Watching out for the interests of Main St.
The events of the last week have been bewildering to a lot of Americans. Talking heads on the news are screaming about a financial crisis that needs action and attention right now in order to save the country from terrible consequences. Americans grasp the outline of this, but the details are fuzzy at best. What is going on and what does it mean for people worried about their futures, their ability to keep their homes, provide for their families and put something away for retirement? Who is watching out for the interests of the people in this noisy and chaotic debate going on now?
The last thing this debate needed was an injection of partisan politics. Americans do not want to see their financial futures sacrificed for a game of political chicken that doesn't solve anything. The people want their elected representatives to do their jobs and find solutions that begin to address our problems, not posturing and finger pointing that accomplishes nothing.
Americans want to know that their interests are first and foremost in the minds of government officials. The current turmoil is not just about derivatives and credit swaps and other distant financial terms that only investment bankers and financial gurus seem to understand. This crisis directly affects millions of Americans who are worried about keeping their homes and jobs. It's about small business owners who want to make sure they are not an afterthought in this financial battle over the interests of huge banks and financial institutions.
Small business relies on access to credit. Restaurants and small shops on Main Street need access to loans and lines of credit to get their businesses started and to keep them running. The current financial crisis threatens that flow of credit.
Senator Kerry has filed legislation that would lift some of the restrictions that are preventing small businesses from using loan programs from the Small Business Administration. Credit from private banks has become too difficult to obtain for a lot of small businesses. The new legislation aims to eliminates some fees in certain SBA programs and increase the loan size in other programs. These actions, and others in the legislation, aim to help small businesses get what they need to weather this crisis and preserve jobs.
It is vital that we look after the interests of small as well as big business in this financial crisis. As Senator Kerry said in remarks about his new legislation:
"If we can spend $700 billion to fix Wall Street, we should be able to help our everyday entrepreneurs who employ half of America's workforce and pump almost a trillion dollars into the economy each year," Kerry said. "These owners are suffering today because of a credit crisis that is preventing them from gaining access to the capital they need to keep running - let alone to expand their firms to compete globally."
"At the root of this mess is a lack of oversight and severe deregulation of the financial industry, causing turmoil in America the likes of which we have not seen since the Great Depression," Kerry said. "In addition to reducing fees and regulatory burdens on programs that stimulate economic growth and job creation, and improve liquidity for small banks, my proposals also increase lender oversight."
"My changes will fill the gap left by the private sector at a time when our nation's owners and employees on Main Street are wondering why the CEOs who created this crisis are receiving a bailout when they're struggling just to keep their doors open," Kerry said. "It's essential that we bring our economy back to life, but we must do so in a way that doesn't continue to punish America's hardworking entrepreneurs for the sins of Wall Street's titans."
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Dear Senator Kerry,
Please do not vote for this bailout. It will set a terrible precedent and will impact future generations tremendously. You voted for the war. That was a mistake. This would be another great mistake.
If you vote for the bailout, I will not be able to support you in the election as I have over the years.
Respectfully,
M. Moyer
I agree with the above poster. Please find an alternative solution that doesn’t involve writing a blank check to the very people who created this mess. That money is better spent supporting the victims of the crisis down the road.
Thank you.
since the us bailout will come exclusively from US taxpayers, why is it that the treasury continues to allow foreign companies access to the fund. there was a recent quote that the top four foreign banks in europe combined will use up over 30% of the fund capacity. Unless the other central banks are willing to contribute it seems unfair that us dollars are siphoned off to foreign companies regulated by non us central banks.
Senator Kerry, please do not vote for this bail out. Congress has already set an ugly precedent with earlier bailouts and this will only serve to continue the message that you can benefit when times are good, but when times are bad the taxpayer will be there to save you. What’s next - credit card companies, auto manufacturers (although we’re already helping them), airlines? Will it be up to the taxpayers to help me if I go bankrupt or if my company fails for some reason? A vote for this bailout is a bad decision and one that will resonate as such for a long time. Not only for us, but for our children as well. What we need to remember is that this is $700B that we don’t have in the bank. We need to borrow it! Doesn’t this alarm anyone?
