Bismarck Tribune - Bismarck News - Conrad says bailout negotiators tried to meet needs

Conrad says bailout negotiators tried to meet needs

Sep 30, 2008 - 04:05:22 CDT

By BRIAN DUGGAN
Bismarck Tribune

It was back to work for North Dakota's congressional delegation Monday afternoon after the House killed a historic financial rescue plan that would have provided $700 billion in taxpayer money to help bailout ailing Wall Street firms.

As chairman of the Senate Budget Committee, Sen. Kent Conrad, D-N.D., took part over the weekend in negotiating with House and Senate leaders from both parties to construct a bill that supporters said is necessary to help prevent a potential economic collapse.

But it wasn't enough to convince the majority of the House, which voted against the bill 228 to 205.

"We had everybody's agreement, that's what's really vexing," Conrad said. "We supposedly met everybody's concerns."

The Dow Jones industrial average took a nose dive in light of the stalemate on Capitol Hill, falling nearly 780 points on Monday.

Rep. Earl Pomeroy, D-N.D., was one of 140 Democrats and 95 Republicans who voted for the measure, saying the bill was "far from perfect," but it was better than doing nothing at all.

"I voted for the bill because I believe there's a very serious financial crisis facing the country," Pomeroy said. "The lesson of Hoover economics is doing nothing is worse than trying to keep a bad situation from getting worse."

Duane Sand, Pomeroy's Republican opponent for Congress, slammed North Dakota's congressman for his aye vote, saying he would have voted nay.

"I don't think they should be bailing out these companies that made these huge egregious errors," Sand said, calling the 110-page bill that would have given the treasury department the power to buy toxic Wall Street assets, "feel good legislation."

Sand said those who voted for the bill, including Pomeroy, only did so for political reasons.

"This is Congress trying to get re-elected, trying to come to the aid of a major cancer with a Band-Aid," Sand said, saying he would support a bill that isn't "so intrusive on the free market principles."

Pomeroy disagreed.

"Voting no today was the easy vote; a number of them took the easy political vote," Pomeroy said. "We need to act in a bipartisan way or people are going to get hurt worse."

Sen. Byron Dorgan, D-N.D., was available for comment, but because of scheduling conflicts was unable to comment for this story as of press time.

Don Canton, spokesman for Gov. John Hoeven, said the governor wants to see some form of bill passed to help stem the growing financial crisis on Wall Street.

"He wants to see something done and it has to have accountability and transparency and taxpayers have to have some kind of return," Canton said.

(Reach reporter Brian Duggan at 223-8482 or brian.duggan@bismarcktribune.com.)

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Comments

GOP Corruption wrote on Oct 7, 2008 10:15 PM:

" To Dew: Obama votes against BUSH 96% of the time. The only thing that makes him is onboard with 70% of Americans. McCain voting with BUSH 90% of the time makes him the SAME as BUSH. Same policies that favor the Rich, the Executives, and the Corporations. The Fact is the GOP and McCain do no represent the Middle Class families of the US. That my friends is against the interests of every North Dakotan I know. "

dante wrote on Oct 7, 2008 9:05 PM:

" up until 2 years ago, i was a multi-millionaire, handsome, young, had lots of influence and fabulous babes and huge stacks of money surrounding me. then the democrats came into power, and in 2 SHORT years, i was ruined, it all just went away like magic!!! literally OVERNIGHT!(except for the part about me being young and handsome, i STILL have that.....) i swear all of this is true, i, and many others were sailing along like princes in Haremland, then the democrats RUINED it!! DEW, im available for speaking engagements if you would like me to campaign with you over the evils of NON-REPUBLICAN rule. "

Dew wrote on Oct 7, 2008 7:06 PM:

" mamamia, now we all know where you get all your info!..I am beginning to understand your posts! "

Dew wrote on Oct 7, 2008 7:04 PM:

