Charting the 'No' votes
By Glenn Roberts Jr., Wednesday, October 1, 2008.Bookmarking Sites
The New York Times displays, with maps and charts, the source of the "no" votes in the U.S. House of Representatives over the $700 billion federal plan to kick-start the financial markets. The legislation has been referred to as a "rescue" or "bailout" plan, depending on who you talk to. The House voted down the bill in a 228-205 vote Monday (see Inman News article).
The Senate will revisit the issue in considering similar legislation -- a vote is expected later today on the Senate's version of the plan.
The Pew Research Center for the People and the Press reported that public support has declined for the government plan. A survey conducted Sept. 27-29 found that 45 percent of respondents said the government plan is the right thing to do, while 38 percent said it's the wrong thing to do and 17 percent didn't know or refused to answer.
That compares to a Sept. 19-22 survey, which found that 57 percent said it's the right thing to do, 30 percent said it's the wrong thing and 13 percent either didn't know or refused to answer.
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Submitted by No Bailout on October 1, 2008 - 3:19pm.
No Bail out! Congress was warned by regulators years ago about Freddie and Fannie Mae. Why didn't financial institutions make every attempt to keep people in their homes, cut their losses and re-write the loans? Now we are asking some of the same tax-paying people to approve using their tax dollars to bail out these same institutions!!! This is the same bad debt compounded by lost lending opportunity. Offer those with excellent credit lower interest rates to buy these distressed properties. Yes, we will end up returning to high interest rates or tight lending regardless of the bailout because the same people are making the decisions. BTW, Clinton also knew about the Freddie Mac/Fannie Mae problems. This is a bi-partisan initiated problem and we are using the same politicians/execs that got us in this mess to propose a bailout to get (them) out of this mess! Check it out: http://video.google.com/videoplay?docid=-2405671572359255172&vt=lf&hl=en
Submitted by Steve Simon on October 2, 2008 - 2:24am.
I think the comment titled, "no bailout" would be close to my position. I agree with the source of the FNMA FHLMC problems, and the overall message.
I think its a basketful of factors that have unfortunately come together to create the "Perfect Storm" we are in. My only hope is that it doesn't last more than a few years; i only have a few good years left, I think?
If the answer to a complex problem is very simple, it is usually incomplete...
Steve Simon is the lead instructor at the Steve Simon School of Real Estate www.stevesimon.us