SURVEY SAYS: What About that Bailout?
This week, I asked readers what they thought about that $700 billion bailout/rescue.
Nearly a third of this week’s respondents said they were “resigned” to the $700 billion bailout/rescue (p.s. I understand that the version the Senate voted on last night is up to $850 billion – surprise, surprise), and nearly a quarter ( 24.1% ) said “it’s necessary.” Just 3% said it was “necessary”, while 18.4% said it made them “queasy”, 17.7% said it made them “violently ill”, and just under 8% said they don’t know enough to know how to fell about it.
As for the vote in the US House on Monday, just under 40% said they were “relieved they slowed it down”, and about 19% said they were glad/hoped they had stopped it, perhaps for good. Just under one in ten ( 9.2% ) were mad that they didn’t pass it, while 17.8% wished they had passed it. Roughly 14% said they were not sure how they felt about that rejection.
There were, as you might expect, lots of passionate thoughts on the subject. Here’s a sampling:
“The experts seem to think it’s necessary and I concede. It just makes me nervous what will happen if this doesn’t work.”
“I’m in the camp that feels that $700B isn’t enough…”
“Hope they stopped it for now anyway. I don’t particularly like bailing out the greedy people who got us into this mess.”
“I’m not at all happy that it got to this point, but something is needed to restore the credit markets to something resembling normality.”
“I am angry that we, the taxpayers have to step in to stabilize this mess and I hope we implement a rescue that does not reward the greed that lead to this debacle. Greed of individuals who bought houses they could not afford, greed of mortgage brokers who sold mortgages knowing they would not be repaid, greed of financial institutions who based bonuses, MASSIVE bonuses, on the worthless mortgage backed securities and greed of Congress for the campaign contributions and future jobs received from the financial institutions they were supposed to be regulating.”
“How about people being held accountable for their actions. Instead of bailing them out at the expense of others who are accountable for their own debts. It makes me mad… If they are bailing them out they need definite checks & balance not just a blank check…”
“Glad to see that your survey permitted me to simultaneously vote “it’s necessary” and “violently ill.”
“Will someone commit to bailing me out when I can no longer meet my financial obligations due to decreased net pay as a result of increase taxes for the bailout?”
But this week’s bonus question Editor’s Choice goes to the reader who said, “Why doesn’t someone rescue me?”
Thanks to everyone who participated in our survey!
| Anybody remember the Commuity Reinvestment Act fromt the Clinton administration. Check out YouTube. |
| The experts seem to think it's necessary and I concede. It just makes me nervous what will happen if this doesn't work |
| I'm advocating the Mark -to - Market changes, the insurance, and the cessation of capital gains taxes to encourage investment in real estate. Let's at least try another option before spending 700 billion. I'll be voting against any of my representatives that vote for it in the next election. |
| I'm in the camp that feels that $700B isn't enough... |
| it should be a work out or a loan - not a bailout and we should start with the CEO's contributing to the amount of money needed. |
| While understand the public loathing in bailing out the tycoons, something has to be done to get the credit market moving again or we will simply be repeating history. The sad fact is Wall Street is the credit market. Don't give them the keys to the kingdom, but get something done. |
| How about people being held accountable for their actions. Instead of bailing them out at the expense of others who are accountable for their own debts. It makes me mad... If they are bailing them out they need definite checks & balance not just a blank check... |
| I hope the wealthy are happy. |
| It infuriates me. |
| Though something needs to be done to prevent what could be another "depression", I don't think it should be the government's financial responsibility to do so. In essence, the tax payers will foot the bill in the end, with no one to bail them out from the rising cost of living. It think the multi-million dollar CEO's and Corporate Officers need to be held accountable for properly managing their businesses. |
| During my flight Thursday, the man next to me suggested about 100 to 150 people need to go to jail over the fiasco. It was refreshing to hear - since I've not heard much talk of holding anyone legally responsible for the actions which brought us all to this point. I don't know what the right thing to do is - but it certainly seems right to NOT "let people off the hook". We're all supposed to be upholding fiduciary principles - who threw out the fiduciary rulebook for these companies?! |
| I don't know what the final form will take but it's obvious that politicians can't let people live with the consequences so something will be done. |
| Hope they stopped it for now anyway. I don't particularly like bailing out the greedy people who got us into this mess. I've worked for a high tech company before - and while they were laying off people - good people who did above and beyond their jobs, they'd be handing out millions of dollars in bonuses to the big chiefs who were running the company into the toilet. There is something quite wrong in that, isn't there? By the way, the company was Motorola.....and they're still doing it. |
| I do not know which is worse. The cost to taxpayers or the fact that I finally had to agreed with Newt Gingrich! |
| They need to fix the entire system, not just throw money at a short-term band aid. Otherwise it will happen again, just in a slightly different form. |
| The markets were long overdue for this correction; let this run its course quickly and painfully. Japan interceded a similar banking meltdown 18 years ago and is still working through it. |
| The first step has to be to correct the unintended consequences of the regulations that got us to this point. That seems to be missing and congress seems to not want the details to make it to the general public before they vote. It appears to be more about congress grabbing power rather than the US economy at this point. |
| I think that something should be done at the individual level - help the families that are struggling instead of trying to temporarily shore up the market by propping up the banks. Many, many struggling families' mortgage payments could be made with $700 billion. |
