier today. As usual, breaking stories were placed above it during the morning.)
- Frank, Dover

My other question involves basic math. The bailout package is proposed to be $700 Billion. The number of possible bad home mortgages out there (possible since no one .. not even the investment firms .. appear to really know .. apparently everyone forgot how to do accounting) is somewhere around 1.5 million loans (or roughly 2-3% of total US mortgages). Well, if I take 700,000,000,000 and divide that by 1,500,000 I get $466,667. Now I don't know about you .. but even though housing prices have gone up I don't believe the average home costs $466,667 in the US .. and that is assuming the thing no longer has ANY value which is also not true. Down maybe 15%-(generously)30% but not 100% loss. So, what loans (or stories) are the Fed and American people buying?

And W suggested the $700 Billion bailout first .. so what was his plan for this money?
- Jim M, Hooksett, NH

Look very closely at the positions of the people making these analyses. If you want to know whether to buy stocks, a stock broker will always tell you yes. If you ask a surgeon if you need an operation the answer is yes. Some times you do need to buy stocks and some times you do need an operation but a crisis is a bad time to ask the very people who put you at risk. You don't need a weatherman to know which way the wind blows. Rich people are very good at protecting their wallets, not so good at protecting yours.
- Robert, Deerfield

I find it absolutely amazing that the UL has not had more front page news about the collapse and proposed bailout. Every paper in the free world has a story on the front page, every day, but _not_ the Union Leader.

I am stunned.

Is this because the problems were caused by the free market run amok and the lack of regulation. I think so. The UL does not want to report on stories that go against their view.

Sad.
- Art, Portsmouth

I honestly feel the people responsible for knoweingly making the bad loans to people they knew could not repay them should be punished. Why do all of the american people have to bail them out. I am 67 years old and still working - why?
- Paul, Mancbester

I think the bailout is a double-edged sword. We'll fix one thing, then cause another problem. It is about time the government started thinking about the people of this country and not big business. No more tax credits to oil companies, drug companies and companies that send jobs overseas. Also, there should be caps on what the executives of the big companies earn. If they get bailed out, NO GOLDEN UMBRELLAS!!!! They are a part of the mess, they shouldn't profit any more than they have. Most of the economy is derived from the people spending money. With everyone keeping their wallets closed, how will the economy improve???? Wake up government, it is time to rein in the greed and do what is right.
- Ruthie, Fremont