" John McCain tried in 2005 to bring the Democrats on board to do wsomething about Fannie and Fredddie..... DEM Corruption better follow the money trail! Folloew th emoney, Chris Dodd got the most money from them!
Obama was next in line, and with only two years in the senate got almost as much as Dodd! John LKerry was next although he also had more time as a senator than obama did....
THAT MEANS OBAMA IS A BIGGER CROOK THAN DOOD AND KERRY PUT TOGETHER! "

Dew wrote on Oct 7, 2008 6:59 PM:

" GOP MaCain voting with Bush 90% of the time is really quite a lie on your part! There are so many 'bills' that declare a Bridge named afters omwone, or a Day (MLK Day) so yes, there are many timies when McCain votes with the Repbulicans! Did you know that Obama votes with the Liberal Democrats 96% of the time? Joe Biden and Barack Obama are the most libearal Democrats in Congress! Do we reallay want more ao what we have had the last 2 years in congress siince the Democrats took over?

ASK YOURSELF, ARE YOU BETTER OFF TODAY THAN YOU WERE 2 YEARS AGO? iF THE ANSWER IS YES, THEN VOTE FOR OBAMA!
I JUST CANNOT IMAGINE ANYONE SAYING 'YES, I AM BETTER OF TODAY THAN 2 YEARS AGO UNLESS YOU ARE ONE OF THE PEOPLE FROM AIG! "

GOP Corruption wrote on Oct 7, 2008 3:57 PM:

" Joe 6 Pack Definition: An marginally educated, marginally employed small town man who lacks any contact with social diversity. He would rather drink beer and whistle at women (as objects) than have an intelligent conversation. He thinks gays choose to be that way and would even try to pick him up if they crossed paths. He thinks that foreigners should learn the english language prior to moving to the US even though his ancestors where foreigners. He thinks a women's place is in the house watching after the kids. I hope Palin does get this VOTE because she certainly won't get anyone who is actually intelligent. I think we've had enough Joe 6 Packs kind of guys. Example......Bush!!! "

GOP Corruption wrote on Oct 7, 2008 3:46 PM:

" There is only one thing VOTERS need to know about McCain. He voted with BUSH 90% of the time. That is not a Maverick, that is a blind sheep following the heard. What's worse is that PALIN has invoked the same BUSH secrecy policies in Alaska. She is an extremist religious zealot who will run the country much like BUSH does.....From the Pulpit of her extreme religious views. She will surely support legislation to appoint Supreme court justices who take away a womens right to choose based on her religious beliefs. In other words, she will force her extreme religious views on you through changes in the LAW of the supreme court. "

GOP Corruption wrote on Oct 7, 2008 3:35 PM:

" The GOP Republicans have drove this country into the ground with their "GOP Crony Capitalism" economics where the money is suppose to "Trickle Down" from the overpaid executives and rich. The GOP should be Ashamed of themselves for supporting these overpaid and unregulated executives who have raped the middle class. Bush and McCain are the SAME. Same lies, Same corruption. Where does it end. 8 years of complete failures. There is no excuse. Since the GOP want to take No Responsibility, I will assure all of them now that the buck is going to stop with them on Election day whether they want it to or not. "

ND Taxpayer wrote on Oct 7, 2008 1:32 PM:

" I am just sick of this bailout to the people of Wall Street. Watching the Hearings on TV with the CEOs of these companies, why arn't they asked what did you get out of this bailout for a bonus, and what amount did you contribute to political candidates of both parties to get this bailout through Congress. I can remember when I was working, and was involved in a pension plan at work. It seems that each year the employer would switch the companies that had the pension fund and I would lose approx $1000 in my account for that year. When I left that company I took my pension plan out, as I didn't want them handling my money any more. You also don't see any of those commercials with the kids worrying about their parents retirement plans, and the last kid says:"I don't have to worry, my parents are with AIG". They just went bankrupt. I think we have to remember this whole situation when the election comes in Nov and also when our Rep and Sen are up for reelection. "

My Opinion wrote on Oct 7, 2008 9:05 AM:

