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H.R. 1424, the Emergency Economic Stabilization Act (the "Rescue Plan" or “Wall Street Bailout”)
Passed by U.S. House of Representatives on October 3, 2008, by a vote of 263 to 171, and Signed into Public Law 110-343
Inglis Vote: “Aye” (Both on Failed House Vote from September 29 and Successful Vote on October 3)
Summary of Legislation
Authorizes the Treasury Secretary, advised and overseen by Congress and by new institutions created by the bill, to purchase troubled assets from financial institutions. The Secretary is required to establish a program guaranteeing these troubled assets, funded by risk-based premiums paid by the financial institutions.
- Source: CQ Daily, Sept. 29, 2008, pgs 4-5
Would prevent the alternative minimum tax from affecting an extra 22 million taxpayers in the 2008 tax year. Includes an extension of credits for producing electricity from renewable sources such as wind, solar and biomass.
- Source: CQ Weekly, Oct. 6, 2008, pg 2697
Main Question
Is the risk of doing nothing greater than the risk of buying $700 billion of illiquid securities?
Pro
When you’re facing a Depression, You’ve got to Act.
The best argument for the Financial Stabilization Package is this: once the crisis comes and the economy breaks, it will take years and trillions of dollars to heal the wounds. In the meantime, the most vulnerable in our nation and around the world will suffer the most.
Advocates of this position:
Wall Street Journal - Editorial Board
The members of the South Carolina State Bankers’ Association
Newt Gingrich, who on ABC on the morning of 29 September said that if he were in Congress, he would reluctantly vote for the Economic Stabilization Act.
Ben Bernanke, Chairman of the Federal Reserve
National Association of Manufacturers ( NAM)
US Chamber of Commerce
Con
Don’t “bail out” Wall Street on the Backs of Taxpayers.
The best argument against the Financial Stabilization Package was this: Even with the changes, the plan is still a buy out by the government and that means that we are socializing losses after Wall Street has pocketed profits.
Advocates of this position:
The vast majority of constituents who have called in about the plan
196 University Economists who wrote a letter to Congress
Former Republican Leader Dick Armey
Senator Jim DeMint
National Taxpayer Union
Americans for Tax Reform
Inglis Position
When knowledgeable people tell us that there is a substantial chance of a depression, it’s time to act. Our financial markets have overdosed on credit. Truth be known, we have all overdosed on credit—the federal government, businesses large and small, families wealthy and poor. Working that overdose out of our system is going to take time.
By buying up some securities that have fallen to a price below their value, the government might be able to stabilize the market and later sell some of those securities at a profit. Some will be found to be worthless because they are so far removed from the original, mortgaged collateral. Most, though, are tied to an actual asset—real estate. Wall Street types invented more and more ways to achieve higher and higher levels of leverage; not a one of them ever invented more real estate. It’s here; it’s got value; and when the market recovers, its value will recover.
Some high flying Wall Street pilots took us up in a faulty airplane. I can understand the desire to shoot the pilots, but I think it makes more sense to land the plane before we commence the shooting.
Many have called this a bail out, and they are concerned that we are giving the pilots a parachute. We’re strapping those pilots in through limits on golden parachutes and on executive compensation. But more than that, notice that the pilots are at the nose of this plane. By us buying the securities at below market prices, it’s the pilots who are the going to take the impact of this controlled, emergency landing. If we don’t act, the plane just runs out of gas. If we just shoot the pilots, we crash.Frequently Asked Questions: Financial Rescue Package
Click to view Senate passed version of the Emergency Economic Stabilization Act of 2008 (Senate Banking Committee)
Inglis: Economic rescue package includes tax cuts, not pork (October 2, 2008)
Inglis: Inaction riskier than buy out (September 29, 2008)
Inglis Weighing Financial Market Rescue (September 24, 2008)
I have heard people speaking poorly of Rep. Inglis, but from what I read here, I WILL vote for him! No one is perfect, and I would not expect him to be. I do not agree with all his solutions, but 90% of them. Energy independance and national security are my biggest issues.
We the people asked you NOT to vote for this horrible bailout. But the more I look into your past "learning trip", I see why you think this is OK. You will NOT have my vote, or anyone in my family I am promised. You see what in the past few weeks, what has happened. I am THANKFUL that DeMint has the sense to know better!!
With FairTax USA Would become the Car Maker of the world!!! Corporate tax on major company's are around 37% Look at the BMW plant in SC, Michelin tires, Lear Seats, Spartan Steel , the battery maker and every single US part supplier to BMW is taxed 37% and passes the added cost down on every part to BMW which is also taxed and passes it down to the car lot which is also taxed. That car has alot of tax built in the price. They say the built in tax is around 27%, I think it would be a little higher.
Although I have not walked a mile in your shoes you had to make a call one way or the other. There is an advertising technique that is used to get peoples attention. If you want to get there attention you tell them something unbelievable or you scare them to death. Sound familier? This whole circus started 20 years ago or more and it was never addressed. My question is why not? There are only 500 to 600 people in Washington who are supposed to represent 300 million people. Are you trying to tell us that those 500 to 600 people are smarter than or can do more than 300 million? You and your counterparts in Washington missed an oppotunity to be a true representetive of the American people.
We are AMERICANS and when we put our minds and souls and backs into it we can do anything. We can weather any storm that comes at us as long as it's going to right the ship. You have lost my VOTE.
I commend you for your courage in standing up for something you believe and for taking action to stem the tide when it needed to be done. Years from now, the bailout bill may be seen as little more than spitting in the wind: we are facing a devastating economic hurricane, and its tidal surge may yet swamp all but the wealthiest among us. For now, we must push back in any way we can, and I believe Congressman Inglis joined in that effort by voting for the bailout bill.
We do not agree on several issues, but you earned my respect--and my vote--with your principled stand.
This was a bad idea as it is never sound policy to bail out persons or business who make bad choices. The way to correct the problem would be by implementing Jim DeMints plan or a similar plan. The only problem with his it that it did not fire The Federal Reserve which is a private company and is not part of the government. The free market will always correct itself if left alone. Lets be honest with the fact the anything the government has a part of is never successful. What we need you to do is to vote against all bills that contain pork!
We also need you guys in Washington to do the right thing and put in place term limits - the limit should be two (2). There should also be NO retirement benefits other than SS which we are all forced to participate in. Washington will never change until it stops being a career and becomes a service to your country and in that light you should all make the same as our military, police and other service personnel.
I disagree with you completely. You can package it any way you choose but refuse is still refuse no matter how you dress it up. You were sent to Washington to REPRESENT us not your own agenda. Do we need to send a dictionary?. As for my vote this November, I would rather write in my own name than vote for you. WAY TO GO JIM DeMINT! We are now one step closer to becoming the USSA thanks to this bail out package. Also, I don't live a debt-laden personal life and I am almost debt free. I take offense in your suggestion that all Americans have a debt problem and that adding another $700 billion to bail the reckless out is necessary.
I don't want a puppet in Washington. I want a man who can think for himself. I can abide going against the people you represent on a matter of conscience, but this wasn't about abortion, war or the death penalty. It was a decision to spend tax dollars -- OUR tax dollars. On such an issue you MUST represent the will of the people who put you in office. This is both the spirit and the law of a constitutional republic. Bob, you were just flat WRONG on this and it is time you just admitted it. Your explanations are simply rationalizations. It might not be too late to fix this before it is broken beyond repair. Right now the government has essentially stepped and guaranteed ALL commercial paper and interbank debts along with all the other guarantees it is has issued. This is preposterous - every leak you plug two more open up.
I am thoroughly disappointed and upset that you and Lindsey Graham chose to ignore the wishes of your constituents who were overwhelmingly opposed to the economic bailout. Why didn't you examine the much more common sense options that were proposed instead of following Paulson like the rest of the lemmings in congress? As much as I hate having to do this, I promised myself I would "fire" you by voting against you. How else can our elected representatives learn to actually "represent" the wishes of voters who elect them?
It was a tough call. I was initially for it, then against it. I still think it was the wrong decision. I was recently in a meeting with you in Greer. I admire you for facing the people, and explaining your position. Thank you! Please keep in mind, we need less government in our lives, not more!
This is what i think. You were elected to do the will of the people. As you stated in the latter "The vast majority of constituents who have called in about the plan" were against the bail out. You went against the will of the people and went for the will of the bankers and politicians. Politicians have forgotten that they are elected to do the will of the people. Hopefully we can elect some that will remember this. I will not support you anymore. I will not vote for your opponent either. Hopefully in the future men & women with backbones will be elected into office.
Just as I always thought, our elected officials rarely vote according to the people they represent. I think it's appalling that our congressional representatives listened to many of the people that got us into this mess in the first place rather than constituents. Horray for Senator Jim DeMint! He put the people he represents. Shame on you Bob!
Along with thousands I received your letter of the 17th. I don't see how the ATR's position on tax credits is relevant. Secondly, the Q&A; you sent has no author. Who wrote it? Regardless, it's main points are flawed. It seems to me you have been compromised; whether you were intimidated/threatened with "Martial Law" (per Brad Sherman) or your vote was purchased makes no difference. We are all asking you to do the right thing now. Study how Andrew Jackson defeated the bankers in 1832 and The Jekyll Island group which met in 1910 (all bankers) 2008 is another 1832 and 1910. The the "money trust" (Congressman Lindbergh - 1911) are still pulling the strings, but they've gone too far. We will not let America become a fascist/corporatist state.
Its a bad situation, no doubt. Frankly, you and your partners in crime should have done your jobs and adequately regulated the financial credit industry over the past 10 years. Instead, you all have allowed banks to increasingly lend in a manner that is nothing less than loan sharking. Negative equity loans are just predatory. This is paralleled by your deregulation of credit cards, allowing 30% interest rates. Your (congress) are obviously in the pockets of the financial industry and have been slowly screwing your constituents. Now you have just accelerated the process. You are a disgrace to the founding fathers and the ideals of "government ... for the people". Shame on you all
I cannot believe you seriously sent me a packet of information attempting to justify the money for motorsports tracks, wool producers, and tv/film makers. How can I get through to you that I don't want my tax dollars wasted this way?
Any government or elected official who ignores 80% of American citizens and voted for the biggest transfer of wealth from the public to Corporations should be ashamed and resign. If not they should be voted out!!!! All who voted to support this legislation will not receive my vote in the current or future elections. I strongly encourage others to vote the same. . .Over the last decade Congress removed the 1920's financial laws put into place to prevent another "Market Crash". The safty barriers between Investment Institutions, Banking Institutions, Insurance Institutions & others have been removed in the name of GREED. In the past a crisis in one did not adversely affect the others but now the smallest pebble in the financial markets sends ripples throughout all our institutions. Greed and the lack of 1920's protective laws brought about the current crisis.
No jobs means no way to pay the mortgage. How hard is that to figure out ? The government over the past 16 yrs or so has made a lot of bad trade deals, let companies set up their data centers and factories in other countries, let banks and other companies merge with no thought of the jobs eliminated. And then everyone acts surprised that consumers, the working class, now have no income and no money to spend. Protectionism is not a dirty word when it's our standard of living that's being protected. But our congress has let it be flushed down the drain. The factories and jobs are gone and now you don't know how to undo the damage you've done. You can't bring them back. It's a lot easier to destroy something than it is to build something. It took just sixteen years to tear down the mightiest manufacturing country in the world after our forbears sweated and bled for over 200 yrs to build it up. We can only pray that you haven't packaged it up and given it to the socialists now. But it sure looks like it.
I see my previous two Posts were never put online. I guess the truth and and acurate critism was too much for you to admit to. Again showing that you are not fit to be our representative.
Nice try, but you did not change my mind. In fact, the misrepresentations you listed, further confince me that your vote was dead wrong and that you have no idea what you are doing. With all due respect, capitalism did not lengthen the Great Depression, protectionism and the catastrophic decline in imports, not to mention the largest peace time tax increase in our Nation's history were at fault. Quite frankly, sir, I'm sick and tired of being condescended to, and ignored by my elected officials. You have lost my support, Congressman.
So, now that the "plane has landed", who is leading the charge to prosecute the pilots?? Seems like you are more comfortable giving the same pilots another plane, at my expense. Total disregard for the Constitution, your constituents, and a decided shift in philosophy toward socialism. I'm very disappointed.
