Are Paulson-Bernanke Overhyping the Danger?

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Every time I hear the phrase "calls for bipartisan cooperation" I immediately think: 'Oh, sh1t!"
I think back to the most recent examples of such 'bipartisan' action:
telecoms let off the hook
enron let off the hook
patriot act
patriot act re-upped
authorization for war in iraq
here's to more partisan politics!

wilbur M of IL 7:05PM September 29, 2008

The $700 Billion solution=The 301,139,947 million solution Just say NO
Do not give any money to any company under any scenario. Just say NO
There is a documented population in the U.S. OF 301,139,947
Give every citizen 1 million dollars.
Just as the “stimulus” was done.
Stipulate: pay all debt and document for the IRS.
Stipulate: for any person under 21 years of age parent former guardian must put entire amount in trust for citizen.
At 21 every citizen must pay all current debt document for IRS.
Begin plan Monday Sept 29 with the US tres. writing checks and mail immediately.
All citizens must file documents April 15th 2009 and provide documentation of debt payments if there are any if there is any fraud the IRS to collect 1 million BACK under penalty of prosecution with a mandatory one year jail term. Statutory limit of 20 years.
That would help Main Street and revitalize the economy.
Any business that fails fails.
Clean simple and helpful.
AND ONE HELL OF LOT LESS DEBT FOR MY 2 YEAR OLD SON AND YOUR CHILDREN.

Shepp of MA 8:06PM September 26, 2008

Are they overhyping? Well gee I really don't know. They did say we are in 'serious trouble' and threw about words like 'recession' and 'depression'. However that might not be enough to convince the American people just yet. Personally I think they ought to use terms like 'financial plague', perhaps with snapshots of sick babies, or they could claim that it was the terrorists that caused all this to happen and just blame it on them. If that doesn't make us fearful enough, they could show us pictures of aliens invading America, or tell us that if we don't support the bailout that the Earth will spin off its axis and we'll all be destroyed in the ensuing mayhem. Yes, that's it. Up to now fear has been such a great weapon of this Administration, so why stop now? We look forward to being deluged with fearmongering so we can all feel good about supporting this bailout. I now have a sudden urge to eat a cheeseburger.

Robert of TX 1:32AM September 26, 2008

John McCain, George Bush, and the Financial Markets are diabolical partners. Even if our markets fall, we have protections for investors. Those banks participating in bait and switch mortgage deals should not be bailed out. McCain is most famous for bailing out of more aircraft and ditching more planes than any other tailhook pilot. Unfortunately, Mr. Bush and Mr. McCain flew into this flak with the voters as passengers. There is no "Star Trek" field to save us, there is no parachute which will not land us in greater danger. I think James Pethokoukis's analysis is perfect. If ever we needed not to trust someone, it would be the Bush-McCain proposals to bail out. I'm with James, we've seen this before. Ride it out, don't bail out. We would end up with PTSD; which is apparently John McCain's central psychological set.

Edward Ellis of NC 10:06AM September 25, 2008

The sequel!

LnGrrrR of NH 9:35AM September 25, 2008

I believe we have a significant problem with our stock market and financial companies. Even I who believes there is a silver lining in every dark cloud and the glass is always half full, has had doubts about our financial future. It has some of my family terrified. I have listened intently to the Senators, Representatives, media financial experts, political pundits, and talking heads of the major networks. I have come to the conclusion that most of them know not what they are talking about. Especially the Media, Senators and Representatives. I think 90% of our congress needs a job change. I do believe that the problem we are facing has been growing for decades not years. Yes part of it has been wall street greed. Part has been politicians looking the other way for contributions or parties. Part has been Americans growing fat, lazy. and not paying attention. Okay, we have two very smart, experienced and educated professionals in Paulson and Bernanke. I have not seen any ther experts dispute we have a problem. They have provided us with their educated guess as to a potential solution. I don’t think we have much choice. Either embrace their recommendations with prudent modifications or let the markets fend for themselves. I think many Americans do not understand how important credit is to the health of our economy. I believe if our credit institutions cannot function, many companies will close their doors and millions of jobs will be lost and we will have a protracted recession if not a depression. Now is not the time to place blame. Now is the time for all Americans to come together to find a solution to this problem. It doesn’t matter what your political affiliation may be. That is my opinion. Do you care to share your thoughts?

Chuck of CO 11:14PM September 24, 2008

Well, Jim, we had better hope it is overhyped. Because the alternative is a level of pain that today's generations cannot comprehend. Won't be an issue of having a flatscreen TV or not. Because it's tough to buy much when you don't have a job or a home. And if the market crashes due to Congressional inaction, there are not enough political speeches, tv adds, or finger pointing sessions possible to save politician's hides from the American people...from either party!

Donald Chew of GA 7:58PM September 24, 2008

I'm begining to think this massive bailout is part of the finance model that the analysts designed. You know the thinking that if the markets go south there's always the taxpayers.
I'm not an economist or anything, but it seems that corporate bailouts are becoming rather routine, of course not to this extent but now it looks like bailouts are now creating new economic models.

rennie of MD 5:18PM September 24, 2008

I don't think we should get this one wrong. This could be and is to some of us equivalent to the Cuban Missle crisis. Emotionally, I feel the same. If you're not an expert in finacial policy and obviously few of us are given the state we are in at this moment, get out of the way and let someone with extensive knowlegde make the call.

Pat Eskenazi of WA 4:43PM September 24, 2008

DON'T BELIEVE THE HYPE!
Glad to see you are calming down yourself, Jim.
This is the Patriot Act all over again. "Do what we say, quick, and without thinking! We are the philosopher kings who know best!"

henry of FL 2:43PM September 24, 2008