" This bill didn't meet any of the taxpayers needs. It only spends spends spends on things that shouldn't be spent on. If Conrad truly thinks this is helping the taxpayer - he need a new job. What a waste of my hard earned tax dollars. "

MamaMia wrote on Oct 6, 2008 2:18 PM:

" If you all want to watch the VP debate, just go to snl.com -- it's all there! "

Dew wrote on Oct 5, 2008 8:04 PM:

" Fiscal Consrvative: LOL.... I bet the DEMOCRATS really listened to GW Bush and do what he wants..... It would ave beent he first time in history! what about the time that Bush wanted the congress to do something about Fannie and Freddie? NO the biggest Liberals are still Carter, Clinton, Obama, and Biden along with Maxine Waters, Barney Franks and Gregory Meeks "

Dew wrote on Oct 5, 2008 5:54 AM:

" Ann is right, there are never any head lines. I did not get online right away Sat.morning to read the Trib and when I did get on later in the afternoon and there was one head line about the debate....Sat, not Friday... And when I did click on it, it said it was no longer available! "

Fiscal Consrvative wrote on Oct 4, 2008 7:01 PM:

" It looks like the biggest liberal this country has ever had is at it again. President Bush used his influence to help these financial institutions line up like hogs at the trough to get more money from this administration and Congress. Of courese, this only adds to our national debt. This additional bail-out has only added to an already out of sight national debt. This debt will adversely affect not only my descendent's social security but my social security as well.
This presiden't name is really President George L. Bush. The L is for LIBERAL! "

reality wrote on Oct 4, 2008 3:32 PM:

" Pomeroy and Conrad have for years run on North Dakota values.

What value is it to mortgage our future on this risky bailout.

Notice how fast this thing was pushed and crammed down Congress throats!
Not enough time to think it through.

May Conrad has a chart for this one??????? Get real.... Help us all. "

Vetter wrote on Oct 3, 2008 8:22 PM:

" I have to agree with Ann.... "

Ann wrote on Oct 3, 2008 11:52 AM:

" I have to ask this, and maybe Online Editor, you could help - where are all the front page stories when it comes to the online issue of the Tribune? I can't find anything about last night's debate, nor have I been able to see much of anything here online covering the 2008 campaign and the recent financial crisis, although I do notice it being covered quite prominently when I happen to glimpse a paper copy. "

xx wrote on Oct 2, 2008 2:39 PM:

" meets needs "who's Needs" If i recall the first bill that failed had something like 113 pages now it has 450 pages and on Fox news last night they had a copy they went thru it and in it was a bill that gave tax breaks to a company that made childrens wooden arrows. I have to ask again- who's needs. Makes me think what else is in the other 337 pages. "

NDGuy wrote on Oct 2, 2008 8:40 AM:

" OK, this time I'm just plain mad. I find no middle ground in this debate and the evidence is overwhelming. The most telling and damning evidence of collusion between congress and their Wall Street banking buddies: TOTAL SILENCE. Where is the cry for hearings, investigations, etc. that usually accompanies the finger pointing and denials normally associated with this type of scandal? Once again our Senators and Representatives have chosen to abdicate their responsibilities to the people by passing middle of the night, pork barrel legislation (tax breaks for wooden arrows isn't pork?) and call it bipartisan statesmanship. I call it something entirely different but I know OLE will not let me say it here. Guess which of our great senators voted for this one. At least Dorgan got it through his head that North Dakota sees through this little game and voted against the sham. Good bye Conrad. Hope you get a nice job with great bennies from your buddies on Wall Street after the people of ND vote you out. Pomeroy, you're next up to bat. Follow Fancy Nancy at your own risk. "

Law wrote on Oct 2, 2008 8:15 AM:

" Oops, now its 800 billion after a bunch of pork is thrown in. If this is such a finanacial calamity why our they loading it up with pork? At least one of our three is seeing clearly. "

dof wrote on Oct 2, 2008 7:13 AM:

