Friday, January 8, 2010, 6:49PM ET - U.S. Markets Closed.
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.
If Congress doesn't act now, a lot of us working people will lose our jobs. Stop bickering and do something.
Both of my Senators voted against the bailout. I live in Mississippi, and both of them are Republicans. So much for me throwing them out, even though I hate most of what the Repugnicans stand for.
at 1% of gdp 700 billion it makes sence to fund the cash to stave off years of poor economic growth. git er done
I'm pissed too we won the small battle on monday but now we are going to loss the country to Poulson and Bernanky along with there best freinds. My house was worth $390,000 now it's worth $325,000. Bail me out not those bank thieves.My senator Kerry voted for this bill and i'm voting against that jerk in november
All one need do to understand the meltdown we are on the leading edge of is to read up on two bills passed by congress (both the Senate and the House) in late 1999 and signed into law by President William Jefferson Clinton. The bill(s) known as the Graham-Leach-Bliley Act repealed the Glass-Steagall Banking Act of 1933, which place regulations on and provided for the type of business that commercial and investment banks could engage in. In essence, all the rules that had provided a stable banking and investing environment for our country were thrown out, ushering in a 'Wild West' mentality on Wall St., NO RULES, NO REGS, AND MOST IMPORTANTLY, NO SHERIFF. Phil Graham, the sponsor of the Senate bill is one of John McCain's closest advisors, ponder that for a moment. We have a candidate that voted for the very bill that is one of the key reasons we are in the situation we are in, take comfort in that as your 401k continues its free fall. It is time for we, the baby boom generation to step up, find that idealism that we proclaimed to have sole possession of so many years ago, and let our Congress know that we will not allow them to enslave our children, grandchildren countless generations yet to come with the bailout of the wealthy and their reckless behavior that has caused this mess.
Why is the Congress who made this mess from Clinton until today made of Teflon? The people have spoken and do not want the bailout, Bernanke, Frank, Pelosi, Reid, and Dodd are misguided politicians who gamble with the integrity and money of the American people. They made the fire and now pretend that they are the firemen. Get the BUMS out. The 25 Senators who had the courage not to vote yesterday for the Bailout are the TRUE AMERICAN HEROES and they deserve our praise and our votes.
It is time to revolt!! We need to take this to the streets. When the bill is passed, and it doesn't help the economy, and we fall into a deep depression. People will revolt when they start to get hungry. Mark my words!
Invest $700 billion dollars in alternative energy. We should have done that years ago. The high price of oil is why alot of people lost their homes. This is crazy to spend my tax dollars to bail out greedy dirtbags. Screw them.
Ask those wall street CEO,CFO,COO and other high managments to return their million and millions of bonus and salary. Their total can save wall street. They do not need USD government to bail them out.
the TRUTH about the bailout: http://market-ticker.denninger.net/
No Bailout! Let the cards fall where they may. I'd rather suffer through years of a tough economic cycles than have decades of high taxes. The public should not have to pay for the bad financial decisions that these companies made. Loaning money to unqualified individuals is the samething that crashed the market in 2000 (extending margin accounts to unqualified individuals).
I wrote to my Senator three times on the issue, and he DID vote NO. I have to hand it to my Senator from Wisconsin, he at least listened to the people, and voted for us. Too bad the rest of the Senate does not have the convictions of their people.
Yep we're pissed. Who in America will stand up for the people and do what's right? Who will fight for our freedoms as our ancestors have done? McCain and Obama both voted for this trash and I'll be DAMN if I vote for either of them. Tell me where to sign to join the revolution.
Hmmm, in the past when bush went against the will of the public, the republicans called it "leadership". Is there no leadership in an election year?
this usually happens to other countries, now they (wall street) have done the same at home after they messed other countries.
Correct me, if I am wrong. The bailout is going to help make wood arrows, race tracks, probably gambling casinos as well, and any other idiot who has his/her congressional seat/butt in the cookie jar. I thought it was to stablize the overall banking system only. If you clear the Banks Books, then they can loan the needed money to those who make arrows and tracks and what ever else they want. I cannot believe these self serving so called voted in Senators and Congress men / women cannot see the overall result of what they do. We need to fix the problem...... If you work pay your bills. Don't go and spend every single penny you have. Save it, go to the Save A Lot, Dollar store, for crying out loud. Yep, we are the United States Welfare Recipents Capital. Because that is where we are heading. Thank You and Good Night to You. May those in Charge, sleep well tonight-knowing that the good of the imbeciles out weight the good of America.
This is a total program to save the wealthy not the average man .I have seen many small bussinesses fold with no rescue.Ialso see many american familys lose all they have .Just look at the homeless camps popping up everywhere .Stop this nonsence and let the chips fall as they may.NO BAIL OUT !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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tammim - Thursday October 02, 2008 11:20AM EDT
media keep up your poor reporting on this so that the average american that doesn't understand business will think that not buying these assets won't help them. It scares me when politicians think just because the majority of their district is against it it is the right thing. Remember these people are in charge because they don't have the knowledge...that is why there is a middle class...