I am still opposed to this pass the buck, quick fix. It does nothing in terms of a long term solution. If one congressman had stood up and said, "we messed up," this is our fault, but we see the error of our ways and will work to fix it, I would be more comforted. But instead fingers are pointed to someone else. Greed and lust for power have brought us here. I just hope this call for "change" in Washington bares fruit on election day.
Mr. Inglis, I am sorry that you decided to vote for the bail-out plan. For that reason I will not be voting for you on November 4.
What can I add that hasn't already been written! We need more Jim DeMints. What is going to happen when the Chi-Coms call in our debt? We should not be bailing out companies for less than honorable business practices. I understand why our Congress did. Congress felt it "owed" them for making them give shady loans to people they knew were not going to pay them back.
I have two questions. Why did you not look at other alternatives? Knee jerk politics as usual. Also, why didn't all the SO-CALLED conservative Republicans vote NO and force the DIM-O-crates to pass this themselves? That way, when it blew up in the Country's face they would have to answer to the American public and be thrown out on their selfish butts! Hope you enjoy the remainder of your term and may GOD have mercy on us!
I believe the Paulson and Bernanke proposal was appropriate and the action they recommended was needed. The abuses and cheating that led to this very serious situation are widespread. But placing blame and punishing wrongdoers will probably not be very productive. Our system of regulating financial markets is woefully outdated and urgently needs to be updated. Let's concentrate our efforts on doing this critical work and avoid getting bogged down with sins of the past.
It's probably worse than we know. This bill reflects the greed and unaccountability that is like a malignancy in our society - blame somebody else and make THEM responsible. The most frightening thing is the unprecedented control of enormous sums of money that this gives the executive branch of government and the president's appointed secretary of treasury who, by the way, is covered by a confidentiality clause. Citizens, are you in a coma? Panic was driving this beast over the cliff; the poor thing could have been saved! Why prolong the anguish? Did it really come down to either economic collapse or constitutional euthanasia? Are we that afraid? We don't need more government. We need more accountability. Stop automated computer systems irratically effecting the market. Maintain the integrity of our Constitution. Nobody is intitled to anything!
Thank you for stating your position and I understand your concern about not doing anything. Unfortunately, I'm not convinced that we are going to be "working [this] overdose out of our system." If the government buys loans that never should have been made in the first place, how are we to prevent this situation from happening again in the future? Regulation will not solve the problem because there are always ways around regulation. We're trying to find an easy way out of our mistakes. The permanent solution is to let the market control itself. If banks learn that bad loans eventually come back to bite, they will make fewer of them.
I make less than 20,000 a year. If there is a depression I will feel it like everyone else but we can't avoid every difficulty in life. Thank you for your time.
You are to represent your constituents, and their desires. I dare say the vast majority of us were not in favor of "rescuing" the Congress that got us into this mess. Jim DeMint is the only one who stood up for my family, and my beliefs. You dodged the bullet this time, but you just are prolonging the inevitable. Socialism is upon us....
I think your vote was justified based on the economic realitites. It was reported on the local news yesterday that Foothills Ford in Chesnee closed its doors, claiming lack of available credit for the customer. I am afraid this will not be the only business failure. The credit market is tight and if Congress had rejected the package, I am afraid it would have been an economic disaster far greater than the one we are facing. We can find out what went wrong later and punish the perpertrators, but quick action was necessary in this instance.
I agree that something had to be done. But what was done by congress and YOU Mr. Inglis was a disgrace and slap in the face of our constitution. Senator Demint and other real conservatives proposed a plan to repeal the Mark to Market rule, as well as suspend the capital gains tax for 2 years among other things. The bottom line is we could have fixed this problem WITHOUT giving the biggest open door to socialism since LBJ. We could have let the markets run there course and correct themselves. As a result you have angered you constituents by betraying our trust, and may have set us on a path of socialism from which we may never recover. Thanks for jeopardizing true liberty in this country. I only hope people have enough sense to fire you by voting you out of office.
I wish we had a representative that actually supported his people. I am entirely upset with you Inglis and wish you had been listening to your people.
Let me start by saying that the only representation the good people of SC has is Jim DeMint. The rest of you should be voted out of office. The majority of the folks in Washington are only concerned about personal gain. Compare how you voted to the views of the people on you site. It speaks for itself. We have begun to vote with our POCKET BOOKS and not with our MORALS. This will only lead to the demise of our great nations. This nation was created as a REPUBLIC not a DEMOCRECY but thanks to our wise folks in Washington we HAVE BECOME SOCIALISTS (USSA). The next step will be Nobama Communists because John McCain doesn’t want to win he election. There is enough dirty on Nobama to destroy him and McCain won’t use it.
You chose to vote for spending 700 billion, saddling the taxpayers with the bill, without knowing whether it would work. I would have erred on the side of saving 700 billion. Also, you pretend that this was the only choice of doing something, which is completely false. This was a knee-jerk solution provided by the people who steered us into the ditch in the first place. I will not vote for you again.
This is one more example of the multinational corporations' total control of our nation. That along with threats of martial law from the White House toward the House if they did not go along with the bailout. America: the best democracy that corporate lobbyists could buy. Less taxes under Republican rule? Where are these billions of dollars coming from?
I disagree with your vote, and I disagree with your take on the situation. The 'crucial' issue was NEVER to 'do nothing.' The issue was to do the 'RIGHT' thing. As is said: 'Two wrongs don't make a right.' Soon, I will have MY turn to vote, as will the 'vast majority' of your constituents.
The bailout was an imperfect and unpleasant thing, but it's certainly preferable to watching the world economy tank, retirement funds wipe out, and unemployment (and crime) rise. This is not socialism...it's the government's job. But, definitely take action against the greedy CEOs whose policies led to this problem. And don't forget the oil companies whose obscene profits finally tipped the economy over the edge. Corporate America seems to have forgotten its civic responsibilities.
I completely disagree with the package. I don't agree in bailing out bad business/lending people. Seems to me the banks who done it right in the first place would be better for the people than leaving the same ole guys out there after they "learned their lesson". What is more frustrating is that we pass a bill that is filled with PORK that will do nothing but take away from the bailout itself.
I understand the concern of what is the costs of doing nothing right now? My question is why not let the free market work because the govt and bad banks are the blame, and wait to see if a bail out is truly needed. If so, provide a 100% bail out plan that is free of pork and any other govt tricks. It is plain and simple to me. Until we have govt officials who base their decisions on right and wrong instead of looking out for self interest, we will continue to see gross mismanagement of taxpayer money and further "economic crisis" taking place. For example, balancing the budget.
The failure of government is a topic that seems to have been overlooked. Bob Inglis, along with all the others should be removed from office just like the greedy CEO's that ruined their companies. I for one will not vote to re-elect you or any of the so called conservative people who voted to socialize our country. The only good that may arise out of this mess is it may cost us a trillion dollars to rid of these terrible leaders! Honorable men and women would step aside after such a colossal failure. These congressmen will most likely vote themselves another pay raise after the tax cuts expire. Shameful!
First of all, the bill was not for 700 Billion-An extra 150 Billion of pork was added. What is the wool trust-and why money for Rum makers? If a bill is good or necessary then pass it- do not see how much pork can be added. Through all of this our elected officials fail to see that most of the blame falls on them for forcing Fannie May and Freddie Mac to make loans to people who could not afford the house. Home ownership is a great goal -but for everyone- That is a pipe dream.
While I disagree in principle with bailing out wall street firms that are going on "spa trips" while asking for help from the govt. This was an unfortunate necessity to keep from ending up with an even worse mess. We still have a long way to go, but I respect the fact that you voted against the 1st bill which had less accountability. I do, however, expect to see more regulation of the economic markets and the businesses that got us into this situation.
When the chips are down you make the right decision. Thanks for doing what HAD to be done!!
Wow. We are slowly becoming France. Especially with the probability that Obama is going to be president, the government is going to run everything. Bad precident we have set for future generations 20,30, and 40 somethings who will ultimately have to pay for this irresponsdible behavior by our government in all aspects of its operations. Please reing in the spending. I would hate to see what would happen if the govenment was suddenly broke.
Here is yet another example of the American tax payer being led down the primrose path.......By the very people,including Rep.Inglis, who have told us this Wall St. bailout was absolutely necessary. Everyone please read this article then ask your self how much of your hard earned money was spend on this weekend outing!!!
I agree that something must be done but this legislation is not it. We should not throw good money after bad. Companies making bad decisions should be allowed to go under. In the 1900's should we have bailout of blacksmiths? if it's a good business idea someone will pick it up.
What I really didn't like was the condescending attitude from many of the Republicans who voted for this. They acted as if those of us against it really didn't understand what was going on. WE DID understand the financial crisis, but we also understood that this was not the answer. We will look back on this as one of the worst pieces of legislation ever adopted, and we'll wonder why so many Congressmen (including Bob Inglis) just mindlessly acted like sheep walking toward a cliff.
I would have voted against the bailout, but now that it has passed with large helpings of pork,it is time to shoot the pilots. We can start with Greenspan and the Congress that did not have the backbone to stand up to him. Next,Paulson must go. He want's to be the first dictator of America. When you control the purse strings, you control the country. Bernanke and Cox should go, because they seem not to have a clue.
When the average person screws up on the job and gets fired, they walk out the door with nothing. This is what should happen to the management of the companies that accept the bailout money. In fact some of them should do some jail time. Last,but not least,any member of Congress that voted for the bailout should resign for their own good and the good of the country. This will not happen because in their minds they know what's best for the people that have to pay the bills.
Given what we know at this time I support your decision. Thank you for responding thoughtfully and without undue partisanship. I hope history proves us to have done the correct thing.
I hate the so-called "Stabilization" package and I hate the necessity of it. I was initially very much against a bailout, which is what it is, but I realize now that we, as a nation, have to do something or we face a very long and deep recession which could easily become a depression. Make no mistake here - the bailout is but the first step toward a recovery and there will doubtless be others before we get there.
In typical Washington DC fashion, "we, the people" are not represented. Our markets, economy and country need "a change" you hear so much from the socialists...but the change is market correction. Bailout is welfare; taking from my pocket and giving to others. If you make $30,000 and buy a house for $450,000, I am happy you have lost your home. YOU knew, THE BANKS knew, THE POLITICIANS knew and I knew. No boo hoo's from me. I want a bill with jail time and/or public flogging; politicians and greedy criminal business people alike. NO TO BAILOUT! SHAME!DISGUST!
I am amazed that at a time when Americans need it that there was never any mention of a "Everyday American Bailout" it has always been about Bailing out the ones that got us into this so the rich get richer and the middle class keep paying for it. I saw a sign at a local church that said "The lesser of two evils is still evil. If the bill was only little better than the previous version, as Nacy Pelosi stated, then it should not have passed either. At some point in time things will balance and correct themselves and this irresponsible "shoring up" of things only delays it so our children have to suffer. We are supposed to make things better for the next generation.
Dear Mr. Inglis, here is a quote from your paragraph above. "Our financial markets have overdosed on credit. Truth be known, we have all overdosed on credit—the federal government, businesses large and small, families wealthy and poor. Working that overdose out of our system is going to take time".
I may not be as "up" on politics as others, but I know this - How can an overdose on credit be fixed WITH MORE CREDIT???? We are borrowed to the hilt...THE BORROWER IS SLAVE TO THE LENDER, and that's just what this country has become, A SLAVE. We are being sold down the river and being bought up by the rest of the world. WAKE UP!
I agree with your vote. I didn't agree with the earmarks put in by the Republicans in the Senate, such as wooden arrows and rum subsidies, those should have been stripped from the bill approved by the House and signed by BUSH. Unfortunately, we are reaping the benefits of no regulation espoused by the Bush Administration. You would think Americans had learned their lesson from the Savings and Loan failures in the 1980s.
While I don't like "bailing out" companies that made bad decisions, I also don't want to lose my retirement over making a "point". People who got mortgages they can't afford should NOT have those mortgages paid off, nor should bad investments be made good. They need to wait just like the rest of us, and if see our investments go back up. Nothing is guaranteed. Any Company that receives 1 penny from the bailout should have all of their Salaries and benefits reviewed and limited to the amount that a senior SES level makes in the Government. A level I SES makes $186,600, this should be more than enough, given all of the millions they have made previously.