" This Wallstreet Bailout reminds me so much of the Farmer Writedowns of the late 70's and early 80's. Large irresponsible farmers who bought everything in sight... pushed and shoved neighbors out of the way, suddenly became insolvent. Rather than shutting them down and letting the free markets take care of the problem, the gov't stepped in and gave the big guys write downs, they even gave the land hogs a new chapter in the bankruptcy code...chapter 12. The small guy that paid his bills and met his obligations recieved nothing. The irresponsible borrowers got hundreds of thousands in writedowns that were to be paid back when times got better for them. Do you know what? The irresponsible borrowers just kept borrowing and kept getting bigger, so the times wouldn't get better, most of them never did pay back the gov't....Now the sons of the land hogs, no longer go to ag. colleges to learn to be responsible farmers, instead they go to law schools and become accountants. As one of these kids told me...if you want to be a farmer go to 'SU if you want to own the farm go to the 'U.....Wallstreet is no different. We can bailout these greedy pigs...but if the taxpayer ever thinks he will get anything back...he is very niave! "

Glenn wrote on Oct 1, 2008 3:17 PM:

" It is an interesting read, the 451 page Senate Bill they are discussing. It provides unprecedented freedom for the Treasury Secretary to spend tax dollars where he wants, determine the rules he will use, hire as much staff as he needs to manage the program, keep people who cannot afford to pay for their house in their house, and, the one I really like, it provides for prevention of "unjust" rewards for corproate executives. (Unjust to who? I am sure they thought the millions they were already making were justified, so this truly does not change anything). In short, it is an abdication of responsibility by both branches of government; it is socialization of a part of the financial sector; and it does not provide specific controls or oversight to prevent further fraud and deceit. It should be defeated. Congress should first look at itself and disqualify those members who are culpable in this mess, and then let the ones who are not work to create a solution that trly achieves market regulation that makes sense, and provide some tools or funds as a last resort. This bail out is simply the wrong thing to do. "

Law wrote on Oct 1, 2008 3:07 PM:

" I thought Conrad was for balancing the budget? How can spending another 700 billion help accomplish that goal? I don't believe a large scale bailout is warranted and if they spend that kind of money and it doesn't work....maybe a trillion next time. "

NDGuy wrote on Oct 1, 2008 2:36 PM:

" To NS: Yep, I agree throw our congressional delegation a line and drag them back to reality in North Dakota. Then take that same line and it to tie each one to a rail, get the tar and feathers out and have us a party. Maybe then they'll get the message and start to clean up their acts. Or, maybe not. As to the remark about the "misguided opinions of most of their constituents", UMMMM, isn't that called a democracy where a majority (even if misguided) rules? We have the right to hold all the "misguided opinions" we want and if we are in the majority we also have the right to vote the opposition out of power even if they were right all along. I believe we live in a representative democracy because we elect our representatives (and senators) directly by the people. They are supposed to represent us and our "misguided opinions" as the will of the people. When they begin to believe they know better than the people we no longer have government of the people by the people and for the people but government of the people by the few for the few. Look out for that "for the few" part if you aren't part of the few. This bailout may help those who are "Joe averages" but it will definitely help those who are "richie riches". Call it class envy if you want but all I see is a bunch of political hacks covering the backsides of their billionaire buddies who messed up big time and are now calling in all those favors given for all these years. "

NS wrote on Oct 1, 2008 1:31 PM:

" I have never been a fan of our Democratic delegation but must give them credit for understanding the seriousness of the current crisis and voting for the rescue plan despite the misguided opinions of most of their constituents. Those who think this is nothing but a government funded bailout for the rich do not have a clue. When someone is drowning you throw him a life preserver, pull him on board and then berate him for being so stupid. It is at that point you should teach him to swim so it doesn't happen again. We can't risk capsizing the whole boat because of the mistakes of one stupid swimmer. "

Economic Conservative wrote on Oct 1, 2008 11:57 AM:

