Tuesday, December 22, 2009, 12:32AM ET - U.S. Markets open in 8 hours and 58 minutes.
It's pretty obvious to anyone paying attention a majority of Americans oppose the bailout plan passed last night by the Senate and heading toward the House.
As discussed here and here, many Americans seem to understand the "real" economy -- i.e., Main Street -- will suffer if the plan fails, but they still oppose it and view it as a bailout for Wall Street "fat cats."
"I've lost my money because of these idiots, now they want me to subsidize their losses too???," Yahoo! Finance user "hoser48" wrote yesterday. "They can go to hell with the common man, we will all live together as equals then. A bailout is not the answer."
Clearly that sentiment isn't universal, and Monday's 778 Dow dive did change many people's view. But it's also true the mood in the country is ugly, and it didn't happen overnight.
Todd Harrison, CEO of Minyanville.com, has been warning about the threat of "societal acrimony" for some time.
The last few years highlighted the chasm between the 'have’s' and 'have not’s,'" he writes. "While the former middle class has struggled for some time, the comeuppance of the upper echelon has arrived. The voluntary thrift that will now manifest as a result of this culture shock will permeate an already fragile socioeconomic structure."
In the accompanying video, Harrison and I discuss what this sentiment means for investors (lower appetite for risk) and society more broadly, including the potential for social unrest.
Let's remove the pork from this "recovery plan." What are they thinking? The average person is in danger of losing their retirement income and they are giving $33M for companies operating in American Samoa, etc. Maybe they all should be voted out! It doesn't appear that they are very concerned about what their "people back home" think!!
The market is interesting Wells fargo and BAC are about where they were a year ago. Meanwhile, companies that actually MAKE something like alcoa/gm/ge etc are off alot. Why are we bailing out the financials again?
The final act of any failing government is to rob the treasury. Good bye national treasure, hello Amerio.
Would anyone in their right mind add the crap that the Senate has added, to this already controversial legislation? No, implying that the Senate in not in their right mind. I'm pissed. My vote next month will include write-in votes, to include Charlie Brown and Snoopy. None of these idiots will receive my support at the polls. Unfortunately, I can't withhold my tax support, as that would land me in jail.
My retirement has been destroyed. Get rid of mandatory 401K ploughing cash into these idiots in ALL financial markets. Let me invest the 401K limit in ANY fed approved retirement area and NOT just the stupid stock market. The government here forces us ALL to plough money in there as our only means of support upon retirement. Nice job, A'holes.
NO BAILOUT!!! DO NOT REWARD BAD BEHAVIOR!!! WE SHELL OVERCOME!
Part of the bailout plan goes to manufacturers of wooden arrows. REALLY!!! Friends of my archery hunt and they use metal arrows. Why are we paying for products no one wants or uses. How about helping the people who work hard instead of people who can't figure out they make an obsolete product(unless they think William Wallace is going to attack). I'm so disgusted with all politicians.
BUSH, GO TO HELL....TAKE ALL YOUR DOING WITH YOU..
Jerk politicians! How dare they saddle us with the bailout and the unbelievable pork attached!
I agree with this sentiment. To make matters worse, we have idiots in Washington adding stupid pork to this bill. They all have to go!! We need to vote out every single incumbent. Enough of these crooks!
It is time to let the deadwood fall aside. Take the bailout money and return it to people. This would encourage paying bills replenishing savings accounts and would kick start the economy again. LIMIT CORPORATE EXECUTIVE COMPENSATION!!!!!!
One of my senators (Tester), showed that he was for the people, the other (Baucus) showed that he was for the corporations and CEOs. Both are democrats. Fortunately, Baucus is up for reelection this year. Let's keep Tester and jettison Baucus (and the rest of the pocket-lined politicians in Washington.)
200 top economists agree with the American public that this bailout is a terrible idea. I guess our lawmakers who are supposed to represent us know more, even though hardly any of them have degrees in economics or finance. No bailout!!!
Just undo what the government did (0% to lender and let them charge 3% to the American people). Now just offers 3% for 30 years for all first time home buyer directly. It should solve the housing price in 1-6 months. Use institution that did not get into trouble to implement this.
You know what.... these companies are soo weaved into our system that we cannot exist without them.. people standing out in new york saying they dont want a bailout are pretty ignorant to the fact that the ground that they stand on was built on the foundations of these companies... i think people need to quiet down and let things happen to save not only themselves, their economy and thier bank balances.. use your BRAINS people not you emotions...
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- Thursday October 02, 2008 11:09AM EDT
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