"The vast majority of constituents who have called in about the plan" opposed this bill. That should be the only thing that mattered when you considered whether or not to vote for this bill. However, you did not. You had a chance to REPRESENT the people of SC and failed miserably. What you did was NANNY the people of SC. Did you forget that you were elected to REPRESENT? You think you know what is better for us than we do?
I agree with your yes vote.
I have emailed you and called your office on numerous times in the past week in opposition to this bailout. You have failed the people of South Carolina that you represent and it is time for the voters to regain clarity and bring you home...NOW!
Your arrogance overwhelms me Congressman Inglis. To vote for this bail-out plan after reading the below comments and having alternatives available flies in the face of reason and I sincerely hope I am addressing you as my representative for the last time. You were elected to represent us in the fourth district of South Carolina and not your own interests. The fact that you have ignored us yet again disapoints me but does not surprise me. I will vote for ANYONE opposing you in the next election and will actively campaign againt you in the future should you manage to win office again.
You spoke in your address to the House, “Is the risk of doing nothing greater than the risk of buying $700 billion of illiquid securities?” Who in the world said to do nothing! You act as those there is no other way out. Jim DeMint your counterpart in the Senate has an alternative plan. Did you talk with him? Have heard from any outside economist who may have alternatives?
You spin the voices of the people you represent as if we are saying do nothing. That is not what any of the comments posted on you web page have said. We said do not vote to bail out Wall Street. How stupid do think we are? Of course something needs to done. We, your constituents, do not feel a BAIL OUT is the answer. Thanks again for nothing!
Once again, "OUR REPRESENTATIVE" has failed us. How can you honestly think that this is a good idea??? How much money was put in your pockets for you to vote for this? Did you get some of those wooden arrows, rum, or a bike pass to ride around Greenville? When will you idiots in Washington get a freakin' clue?? It's not about YOU!!!!!
Thanks for sending and posting the information. In response to your (Honorable Bob Inglis) question regarding how I would vote--I would have voted against this bill and then I would have done the hard work to formulate and propose/sponsor a substitute bill that addresses the issue without taking our country further toward Socialism and bigger government. It seems that politicians are "getting drunk" with the idea that the government might make money on this deal, and trying to just get something passed to address the issue so they can get back home to campaign. This type of behavior is not what we expect from you.
I believe that every member of congress who voted for this liberal Marxist bill, which will do nothing but make things worse, as Mr. Inglis did two times, should be voted out of office the next time they run for re-election. I will have the privilege of voting NO to the re-election of Bob Inglis next Monday, when I cast my absentee ballot. If you want to help save our country you should do likewise when your time to vote comes up.
You have betrayed the majority of your constituents! Please be aware I will be voting against you in the next Congressional election. You have had a hand in pushing our country into the clutches of socialism. Be assured I will support a candidate for your post who will recognize his responsibilty to represent his district!
I really feel like we no longer actually live in a democracy any more. What a sad day for US Citizens. Poker player Banks win. We lose. So goes the country. I hope you have plans to do something else with your career. Because I, for one, will be campaining AGAINST you and all who voted for this travesty of American Democracy.
The first irrational plan has been porked up. A blind man could see the housing, credit crisis coming and yet we have no plan that is workable other than to turn the US into a Wiemar Republic. Throwing more money at problems created by too much credit and easy money is not ever going to solve the problem. It is disgusting that so called smart people who kept telling us nothing was wrong with the economy panic and give us this plan. Vote against it.
I have read many of the below comments, and they are right on target, and adequate in representing my views. I applaud the others and add my voice to those that are against the 'Bail-out.' I just wish that MY 'representative' would do so as well.
Please change your vote, and vote "no" to the bailout. It is time for accountability.
I ask you to withdraw your support for this “bailout” of Wall Street. This is nothing more than a huge step toward socialism and one that the vast majority of Americans don’t want. You are there to represent us, not bail out greedy criminals. If you’re bound and determined to give out money so people don’t loose their houses, then give the $700 billion to the taxpayers. They can pay off their mortgages (then they don’t loose their houses and there will be plenty of credit available due to these mortgages not being on the books) and spend the rest (this will stimulate the economy). Sounds crazy right? It is not nearly as crazy as giving it to Mr. Paulson who will hand it back to the criminals who ruined these companies already.
Mr. Inglis, I continue to ask you to vote this bill down. Why weren't these "necessary" tax cuts and provisions approved PRIOR to this bill. It's just sugar for the poison.
I guess you'll be voting for this "NEW" Bloated Bailout Bill - Since you voted for the last bailout bill - I hope you have enjoyed your time in the House as I, along with many of your constituents, will not be voting to re-elect you this fall.
I firmly disagree with any Bailout plan! Only a short and painful transition without Government intervention will bring the changes needed in the financial markets. No law or legislation will bring the swift dramtic changes needed like the pain of financial loss.
Government must best serve the public by restoring all the safeguards placed on the financial markets after the crash 100 years ago. Safeguards that both parties have voted to remove in the last decade that have helped to bring us to this crisis. We the People have no obligation to fix mismanagement by the government and the financial market. We do have an obligation to vote out poor leaders.
Please vote for H.R. 3997, the Emergency Economic Stabilization Act. Thanks.
You made no comment about the national debt or the bail out that you voted for. Yes, we are all wathing your voting Record. Please vote NO to the bill passed by the Senate yesterday. You still have a chance to redeem your self.
I strongly urge you to vote against this bill. The American people and constituents of your district oppose it strongly. You were elected to represent your constituents. This is a time to go with instinct and not the rhetoric that is being expounded. Government is to govern not own! I know the citizens of this great country want economic stability, but in their gut they know this Bill is not the answer and is why they oppose it. In my mind this is too close to the fox in the henhouse scenario and if it passes we will find ourselves wondering what happend to the eggs.
Any good aviator knows that the pilot in command of an aircraft is responsible for a safe landing--not the passenger. If we have been taken for a ride by "high flying Wall Street pilots," they should be responsible to get us out of this mess--not Congress or the American people. This bill does nothing more than add passengers to a "faulty plane." And when the plane crashes, the pilots in the nose do not absorb the impact--they just die a few seconds sooner than the passengers.
After seeing the addedd pork it seems this bill is even worse than its original state. I would still vote no and more importantly clearly thinking about not voting at all because neither Obama nor McCain have the nation's interest at heart by voting for this bill. I am thoroughly disgusted by the way everyone is handling this. If you want to get re-elected, you should vote NO. Nobody wins with this nightmare!!
We have not "all overdosed on credit". It's true the "cut taxes - - spend, spend, spend Bush Republicans have. They have continued to remove all oversite controls to help their "business friends" gut many good companies. As our representative, can you face reality and think for yourself instead of always being a "Bush puppy".
I hope you take the time to read the "new" bailout bill ... the Obama and the Dems couldn't resist adding an additional $100 Billion to the bailout AND I just saw on Lou Dobbs that half of the money is going to FOREIGN INVESTORS (i.e. China). This is a historic vote; if this bill passes, it will mark the beginning of what will be a swift end to our way of life in the United States (and you will have had a hand in the ultimate demise of our democracy).
My life savings is in the stock market, and I would rather lose it all and start over in a free market than keep it in a socialist society where the government sets the economic rules and owns the majority of the homes in the US. PLEASE VOTE NO.
Representative Inglis, PLEASE review your own Decision Memo, as this is a direct quote from it; "Advocates of this position: The vast majority of constituents who have called in about the plan. 196 University Economists who wrote a letter to Congress Former Republican Leader Dick Armey Senator Jim DeMint National Taxpayer Union Americans for Tax Reform."
You were elected to REPRESENT the constituents of your district, NOT to act as a Paternlistic figure and treat them as children. As I read these postings, I find it hard to believe you are completely ignoring the "will of the people."
I strongly urge you to oppose this version of the bailout, as well as any taxpayer subsidized bailout in the future. The question is simple: are we as conservatives capitalists or socialists? We can not become pragmatists in the short term because we are facing hard times as a result of the greed and indiscretion of the executives of a number of financial institutions. This bill would set a dangerous precedent for the future. It sacrifices the long term for the short term...Let the market correct itself, it's not the government's job.
I was dismayed by what I heard on the Bob McClain show yesterday afternoon on 106.3 WORD...with all respect Congressman, if you vote for this bailout of Wall Street on my dime (as well as that of all taxpayers) you will have joined Lindsey Graham in having lost my vote, and I don't have to tell you that mine won't be the only vote lost because of such a decision that so obviously flies in the face of the will of the majority of your district. You and Senator Graham will be the first Rebublicans (and "conservatives") that I have ever voted against in my life.
It seems you are framing this debate in an either/or format: nothing or this bailout package. Are there no other options such as Sen. DeMint has offered? The problem seems to be that the "bank" has been looted and the only solution is to put money in the bank...but the thieves are still running the bank! I do not trust them and it seems like if thought and care were the order of the day, then this bill would not have been drafted in a weekend and sought to be passed in a twelve hour session of Congress. I would like to see a solution that creates jobs rather than debt. This deal promises us we might can keep our jobs, and inflation may not be too bad, and our retirement may not go to zero...and the gov't might make money. But then it may still crash. I am not for this bill...even if Boy Scouts get a better deal on arrows!
I strongly urge you to oppose this version of the bailout, as well as any taxpayer subsidized bailout in the future. The question is simple: are we as conservatives capitalists or socialists? We can not become pragmatists in the short term because we are facing hard times as a result of the greed and indiscretion of the executives of a number of financial institutions. This bill would set a dangerous precedent for the future. It sacrifices the long term for the short term...Let the market correct itself, it's not the government's job.
Vote this bailout or do nothing is a false argument (I can't believe I'm in agreement with Dennis Kucinich!). There are other ACTIONS besides this mess that could be taken. If Congress is being so principled yet holding their nose to "do something," why does the bailout bill need pork in order to pass? Even in a so-called national crisis Congress has to insult our intelligence even more than they have thus far by adding nearly a billion dollars to this bailout bill for their own interests! Enough already! Please join with Rep. Pence (R-IN) and the other principled conservatives and find another solution that doesn’t result in a bail out and headlong stampede into socialism. If this proposal is the ONLY idea that Congress can come up with it illustrates that what is wrong with Washington is that we have too many corrupt politicians and too few intelligent statesmen.
SEC. 112. COORDINATION WITH FOREIGN AUTHORITIES AND CENTRAL BANKS. "The Secretary shall coordinate, as appropriate, with foreign financial authorities and central banks to work to ward the establishment of similar programs by such au thorities and central banks. To the extent that such foreign financial authorities or banks hold troubled assets as a result of extending financing to financial institutions that have failed or defaulted on such financing, such troubled assets qualify for purchase under section 101." Please don't vote for that crap sandwich.
Cognizant of the futility in expressing my opinion, I write mainly to stand with the overwhelming majority of those who have done likewise. I watch with despair as our government continues on the road to socialism. The citizenry of SC which has a tradition of treasuring liberty and a very restricted federal government now finds itself at the mercy of a few hundred elected officials who disregard their pledge to uphold the constitution. Regardless of the economic arguments, that pledge alone should restrain Rep. Inglis and the rest from meddling with a system that has never been within their purview. The obvious fact is that most of us would rather weather the approaching storm than have the government make things worse in the long run. Rep. Inglis, your vote now will determine my vote in November.
Congressman Inglis, I am counting on you to vigorously oppose the warmed over bail-out plan as it comes back for round two. Think of it, a massive tax payer bail-out, which now contains massive pork barrel additions. This is absolutely insane and it must be stopped.
Vote NO!
You voted as I would have. As dismayed as I am by the fact that we will have essentially privatized the profits and socialized the losses; in my view the only choice we were left with was to hold our noses and support this bailout. I am outraged that corporate greed and having a government asleep at the wheel has put our country in a position where we fiscally responsible folks are now forced to ante up to save the nation's economy from a band of corporate bandits...but that is where we're at. Unfortunately, it remains to be seen if this will even be enough. Thank you for your courage in this matter.
