Title The Bailout Plan:They can't kill our economy published to hrhughes.
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Retailers are also braced for a slowdown as consumers feel the pinch of reluctant lenders.
Jon Levin, owner of Orchard Street Associates, a retail sales group based in Burns Harbor, Indiana, said many independent retailers, including among his 4,000 customers, have postponed orders for the holiday season and are waiting to gauge customer demand because financing is just not like it used to be.
"It's not a question of the high cost of credit, there's nothing available out there," said Levin, noting that he hears of sales agencies going out of business almost every week.
"The party's over and people don't want to admit it ... I don't want to admit it, but you had to see it coming."
David Zugheri, co-founder of Envoy Mortgage Ltd, which has 475 employees in 20 states, has also seen a big slowdown. He said 30 percent to 40 percent of prospective buyers who could have qualified for mortgages two or three years ago are being shut out.
"There has been a mad rush back to the basics and if you don't have the necessary documentation you cannot get a loan," Zugheri said. But he noted that not all credit is dead.
"If you have decent credit, a verifiable income and want a loan for under $400,000 it's business as usual."
Ohio businessman Duane Hickerson, a partner at Columbus-based Relay Gear, which makes promotional products, said he has not yet had to struggle to get credit from his regular lender. But he said standards have definitely changed.
"The bank has gotten more stringent over the last 3, 4, 5 months," said Hickerson. "They've forced us to make some changes in what we do as a business and what kind of debt load we're carrying. They've changed our covenants in terms of what kind of pace we have to pay down loans."
Hickerson said the company laid off four people two months ago to try to tighten up its bottom line to please the bank.
But even as Main Street feels the pain of the credit crisis, business owners are divided over the proposed Wall Street bailout. Some oppose it, some feel it is necessary -- illustrating the difficulty facing members of Congress, most of whom are trying to win re-election in November.
Thomas may be losing car sales, but he's glad the bailout failed: "They don't need to bail out CEOs of these high-powered banks. Why should they? They're already millionaires."
Cabinet-maker Gallo said he was angry taxpayers would end up footing the bill to bail out troubled Wall Street banks -- but he also thought it was necessary.
"They've got to do something to save the banks," Gallo said. "They can't kill our economy.""My line of credit has been cut to nothing," said Gallo. "We're all hurting... and wondering what is going to happen."..
Sixty-five Republicans joined 140 Democrats in voting for the measure, while 133 Republicans and 95 Democrats voted against it. "The legislation has failed," Speaker of the House Nancy Pelosi said at a news conference after the vote. Some Republicans seemed to blame Pelosi's speech from the floor, which attacked Bush's economic policies, for the defeat.
Defying President Bush and the leaders of both parties, rank-and-file lawmakers in the House on Monday rejected a $700 billion economic rescue plan in a revolt that rocked the Capitol, sent markets plunging and left top lawmakers groping for a resolution.
The stunning defeat of the proposal on a 228-205 vote after marathon talks by senior Congressional and Bush administration officials lowered a fog of uncertainty over economies around the globe. Its authors had described the measure as essential to preventing widespread economic calamity.
The markets began to plummet even before the 15-minute voting period expired on the House floor. For 25 more minutes, uncertainty gripped the nation as television showed party leaders trying, and failing, to muster more support. Finally, Representative Ellen Tauscher, Democrat of California, pounded the gavel and it was done.
Bailout rage: "Socialism in America ... Welcome to the Third World!"
Backlash against the unprecedented taxpayer bailout for ... surgery to know that selling homes to people who can't ... Everybody knows the bailouts are a disaster for our economy ...
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Obsidian Wings: Bailout
Kill this bill. No way, no how, no bailout. You know, if the ... us the money to bail out the system? If we can't ... as to why this bailout means life-and-death for our economy.
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Bailout Plan in Jeopardy!?!
... screechers on this site ... you can't ... and derivatives are what is Killing our economy ... The bail out is BS!! We, the People, should not allow our representatives to pass this ...
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Housing Bailout Plan » Miami Condos For Sale | Miami Real Estate ...
