http://faculty.chicagogsb.edu/john.cochrane/research/Papers/mortgage_protest.htm

Also the Concord Coalition has written about the plan:
”
What we know for certain is that the government will incur a huge upfront cost, immediately adding to the debt and immediately incurring compounding interest payments. All of this will be layered on top of a deficit expected to exceed $500 billion next year, and an overall fiscal policy that is unsustainable.”

More here: http://www.concordcoalition.org/press-releases/2008/0926/concord-coalition-urges-policymakers-budget-bailout

I’m for talking the problem out and working toward a better
solution.

The one time Americans on Main Street ask “what the hell is
going on” and we get lectured to stay out of and let the
experts make the decisions.

Well the heck with that. For once, let the experts take a
few days to discuss and get it right.

Yes, I understand that the markets are as much about confidence
as they are about economic fundamentals. But I haven’t seen
Americans stampeding to their banks yet, so let’s take some time
to consider all our options before making a decision about
how to finally address the problem.

Best I can understand, not one person “knows the answer” to this
crisis. But collectively maybe we can work something out.

Throwing 700B at the problem, and sending spin doctors out to Main St. to sell it does not sound like the solution. I know I wouldn’t fall for for it, and I live on Main St.The only positive I heard last night, coming from Washington, was the request for input from the economist at schools like Harvard and the University of Chicago (and many others). This “bailout” is going to cause an economic hangover for years. Why should the next president rubber stamp something handed to him from the Bush White House and have to begin their term with this enormous debt. I think we need to look at this very carefully and let leaders with a voice of reason, who are not concerned with partisanship but rather the well being, and future of America. As for McCain wanting to “suspend” his campaign to help with bailout plan….stop it!….whatever happened to multi-tasking? Of course after listening to his running mates interview with Katie Couric, especially the part about her foreign relationship comments concerning Russia I would suspend my capaign too…PERMANETLY! Stop with the excuses Senator, and let’s hear what you have to say.

What favorite part about the bailout proposals is that 65% of any profit the government might make goes into a housing trust fund. Isn’t the fact that the government pushed banks to give loans to people that could not afford them how we got in this mess to begin with? Why are we going to then take the profits (if there are any) and put them towards a program to help people get houses when they can not afford them?

The snafu spawned a round of political finger-pointing, with most Democrats blaming Sen. John McCain, whose decision to return to Washington and meet with congressional Republicans appears to have complicated days of negotiations.

Sen. McCain “goes to a meeting and all of a sudden, we lose all the Republicans who have been working with us for the last five days,” said Rep. Ellen Tauscher, a California Democrat. “This has to be a bipartisan deal. Unfortunately Republicans walked off the field.”

Here’s a Financial Times quote from Barney Frank, Chairman of the House Financial Committee.
“All of a sudden, now that we’re on the verge of making a deal, John McCain drops himself in to make a deal,” said Barney Frank, chairman of the House financial service committee. “I really worry about this politicisation of it.”

NYT
“Mr. McCain was at one end of the long conference table, Mr. Obama at the other, with the president and senior Congressional leaders between them. Participants said Mr. Obama peppered Mr. Paulson with questions, while Mr. McCain said little.”