I am afraid that the government is about to push us into a depression by destroying consumer confidence.
Well, I really hope you stand behind this re-worked bailout plan as well: apparently it includes money for WOOL RESEARCH AND WOODEN ARROWS!! Just what we need to fix our economy! We can wear the wool while we hunt food with the arrows! What we really need are new representatives in Washington.
NO BAILOUT! 700 Billion + down the toilet. This will have not have the desired effect. We do not need more lending. Too much supply already with no demand. Instead prevent further foreclosures buy bringing back the depression era Home Owners’ Loan Corporation (HOLC). Then institute a REAL stimulus package to build nuclear power plants around the country as Mccain wants combined with aid to the big 3 in detroit to speed up dev. & production of electric vehicles built here.
You, sir, are a sell-out. Do your job and represent the people who voted you into office. You seem to think we are dumb and you are smart... that you know something we do not. I assure you many of us have studied economics and history, and understand this much better than you. Passing this legislation (or any compromise thereof) is a horrible mistake. It's a bitter pill to swallow... but as a registered Republican in Greenville, I expect you to do so. I would ask you to do the right thing for your country, but you wouldn't understand that... so let me put it in terms you might connect with: Listen to your people: your elitist attitude is going to get you voted right out of office.
Let me make this simple for you Inglis. If you vote for this bill when it comes back for a vote, I WILL VOTE AGAINST YOU when YOU come back for a vote.
I can understand why it would be tempting to vote for a bailout. However, it is the wrong thing to do. John McCain refused the offer of his North Vietnamese captors to be set free. Knowing that it would be very bad for himself, knowing that he could die, he said NO! Why? Answer that question, and you have the best reason to vote NO!
You asked what I would have done? Well voting to give Congress $700 billion dollars to fritter away wouldn't have been my first choice. No one has any idea if this plan is going to work or if you'll be doing the same thing again in two months. You've already spent $600 billion bailing out Fanny/Freddie, AIG, Bear Stearns, and whoever else you had at the time. This doesn't count the money you've allocated for the auto industry. Congress got us into this fix and now Congress is asking the American people to bail them out. Congress is the one saying trust me and give me more money. All of you should be fired!!!
I don't know how I would have voted because I don't know what the bill said. I do know that the credit markets are seizing, the source of the problem is mortgages and mortgage-based securities, this is an extremely serious problem that threatens our Republic, a good solution will be found only through the highest possible level of statesmanship and leadership, and politicizing this issue must absolutely avoided. I am counting on you to represent me accordingly on this very critical issue.
You are not hearing the people who you are supposed to be representing.VOTE NO TO ANY BAILOUT! Fix the economy? End NAFTA and bring our jobs back(The Congress and President has done a wonderful job building a great economy in China)Let the stockmarket do whatever and the banks who can't manage money fold. Vote yes to the Bailout and our family votes no to you.
My Grandmother said "haste makes waste". Please take a deep breath and consider a more sensible plan than making our children pay for this generation's mistakes. PLEASE consider support of a multi prong package to attack the problem in ways that will keep government from becoming more socialistic.
We elected you as our "representative" in Congress, yet you fail to represent the majority view of your constituents time and again and again. This obviously demonstrates that you feel you know what's better for your constituents than we do. Well, I know as a life long republican, I might as well vote for the democratic candidate in November because I can no longer vote for you in good conscience.
Rep Inglis, two points: 1. I disagree with the premise you state as "the question." The choice was rather between a socialist bill and one that incorporates free market solutions. Massive centralized takeover of personal property is un-American...or should be.
2. Your greatest argument is that the worst case (or perhaps the most likely) scenario is that we will be plunged into another Great Depression. Well, so be it. Better another Great Depression than to end up like Europe...I trust you agree.
This Senate bill is subterfuge and is only improved by the Alternative Minimum tax clause. Otherwise, it is a sarcastic pat on the back to we the taxpayers. It suggests that everything should be alright, even though we are doing nothing to change the rules of Washington or attacking bad policy that continues to be in place.
Pass the buck until reelection, that's what this sounds like. Unfortunately, our children will be paying for our mess. This is disgraceful and I hope that this time our congressmen finally listen to us.
Representative Inglis, now that the bill has passed in the Senate I would urge you to re-consider your vote and vote against the bill if it should come up in the House again. The bill needs to be improved greatly before it's approved. Thank you.
I, along with most everyone else apparently, am strongly opposed to the bailout and disappointed that you voted in favor knowing this. I agree something needs to be done to ensure responsible consumers and businesses have a financial support system… so why don’t you simply guarantee loans to them via responsible lendors? I don’t buy the idea that we must save the rich and the stupid to save ourselves.
Why does it have to be all or nothing? If 130 of the country's top economists are against this bailout, how can you stand there and think you know more about the economy than they do? What happened to Newt's ideas for "mark-the-market" ... if you had any guts, you'd at least point out whose to blame for this mess (i.e. Barney Frank, Sen. Dodd, Franklin Raines, et al) and wonder aloud why we would give $700 Billion to a man who is a few months is going right back to Wall Street to reap the rewards of his gift from the taxpayers.
I am extremely disappointed and angry that you chose to support the bail out bill. Your justification was that Paulson and others in his field were the "experts" who are "supposed to know" how to deal with this economic crisis. In supporting the bailout plan, you failed to consider the fact that there are OTHER highly qualified people who have proposed alternative, common sense solutions that will cost the taxpayers MUCH LESS! I strongly urge you to look at Dave Ramsey's "Common Sense Fix" proposal.
I am extremely disappointed and angry that you chose to support the bail out bill. Your justification was that Paulson and others in his field were the "experts" who are "supposed to know" how to deal with this economic crisis. In supporting the bailout plan, you failed to consider the fact that there are OTHER highly qualified people who have proposed alternative, common sense solutions that will cost the taxpayers MUCH LESS! I strongly urge you to look at Dave Ramsey's "Common Sense Fix" proposal.
Please do not vote for the bailout that is currently proposed. I do not believe that we should pay for the mistakes the banking industry made. I believe that there is a better way and you are smart enough to figure one out. I will be praying for you to make the right decision. "The Common Sense Fix" as written by Dave Ramsey looks like it may be workable.
I would have voted NO and expected you to do the same. Americans have gotten to accustomed to borrowing instead of saving. Maybe because we have such a great example in Washington. NO do not put my children's future at any further risk. These companies and their CEO's can reap what they have sown. The Government can extend insurance ONLY to those banks who will adjust current mortgages to 6% fixed and put arrears at the end. Change the mark to market rules for sub-primes temporarily. AND ease the capitol gains taxes for anyone who will purchase some of these bad securities. Congress caused this by legislation passed to encourage sub-prime lending in 2005. Admit it and fix it w/o the people having to eat it. NO compensation packages for present or future CEOs.
My request to you was asking you to oppose AIG bailout and restore deleted veterans and widow befinits. In response to H.R.3997, I would have voted NO until such time as alternatives were presented.
Just to clarify...the same folks that got us into this mess should be TRUSTED to get us out? Not sure how that happens. It's time for the voters to clean house in Washington. You took the bait Mr Inglis. Why not stand with the republican party and continue to work on an alternate plan? Notice how Dems Barney Frank and Chris Dodd wanted to get this done and move quickly...I wonder why??? Mr Inglis, I challenge you to call these officials on the carpet for their mismanagement as the financial committee chairmen.
I am disappointed that you voted to pass the bailout plan, as this is not a sound judgement for the people of SC nor the USA. A much more in depth analysis & plan is needed. I believe you should review the Jim Demint plan, as it is more substantative. We the working people of this state should NOT be the ones to pay off the bad debts for bad credit, for the greed of others. I am praying that John McCain will be the future leader & I anticipate that you will cast the right vote if you plan to stay in office, as my family & I will not be supportive of you, if you don't listen to the voice of the people on this issue. Please step up & do the right thing for all Americans.
This plan would have been another Socialist incursion on the free market. You can't stop a fat man from having heart attack by feeding him twinkies. This is the latest in Rep. Inglis' string of Democrat-aligned votes (think, illegal immigration). And where was Rep. Inglis during the recent Great Drilling debate? He certainly wasn't on the House floor with Rep. Pence. I hope that next time Rep. Inglis will stand with Sen. DeMint, Sen. Shelby, Rep. Pence and other true conservatives on this "bailout" issue...but I doubt it. My wife and I will not be voting for Rep. Inglis in November.
The majority of these comments show a greater clarity of thinking than a stupid analogy portraying finance executives as 'strapped to the front of a plane'. Why can't you represent your constituents? Do not vote for this bill again. Why should my tax dollars bail out foreign banks? What are the real motives here? There will be pain, but I'd rather not deliver my children into debt servitude in the process. This is the issue of my lifetime and will vote accordingly.
Let the market correct the excesses of the past. The bad banks must fail and be replaced by those with fiduciary good sense. Tax dollars must not be spent on a windfall for risky investing. At the same time, what has happened to the capital injection that the Fed has made. If the Fed gives money to the main banks, then why are they not lending it out?? Somethings wrong with that. Vote for a bailout and you should resign. We can get by....our parents did in the 30s and so can we.
Mr. Inglis...your arrogance and close-mindedness is appalling. You have once again completely dismissed the opinions of your constituents. We are screaming for you to consider valid alternatives but you continue to act the part of an empty-headed puppet in believing the ongoing rhetoric of the Washington elite. I voted for Bush, but fiscally speaking, his administration has been HORRIBLE. Why are you trusting these people?!?!? Jim DeMint and Dave Ramsey are extremely smart businessmen and they know what they are talking about...LISTEN TO THEM!!!
You write: "Is the risk of doing nothing greater than the risk of buying $700 billion of illiquid securities?" The answer is NOT necessarily yes. The "anything is better than nothing" approach you are taking can result in VERY bad ideas. If you have a cocaine addict, and the choice between giving him nothing or giving him another hit of crack, would you say the hit is better than nothing?????
Mr. Inglis, you ask me how I would have voted. If I were in your place, I would have voted "no" in agreement with the majority of my constituents. Don't we have your ear anymore? Are you not trying to give our parachutes to the pilots because they have destroyed their own? How will this make them fly more responsibly? Frankly, I am not comfortable in this airplane! Let's take the plane down safely on the shoulders of a free economy--free to drill, free of environmentalists' lawsuits, free to build nukes, free of changing government regulations, free to worship the God of Abraham, etc. Beware! The crooks (pilots) Frank, Dodd, et. Al. are getting away. The DemocraTICS are blaming Republicans for what THEY have done and you are willingly on their plane accepting the blame!
Your main question should be restated, "Is the risk of free market capitalism greater than socializing the financial markets?" Think clearly, Bob. Your choice is free market capitalism vs. socialism. Relying on the opinions of your experts puts you in the same camp with the big government socialist economists who think they can control supply and demand, wages and prices, etc. The economy is too complex for them to run or to predict. American consumers are sitting on the sidelines with $7.5 trillion, and corporations and funds with much more. This is not 1932. Get the greed and power out of the situation and let the free market reward the virtues of thrift, delayed gratification, transparency in accounting, etc. If your bill doesn't privatize Freddie and Fannie, and eliminate the possibility of earmarks to leftist groups that will bury us, we've lost anyway. Stand on principle. Vote for freedom.
It is with profound disappointment that I heard that you had voted in favor of the bailout. Even 94 Democrats had enough sense to join conservative Republicans in rejecting this bill. But Mr. Inglis -- our man in Washington -- from the conservative state of South Carolina joined the ranks of Nancy Pelosi and her gang to further the cause of Socialism in the US. You have lost the trust of your constituency. The members of our family will not be voting to return you to office in the next election. It saddens me.
NO to the Bailout! There are MUCH BETTER alternatives than SOCIALIZING the mortgage industry! The government already tried that (i.e. Fannie Mae and Freddie Mac) and look where it got us! The government ALWAYS makes anything worse when it gets its hands in it! Jim DeMint is right. He and other fiscally responsible leaders have come up with better ideas that would clear up this mess, with minimal government interference.
