The bailout package has been rejected.

[Shadowpawn]

http://www.nytimes.com/2008/09/30/bu...725&ei=5087%0A

Hmm soon after this was announced stock prices plunged. This doesn't sound too good, although having to pay back that huge credit for generations to come wouldn't be good either. However because of this I can see many business folding in the near future.

[McLaughlin]

A new record was set for the most points lost in a single day, I believe.

[Dangerous55]

Let it break down. This reminds me of the speech in Amistad by "John Quincy Adams".

"We desperately need your strength and wisdom to triumph over our fears, our prejudices, our-selves. Give us the courage to do what is right. And if it means civil war, then let it come. And when it does, may it be, finally, the last battle of the American Revolution."

Not civil war, but the fact that knowing something bad must happen....must happen. To let it come and deal with it and everything after it.

[Monochrome]

I agree, Dangerous... This is the inevitable result of the foolishness of the American marketplace. Living beyond ones means --as a nation-- is now costing everyone. A busted bailout plan will only delay the inevitable, just like the tax rebate thing we got earlier this year. Not that I am complaining about that -- it is just not going to stop a landslide, ya know? Let the economy self-correct, face the music. It won't be pretty, but that is reality. Hopefully this lesson is learned well by all the banks and mega-corporations and thus won't soon be revisited as a mistake.

[Solstis]

I agree, Dangerous... This is the inevitable result of the foolishness of the American marketplace. Living beyond ones means --as a nation-- is now costing everyone. A busted bailout plan will only delay the inevitable, just like the tax rebate thing we got earlier this year. Not that I am complaining about that -- it is just not going to stop a landslide, ya know? Let the economy self-correct, face the music. It won't be pretty, but that is reality. Hopefully this lesson is learned well by all the banks and mega-corporations and thus won't soon be revisited as a mistake.

The economy should correct to what, exactly?

Economies have been crashing and faltering due to speculation since the Tulip Craze, and have done so before and since then. Remember the tech bubble?

The economy will self correct, and will grow and people will prosper until the next stupid idea takes hold.

The point of the bailout was to convince investors that the market would be fixed, not to actually fix it. Investors thrive on guesses and two-bit logic. The bailout would probably have worked.

[Indica]

GOOD !!!!!!!!!!!!!!!!!!! F_ Corporate America in the mouth. Those greedy scum f-ing bags have been milking and f-ing over us for so long and now we are suppose bail them out?

[Solstis]

GOOD !!!!!!!!!!!!!!!!!!! F_ Corporate America in the mouth. Those greedy scum f-ing bags have been milking and f-ing over us for so long and now we are suppose bail them out?

Yes, because corporate America keeps the country floating. I'd rather not be sifting through garbage for salvage.

Unless you live in a commune with a computer that you built from HAND, by scratch (which is impossible unless you're Tony Stark, or something), you owe corporations for a lot. You must also be communicating on the Internet via telepathy.

Become a hermit if you hate corporations. They're greedy, we're greedy.

[Dangerous55]

GOOD !!!!!!!!!!!!!!!!!!! F_ Corporate America in the mouth. Those greedy scum f-ing bags have been milking and f-ing over us for so long and now we are suppose bail them out?

You don't have the slightest idea how the real world works do you?

Greed is not THAT bad. Employ greed responsibly and the market will grow. Indica, what do you do for a living? Obviously you are on the internet, which probably owned by "Corporate America". You support it.

We shouldn't bail them out. They weren't responsible, but it wasn't all their fault. It was the hundreds of thousands of couples and singles who thought they could afford the $300,000 house, the 2 SUVs and $6 gourmet coffee everyday.

Also, this bailout wouldn't be that bad if it was JUST this. It is turn of the page, it is a turn to socialism. You can't fix capitalism with socialism.

[Blitzkommando]

We've listened to the diatribe of Keynesian economics for 70 years now. I figure it's time to give Adam Smith's policy for a while. It worked for the 150 or so years up to the FDR administration. This idea of increasing government spending to 'correct' the market just doesn't sit well with me at all. All we end up with is more national debt, social programs that don't work, and the promise of increased national debt for all future generations.

[Randomness]

You know, bailout really isn't an appropriate term for what finally got voted on today....

The plan:

Spoiler!

Money breakdown:
$250 billion immediately
$100 billion if found to be necessary
$350 billion subject to congressional veto

Also:

• Limitations on executive compensation for any company accepting money
• Treasury department has the option to insure bad debt rather than buy
• Any "bailout" money purchases a non-voting stake in the company, meaning a percentage of future profit goes into the government coffers
• Government holds the right to renegotiate terms of purchased debts
• A report on how the invested money is to be earned back is mandated after 5 years.

May be one or two things I'm forgetting in there, but thats current, as of today's paper, anyways.

I won't say I'm 100% happy with the plan put forward, but it is a hell of a lot better than Bush's $700 billion gift, and it does include several ways to protect the investment. I don't think theres any way a better package is going to go on the table, though, so I was hoping this would pass.