I can’t say that I’m fully on board with your ... It may have taken some time but I think our economy is going ... you want, or for that matter, give them a payment plan they ...
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naked capitalism: Why You Should Hate the Treasury Bailout Proposal
... that if McCain wins, Gramm would be running the bailout, LOL You can't ... The US economy is in a death spiral now that the foreigners (our creditors) have figured out that the US is ...
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Senate to vote on $700 billion bailout plan Wednesday
House vote to kill the bailout. “This is an important accomplishment and a way ... want to spend $700 billion dollars ($700,000,000,000) of our tax money to bailout American ... Why can't I default on all of my bills and just ask the government to ...
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Source: Rocky Mountain News
NewsDateTime: 2 hours ago
What to Look For in Tonight’s Debate
... if i have to check the news everyday in hope to hear that our economy is ... they could either pass the purposed plan or push through their own plan. They ... 3rd: he states he wants the debate delayed so he can focus on the economy (what? you can’t ...
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Source: New York Times Blogs
NewsDateTime: 9/26/2008
Stephanopoulos: Paulson Fears Deal May Collapse
Treasury Secretary Henry Paulson fears the Wall Street bailout deal is falling apart after a chaotic White House meeting ... When will the PONZI scheme of propping up our economy end? We must all suffer, not just me paying for someone else’s mistake ...
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Source: ABC News Blogs
NewsDateTime: 9/25/2008
Democrats claim progress in reaching bailout deal
The man, if you can call him that, can't tell us what he stands for, except that ... They are willing to take away from the poor, the elderly and anybody else to bailout ... This frail economy will get people to be stuck even in jobs they don't like so they ...
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Source: ksl.com
NewsDateTime: 9/26/2008
The $700 Billion Wall Street Bailout: One More Weapon of Mass ...
... Obama has not leapt on board for the bailout like he has. Everyday the economy is ... Consumerism is roughly 70% of our GDP, and consumers strangled with usurious debt can’t go ... Republican dominated MSM I add.) Let's kill Hitler, then heal our ...
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Source: Common Dreams
NewsDateTime: 9/25/2008
Videos from YouTube
Title: Let's Play "WALLSTREET BAILOUT" The Rules Are... Rep Kaptur
Categories: military,economy,congress,taxcuts,gitmo,habeas,News,congresswoman,relief,mama,bush,kaptur,iraq,cheney,bill,corpus,
Published on: 9/22/2008 8:03:52 PM
Title: NYC Wall St. Bailout Protest 25 September 2008
Categories: News,stock,street,bailout,protest,market,bush,nyc,wall,bank,
Published on: 9/27/2008 3:00:58 AM
Title: Congressman Ron Paul Schools Bernanke on the Bailout Plan
Categories: Price,Monetary,Wall,Bail,Constitutionality,News,Bailout,Ron,Bernanke,Street,Out,Authority,Debt,Fixing,Federal,Paul,Depression,
Published on: 9/24/2008 11:32:51 AM
Title: Ron Paul Fox News 9/17/08 AIG bailout
Categories: News,Fox,Baldwin,Ron,McKinney,News,Paul,Nader,
Published on: 9/17/2008 3:23:30 PM
Title: This Is How The Bail Out Will Screw You
Categories: bad,paulson,pay,off,economy,bailou,the,henry,News,loans,money,street,john,bush,financial,treasury,loan,turks,crisis,wall,republicans,mccain,young,hank,administration,secrretary,
Published on: 9/22/2008 9:44:53 PM
U.S. lawmakers went back to the drawing board on Tuesday in an effort to craft a new version of the $700 billion rescue package for the financial markets that the House unexpectedly shot down on Monday in a dramatic show of defiance to President Bush.
With some members of Congress gone for the Jewish New Year holiday, other members of both the House and the Senate were meeting in Capitol Hill offices in a furious attempt to hammer out new language for the defeated bailout plan.
Senate Banking Committee Chairman Christopher Dodd, D-Conn., said he was "hopeful and optimistic" Congress would come up with a plan soon, and Senate Minority Leader Mitch McConnell, R-Ky., agreed that a bill could be finished this week.