I agree with Senator DeMint and wished you had voted against this bill. Government has never done anything better than the open market. This was started by government's pushing the home ownership as a right of every American. The truth is, not everyone pays their bills and can handle owning a home. Their are much better ways to handle than growing government. It is going to hurt, but better to take our lumps now than to have our children and grand children paying for it. We need to pray, raise the FDIC, help the people not the business, and hold the management of the miss-managed companies responsible for their part.
I apologize,sir. I would have voted FOR it also.
An excellent discussion! Failure to take action could result in another Great Depression. The news of the failure of the bill in the House resulted in a sharp decline in British and European markets on Tuesday.
As a representative of the people, you should uphold there wishes. I believe the response was 10 to 1 against the $700 billion plan. I a am extremely disappointed in your vote. Our emperor has no clothes. If the current loan default value is in the $200 billion range why do we need $700 billion? If we are concerned about future foreclosures, why not address these causes? Surely they are not a result of predatory lending. You need to focus on issues that address the causes such as high unemployment, high energy cost and high food cost. You represent the people. Vote the voice of the people or face the consequences at the next election.
I responded to your email with more detailed comments that 150 words will allow here. To summarize, I think you are a decent and honest man who is trying to do the responsible thing. I just think you are being mislead by congressional leadership, the President (Iraq = WMD !!!) and perhaps a few lobbyists. Contrary to the talking points, Hoover did quite a lot between 1929 and 1933 and was accused by Roosevelt (during the election of 1932) of being a socialist. One of Hoover's actions was to create "The Reconstruction Finance Corporation" which loaned over 2 B dollars to banks and businesses. I wonder if 2 B dollars inflation adjusted = 700 B dollars today. It didn't stop the Depression. Save this money for when we may REALLY need it.
Change the accounting rules back to straight accounting rather than what they are using now. Have more accountability from the Treasury Secretary to a committee set up by the Congress where each dollar has gone and when each dollar is returned. Accounting when assets are sold and accounted for. An accounting of all Assets. Collection of the severance packanges of the CEO's of the failed Institutions and any that have left and cause this melt-down. No one should be rewarded for being a failure! I personally do not think that the Treasury Secretary should be allowed near any of this money, he should resign because he is to close to some that have failed and I wonder if he is not a part of it to. What company did he come from, to me something stinks like rotten garbage. This is just some of the ideas I have thought about that could have helped.
No Bail, Just Jail! Let these companies go bankrupt. The creditors will take over. Those at fault will pay the price not the hard working, mortgage paying, tax payers. The next vote needs to fail at an even larger margin. I have supported and still do support the President on most everything but not this.
Thank you for the analysis you presented. It helped me understand the pros and cons of the issue. I admire your leadership in taking a stand that you felt was right despite strong feelings in the District against it. I'm still not convinced we need a bailout, but the stakes are too high to gamble. I hope you will support whatever the comprise that comes to the floor, although I would strongly like to see some help for individuals in foreclosure.
John Adams said, “All the perplexities, confusion and distress in America arise...from the downright ignorance of the nature of coin, credit and circulation.” It was true then and it's true now. You assert that the cause of this problem was an “overdose of credit” but the solution you propose is exactly what you claim caused the problem and, ironically, is what prolonged the Great Depression. And where will this $700 billion dollars come from? The Fed will have to create it from nothing. There is no historical example of any government that has issued fiat money and survived. The Founders warned us of this and even put safeguards in the Constitution to prevent it but their warnings have been ignored and here we are. Go figure.
Since when is it the governments costitutionally ordered job to buy businesses. Get out of our business. The comment you made in your openning point is part of the problem. Government is big. It's TOO big and involved in too many private sector issues. You, my representative, are not representing me or the VAST majority of your constituents. As I said in my email and phone call to you, I will not vote for you again. I believe you have been in Washington too long and have bought into the idea that the government can fix anything. I am extremely frustrated and completely disappointed in your decision to not vote in line with your constituency. You and most of Washington believe we are too ignorant or stupid to understand what's best. You are wrong.
Sir, I am 100 % against any form of bailout. The market is able to correct this problem. I am extremely upset with the Republican party's lack of backbone to stand up to the socialist agenda of the liberals in America.
you have made a mistake in voting for this bill. The reason the sub-prime mess is here in the first place is political correctness run amuck. I'm sorry some people are going to lose their homes, truly I am, but it is not my job to take over their payments, even if there is a snowball's chance that the value of the home will increase. This has been nothing but a blatant powerplay.
THE BEST ANSWER TO THIS IS DO NOTHING LET THE PEOPLE THAT GOT US INTO THIS MESS GET US OUT. THIS MESS IS DUE TO LEGISLATORS AND GREEDY BANKERS WHO ONLY WANTED TO PAD THEIR POCKETS. SO LET THE MARKET TAKE CARE OF ITS SELF AND LEARN FROM ITS MISTAKES. I HAVE ALREADY LOST $40000 OF MY RETIREMENT, I AM NOT WORRIED I'M ONLY MAKING $35000 A YEAR SO WHY WOULD OTHERS MAKING 2 OR 3 TIMES AS MUCH WORRY.
I think you are bought and paid for. Cafta. Now this. First, Let's take it at the layman's level. Hank Paulson was head of Goldman Sachs, which, at the start of this mess. How did they escape the damage so many others incurred?...by "betting" their own money that the stuff they so was no good. But good ole Hank feels his civic responsibility calling, and agrees to go to work for Bush. Out of gratitude for making them all rich, Goldman gives him a $400 million walking away package. Now he is our Treasury Secretary, before he goes back to Sachs. And this guy, THIS GUY is the one you are going to abdicate your Constitutionally sworn-to duty to!! My increased taxes, my sons! Listen up, all who will to just a little common sense! This thing is just starting.
I think you are bought and paid for. Cafta. Now this. First, Let's take it at the layman's level. Hank Paulson was head of Goldman Sachs, which, at the start of this mess. How did they escape the damage so many others incurred?...by "betting" their own money that the stuff they so was no good. But good ole Hank feels his civic responsibility calling, and agrees to go to work for Bush. Out of gratitude for making them all rich, Goldman gives him a $400 million walking away package. Now he is our Treasury Secretary, before he goes back to Sachs. And this guy, THIS GUY is the one you are going to abdicate your Constitutionally sworn-to duty to!! My increased taxes, my sons! Listen up, all who will to just a little common sense! This thing is just starting.
Congressman Inglis, either 5 people from this post are blind to the truth or the rest of us are and I find it hard to believe all of the rest of us are that dumb. The market will repair its self as it has done time and time again. People that have taken high risk in the market shouldn’t be given a free pass. That would be like me going to Vegas and loosing all of my life savings gambling and going to the front desk and asking for a refund on all of the money that I lost. If taxpayers have to fund this bill it takes money from their pockets that they would have spent somewhere else, it is that money that would have helped boost the market. As well if the government starts bailing out companies like this the message is sent that it’s ok to make high risk loans because they really are not a risk at all.
Another point to this is that the $700 billion didn’t include the billions already spent on Fanny and Freddy. Let’s not forget that in 2006 everyone voted for change in electing the Democratic majority and change is what we are getting. Remember Obama is also for this kind of change. Personally I voted to keep things like they were.
I am sorry that you supported this bail-out plan. The single largest indicator that this was a bad plan was the provision for support of advocacy groups (20% if the report I heard is correct - $140 billion) that does nothing to relieve the financial situation. If indeed the situation is suddenly so dire that we need a massive reaction to avert disaster, there must be a better way than that proposed.
I would have voted no. 1) Insure the subprime bonds/mortgages with an underlying FHA-type insurance. Government-insured and backed loans would have an instant market all over the world, creating immediate and needed liquidity. 2) Remove mark to market accounting rules for two years on only subprime Tier III bonds/mortgages. 3) Remove the capital gains tax completely. Investors will flood the real estate and stock market in search of tax-free profits, creating tremendous—and immediate—liquidity in the markets. This costs the taxpayer nothing.
I am really encouraged to read these comments from so many of your constituents. I am so pleased to share this area with so many educated and informed folks who love freedom, the Constitution and their country. Like many of them, I am shocked that as a representative you chose to do what you thought was best for us, instead of we asked you to do. Quite a dangerous, undemocratic and unAmerican choice I think. I hope you get another chance. I have read your position on the bill a couple times now. Here are my thoughts. I think your position is very short sighted, based in part on fear and it seems, on a bit of ignorance in regards to the real issues at stake. Finally, your position appears to be based on a lack of commitment to liberty...which I find reprehensible and intolerable...which means, unless you prove me wrong, you've lost my vote. Listing one of the main cons of the bill to be that it is SOCIALIZING and then voting for the bill anyway, reminds me of Benjami n Franklin who I am told once said, that a man who is willing to trade his freedom for temporary comfort deserves neither.
We, the little people, may have a chance now to ask you to vote NO to Wall Street bailout. It is unbelievable how bankers and casino capitalism welcomes socialism when they, after destroying our financial system, needs to be saved. This is exactly the reason why we are always among the last countries in the world's democracies. We, the people, are disgusted with Wall Street and their gambling with our money. Let them resolve the problems they created. Milton Friedman's "free market" asks for government's help; incredible!
Socialism is never the answer to anything. The federal government is not the cure, it is the cause of our economic problems. Remember when the banks were pressured under the Clinton Administration to make sub-prime loans to low-income and bad-credit folks. The birds have come home to roost. This is an outrage. What is next? Are we going to bailout peoples credit cards and car loans next. Is the government going to set salary caps for those in the sports or entertainment fields. Just down the street from Wall St. there are professional athletes making 20+ million to play childrens games. Do we cap them. How about the George Clooney's, Barbara Streisands, and Oprah Winfreys. Do you think Obama would cap those left-wing fat cats?
Vote no, on any bill for at least 3 months. Let the market play out. Intervention in the market system is UN-constitutional and Fascism in its beginning form. Return to the gold standard. Thank you for your time.
Looks like we are getting some new representation in congress come November. The bailout is flawed the reasoning is wrong and you jump in and support it because you bought into the do or die fear mongering being generated by Bush and Paulson shame on you Congressman Inglis.
I am very upset that you voted yes to the bailout bill. I would have voted NO! I have heard many experts say that the problem is an accounting problem that Congress caused with a previous bill. I have heard many experts say that this whole problem could be solved if the "mark to marketing" accounting rule would be supended for a few weeks or months. This would immediately put capital into the market and it would not cost the taxpayers one dime. I can't believe that all of you won't try other alternatives BEFORE you spend taxpayer money.
I also believe that people should be held accountable for mistakes that have caused this problem. The people that have received huge amounts of money should be fired and prosecuted. Their assets should be seized to pay off this huge debt. That is exactly what would happen if one of us made such bad financial mistakes.
You asked me how I would have voted for H.R. 3997. My answer “NO”. In your defense you state, “the government MIGHT be able to stabilize the market.” “Might” is no guarantee. Prove that spending all of that taxpayer money would help. You claim, “Some high flying Wall Street pilots took us up in a faulty airplane.” The airplane is the free market and it isn’t faulty. The fault is with you and the fault is with greed. I warned you last year that something needed to be done to stop all of the greed that is rampant in our nation’s banking system. What did you do about it since then? NOTHING!!! I am very offended by your comment, “Truth be known, we have all overdosed on credit.” I have not overdosed on credit.
You asked me how I would have voted for H.R. 3997. My answer “NO”. In your defense you state, “the government MIGHT be able to stabilize the market.” “Might” is no guarantee. Prove that spending all of that taxpayer money would help. You claim, “Some high flying Wall Street pilots took us up in a faulty airplane.” The airplane is the free market and it isn’t faulty. The fault is with you and the fault is with greed. I warned you last year that something needed to be done to stop all of the greed that is rampant in our nation’s banking system. What did you do about it since then? NOTHING!!! I am very offended by your comment, “Truth be known, we have all overdosed on credit.” I have not overdosed on credit.
A core conservative principal: handouts are never appreciated and they teach nothing. Mistakes hurt, but Americans pull together in a crisis. This crisis is a wakeup call and the Bailout is kin to hitting the snooze alarm. The government, Wall Street, and "Main Streeters" have lived with our eyes closed long enough. Main Streeters are willing to sacrifice, but not at the cost of our principals.
America is a great country and we have pulled ourselves out of many messes without tearing down the ideals of men like Washington, Jackson, TR, Reagan...American patriots who would be damned rather than reward corruption.