" You are absolutely right Seven Gone, I have no job, mainly because I have never expected the government to support me. I have however been a successful business owner and investor, once again not expecting anyone to do the work for me. I realize it's an old fashioned idea, but doing for yourself is a good concept. As for my polticial views, this is the very first time in my life, 1/2 century plus that I won't be voting Republican across the board, mainly because there are no Republican candidates in ND and I think Mc Cain is Bush clone. However, Obama won't be getting my vote either, as I hate tax and spend candidates. I guess my vote for both President and Govenor will be wasted on candidates that stand for economic conservatism yet have no chance to win in our socialist, what can the government do for me, state. Keep thinking like you do seven gone and enjoy your pitance of Social Security you will be living on when you retire. That is if there is any of it left. "

Worried Yes Panic No wrote on Oct 1, 2008 11:43 AM:

" I agree that the problem needs to be addressed, but quick action and no planning is only throwing good money after bad. I saw this on Lou Dobbs, CNN last night and I think every political leader should at least give this consideration before they support any plan. We need to quit the scare tactics and look to the future.

CNN repost: Reps. Peter DeFazio (D-OR) and Marcy Kaptur (D-OH) joined the program last night to discuss a different plan one based on the recommendations of former head of the FDIC William Issac. Instead of paying billions of dollars for Wall Streets worthless debt, this plan calls for a sensible re-regulation of the markets and a mechanism similar to the Resolution Trust Corporation, which was set up after the savings and loan failures of the 1980s. "

seven gone wrote on Oct 1, 2008 10:44 AM:

" economic conservative: yet again, you completely lack a perception of what is the real problem at hand. so sure, go ahead, no bailout package, whatever , who cares.let "the rich" lose money, just fine. when you and your ilk are laid off and whatever job you do (if you do one) is outsourced to pakistan permanently, you can sit around and cry for a pacifier for obama to throw you. "

krten wrote on Oct 1, 2008 8:44 AM:

" "To krten" and "Too Early", thanks for your replies. I have trouble understanding my own checkbook, so I am pretty much at a loss for understanding Wall Street and the financial giants. You've put it in good perspective for me. Thanks. "

NDGuy wrote on Oct 1, 2008 8:26 AM:

" Oh my, and everyone thinks the bailout stinks. But then some think it should be done anyway. Going ahead with this bailout scheme is nothing more than a cover up for mismanagement and collusion on the parts of our elected officials and Wall Street big shots. It stinks to high heaven of corruption and politics. Well, if something stinks in your house what do you do, get rid of it or just spray deodorant on it? Now, we can't get rid of Wall Street and we can't get rid of the federal government. We can get rid of those idiots that got us into this in the first place. Vote every incumbent out of office, especially those on the house banking committee; it was their responsibility to see this one coming. Vote every incumbent out of office that even suggests raising taxes on the middle class. Vote every incumbent out of office that has even a hint of inappropriate behavior, personal and professional. Vote every incumbent out of office that has more than 2 terms. Then let's start over and get it right. As for those of you afraid of a depression, yes, it will hurt, badly. Im about to retirement age and you dont even want to know how much Ive lost these past weeks. It doesnt look good for an early retirement at my house. But maybe we need to be hurt badly to remember the values of our fathers and grandfathers that made this country the nation it was. Hard work and sacrifice not borrow every cent I can get my hands on so I can have it all now. Stepping down, once again, from my soap box. "

Radio wrote on Oct 1, 2008 7:47 AM:

" What I find funny, is that now they are calling this bailout, a "Rescue". Do they think by calling this a rescue, that we Americans will think better of it? Also, while we were looking at this bailout, the goverment gave auto makers $25 billion of tax payer money to help them out. "

Too Early wrote on Oct 1, 2008 6:20 AM:

" krten asked "How does the proposed $700 billion emergency bailout for the nation's financial system help us common citizens of the U.S. of A. struggling financially day-to-day? How? What benefit is it to us?"

For starters, how much would it affect you to lose your job? A freeze-up on the movement of money and credit means that people are not buying whatever your employer is selling.