I am not from Massachusetts, I am from Iowa and I don’t claim to know all the facts of this bail out situation. I believe it is mainly the fault of the Bush Adminstration and another examople of how they have failed the people.
Speaking for myself, I will leave it to Senator Kerry to do what he thinks is best. I have always trusted his judgement and always will!
Sen. Kerry keep up the good work helping small business during these trying times. You can always depend on John Kerry to keep focused on his work and proposing tangible programs and legislation needed to help small business and working families
They should continue to work on a solution. It takes compromise to make America and it always will.
We need a new President. I wish it would have been Senator Kerry but it wasn’t. I hope Obama wins but do think McCain will be a slight improvement over W.
Dear Sen. Kerry:
KINDLYH BE SURE TO SAY AND VOTE ‘NO” TO THIS RIDICULOUS BAILOUT OF FAT CATS WHO WILL ONLY PAD THEIR OWN SALARIES AND CONTINUE THEIR ROBBER-BARON TACTICS ON WALL STREET. VOTE “NO” THIS WEEKEND.
B. E. DOTEN
MARTHA’S VINEYARD
Dear Senator Kerry:
If partisan politics are more important than trying to fix this financial crisis that was caused by the republicans then we are in serious trouble. I see the conservative republicans hijacking the spotlight in this bailout plan to keep the american people from finding out that it was their own deregulation policies that caused this mess.
Where is the Democratic voise on this? As usual they are no where to be found. They are being scapegoated as usual by the republicans. Get tough demo’s! Start with educating the people in very clear terms why we are in this mess. The democrats need to come together & make it apparently clear that they are not part of the problem. As a lower income middle class working family we cannot handle anymore republican policies that are in direct contrast to what the middle class needs to keep this economy running.
Step up and get tough people!!
A big issue it seems that will be unresolved even after the the bail-out has passed is the foreclosures which are predicted to continue into 2009. If this was addressed and homeowners could keep their homes and continue to pay down their mortgages, this would be a better scenario than an expensive bailout bill that we’ll be saddled with for years. The actual perpetrators of this deplorable financial situation is the present administration advocating deregulation and the CEOs of wall street firms who took advantage of an unchecked situation.
Also our actions in the U.S. will effect nations globally and we need to work with other countries to see that they involved in any global financial program. The present administration woefully is too self-absorbed to see the bigger picture. It will be a wonderful day when there is new leadership to bring our country back to a higher standard.
A special tax credit or some other means to help people to pay their mortgages throught 2008 and 2009 would make the assets banks hold no longer “toxic.” (For example, instead of bailing out the banks, give the money to the states in lieu of house taxes for those who are overstretched, for a year). The goal should be to keep people in their homes; if they pay their mortgages the money will “trickle up” to the banks. If we simply bail out the banks, the money will never “trickle down” to the people who need it. These banks are holding our financial system hostage. If need be we can encourage new, healther investors to enter the US market from abroad (some are already buying the assets of US investment firms, and own extensive US assets otherwise) to extend business credit. Please vote “no” for the bailout - it is a get out of jail free card for a gluttonous few who deserve to fail.
For the sake of us that have a few dollars left, please do not vote for this bail out. Our dollars have lost half their value since 911, please dont take the rest. Ken
John,
Something needs to be done but from what I’ve read the current 700b plan is grossly inefficient, ultimately ineffective and rewards the people who caused and invested in this trouble at great expense to taxpayers. I hope that you will vote NO on this approach, it feels like there is a rush to judgement here.
senator kerry
This bailout (not “rescue”) plan once again will take taxpayer money (money we haven’t even paid) and allocate it to special interests—both the greedy wall street people (who will give politicians money) and the deadbeats who want someone else to pay their bills (who will give the politicians votes). I’m neither of the above and if you vote for this bill, you will never again get either from me!
Dear Senator Kerry,
I have supported your candidacy for many years and felt the defeat of the last presidential election. I ask that you not support the taking of taxpayer funds to support businesses. If there is any chance of their survival, let private investors take the risk. I’m sure you realize that this is money used to feed and clothe citizens of this country. It should not be taken from them to reward the speculator.