I will not be voting for you again. You just lost my vote and many others. I cannot believe that anyone would support a bill as bad as this one. Scare tactics do not work and the public is not stupid. Any bill allowing CEOs to walk away with millions of OUR hard earned dollars is unspeakable. The government got us into this mess and we just sat back and let them do it. Well, not anymore.
True free market capitalism must include the risk of failure. If the risk of failure is removed than socialism is the result. Your vote for Paulson's Folly will cost you my, my family and friends vote in November. You have chosen to wipe Wall Street's hind quarters with the Constitution.
Please vote NO to the bailout plan part two. How many times does congress vote on this bill? My main problem is the bailout includes foreign banks , bad car loans , bad credit cards etc ...Our country is in DEEP debt now , we simply can NOT afford this bailout in any form.
Anyone who believes the bailout would help the average citizen is either a fool or running for office. Homes have already been foreclosed, credit and lives ruined. Banks and credit companies stopped giving credit months ago. Why not create a $750 billion Economic Stimulus package like the one the administration hailed as such a success last summer. The economy responded when people received $300/person. Imagine the response when people could recieve up to $2500/person. A family of four would get a fat $10,000 check. I am sure that would help there credit crisis a bunch. They may even be able to keep their home!
Please reconsider when it comes back up. This act would only prolong the pain and the inevitable. Let the economy cycle. The run on housing prices was not natural and needs correcting.
I think you should have voted in accordance with what the concerned citizens under you have voiced and represent the people. You have failed us as our representative. I stand with the many who will be voting you out of office.
You have knowledgeable people among your constituency, too. I happen to be one of them. I have been a student of money science for over 30 years and this is the same old fix the addicts always want. More is never enough. Bob, I even started my own silver mint in 1980 to try to combat stupid money policies. Did it ever occur to you to support honest money (HR 2779 and HR 4683)? With honest money this kind of fraud is not possible. Lance the boil. We'll come back.
You messed up again Congressman , you went against the will of the people , those same people advising you to vote for this are the ones whose pockets you will line in doing so. Do you not remember what happened to you after the Clinton impeachment trials , you went against the will of the people. We all knew and still know the truth, we also new this was not good for America. For the first time in years America has stood as one and you were not there to represent us.Be a patriot , stand with Jim DeMint. You have very little time to redeem youself, better make the best of it.Do away with mark to market , NO BAILOUT, look at DeMints plan, the upstate and the rest of America have clearly spoken. Thank you.
I would have voted for this bill. The Press called it a Bail Out but it was a simple asset purchase. Current accounting methods have created Non Profitable Assets in Mortgage Backed Securities. These are productive and valuable assets, but Bankers are unable to account for them profitably within their financial statements. I agree with the Sec. of Treasury and the Chairman of the Federal Reserve. We must clear this blockage from the American Financial System, give liquidity to these securities, and allow the Banks to function normally in the creation and availability of Money to the Economy.
The multiplier effect of the Banker creating 5 dollars for every dollar available to the Banker should be allowed to work. I figure 700 Billion available to the Banker when Treasury buys these Mortgage Backed Securities will mean 3.5 Trillion dollars added to our economy. This boost to GDP will increase and improve American standards of living and allow Americans to pursue some more happiness.
Perhaps you have now noticed the response of your constituents? Perhaps you will be able to resist the current adminsitration and their 'shock and awe' tactics and their manipulation for profit schemes? I really hope so...I think you are a nice guy but you are being consistently brainwashed by this administration...take a walk near a waterfall. Listen to your inner voice for a change. And maybe some folks who have other ideas for what would right a wrong that got going based on greed. There should be no reward at all for the men involved in this...they should be in jail. It is not the taxpayer's fault that this whole thing went on. We should not have to suffer for those who receive their billions and millions. Really, the whole thing is pathetic.
I would have voted NO and expected you to do the same. Americans have gotten to accustomed to borrowing instead of saving. Maybe because we have such a great example in Washington. NO do not put my children’s future at any further risk. These companies and their CEO's can reap what they have sown. The Government can extend insurance ONLY to those banks who will adjust current mortgages to 6% fixed and put arrears at the end. Change the mark to market rules for sub-primes temporarily. AND ease the capitol gains taxes for anyone who will purchase some of these bad securities. Congress caused this by legislation passed to encourage sub-prime lending in 2005. Admit it and fix it w/o the people having to eat it. NO compinsation packages for present or future CEOs. The people are not stupid an we have had enough. You have cost yourself a vote- it takes a man of character to not give in to fear and intimidation- you obviously are not that man.
Bob, This is a bad deal! Next time around, don't cave to the pressure. Work with the conservative leadership for alternative action. What did the federal government spend last year? 3 Trillion? Reduce federal spending by 1/3 immediately. You will see a turnaround that will make your head spin and save poor people the embarassment of going through foreclosure.
I oppose the government bail-out on multiple grounds. 1st, it is beyond the scope of authority granted to the executive, legislative and judicial branches of governtment to interven in these matters - there is no constitutional authority to act. Next, it the atypical post FDR parental governement expansion that aims to protect the "people" (or business) from themselves. Next, world economics are not under government control (nor do I want them under govt control), and economic forces though they may be influenced by governements are beyond their control. The last major crash was exasebated by at least by a decade by DFRs intervention. Just Say No.
I oppose the government bail-out on multiple grounds. 1st, it is beyond the scope of authority granted to the executive, legislative and judicial branches of governtment to interven in these matters - there is no constitutional authority to act. Next, it the atypical post FDR parental governement expansion that aims to protect the "people" (or business) from themselves. Next, world economics are not under government control (nor do I want them under govt control), and economic forces though they may be influenced by governements are beyond their control. The last major crash was exasebated by at least by a decade by DFRs intervention. Just Say No.
Your decision was based on the wrong question. Instead, the main question should have been, "Is this the BEST course of action to take to free up the credit market and provide liquidity to the marketplace?". Key word being best, as opposed to just something, anything at all. If I made business decisions based on "doing something" is better than "doing nothing" I would not be in business very long. You have certainly lost my vote.
I support your decision and am grateful to know that my represntative understands the need for support of our economy. This is not a "Wall Street bailout", it is a support to citizens who's greed overcame their common sense. If you have more debt than you can afford, your one of those at fault, not the people who loaned you the money.
Years of bad decisions and stupid mistakes have created an economic nightmare in this country, but $700 billion in new debt is not the answer. As a tax-paying American citizen, I will not support any congressperson who votes to implement such a policy.
Once again, Congressman Inglis has disappointed us! This November, I will not be voting for him. I refuse to support a man who thinks socialism is the answer.
I am very sorry that you voted for the Bailout bill. It appears from the responses that the majority of your supports wanted you to vote no. A bailout may indeed be needed, however it should not involve bailing out executives of Wall Street. The ones involved need to be in jail and all of their assests, both in the US and abroad, seized and sold. The proceeds should then be put towards paying off the bailout debt.
It is an absolute outrage that you would even consider placing this debt on the backs of taxpayers without demanding prosecution of those that caused this situation in the first place. You can be asured that we will remember these actions when it comes time to pull the voting lever.
Please read Jim DeMint's plan. This plan merits being on the news so the general public can think about it and decide if this is the way we should go. At the least, it will show everybody that there already is a viable alternative and that the bailout is NOT the only/best solution.
How do you know that "Depression is Immanent?? How can you even make THIS clam? How does anyone?? It’s all about point of view and instilling confidence. The confidence in the current administration is, at best, strained. If there were more confidence in the administration, this would not really be an issue. The cliché one-bitten-twice-shy comes to mind in this instance. A majority of US citizens do not trust the current leadership. When this happens such as the claim one is making in this title, trust comes into play. We would rather err on the side of “Depression” than to give another dime to anyone related to this banking debacle. We are US citizens and we are strong and can deal with job losses as we already have twice in this current administration. In short we are used to disappointment. Now we are waiting for a new president and new congress to help get this ironed out in a more appropriate non-rushed fashion.
I would have voted with the people of the US, not the corporate CEOs that have controlled the Republican Congressional members since the 90s and the Republican White House in the 80s and the last 8 years. Bad legislation has been the norm and the people are fed up. The Democrats for the last two years, though partly to blame, are not the culprits. The corporate interests that have written legislation for themselves and then allowed Congress to ram it down the working man and womans throats are the main culprit. From Reagans failed economic policies and criminal activities (ie Iran/Contra) to the present Bush's violation of the Constitution that Congress has failed to address (ie W's criminal war and his blatant violation of the 4th, 6th and 8th ammendments to the Constitution). Now the ones with the money have goofed and we are supposed to help fix their problem. FORGET IT. We cannot afford anymore of the Bush style doctrine of let the people bailout problems.
Bob, I would have definitely voted NO. There are alternatives. You need to stand with the other Republicans that are insisting on alternatives like changing the "mark to market" accounting rule. Secretary Paulson has been opposing many economic experts who have asked the Treasury to relax that accounting bill since at least July 22. In addition, some of the very reasons you argue in favor of the "investment" argues that we should suspend mark to market. If the securities have greater value than their current market rate, then we ought to suspend mark to market. That would immediately inject capital into our market and it would not cost the tax payers a penny.
FDIC insurance and reducing capital gains taxes are two other great alternative ideas. Do not give the Treasury Secretary, with Barney Frank and Chris Dodd's oversight, keys to a huge amount of our tax money. Please vote nay next time. Thanks for your consideration.
Do not vote for a bailout. It is wrong and most likely will not work, it will mortally wound our Republic. There are other options. Stay calm, there is time, analyze every option, do not succumb to fear. My family and I will do everything to defeat you politically if you vote for a bailout.
An enormous fraction of subprime lending should never have occurred in the first place and would not have occurred in the absence of ill-conceived federal policies. Someone has to pay for that and it does not need to be the U.S. taxpayer Any response should eliminate the conditions that created this situation in the first place, not attempt to fix bad government with more government. Let the troubled financial institutions declare bankruptcy.
The current credit freeze is likely due to Wall Street's hope of a bailout; bankers will not sell their lousy assets for 20 cents on the dollar if the government might pay 30, 50, or 80 cents. Eliminate those policies that generated the current mess; abandon the goal of home ownership independent of ability to pay, get rid of Fannie Mae and Freddie Mac, along with the Community Reinvestment Act that pressure banks into subprime lending.
I am amazed at the number of people that have indicated that they are against the bill. I realize that this is a lot of money and I definitely agree that oversight must be a main concern, since the large bonuses that have been paid to CEO's are directly related to earnings generated by subprime mortgages. Having said that, it seems that the alternative is going to be a lot worse if this bill is not passed. I think it will take years for us to dig our way out of the debris that will remain from the wall street fiasco, let alone all the people who have been hurt by foreclosures, and bank failures. I believe that you have made the correct choice based on the circumstances.
Unless major changes are made to the legislation, I ask that you do not vote yes again. The government is deep enough in our lives now. I am sick of party politics. The party is not more important than the country! Rewarding irresponsiblity will only add fuel for more of the same. The consequences may be difficult, but the long term impact of this legislation will be much worse. This is not a socialistic society. We're the USA for crying out loud!
You are wrong Bob. You should have said not no, but Hell No!!! The only way to fix this problem is to repeel the Federal Reserve act and go back on the gold standard. Read you Constitution. This bill gives Paulson and Bernake Finacial Dictator power with no recource from the courts or Congress. Next time vote Hell No. You need to follow what Ron Paul does.
I oppose the bailout. The only answer government has to fix any problem is to spend more money. Did anyone propose a plan to CUT SPENDING to pay for the bailout? NO, instead lets raise the National Debt by 2 trillion and HOPE it fixes the problem. HOPE? I hope I win the lottery, but I don't spend my paycheck every week buying lottery tickets. The national debt reached 1 trillon in 1982, and is now bordering 10 trillion. This debt increases EVERY DAY about 2.42 billion. Where is the legislation to lower the National Debt? Twenty eight years later, still waiting.