This bail out stinks. It's the outcome of huge irresponsibility on the part of our elected representatives in both parties over the past dozen years or more. They saw this coming but chose political donations and partisan politics over the welfare of the populace. It's also the outcome of the greed of every link in the credit chain starting with people who knew they were rolling the dice in taking on too much debt but did it anyway. But there aren't many alternatives to a bail out that most people will find very appealing at this point. It might not even work. It's a Hail Mary pass at this point.

What's still missing is fundamental changes to the system that allowed this to happen. If there's a bail out without fundamental changes to the system, it will happen again. That's my concern. "

To krten wrote on Sep 30, 2008 9:17 PM:

" Do you use credit cards? Do you have car loans, student loans, etc.? Are you looking at buying or selling a home? Do you have money in a 401K? Do you work for or own a small business? Do you or your children need student loans? These are all issues that are affected by this credit crunch and if something is not done to shore up our economy, you can kiss all of these forms of credit goodbye thus resulting in job losses, failed home sales, lowering home prices, etc. It's not hard to see how this trickles down to the average citizen, but some people refuse to look at the big picture and only think that this is bailing out the big guy. WAKE UP PEOPLE...THIS IS ABOUT YOU AND I and if our government does not step up to the plate and come up with some sort of rescue plan, we will all feel the pains of this economic meltdown. Go talk to some of the small businesses in the community and they will tell you how bad they are hurting. "

engr wrote on Sep 30, 2008 8:21 PM:

" Do people not understand that Wall Street IS Main Street???!!! Two-thirds of the country, including myself, have investments in the stockmarket. I don't like gov't intrusion into the so-called 'free market', but I do believe something has to be done, and I commend Pomeroy for voting "yes" on this measure. "

Home Town Girl wrote on Sep 30, 2008 4:35 PM:

" How long can we continue to "bail out" big business and who will be next? It doesn't take a rocket scientist to figure out if one can afford a home or not. For those of you who are in the predicament of being forclosed on or have been here is a formula for you. Add up all net take home pay. Then add up living expenses like food, health care, vehicle payments, ect. Then subtract living expenses from total take home pay. What you have left has to be enough to cover the home payment plus taxes and insurance. You can find this all out before you sign the loan papers. We all have scrapes in life this is big business's scrape now let them heal on there own. "

krten wrote on Sep 30, 2008 4:33 PM:

" How does the proposed $700 billion emergency bailout for the nation's financial system help us common citizens of the U.S. of A. struggling financially day-to-day? How? What benefit is it to us? "

PO3 wrote on Sep 30, 2008 3:02 PM:

" Democrats and Bush all think the same way when it comes to spending our hard earned dollars, just keep spending and spending and spending. "

Lou Dobbs wrote on Sep 30, 2008 1:52 PM:

" http://www.cnn.com/2008/US/09/30/dobbs.qa/index.html "

Law wrote on Sep 30, 2008 1:50 PM:

" Pomeroy followed the party line, I believe most ND residents were against the bailout as it was presented. "

Razors Edge wrote on Sep 30, 2008 1:31 PM:

" To Razors Edge:

I have been watching my retirement savings drop just like everyone else. What you seem to forget though is that we are a nation living on credit and consumerism. A person can only borrow so much. We've hit that point, and we need to correct it. The government doesn't need to bail everyone out. The government doesn't even have that much money. Well unless you count them printing more of it off which inflates our dollar more.