The senators' statements come as markets staged a partial recovery from their dizzying 777-point drop on Monday following the House's rejection of the bailout plan, rebounding almost 500 points on Tuesday. See Market Snapshot.
Tuesday morning, a grim-faced President Bush again called on Congress to push through a bailout plan.
"I assure our citizens and citizens around the world that this is not the end of the legislative process," Bush said. "I recognize this is a difficult vote for members of Congress. The reality is that we are in an urgent situation, and the consequences will grow worse each day if we do not act."
New proposals
With lawmakers now in session past their scheduled recess date, members of Congress are hunkering down and trying to fashion a bill that's palatable to as many members as possible. Meanwhile, regulators and the presidential candidates are also working to address the market crisis. ..
It is our responsibility today, to help avert that catastrophic outcome. Let us be clear: This is a crisis caused on Wall Street. But it is a crisis that reaches to Main Street in every city and town of the United States.
It is a crisis that freezes credit, causes families to lose their homes, cripples small businesses, and makes it harder to find jobs. It is a crisis that never had to happen. It is now the duty of every member of this body to recognise that the failure to act responsibly, with full protections for the American taxpayer, would compound the damage already done to the financial security of millions of American families.
Over the past several days, we have worked with our Republican colleagues to fashion an alternative to the original plan of the Bush administration.
I must recognise the outstanding leadership provided by [the chairman of the House financial services committee and Democrat of Massachusetts] Barney Frank, whose enormous intellectual and strategic abilities have never before been so urgently needed, or so widely admired.
I also want to recognise [Illinois Democratic Republican] Rahm Emanuel, who combined his deep knowledge of financial institutions with his pragmatic policy experience to resolve key disagreements.
Secretary Paulson deserves credit for working day and night to help reach an agreement, and for his flexibility in negotiating changes to his original proposal.
Democrats insisted that legislation responding to this crisis must protect the American people and Main Street from the meltdown on Wall Street.
The American people did not decide to dangerously weaken our regulatory and oversight policies. They did not make unwise and risky financial deals. They did not jeopardise the economic security of the nation. And they must not pay the cost of this emergency recovery and stabilisation bill.
So we insisted that this bill contain several key provisions. This legislation must contain independent and ongoing oversight to ensure that the recovery programme is managed with full transparency and strict accountability.
The legislation must do everything possible to allow as many people to stay in their homes rather than face foreclosure.
The corporate CEOs whose companies will benefit from the public's participation in this recovery must not benefit by exorbitant salaries and golden parachute retirement bonuses.
Our message to Wall Street is this: the party is over. The era of golden parachutes for high-flying Wall Street operators is over. No longer will the US taxpayer bail out the recklessness of Wall Street. The taxpayers who bear the risk in this recovery must share in the upside as the economy recovers.
And should this programme not pay for itself, the financial institutions that benefited, not the taxpayers, must bear responsibility for making up the difference.
These were the Democratic demands to safeguard the American taxpayer, to help the economy recover, and to impose tough accountability as a central component of this recovery effort.
This legislation is not the end of congressional activity on this crisis. Over the course of the next few weeks, we will continue to hold investigative and oversight hearings to find out how the crisis developed, where mistakes were made, and how the recovery must be managed to protect the middle class and the American taxpayer.
With passage of this legislation today, we can begin the difficult job of turning our economy around, of helping those who depend on a growing economy and stable financial institutions for a secure retirement, for the education of their children, for jobs and small business credit.
Today we must act for those Americans, for Main Street, and we must act now, with the bipartisan spirit of cooperation which allowed us to fashion this legislation.
This not enough. We are also working to restore our nation's economic strength by passing a new economic recovery stimulus package, a robust, job-creating bill that will help Americans struggling with high prices, get our economy back on track and renew the American dream.
Today we will act to avert this crisis, but informed by our experience of the past eight years, with the failed economic leadership that has left us less capable of meeting the challenges of the future.
We choose a different path. In the new year, with a new Congress and a new president, we will break free with a failed past and take America in a new direction to a better future..
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