I would have voted no on the bail out. I respect your stand on what you believe,but I think the people who jumped on the greed band wagon should take their losse's like the rest of us. I still believe in free interprise, when I bought my home I had to qualify by having an income to debt ratio within the guidelines set by my mortgage company to protect them as well as me to assure that I would be able to afford the payments to avoid forclosure. my home is paid for in full,Had I been able to buy a Champaign and Caviar home on a beer budget,I would probably be homeless now. My father taught me to be responsible for my own actions, Personally I think our Government has become dishonest and extreamly greedy...I was also taught that "if I couldn't afford it, I didn't need it."
I am not for a bailout as currently written UNTIL the Wall Street hotshots that helped put us in this position don't come out smelling like a rose. They should have no Golden Parachute, they should not be able to keep their multimillion dollar home(s) and no compensation. Look at Enron and Tyco and what happened there. The Federal Government also contributed to this with all the deregulations. If there is going to be a bailout, and I hate using that term, then there needs to be strict guidelines, strict oversight and no pork attached to this bill like all the pork that was attached to the Federal Budget bill that was passed on Friday. It sickens me that this government thinks there is a never ending supply of money. $700 Billion to bail out Wall Street, $85 Billion for AIG, $200 Billion for Fannie Mae & Freddie Mac, $650 Billion Federal Budget..exactly where is all this money coming from? And who is going to "bailout" those of us that had money in the stock market that lost out on our retirement. We had 200 shares of Fannie Mae & Freddie Mac, who's going to bail us out. So with that being said why should we give CEO's who ran these companies into the ground a slap on the wrist and let them go their merry way.
I'm confused that the majority of your constituency is against this bill, and yet you voted for it. I thought that the purpose of sending representatives to Congress was to represent us. Please listen to us in the future, or you may find yourself replaced by someone who will.
Yes, there are things that need to be done, but bailing out the speculators is not one of them. There are many people who are knowledgeable about economics who do not have the conflict of interests that the Secretary of Treasury and Federal Reserve have. (The Federal Reserve works for elite Bankers, not for the U.S.) If you educate yourself with diverse points of view, you will not be railroaded by fearmongers who are looking for some quick gains.
Resources that I have found helpful include The Money Masters (a documentary available online), Catherine Austin Fitts (former asst. secretary under George H.W. Bush), Peter Schiff). Dennis Kuchinich says there are indications that the current credit crunch is partially being engineered to get people frightened. It wouldn't be the first time.
You asked me how I would have voted. Here is my answer. As a representative of the constituents of my district I would have voted upon the voice of the people. This is completely against the Constitution whose preamble state "to promote the prosperity of the economy" Not ensure it as the preamble for the bill states. If you voted to bailout the criminals whose dug this hole are you planning on proposing legislation to bailout ALL Americans that run into financial trouble? If you say you would vote no for the hardworking American struggling to make ends meet then SURELY you would vote no for criminals, don't you think?
I do not agree with Mr. Inglis about the bailout. This administration and this congress has screwed up royally, and the only way to save our economy is let these bad banks crash. By artificially propping up the dollar, we will grow weaker in how are dollar relates to the euro, pound etc. I didnt expect you to vote no, and ill vote against you next time too. There is a difference between the economy and Wall Street. What is happening is the government is supporting these hedge funds that made bad deals, knew they were bad deals, and the average tax payer will not lose any money if there is no bailout.You wont lose your home, you wont lose your car, you wont have to go hungry. whats the worse to happen, maybe you wont get all those ridiculous credit card offers in the mail. We were going to hand 700 billion dollars over to a group that has already mishandled billions of dollar, no question asked.
Let's not just react when the so-and-sos and the whomsovevers tell us that if we don't hand over a big bag of bailout bucks to the brokers the big banks will all go bust. Rather, let's dispassionately sort through this mess until a real solution can be found -- one that involves must less loss spreading and much MUCH more accountability. And when, by the way, was the last time that the U.S. Government solved ANY problem?
While this was obviously a tough decision, at what point does a representative go against his conservative principles and the overwhealming wishes of his contituents? At least 196 University Economists believed there was a better plan. If this plan comes back for another vote after being loaded up with goodies for the left, please reconsider your vote.
Any plan that is approved should include higher limits for FDIC insurance on accounts, evaluating assets on a rolling 3 year average, insurance on rather than purchase of assets, payback from private industry on any government assistance advanced to shore up the economy, longer mortages and fixed rates for homeowners in danger of foreclosure. Fanny and Freddy execs., mortgage companies and banks should be held accountable for fraud and breaking any laws on the books at the time mortgages were written. The markets should be allowed to operate without additional government intervention. Thank you for your hard work for the American taxpayers.
I agree with your vote completely. Please stay the course and vote "Yes" on the revised bailout package that is supposed to come before the House for a vote later this week. I am disgusted with Senator Demint's opposing stand and will show that disgust the next time he is up for re-election. Again, thank you for your "Yes" vote and please continue to support the bailout. Thank you for everything you have done for us.
In your recent reply to me you say, "When knowledgeable people tell us that there is a substantial chance of a depression, it’s time to act." That is the same kind of stupid reaction that got us into Iraq. You listen to "knowledgeable people" back then too. You should listen to the people you represent and vote NO!
How could you do this man, bail out rich people with my hard earned money. This is pathetic, I cannot believe you went along with this. The market is already coming back. Where is the 700 billon going to come from? Are you going to give Wall street a 700 billion dollar gift card, that is paid for with tax payers money? You guys forget what it's like to be poor and hard working. Let the big guys fall where they made their house of cards. Thank goodness you colleges stopped this. I'll remember your actions on voting day.
I am extremely disappointed that you voted for this bailout plan. Is there really any reason to believe this Administration about anything at all at this point? I am appalled by the President's utter contempt for the rule of law and lack of any consistent guiding moral principles. And I am amazed at the willingness of Congress to continue to march, in lock step, to this Administration's tune. It's shameful!
I would have voted NO to this bill. First of all, I just lost my job. I'm having trouble finding another one, and I can't get my children on Medicaid. The absolute last concern on my mind is that Wall Street needs help. No one can prove that this economy will go into a depression if nothing is done. It is simply fear mongering on the part of Paulson (who's trying to turn the treasury into his own personal hedge fund) and Wall Street. Basically they are trying to blackmail us into giving them the money, or else they will SEND our economy into depression. Let the jerks choke on their own vomit in my opinion. I don't want a DIME of my money going to these crooks. I'll take out any dime that I have and invest it in gold and silver before I'll give it to them.
SAY NO TO THE BAILOUT. All we are doing is postponing one financial crisis for another (and might I add, MUCH BIGGER) one in five years. THIS BILL WILL NOT FIX A BROKEN SYSTEM.
I was disappointed in your vote on the bail out. Congress was being urged to give money to Paulsen who is a part of the Wall Street bankers who created the problem. I would support loans, but not a giveaway. How many times have we been promised that we would get our money back? No problem is so bad that we have to turn to socialism. You already disappointed us in voting for the Democrat no drill plan. I do appreciate your town halls and telephone forums as you reach out to the district. But please do not become another Lindsey Graham.
Suspension of Mark to market, cutting capital gains taxes, reform or elimination of sarbanes-Oxley, repeal of the community re-investment act and scheduling the GSE's for privatization I believe will not only solve the problem, but is far more in line with conservative principles we should be fighting for.
Suspension of Mark to market, cutting capital gains taxes, reform or elimination of sarbanes-Oxley, repeal of the community re-investment act and scheduling the GSE's for privatization I believe will not only solve the problem, but is far more in line with conservative principles we should be fighting for.
Suspension of Mark to market, cutting capital gains taxes, reform or elimination of sarbanes-Oxley, repeal of the community re-investment act and scheduling the GSE's for privatization I believe will not only solve the problem, but is far more in line with conservative principles we should be fighting for.
So sorry you voted for the bailout. This is not the time to panic, this is the time for prayer and thoughtful action. What is the matter with Jim DeMint's plan? His plan is much more sensible. We don't need more gov't control - we need less - NOW. Something needs to be done, but if it is the wrong something, we will pay big time.
This amounts to a band aid for a gangrenous foot. It will not help, and only delay the inevitable collapse. We simply can not afford this. Let the collapse proceed, and the recovery will begin sooner. If the underliying value is there, let it remain with the private sector to assume the risk and profit. I hope, as in the past, this Congress will fail to act, and blame each other.
what could have possibly persuaded you to vote for the bail out? Read and economic article and educate yourself. Or if you don't know enough about the subject... you can abstain... don't just vote for the bill because your president told you to. Way to represent the people... you lost my vote by the way.
what could have possibly persuaded you to vote for the bail out? Read and economic article and educate yourself. Or if you don't know enough about the subject... you can abstain... don't just vote for the bill because your president told you to. Way to represent the people... you lost my vote by the way.
PLEASE do not vote for this bill again! What a mistake! I absolutely will NOT vote for you again if you do.
Please "stay the course". We must have some kind of "Rescue Plan" to give our markets time to heal. Please continue to work for a compromize that will bring us the stability we must have.
Congressman Inglis, I am outraged at your vote in favor of this bail out. We are up against a socialistic government. How could you, our elected official, chosen by us, to up hold the constitution, do such a thing. Where will your 5 children be in 8 more years with this kind of leadership. I don't want my 2 children to have to live without the freedoms I've enjoyed. We have to stand for what is right and suffer through the corruption and wrongs that have been done. Turn this situation around and change the corruption, stand for what is right. Don't be afraid of doing what it takes to secure our freedoms from this governemnt control. At what cost do we bail out?
Please vote yes for this rescue plan. There are too many hardworking people's jobs at stake. I agree with many of the comments on your website from upset voters about bailing out Wall Street, but there is too much at stake for the common citizen to not act. I also hope that an investigation is done when the dust settles and those found to be liable for this mess are held accountable.
Thank you Bob, for your principled stand. I continue to be proud of your willingness to lead, to do the right thing, and then take the heat. This is NOT about saving the jobs of the bigwigs. It IS about the jobs of the working class who are always the first to suffer and who suffer the most in what may come due to the blindness, inexperience, and weak knees of those who voted no. Their votes do give me a real window on their misunderstanding of basic economics and how they think as leaders. Thus I look forward to seeing the list of their names. Not for Wall Street but for America,keep up the fight!!
I am greatly dismayed to see that you voted for the furtherance of a socialistic government in our beloved USA. Why would you sell us out? History is so clear that the masterminds behind this have sought to do nothing but rip this country apart from the inside out. I was appauled at the recommended oversight committee. The very individual seeking to socialize our government. Find a better way, but please vote NO to bailout!
Bob, you panicked. Paulson's plan is a power grab for the Federal Reserve. Go with the strong Republicans who are putting together a better plan. I am dissippointed in your weakness today.
Bob was WRONG!!!! He should have not voted for this corrupt bailout. Why should we pay for the mistakes of a greedy? Make favorable market corrections, charge Paulson with corruption for already giving BILLIONS of our tax dollars to his old friends and let the market heal itself. Mr. Inglis, PLEASE DO NOT VOTE FOR ANY BILL THAT CONTAINS A BIG BUSINESS BAILOUT!. Do not give our nation away!
I will keep this simple. No bailout, my vote. Bailout you don't have my vote. This is not an issue I will forget. Do not allow the democrats to attach even the tiniest scrap of an earmark supporting ACORN or LaRaza or any such organization. The leftist organizations pushed by the democrats serve one purpose, the subversion of our constitutional way of government and to allow them to do so puts our representatives in an even more subversive role as they represent many citizens.
NO BAILOUT, NO LEFTIST EARMARKS, IN FACT NO EARMARKS If it isn't worthy of a bill in the open then don't slip it in via the path of earmarks.
This is a goverment ripoff not a bailout. I will actively campaign against you for voting for this morally iresponsible bill. How dare you. Using fear and confusion to try and scare people. We will not pay for this garbage. We have made that clear. This will lead to hyperinflation of the dollar and a total collapse of our currency. You want to reward irresponsible behavior and go against everything our free market stands for and will only make things worse. You just lost my vote.
I have to laugh at Bob Inglis' statement, “When knowledgeable people tell us that there is a substantial chance of a depression, it’s time to act.” Aren't these the knowledgeable people that have been wrong on every aspect of this crisis? His speech today made him sound like a little lamb trying to avoid the slaughterhouse. And if you read his tone, he wants to commit this money when he is uncertain it will work. Frankly I got the same feeling from Paulson on 60 Minutes last night. And we are supposed to be inspired to his Yes vote by this?