Sincerely,
John Tipton
As a tax paying, overtime working, student of a Massachusetts public university, just barely making it working class American, I say phooey to all of this mess. There has got to be another way that we can go about picking up the pieces of this broken system. One of these ways is not to run head our heads into the walls of the Wall Street and Washington panic room. Please, take a step back, hold more hearings and really work this out. Whether we “bail out” Main Street and or Wall Street or let the market “correct itself”, those in positions of economic and political power (who are there because we have placed you there) must thoroughly explore ALL options. That includes you, Mr. Kerry. It took years for these problems to develop. Please encourage your fellow servants of the people to take their time to decide on the proper steps to deal with this mess. I have to say, I don’t have much faith that you all can effectively deal with this crisis, I am sorry. (PS: More money for education and less for misinformation and miseducation.)
Senator Kerry,
I showed up at the booths last Tuesday to make sure you maintained your place on the Democratic ticket. Here I’m echoing what I’ve read in most of the above posts: please do not support this bill. This is more of the same from Bush and company. This sky is falling mentality is reminiscent of the State of the Union address, 2003. There has to be a plan that will DIRECTLY benefit the hardworking people of this country.
Sincerely,
Dan D.
Boston, MA
Vote no on bailout
Here are my solutions
Too many of our leaders are convinced that they need to intervene and spend taxpayer dollars to get us out of a crisis that government interference and manipulation got us into in the first place.
Here is this Taxpayers Solution to the Washington financial mess:
First; No government (read Taxpayer) bailout of Freddie Mac, Fannie Mae, AIG or others. The free market will do a much more efficient job of handling this than more government fingers in our pockets. If necessary, let the shareholders/bondholders sue or do battle with officers and directors. Bring the FBI / SEC in if needed.
Second; No taxpayer bailout of individual mortgage holders in foreclosure. When you drill down to the details of most foreclosures, there was exaggeration, manipulation, greed and even fraud in the loan process. Let the borrowers and lenders sort out the monies rather than the taxpayer. 95% of mortgage holders pay their mortgages even in cases where balance is greater than value.
Third; Abolish Fannie Mae and Freddie Mac. They are an anachronism in today’s global credit markets. Fannie Mae and Freddie Mac have become a cesspool of greed, manipulative accounting, patronage, slush funds for special interest groups and political contributions. Shut them down!
Fourth; Barney Frank and Chris Dodd, along with all the other members of the Banking and Finance Committees should resign or be forced out. These committees were warned of the troubles and financial manipulations at Fannie Mae and Freddie Mac. Time to bring in fresh faces.
Fifth; CHANGE, in the form of TERM LIMITS for the legislative branch, just
like the executive branch.
Vote No on the proposed “trickle down” bailout. The public is overwhelmingly opposed to this stupid “bailout.” We DO NOT want you to give our tax dollars to the criminals on Wall Street who got us into this mess. Small business owners who have to borrow to make their payrolls shouldn’t be in business.
We will make a list of the legislators who vote in favor of the “bailout”, and I will vote for whoever runs against you next time, if your name is on the list of congressmen who voted to give our money to those criminals. LET THEM FAIL. The stock market is sharply down today, now that you’‘ve announced that “we have a deal.” If you want to bail somebody out, bail out the people who are losing their homes.
Hank Paulson is one of them, not one of us.
TRICKLE UP, NOT DOWN
Even many economists agree that there are better alternatives.
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Please do not vote for this bailout. Thank you.
