Rep. McCotter: Against the Bailout Before He Really Started Hating It

In the end, money has the treasuires name on it so give to the treasury what belongs to the treasury. Curious George had no problem wanting to sign a blank check over to the treasury when Paulson asked for it. Now that a bailout might include taxpayers he is severely concerned about seeing the details before agreeing to anything. 200k per head of household for people that filed taxes over the past two years would have solved everything.

Thank you for finally getting some anti-bailout people on the Tech Ticker! If you want a great guest opportunity I recommend Karl Denninger.

I listened to The Fed Chair and Tresury Sec. today and they are worse that McCain and Obama for speaking and not saying anything. HOUSING HOUSING HOUSING. what are they doing for Housing? Paulson Says he is doing all he can for housing but has not told us what it is. WE OWN FANNIE MAE. what stimulas does he have planned to free up MONEY from Fannie. They will not even do a loan for a home on stated income when the EQUITY is 50%. This is just plain stupid when we are loaning money to bad banks and poorly managed companies. IF THE BUYER HAS 25% down give them a loan and set a bottom to the market. With all the BANKERS standing on street corners looking for jobs no wonder there are no good ideas to kick this off a bottom. GOD BE WITH US IF THEY DONT GET THIS FIXED IN THE NEXT 30 DAYS.

Of course the bailout won't work -and the more the real estate market plummets and the higher interest rate rise the worse the ecomony will become. Another stimulus package won't work either - It's a bandaide on a bullet wound. The only way out of this mess is empower the FHA (The FHA gaurentees loans -not makes them) to freeze mortgage interest rates at 5% for the next 2 years - extend mortgage terms to 50 years -permit defaulted and delinquent mortgages to refinance no matter whats owed or how it was paid in the past -(A second chance program) This would save about $500 per month on $250,000 mortgage at 7% and extend this to new home buyers. This would create a new real estate market, home values would increase so mortgages wouldn't be so up-side down and turn bad loans into good ones. This would give back expendable income so consumers will spend, jobs would be created and the economy would come back. Why is this so hard to understand!

Maybe Paulson is buying healthy stuff to get ROI for the government, in that by the time the government cashes in on those investments, the cash from those sales can alleviate the National Debt in such a way so so as to pay back that debt with dollars worth a lot less than the dollars were worth when they were spent. In other words to insure that the government can pay all it's debt, it invests in healthy stuff (the "toxic asset" purchases being a smokescreen for these actually more important healthy purchases), so however inflated the greenback gets the government is still solvent... this sounds like a conspiracy theory, I know, but I wouldn't put it past 'em...

Just remember. Tech Ticker is brought to you by the same idiots who turned down $37 share as too low while their stock is now under $15 a share. Can you trust information from anyone that stupid?

pumping more money into a deflated economy is wrong. US ppl will end up with hyperinflation. get some gold just in case.

I THINK THAT THIS 700B BAILOUT IS NOT GOING TO WORK, DUE TO THAT AMERICANS ARE STILL IN DEBT.SO HOW CAN I PAY MY MORGATAGE,CAR,CARDS,STUDENTS LOANS ,ETC........IF I,AM INVESTER WHAT IS MY RETURN? %-?

The bailout is a great mistake and it will not help the economy. Paulson and Bernanke are two ignorent socialists who are leading this nation to economic ruin. Let the free market fix its self without government medling, hence government medling is what caused this economic meltdown.

Aaron, tat man knows how the cow eats the cabbage but jus cause he is a elephant....tat "of course" tells me he jus be another turnip...tats sad.

Please have Ralph Nader on to speak to the bailout. His discussion on the effects which we will be feeling for a while make a great deal of sense. He also has ideas for future actions we could take to repair our country. Thanks.

