With Bailout Vote Failure, Dow Drops 778 Points
These Are the Times that Try Men's Souls...
As soon as I heard the bailout plan did not pass, I ran in and turned the news on. Within the first ten minutes this is what I heard:
"Stocks Dive After House Votes Against Bail-Out."
"This is a Panic. Fear run Amuck."
"It doesn't matter what company you are; right now your stocks are low."
"At one point, this is going to impact the consumer."
"The people in Wall Street right now, are scared to death!"
"If you have T-Bills, hold on to them like a squirrel does his nuts during the winter."
"The US economy is going to take a pretty hard tumble."
"This is the beginning of some sort of bottom."
I don't know about you, but I'm scared; but more than being scared, I'm angry. I know it's not possible, but right this minute, I would like to fire all of congress and start all over again.
My husband and I have spent a lot of years trying to be responsible with our money. We've worked hard and sacrificed much so that we could pay our bills, take care of our kids and save for our retirement.
Neither my husband nor I are big risk-takers. We never wanted to put all of our eggs in one basket, so to speak. For years, we kept some money in savings, some in a money-market, some in treasury bills, but the majority of our savings we kept in Mutual Funds. And we have our IRA? What about that? I know, that in order for my money to have a chance of being protected, we have to get some sort of Bail-Out bill passed.
Of course we've sat and discussed taking our money out of the banks, and cashing out on our bills and funds; but that's the sort of panic that hit the US during the big depression. To be honest, right now we don't know what to do. We certainly don't want to loose everything.
Of course we're worried about our financial security, but even more than that; we're worried about our kids. What's going to happen to their lives? They have homes, and they have families. I am so worried about them.
I am so angry at both of our presidential candidates right now. Mr. McCain just announced on CNBC that he shares the concerns and he shares the anger of the people right now. Well, I doubt it! I haven't as yet heard from Mr. Obama, but I don't think I want to.
Do you know, this is the first time in all of my adult years, that I don't think I even want to vote. When Mr. Reagan was running for president the first time, my husband and I stood in line for three hours, in the rain, to vote. I wouldn't even walk across the street right now to vote for either one of them. I feel like my choices are between Mr. Bad and Mr. Awful.
It was announced last week on the news, that if the Bail-Out Bill wasn't passed today, it would have a devastating affect on the stock market today. If they knew it then, why didn't they do something by today to make sure something was done, to make sure it passed?
In order for me to have peace of mind right now; I have to remind myself of history. On December 23, 1776 Thomas Paine made a speech. The first few sentences of this speech are:
"These are the times that try men's souls. The summer soldier and the sunshine patriot will, in this crisis, shrink from the service of their country; but he that stands by it now, deserve the love and thanks of man and woman. Tyranny, like hell, is not easily conquered; yet we have this consolation with us, that the harder the conflict, the more glorious the triumph. . ."
You can find this speech in most history books, but I found it on the internet, if you would like to read it. http://www.ushistory.org/paine/crisis/c-01.htm.
Published by Kathi Downs
I am the wife and mother of three grown sons; and I have 6 precious grandchildren, 3 boys and 3 girls. Reading and writing has always been a passion of mine. View profile
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12 Comments
Post a CommentI like your quote, and your article!
Congrats on living responsibily. If more people did this we wouldn't be in this mess. That is my problem with the bailout of either Wall Street or homeowners. I've lived with in my means (except during college, I'm still paying on those credit card bills) and I don't want one drop of my money going to the irresponsible on Wall Street or anywhere else. I'm a big fan of the free market. I say let those companies fail and we will work it out. The debt is secured by real estate if the government would say no we aren't bailing you out, those securities would sell at some price. I say we get on with the collapse so we can get started on the recovery.
The bill did not pass for good reason. Like many others have stated it was a plan to help the few that screwed up big time. Not a bailout to help us people. If you screw up as a person and take on too much debt, or get put in a situation financially that you can no longer meet your obligations is there a bailout for you? No you loose your precious credit score, you loose personal property, You loose your livelihood. This is a serious time for our country right now. Our economy is failing and something needs to be done. The bailout is not the solution. I do not claim to have the solution but I know giving more money to those who have mishandled criminally and or civilly the money they were responsible for is not the solution. 700 billion of our money should be going towards our society and country. how much money of yours has already been lost by these people of wall street. People your eyes have been opened now so look and listen to your heart take the news as a grain of salt and reali
Carol - my little retirement accounts are nothing compared to that. It does make me wonder though, if he's as unsettled as the rest of us are.
Thank-you so much for your responses. Scott - as much as it might hurt a bit to say this-you're right. It was a matter of seeing the warning signs but, too late. Before I comment much I have got to fully read that failed Bail-out. I think I've spent too much time listening to the news. Just this morning on CNN (at 6:35) the gentleman speaking said, "for those of you who have 401K's and IRA's and want to punish Wall Street and Washington be careful - remember they have you're money. I have got to read that bill.
Just wanted to clarify that last comment- the $37 m was annual comp, not a golden parachute. I don't know if he got severance but his net worth is reported to be about $600m.
I second what Scott said about power, too, and look at who the power is being given to- a man who himself worked for one of these firms and took away $37 million just 2 years ago.
It's understandable that people are uneasy and even scared with all the manipulative fear mongering piled on top of legitimate economic concerns- but the bailout bill that failed wasn't about helping people like you and me. The stock market is slowly regaining strength. Congress will now look to some other solution- and that is exactly what is needed. I have researched this, written about it, and even read all 108 pages of the failed bailout bill. What we need is to hold those who created this mess accountable financially and, if there were criminal acts or civil fraud involved, then those cases need to be pursued. One of these firms got a clean CPA opinion a few months before failing. How did that happen? Why are these execs getting paid $26,000 per hour hour worked when the average American household -not person-earns $46,000 in a year? These issues are some of the reasons that bill rightfully failed.
I can relate to your frustration. I keep chanting...the sun will come up tomorrow (and of course it is cloudy here this morning). But I also agree that there has to be a better solution, what it is, I'm not smart enough to know. I share your frustration with both candidates.
Nice piece. I have been affected in a huge way as well. This isn't just wall street that will be hurt. It will hurt main street badly.