Has there been any discussion about the several thousand subprime loans that are still out there and have not yet “adjusted” to payments that will force those mortgagors into foreclosure? I see language like “try to renegotiate bad mortgages” and “reasonable restrictions and caps” on golden parachute severance packages. What’s reasonable $5 million instead of $10M? Do not forget that these banks/lenders made loads of money upfront on these risky mortgages to begin with. They charged higher interest rates and fees because they knew the risk involved with these loans. Because of deregulation and anti-government oversight, these Wall Street risk takers were allowed to use discriminatory practices against hard working class and working poor citizens—as well as the middle class by the way. Now, they come to the government to bail them out and are scaring us with statements like “we will all suffer greatly” if we do not help them ( those who created this mess to begin with: fat cats who are also not in jeopardy of losing their many homes. There has to be another way to revitalize the economy and allow the market to do its thing (allow loses where there were huge risks; otherwise it is not capitalism). Other large banks and Warren Buffet are buying up these failed entities at fire sale / flea market prices. JP Morgan Chase purchased the largest failed bank WaMu for $1.9 billion which is a mere 0.618893% of the $307 billion in assets held by WaMu. This is so unconscionable! There needs to be much more thought put into this bailout plan with an emphasis on the subprime mortgagor and for those who already lost their homes. It is very suspect to me that we are faced with this crisis -and especially this solution- just months before Bush and his administration leave office: very curious!! VOTE NO!!
Nouriel Roubini (Wall Street’s Dr. Doom) predicted this stupid meltdown ages ago, and was pooh-poohed by the very people that currently have their hands out. If he also thinks this “bailout” is a stupid idea, then the fact that it’s YOU and not us who are the ones who “just don’t understand.” There are other economists who agree with him.
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Hank Paulson is one of THEM, not one of US.
TRICKLE UP, NOT DOWN
Regarding the Bailout: We MUST have it, else we can all kiss our jobs and our homes and our retirement savings (and our children’s ability to even borrow money for college and be gainfully employed in 20 years),good-bye.
In order for the Bailout to succeed with Main Street:
1) Regardless of previous contracts allowing for “golden parachutes” our CEO’s (who many are responsible for the high-risk Mortgage Backed Securities that put us in such a pickle in the first place) These CEO’s MUST feel the “financial spear” if we, the rest of the American people are feeling it even more, losing our jobs, homes,and being completely weakened everywhere we turn.
I understand the need to pay them well so that they will “take risks” but not foolish, poorly thought out, greedy risks, that do their companies in, leave several hundreds of thousands, perhaps millions jobless and homeless and then they get rewarded for these actions.
A lesson needs to be taught:” Don’t let greed blind your view in doing what is right for your company’s longterm health.” Essentially this is what they did AND we are rewarding them by honoring their contracts upholding “golden parachutes”.
ACTION ITEM: Please cap what they will get. They must be forced to take less. Otherwise we will face not only the severest economic depression, this country has seen but we will be looking at civil war between the “have it alls” and the “have nothings”.
2) Can you please go on 20/20 or some other news program (local MA news) and explain your view on these issues? Many people don’t realize that we still need a bailout plan, because it will mean “NO more Main Street” at all. Many don’t understand this.
Thanks so much,
Sarah Gibby
Working Pregnant Mom, and Mom of 5 year old daughter
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It’s a no choice choice. We MUST have a bailout plan or the America we know is going to disappear in short order.
The lack of real discussion of the impending doom and the false platitudes about Main Street must stop. Someone needs to be a leader and the rest had better stop putting THEIR politicing ahead of OUR future. And it had better happen FAST.
There will be plenty of time to play the blame game later—equal shares to Wall Street, Main Street and Government. So like a lot of things in life, it’s not ‘fair’ it’s required.
I just watched you on Bill O’Reilly and all I heard you say was one lie after another. Who do you think you are trying to fool?
I saw you on Fox tonight and you just don’t get it. “Cowardice” and “pure politics” are not the problem, your cronies are. Nancy Pelosi is an absolute fool whose political posturing was a deal breaker. So much for “pure politics”.
Dear Mr. Kerry, I just watched you on Fox with Bill O’Reily and I would just like to thank you sir! I have never seen someone masterfully get his point across as you did.Bill O always talks over people he doesn’t agree with and you did not allow that to happen. I also wish that the Senate and Congress would inform the public more so that they can understand what this means to our country. I don’t kije it either that it seems we are bailing out the hot shots on Wall Street instead of the people who work hard and send this money to Washington in the first place! Thanks again for standing your ground and not allowing him to talk over who is really to blame here!