| I think it's necessary but I don't understand enough about all the add-ons and control provisions to understand whether it's the right bailout package for the majority of Americans. I am nauseated by the politicizing by those running for re-election and their refusal to consider a bailout, or at least creating that perception. And those who are trying to tag this crisis with this slogan: "Wall St. vs Main St" are completing missing the big picture that many Americans who live on Main Street ARE also Wall Street, whether through their own personal or company investments in stocks or through their needs for loans from their local banks. This is not an us vs them but a matter of survival for us all. |
| All those senators who went home to campaign should be made into lame ducks on Nov 4. |
| Will someone commit to bailing me out when I can no longer meet my financial obligations due to decreased net pay as a result of increase taxes for the bailout? |
| I'm certain that the government cure will be worse than the disease. |
| Why doesn't someone rescue me? |
| They should never have labeled it a Bailout! Instead should have called it a Recovery. Unfortunately it again became political - instead of both parties working together in this time of credit crisis. |
| I'm not at all happy that it got to this point, but something is needed to restore the credit markets to something resembling normality. |
| it's only a piece of the puzzle--and it doesn't seem like $700 billion will cover it all.... |
| Once again our politicians are trying to make themselves look good by sticking it to the taxpayers. I really believe that market forces will straighten us out without Congress sticking their noses in. |
| Something has got to happen...for the better! |
| It would be nice to know that the US had these excess funds for this bailout. The idea of using funds from other countries to bail the US economy out of trouble is more troubling than the situation. What will it cost us in the long run to be beholden to those lenders? I shudder at the thought! |
| Closer to socialism by passing and opening the door for more future bailouts at tax payer expense. Fire all of our current legislatures, they no longer understand our constitution or bill of rights. |
| What happened to free markets and less government? Instead let's have the government run everything. You can call the plan whatever you want. As a goverment we complain when other countries take over businesses (Venezuela and the oil companies) but apparently it is ok when we do it. Bring on Socialism. |
| As a proud middle income worker, my retirement plan is taking a fast downhill slide. I have been saving my entire working career and it is depressing to see my hard earned money slipping away. The wealthy people won't be hurt by any of this and the low income people don't have any money saved anyway. The middle class always gets the hardest squeeze. |
| I want market stability but do not want to bail out risky business and personal investments, the key term is "risk". Most importantly, I do not want to set a precedent; "so what!, the government will bail us out" |
| I think it will help the economy but I don't agree with the provisions to pay the executives of the companies over $80 million in severance packages. |
| Glad to see that your survey permitted me to simultaneously vote "it's necessary" and "violently ill." |
| IMHO, the recent market events certainly need some intervention. While I don't propose anymore governmental regulation than necessary, I think this is the lesser of all evils. I also believe this is a very complicated issue that the majority of Americans will never understand. |
| ....... to avoid a drawn out solution that I believe would take a much longer period of time to correct. I do believe it would be corrected through "market forces", but I also believe that would have more serious, and potentially longer term, negative effects on my country if it were left to play itself out on its' on. |
| It's very difficult to find out the real answers when you do not have consensus in Congress let alone with economists. But, if it will help the credit crunch and the economy moving again, then I'm for it. Although, the folks that got us into this mess need to be held accountable, but I doubt that will come to pass. |
| I think that the mortgage industry should take most of this on their sholders. I dont like that the government and taxpayers are having to pay off the debit of people that should not have been loaned the money in the first place. Our future generations will have a huge problem with the new debt along with existing debt. banks should be held accountable along with the people that knew they could not pay off the mortgages. Let them pay more of the debt. Maybe higher taxes for the debt that they loaned and couldn't pay back. |
| I agree that the government should not be responsible to bail out companies who mismanage. However, if this goes unaddressed the economy has no chance of bounding back. Sometimes we just need to suck it up (oh, and some of this money should come from the golden parachutes of the executives....they obviously don't deserve it). |
| I feel good with the outcome. I realy think that if the american tax payer has to foot the bill, then some butts need to be in jail. If no one goes to jail, then we should pay the bill. Either way, someone needs to go to jail. |
| It's beyond sad. Fat cats got really fat and the poor pathetic souls who work uncountable hours each week, are barely surviving. While some people themselves are to blame for their housing situation, the mortgage companies and lenders are the real criminals here. "No money down...we can get you approved"...that's all they knew how to say so they could make the sale and get their commissions. Now these poor folks are homeless, jobless and have no where to go. I'd be nervous if I were in their shoes because what goes around comes around...I wouldn't want to be them when the favor is repaid. |
| I am angry that we, the taxpayers have to step in to stabilize this mess and I hope we implement a rescue that does not reward the greed that lead to this debacle. Greed of individuals who bought houses they could not afford, greed of mortgage brokers who sold mortgages knowing they would not be repaid, greed of financial institutions who based bonuses, MASSIVE bonuses, on the worthless mortgage backed securities and greed of Congress for the campaign contributions and future jobs received from the financial institutions they were supposed to be regulating. |