We as a nation need to rethink our priorities. We need to realize wanting and needing something are two different things. I remember a little while ago in the Tribune people complaining about places to ride atv's, and people needing to share the river with boats/anglers/jet skis. Do you really need all of those things? "

Economic Conservative wrote on Sep 30, 2008 1:20 PM:

" I watched the vote yesterday on CNBC which split screen thier broadcast with the floor of the market. The anger in the faces of the floor traders was unmistakable. You could even hear some of them saying we need the DOW to collapse today so it looks worse than it is. We don't nned to bail this market out with tax payer money. Look at todays market: instead of crashing it is in the midst of a semi recovery from yesterday. Let these Wall Street gluttons spend a little time living like those of us on Main Street and see if it doesn't cure thier appetite for greed and more. Since the average houshold income in ND is about 45k I am curious just how many of you "the sky is falling" reactors even have the more than the FDIC insures on deposit with any bank. Here's a thought, what happens if a federal bailout fails, will the FDIC even have enough left to insure your accounts at all? "

Mike wrote on Sep 30, 2008 12:09 PM:

" If the markets in need of the bailout how come the market is doing good today? I thank the republicans for stopping this bill! "

A better plan wrote on Sep 30, 2008 12:05 PM:

" First off, the bill reportedly contained a special provision (maybe it was removed from the final bill, although that has not been reported), to provide NO LESS than 20% of any profits to the far-left special interest group, ACORN. ACORN is under investigation for alleged voter registration fraud in several states. ACORN pushed sub-prime products in the goal of getting poor people into housing. Noble, but doesn't work. This is outrageous. I contacted the delegation stating this provision must be removed. Completely inappropriate.

Neil Cavuto and a handful of economists are saying they don't think this bill will help, but hurt in the long run. Devalue the $, create inflation. Some are saying a loan program would be a better option. Make the companies who take the funds work and sweat to pay it back. Suspending the mark to market accounting rule would help too.

Rewarding bad behavior and dumping assets that no one can value is not a good idea. Having a Treasury Secretary who meets with Goldman Sachs, the Fed, and other government heads to craft the AIG bailout, which Goldman had $20 billion exposure to, wreaks. Reportedly, Paulson called Buffet prior to the AIG bailout. Now he takes a $5 billion stake in Goldman? The abuses will continue and those in power will take care of themselves first if a bailout involves just handing them the money. "

To Razors Edge wrote on Sep 30, 2008 12:04 PM:

" What if the economy does not recover on it's own. Are you willing to go through a depression before it right's itself? Are you willing to have all of your credit dissolve before your eyes? Do you have kids that might be needing loans for college. How about your home, are you willing to see it's value drop? Are you willing to see your retirement and savings accounts drop significantly and possibly down to nothing? Are you willing to lose your job because your employer can't get a line of credit to keep business running and because consumers have stopped spending? Are you willing to drive your old car for the next 10 years because you won't be able to get a car loan? If your answer to these questions is no, then you better rethink the bailout. It needs to happen or all of these scenarios are likely to come true. "

back to basics wrote on Sep 30, 2008 10:20 AM:

" we all know that something needs to be done, but come on, So let's set a precidence that anytime any company that large gets into trouble by making bad decisions over an over again, the us gov just bails them out, keep your bonuses, we'll bail them out'. what a joke. but not to worry, the working class still has taxes to pay, "

just saying wrote on Sep 30, 2008 10:11 AM:

" To HeadShaker: Are you counting the 17 members from Barnie Franks own committe who voted against the bill? Get real... The Dems simply must pass this bill (and they DO have the power) in order to disguise how deeply entrenched they are in this greed and corruption! (Fannie Mae/Freddie Mac???) Ya think? Maybe you can say Barnie Frank! How about Sen Dunn? Oh ya, better yet, can you say: SEN OBAMA? Since the Dems took control of both houses is precisely when this greedy and corrupt mess gave birth. Look up and see the REAL problems with this issue. I for one, contacted all our congressmen, stating my anti-bailout approach. So much for the "serve the people oath" these crooks take! So say nothing of do-nothing congress run by Nancy Pelosi!! Just sayin.... "

Razors Edge wrote on Sep 30, 2008 10:01 AM:

" Head Shaker:

I think this is something that has to happen, and I think most people agree with me. Alan Greenspan's policies of allowing bubbles hurt us. This should've happened after the dot com bubble burst, but it didn't. We just created the housing bubble, the credit bubble, and the oil bubble (which hopefully burst). Let the market fall, and recover on its own. In the short term it will hurt us, but we are better off in the long term. "

