And the bail out goes right in to the toilet

[blue]

I missed that comment, Sara, either that or I completely ignored it for some reason.

Pres. Carter didn't have the power to give away money........as stated earlier, that power is in the hands of Congress, not the executive branch.

The executive branch can veto those expenditures.

[Lady's Human]

The executive can veto expenditures, but only by vetoing the entire bill. Line item veto doesn't exist, and the House and Senate would never agree to giving the executive that power.

For a perfect example of this, look at last year's highway bill. It was packed with non-relevant spending, but there were so many pet projects packed into the bill as a whole, there was no way a presidential veto would have stood.

[Grace]

In the Senate - 74 yes, 25 no, 1 absent (Kennedy)

Those voting no -

Allard (R)
Barasso (R)
Brownback (R)
Bunning (R)
Cantwell (D)
Cochran (R)
Crapo (R)
DeMint (R)
Dole (R)
Dorgan (D)
Enzi (R)
Feingold (D)
Inhofe (R)
Johnson (D)
Landrieu (D)
Nelson (FL) (D)
Roberts (R)
Sanders (I)
Sessions (R)
Shelby (R)
Stabenow (D)
Tester (D)
Vitter (R)
Wicker (R)
Wyden (D)

[sparks19]

Well... I don't think it matters either way *SIGH* WE are going to be the ones paying for it whether it went through or not

But... I'm just a Canadian living in the US so am not allowed to have an opinion

[Marigold2]

I guess this means people will just have to stop using their credit cards and really,really think about what they are going to buy and what they can live without. Maybe taking on a second job, even if it's just for 8 hours a week. Many people are already doing this and still having a hard time and I truly feel for them. It's a lesson for us all. Don't sign a contract unless you have a lawyer to look it over, and if you can't afford a lawyer, you can't afford to buy a house.

[blue]

I guess this means people will just have to stop using their credit cards and really,really think about what they are going to buy and what they can live without. Maybe taking on a second job, even if it's just for 8 hours a week. Many people are already doing this and still having a hard time and I truly feel for them. It's a lesson for us all. Don't sign a contract unless you have a lawyer to look it over, and if you can't afford a lawyer, you can't afford to buy a house.

If you have problems with credit you are correct. Why should the gov rescue you from your bad deccisions?

What corp is buying my mortage? I dont know. I have a fixed mortage so Im not sure I care.

[Puckstop31]

I guess this means people will just have to stop using their credit cards and really,really think about what they are going to buy and what they can live without. Maybe taking on a second job, even if it's just for 8 hours a week. Many people are already doing this and still having a hard time and I truly feel for them. It's a lesson for us all. Don't sign a contract unless you have a lawyer to look it over, and if you can't afford a lawyer, you can't afford to buy a house.

I agree, until the last sentence. Tanya and I live on CASH. She has two small credit cards and I have two small credit cards. Together they have a limit of about $1500. We NEVER use them.

Sure, our home is humble, but I honestly would not have it any other way. We pay our bills, take care of Hannah, eat well and have a little extra to stick away. Life is good.

As for a lawyer.... Ummmm, we just bought a house without a lawyer. I read the whole thing and understand it. Just under 7% fixed. You don't need a lawyer, you just need to not be stupid.

[smokey the elder]

The enormous increase in the cost of oil, and by extension, gasoline, has caused many Americans to change their driving habits.

I would hazard a guess that the tight credit will cause many Americans to change their borrowing/credit card habits. As usual, the people who get you-know-what seem to be the middle class and lower.

The mortgage mess has such a load of complicated features, going back to the mandates. But there was an awful lot of monkey business with the subprime market, aggressive marketing techniques, etc. playing on people's ignorance. "You can buy a house with no money down and be upside-down on your mortgage! Just call 1-800-WEGYPYU!"

IMO, greed, pure and simple, is the biggest bar on this Pareto chart (geeky statistics tool).