We need new leadership with courage that listens to the people and not to a lame duck, fear mongering president. Nor to his wrong at every turn financial experts who are scaring markets. I found the Wachovia and WaMu settlements as a sign the market could correct itself. But these men seem bent on scaring everybody into proving them right and our congressman apparently fell for it too.
I was proud of Lindsey Garham's performance today, he was the voice of reason. I was disgusted with Nancy Pelosi's little speach just before the vote. More work is needed to study the nations credit problems and the best fix. Don't tell me that we must act today! This approach is alarming to me!
Ben Ward III...are you BRAIN DAMAGED? The Dems made this mess? The mess we are ALL IN occurred because of the REPUBLICAN policy of deregulating the financial sector...and not bothering to enforce the exceeding few rules that were left. Investment banks were allowed to regulate themselves on a voluntary basis under Bush-Cheney. But you know what, it doesn't matter HOW the fire in your neighbor's house got started...you PUT IT OUT before it spreads to your own house. Do YOU GET IT, you friggin MORON??
DeMint is correct, as always. Graham and Inglis are blithering idiot liberals and they are dead wrong on this crook bailout, as usual. My vote for Bob Conley to replace 'light in the loafers' Lindsey Graham should be followed by every true blue red blooded patriotic conservative in South Carolina. I will never ever check the block FOR Bob Inglis, the Most Marxists Liberal representative in Congress.
I do not support this bail out, and I agree with Sen. DeMint's ideas on this subject. If you value my vote and other votes next election, I would pay attention to what the people are saying. NO to the bail out!
Vote no ...No bailout. The Demacrats made this mess let them own up to it!!!
There are better alternatives to this plan. I qualified and pay for my mortgage and will not bail out others who have acted irresponsibly. You will not ever have my vote again if you come down for this bill. There are other ways out of this: accounting procedures, etc. which will not cost the taxpayer. NO BAILOUT.
The legislation doesn’t address the root and secondary causes of the problem. Root cause is government meddling in the free markets. Secondary causes include: knee-jerk, moronic passage by Congress of Sarbanes-Oxley; failure of legislative oversight committees to fulfill their responsibilities and incompetence of the members of those committees; failure of the oversight entities within the federal government to fulfill their responsibilities and the incompetence of the members of those entities; and, culture of corruption in Congress evidenced by undue influence of the GSEs (e.g Freddie Mac, Fannie Mae) and the wanton disregard for all the warning signs presented by many who have advised for years that these GSEs were a disaster waiting to happen.
The legislation establishes even more government oversight bureaucracy and inefficiency above that which already exists: another legislative oversight panel; a special inspector general; additional duties for the comptroller general; and a new Financial Stability Oversight Board.
No bailout. The irresponsible actions of the financial community and those that participated must be held accountable by the marketplace. We're American and we will get by just fine. The banks will fail and be replaced by banks with stricter standards. NO BAILOUT!!!
The real problem in our current crisis is that corporations have been allowed to combine/merge to the point that some are so large, one highly overpaid CEO, can make decisions that have ramifications over millions of American people. Everyone knows greed, power and lack of congressional oversight brought about this disaster. I don’t know if the country can survive without the “buyout”, but I, like most ordinary AMERICANS, am just about willing to accept a disaster, if that’s what it takes to make Congress realize it’s purpose is to look out for the best interests of “every day” Americans, not the “special interest, who think everyone can be bought.
I do not support the bail out. There are other places to cut spending and get the money needed without taxing the hard-working people of this country. I am disappointed that you seem to be backing this Bail Out. I hope you will reconsider.
In short I ask that you oppose this plan for a bailout. This has nothing to do with my anger for those that the mainstream media are blaming for the market meltdown (ie. Greedy CEOs). I do not blame them as much as I blame the government for encouraging/demanding that banks loan money to those that are not qualified. Contrary to what Washington thinks, not everyone in this country should own a house! NOT EVERYONE SHOULD BE GIVEN EASY CREDIT!! People get a clue, we are rapidly becoming a socialist country, and these laws, bailouts, and government interference with the free markets are signs that prove it. My promise to you is that if you vote for this bailout, you will never have my vote! Remember you work for the people, look at what the majority wants and act on it.
I disagree with your stand. Action by the federal government and the Federal Reserve bank cartel should be limited. Allowing this bailout violates the principles of our constitution, increases the erosion of personal freedom, and does not offer a solution to the basic problem. This activity can send us into another Great Depression, or an economic winter that lasts a generation as has happened in Japan. Bernanke himself has stated that the Federal Reserve caused the Great Depression, and he is clueless now about how to solve this crisis. It is better to take the bitter medicine now than to validate the misplaced trust in the banking cartel, the congressional leaders, and the treasury secretary. We need to go through the pain, get the government out of the banking and currency debasement business, and allow our citizens to rely on valid and enforced contracts and rebuild our economy.
Spend the $700B on restoring our infrastructure instead of bailing out those who have already profited from promoting irrational real estate schemes. This would give the economy a an infusion of capital and provide jobs for those who want to work.
I do not think we need to bailout the bank for bad behavior. Why not change the rules and let them work it out themselves, the last time I looked that is way our system works. The people in Washington have come down with billionist, just throw another billion at the problem. We are broke as a country. I am going to fire you from my list of Rep. if you cannot come up with a better plan than Paulson and Dem. who even wanted to add a stimlus package. I have run my small business with balanced budget.
While I agree that the federal government must take action to help relieve the current credit crisis, I do not agree with the premise that a deal must be struck this week, or that the 700 billion dollar bailout that the Bush administration has proposed is necessarily the best course of action. It concerns me that the Bush administration is trying so hard to push this plan through quickly. The American people will not be well served by yet another bill that gets passed before all of the consequequences are understood, and without appropriate debate. Too often the public is told only the positive aspects of a bill before it is passed, and learns the bad news after it is too late. I urge you to take whatever time is necessary to be certain that the legislation you vote to approve will address the underlying problems at the least possible cost to the taxpayers.
I agree with Senator DeMint on this issue and hope that you will represent the hard working, tax paying people of SC by not supporting this bailout.
I had planned to write this long letter that would have allowed me to vent my frustration, but then I decided to try and make it a simple statement/request. I do not want the US Government to bail out "troubled mortgage instruments" to use your words. I think to ask us (the American citizens) to foot the bill for them, would be just as much criminal as what the Wall Street high-flyers have been doing. I think it's time for some "Tough Love". Please answer this questions... why in the world would we bail out companies conducting criminal activity? If my buddy ask me to drive him to the bank and the next day we get arrested for bank robbery. I feel sure I would get off, but should I bail him out of the crime? NO NO NO NO NO NO......... So please ... I DO NOT WANT TO BE PART OF THIS BAIL OUT. They made their bed.
NO BAILOUT. ALAN FISHMAN IS WALKING AWAY FROM WAMU AFTER ONLY BEING ON THE JOB FOR 17 DAYS WITH APPROXIMATELY $20 MILLION......AND WITH THE BANK FAILING. NO BAILOUT.............
I am very dissappointed that you would choose to back the bailout plan. This would only salvage the economy for the ones that invested heavily in the wall street companies. Although it will hurt us short term (and even myself), asking the American taxpayers to take on the burden is utterly preposterous. For this to pass, it will hurt us long term which is where we need to look. Should you continue to back this program, I would feel obligated to vote for an opposing candidate the next election.
Read the constitution. The Federal govt. and its stupid privatized arm, the Federal Reserve, helped to drive us to this situation. More government solutions, especially of this ridiculous magnitude, will give us merely more FEMA other similar wasteful, ineffective government scandals. The government takeover of private financial institutions will NOT make things better. Paulson and Bernarke are the problem. They have been WRONG on everything. They are NOT part of the solution. STOP THE INSANITY!
I am writing concerning the proposed $700 billion bailout of the subprime mortgage market. I feel that it is irresponsible and un-American to ask taxpayers to shoulder the burden of these companies' poor decisions. This bailout amounts to socialism, whether Secretary Paulson considers it necessary or not. Worse than that, it is socializing the losses and allowing the private companies that made the mess to keep their gains. This is absurd, reprehensible, and a complete betrayal of the American people and I will not vote for anyone who votes in favor of this bailout bill. I would like, instead, to suggest that extending the FHA insurance program to cover these subprime loans, and allowing companies to avoid writing down the assets to market value would free up the market, cost far less, and let the companies clean up their own mess. This could easily be done on a temporary and focused basis, and is the only solution I've heard that makes sense. I hope it gets a full hearing before any decisions are made and mistakes are set in stone.
Here is a good idea, give the 700 billion back to the American citizens that have paid the price for bad business deals like this. I think this is outrageous! The damage is already done. Lets stop bailing out the greedy and bailing out the needy. My husband and I both work a total of 100 hours a week and we have 2 kids to raise. This government and corporate America make me want to renounce my citizenship. Main street America will rebound from this fiasco without a 700 billion dollar bailout. We did it in the past and if Main st can come together and help out it's neighbors instead of these scum-suckers than we will survive.
I do not trust the same people who got us into this mess to solve the problem. Why can no one explain exactly what this money will be used for? While it may not be time to shoot the pilots it is certainly time to change pilots before they fly us into the ground. If Fannie Mae and Freddie Mac hold or guarantee 65% of the mortages which we were told was the reason the goverment needed to bail them out. Then how can it cost and additional $700 billion dollars to bail out the rest?
The solution is for you guys to stay out of it. Government got us here and we would be less than smart to think that government can get us out. It would be refreshing if our representatives would quit trying to be bi-partisan and do what is right for the United States. The market will take care of itself.
Congressman Inglis, I appreciate your efforts to demand accountability of those in our financial industries. It is much needed. I hope you don't mind that I posted below Senator DeMint's Economic Growth Plan and encourage you to fully support his efforts.
I have heard many on Capitol Hill and the media exclaim, "We have to do something" and then go on to approve of the big taxpayer bail-out. Of course we have to do something, but something is of no good if it's the wrong thing. Senator DeMint's plan is excellent and is just what we need to get our economy back on track and is the right "something" that needs your support. Please get behind this effort to make real and lasting economic change and not just a band-aid to limp us along a few more months.
I trust as a conservative, you will also promote conservative principles that always work and stand against this liberal, socialist bail-out plan.
congress was not working and let this happen. I hold your group and not responsible people for the mess. I do not want a bailout, enough already. Let it be worked out and maybe someone should go to jail. but not throwing good money after dad. I know this is not necessary, I love the prz. but he is wrong and I hope McCain will start now and lead us out of this mess. you need to understand that I have voted for you a long time now but you need to step out and run with those that want to do it the other way, aka the right american way.
congress was not working and let this happen. I hold your group and not responsible people for the mess. I do not want a bailout, enough already. Let it be worked out and maybe someone should go to jail. but not throwing good money after dad. I know this is not necessary, I love the prz. but he is wrong and I hope McCain will start now and lead us out of this mess. you need to understand that I have voted for you a long time now but you need to step out and run with those that want to do it the other way, aka the right american way.
I agree with Bush. I hate it, but don't let your anger keep you from doing whatever it takes to save our USA. I really believe we are on the edge of a cliff about to be pushed over the edge. When it is all done, the money will come back. The underlying value is there. I even expect the government will end up making a windfall out of it. Get it done........NOW!
I agree with you completely. I expect you, as my representative, to hold to those comments, opioions and pricipals. I respect you for taking this stand as much as I am dismayed by Senator DeMint's opposing stand. I wish you well and I thank you for what you have done for us in America though I do not always share your opinions.
Mark Hopper (11/13/08)
I posted here before and after the bailout bill passed strongly expressing my disagreement with its' passage. It has barely begun to be set in motion, and already we are seeing why this was a horrible idea, and a disastrous precedent to set in our now so called free market economy. The money isn't going where we were led to believe it was, and the banks are not loosening the credit freeze they got themselves into. Not that you care at this point Rep. Inglis, but this is why I told you I would not be voting for you, and it is why I did not vote for you. Congratulations on finding enough uninformed people to send you back to Washington. PLEASE sir, begin to represent your constituency.