Frightened and angry wrote on Sep 30, 2008 10:01 AM:

" Head Shaker you voice my sentiments exactly. Now our Congress is in recess until Thursday because of the Jewish holiday of Rosh Hashanah. What is going on? Is a contagious virus of stupidity spreading through our nations capital? As far as the rest of you Bloggers are concerned I hope you are a debt free group of ranchers, farmers or oil field workers. As for the average person working in retail or the owner of a retail business you could very well be unemployed or out of business in a few weeks because of the credit crunch. The last thing I am going to do now is buy a car, appliance, clothing, go out to a restaurant, buy a home, farm equipment or anything else that takes a capital outlay of more the twenty dollars other then groceries (a lot of hamburger and bread) and the bills like telephone, heat and electricity, water, garbage collection and medical bills. Christmas shopping in December; forget it, there will be little or no gift giving from me. I am going to hunker down with what financial resources I still have! Money has to flow in order for our system to work. Not me now, I am building a dam and am hording my financial assets. "

To Law wrote on Sep 30, 2008 9:40 AM:

" How does pomeroy follows the skirt tails of Polosi again? She is against Bush and the Bill---She gave a speech and it persuaded most of the Republicans to vote no instead of yes? To Sand...Pomeroy voting Yes...i would say that is NOT a political stance...that is pretty gutsy to me...when i am totally against the bill...Alot of people in ND are also against it too. But, i do agree that something needs to be done with this. So, its now back to the drawing board. "

Rusty Shackelford wrote on Sep 30, 2008 8:55 AM:

" I contacted all three of ND's Congress men. I asked them to vote no on the bail out. I would hope others would do the same.
Here is Earl Pomeroy's website:
http://www.pomeroy.house.gov/index.asp?Type=B_LIST&SEC={D3F611BC-9880-41C6-BEA9-512F3A13EEAB}

Byron Dorgan's:
http://dorgan.senate.gov/contact/

Kent Conrad's:
http://conrad.senate.gov/contact/webform.cfm "

Head Shaker wrote on Sep 30, 2008 8:12 AM:

" Come on people! This bailout needs to pass. It's not just about Wall Street and the big cats. Saying no to this bailout is going to hurt EVERYONE down the line. If you have a 401K or pension plan, take a look at how it was affected yesterday. Our life savings are being depleted by politicians who are more concerned about their job security than they are about the American people. Our country is in a crisis and if something isn't done soon to help it out, we are all going to be paying price. I think too many people are looking at their own personal situations rather than the big picture. We'll all be sorry that this bailout didn't pass and I'm so disgusted with our government right now. "

Law wrote on Sep 30, 2008 8:00 AM:

" And Pomeroy follows the skirt tails of Polosi again. Party first. "

abc wrote on Sep 30, 2008 7:36 AM:

" Why is Senator Conrad the headline, and not Congressman Pomeroy? The vote was in the House of Representatives and Mr. Pomeroy is not mentioned until the sixth paragraph. The Congressman tries to redefine his action as being a vote of conscience, but I think it is absolutely shameful that he voted to throw a minimum of $700 million to Bail Out the banks that created the problem. You either believe in capitalism or you don't: Mr. Pomeroy apparently believes that there should be no limit on the profits of big corporations, but the government should put a floor under their losses. "

Economic Conservative wrote on Sep 30, 2008 6:39 AM:

" The main isue Sen. Conrad is missing once again is the what the people want. As we all know many of these elected officials were bombarded with calls, letters and e mails from thier constituents that voiced opposition to this bailout. I am curious Sen. is your job to listen to the voters or do what you feel like doing. We all know you have way too many close ties with the mortgage industry, but why blame en elected official for voting the way his district wants him to vote? We all know many in Congress thin the voting public are ignorant, don't contribute monies that can match this huge special interest group and can't do anything personally for you all, but we can collectively vote them out of office. Stop being angry at your collegues for casting a vote against socialism and standing up for free enterprise. "

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