"Our country and its principles are abandoned by the very economic powers that control our destiny. Autocratic global corporations are deep into strategic planning. They openly and confidently strive to control our jobs; our environment; our political and educational institutions; our food, drugs, and other consumptions; our savings; our childhoods; our culture; even our genetic futures. Toward these ends, they incessantly move to control our elections and our governmental institutions." Ralph Nader

" [At the Republican National Convention], lavish parties were setting spending records for national political conventions. These events are the "convention behind the convention." The talk almost always centers around big-business demands--contracts, subsidies, tax breaks, bail-outs, and reducing or eliminating regulation. Paying for these concessions with ever-larger campaign donations gives new meaning to what the wry Will Rogers once said about Congress: "the best money could buy." So when the corporate greasers & persuaders finished their work at the Republican convention, they took a few days off & then flew to Los Angeles for the opening of the Democratic convention. For them, it was the same racket, just different coastlines. Democratic National Committee donors who gave $50,000 enjoyed a private reception. The biggest donors watched the action from private skyboxes far above the floor. The business discussed [at either convention] has very little to do with the "Other America." Ralph Nader

Nobody wants to talk about how housing is still way overpriced. The price of a house should not be determined by the maximum amount of debt you can assign to the homebuyer, but rather by the construction value of the house including materials and labor, the land, and a small premium for location if applicable. If you look at a graph of home equity versus time, you will see that Americans have less and less equity in their homes, and has dropped off dramatically over the last few years. Americans must STOP taking on so much mortgage debt. Lowball the offers by 20-30% and don't let the realtors bully you. The proposals to extend mortgages to 50 years is totally ludicrous and only means those people will be burdened with debt the rest of their lives. Those that overextended themselves should not get a free lunch while those that rent and save get nothing. Let housing fall so that people can actually afford housing and actually have some disposable income leftover, rather than enslaving people with debt their whole lives which only benefits the international bankers.

Aaron, love the direction Tech Ticker is going. Look forward to more distance based interviews with key policy makers or significant persons. :)

"If a program involves the government giving more to private companies than it gets back, then it should be considered corporate welfare...Corporate welfare-the enormous and myriad subsidies, bailouts, giveaways, tax loopholes, debt revocations, loan guarantees, and other benefits conferred by government on business-is a function of political corruption. Corporate welfare programs siphon funds from appropriate public investments, subsidize companies ripping minerals from federal lands, enable pharmaceutical companies to gouge consumers, perpetuate anti-competitive oligopolistic markets, injure national security, & weaken our democracy." Ralph Nader

Nobody wants to talk about how housing is still way overpriced. The price of a house should not be determined by the maximum amount of debt you can assign to the homebuyer, but rather by the construction value of the house including materials and labor, the land, and a small premium for location if applicable. If you look at a graph of home equity versus time, you will see that Americans have less and less equity in their homes, and has dropped off dramatically over the last few years. Americans must STOP taking on so much mortgage debt. Lowball the offers by 20-30% and don't let the realtors bully you. The proposals to extend mortgages to 50 years is totally ludicrous and only means those people will be burdened with debt the rest of their lives. Those that overextended themselves should not get a free lunch while those that rent and save get nothing. Let housing fall so that people can actually afford housing and actually have some disposable income leftover, rather than enslaving people with debt their whole lives which only benefits the international bankers.

Hey Paulson, Bernanke and Bush: I want my bailout too...700 gigabux was just the tip of the iceberg, given what y'all quietly put into assuring a dollar supply overseas as well. I think my share as a taxpayer should equate to about 40k. THEN you can create public (read: tax) debt to purchase private debt, and I won't say a word about your deft assassination of capitalism. What slays me sideways is the strident screeching about Obama's socialist leanings when a Republican administration socialized the banking system! More Republican liars trying to accuse the opposition of their own worst sins. I mean, hey, the Dems are no better- two sides of the same coin, but at least they dated me before they #%^$ed me. Clinton got Monica, but Bush got everyone with an income below seven figures a year. I'd be ROFLMAO, but it's a tragedy, not a comedy. Give me a moderate. Please. After all, if you believe half of what gets posted, the next flag will bear either a hammer and sickle or a swastika (which pretty much destroys any credibility in those posts for anyone with more than one brain cell- the new symbol is the $, kids). Regardless- the independent candidates are starting to look better every day.

I paid off a 30 yr. mortgage in 22 years. I still live in the house I built in '72. Meanwhile my sister and her hubby are in their 5th house, have a $300K mortgage and no hope of ever owning a home. They have refinanced all their homes, always taking more cash out for 'expenses'. But they've also leased all their cars, usually the "Limited" or the "Touring" edition of whatever vehicle they've got into.

Mich please keep this voice of reason in office. Although I cant speak for any of his other political votes. "caadam" harshly well put. America is quickly becoming a socialist government. I would rant more but I am winded after talking politics with my mother. Thank her for raising two conservatives sons. At least she can agree with our sister. So not all is lost.