John, Us in Main street would be much better off if you and others….would have used some intellegence and not voted Nancy Pelosi as “Speaker of the House”. Come on she was suppose to be a leader today and what a horrible speach. I am an independent and I know a good leader when I see one .....and she is definitely NOT ONE. If she keeps talking I will vote for McCain. Come on tell her to shut up!!
I don’t know about anyone else, but I am sick of hearing about help for the small business owners. These are the same people who are cleverly able to hide all of their assests so that they qualify for many financial aid packages (especially for their kids college) while those of who make a regurlar paycheck get nothing.
Congress should focus more on helping the average working American.
Please do not vote for the bail out. Just watched the President this morning spewing that we may we lose our retirement funds if the bail out does not go through. You and other Government officials do not have the same buy in that we in the middle class have. You and every member of Congress must forego your pensions and also do what you preach to us in the middle class—save for retirement since social security will not be there. If you all had a buy in to saving for your own retirement we may find a workable solution to this fiasco which does not involve middle class gross taxation. Last evening it was noted that there is another plan—a plan in which Wall Street and private businesses bail themselves out. Let’s look into this before we are asked for our middle-class dollars.
Senator Kerry,
Kill this bailout. Taking money from responsible people and giving it to irresponsible people is wrong. If Wall Street wants or needs a bailout, then they can pay for their own bailout without taxpayer funds.
This is a deal breaker for me and many others. You may be interested to know there are 243,216 people who have signed a pledge to vote out any senator or congressmen in Mass that votes for this bailout crap.
The best thing Congress can do for the American people on this bailout is to leave Washington and go back to their respective districts where they will do less damage.
Intervening is the wrong approach and it was if the cause of what ever “problem” you are attempting to make worse.
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Sentor please send this money to the tax payers
instead of wall street, I think we could
invest it better than them people,they can not
be trusted.In other words vote NO
Senator-
Please do not support this bailout.
I saw you on The O’Reilly Factor and I do not agree with you that this bill is in the interest of the american tax payer.
If the government really wanted to help the taxpayer, they’d send us each a substantial check taht would help us pay off our mortgages and student loans and would put money back into the system.
Any suggestion that this is anything but a plan to bailout the rich, financial class (at the expense of the taxpayer) falls on deaf ears as far as I am concerned.
Senator Kerry, I am completly embarraced as a citzen of the commonwealth to be represented by you. Your performance on Fox News the other night shows just how much a partisan jackass that you are and only convinces me that you do not have the best interest of the people at heart. This is a time to put aside the petty remarks, get over the fact you lost the election 4 years ago and stop playing the blame game. You are there to solve a problem including cooperating with and respecting fellow members of congress. Blameing George Bush, republicans or anyone else isn’t going to get us any closer to solving the problem. Please also pass this message along to Speaker Pelosi, she is truly a complete discrace.
Mr. Kerry,
If the government really wanted to help they would balance the budget and pay down the debt. I havent seen too many job losses yet,,,my sis still works at wamu.The market correcting itself is always the best way. The price to live in the U.S. had risen incredibly. Do you think this bailout will help that? Vote no
Do not vote for this bail out. Re-enact Steagall Glass which separated commercial banking from investment banking—If there is a bail out this has got to be part of the bail out package. Also, all Congress people should have to invest for their own retirement—you get mega-pensions provided by us—your middle-class constituents. This also needs to be part of the bail out. Please do not sugar-coat this that we are helping the person who is in jeopardy of losing their home—we are helping big business as well as Congress.
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Dear Senator,
Please stand behind your people on this. Vote NO!!! Why can’t the Bail Out plan Bail me out of my student debt or give me a No-interest business loan??? I try living the American life by having a family, useless college degree, home, a car, etc… I come to realized the American Dream is actually the Corporate’s dream. A dream they Played in our heads over and over so they can benefit from it…
Sentor Kerry Thanks for nothing, Thank
god someone else is running for this
job Voting for Jeff Beatty. Hopefully
our next sentor
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