Something needs to be done

One of my co workers wrote this to CNN

Dear CNN,

I have been watching the news for the last two days and the more I watch the angrier I am getting. My husband I have been trying to understand how the US got into this precarious economic position and how it will affect our family.

I have listened to many of the experts and this is my understanding in simplistic terms. President Clinton passed a bill to decrease the requirements that were needed to purchase a home so that more Americans could attain the American dream. This in turn increased the demand for housing and inflated prices. Americans obtained interest only mortgages with zero down on houses that they couldn't afford. When the time came to start paying the principals that Americans could not afford they started foreclosing and housing prices started dropping because the demand started dropping as well. When housing prices were inflated the Fat Cats at the Wall Street firms took the inflated equity and started purchasing more mortgages. When housing prices dropped and people foreclosed these mortgages that they held devalued and they found themselves in the same boat as the American Home buyer owing more than what the property was actually worth.

So here are my concerns as an American Tax payer. In the last year my rent has gone up, my utilities have gone up, my car insurance has gone up, my food bill has gone up, my gas bill has gone up; my tax bill has gone up; starting to get the picture? We do not live on credit; we pay cash for most things. We have a car loan and have two credit cards where the line of credit is something we can afford to pay off. We do not have any savings because we live paycheck to paycheck. As far as the government is concerned we are rich (we look good on paper) as far as I am concerned we are barely making it. My husband and I both have to work full time and work second jobs. This takes away from my children and the quality of our lives. We looked at buying a home a few years back and we just couldn't afford it. All our friends thought we were crazy to continue renting but now my friends are foreclosing or trying to sell their homes. The ironic thing is we are financially in a better position than they are because we live within our means. This is reality.

My father taught me the value of credit. He told me when I was younger that I should imagine a Fat Cat with his feet on his desk smoking a cigar and laughing as he was making money on my hard work while he was sitting back doing nothing. So anytime I spend money on my credit cards I think of that it’s a great incentive to keep my spending in line.

So this is what I picture when my congress discusses this financial bail out.

I am angry because:

My husband and I are responsible and live within our means what about those people who acted irresponsible?

Why did my government not follow up on the Bill that was passed during the Clinton Administration?

Why is Obama so concerned about a debate when he should be our voice in Washington during this crisis? 'You can reach me by phone'
Is he kidding me?

Why is the Press criticizing McCain for stepping up for the people and doing what we pay him to do which is to pass legislation to help us during this time?

Why are we so concerned with CEO compensation and violating these peoples constitutional rights? Isn't a bail out violating the constitution? Are we one step closer to socialism?

Where is the accountability of these Wall Street firms? Why do I have to help them? Do they write me a check when I am short on my rent or my car breaks down and I can't afford to fix it?

I was undecided on this election until now. McCain has my vote that’s for sure after all this. Bully to him and those young Republicans in Congress. Do not let the Democrats do this to the hard working American people. Come up with a better plan that will reflect the interests of people like myself and my husband and still help the country get out of this mess.

Sincerely,

An Angry American who used to be a Democrat

But wait, isn't everything Bush's fault?

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Posted by bluegreen08

i agree with everything down to the bottom... we're in this situation because of the republicans and I'm not all that certain that I want 4 more years of the same

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Thank you very well said.

The whole things angers me too

They actually had to lay off 10 or 12 people at my job yesterday for down sizing. Everyone was pretty shook up around here (still are a bit).

AMEN.

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Posted by egem523

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Posted by bluegreen08

i agree with everything down to the bottom... we're in this situation because of the republicans and I'm not all that certain that I want 4 more years of the same

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Thank you very well said.

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um yeah I completely agree

From OP 'Why is the Press criticizing McCain for stepping up for the people and doing what we pay him to do which is to pass legislation to help us during this time?'

McCain is stepping in at this time to switch the focus of his campaign bc he is down in the polls...they do not need him there...both Republican and Democrats that are workig on the legistation have said they do not want him there bc he will be a distraction and they feel that he is bringing Presidential politics into this very critical and serious decison making process.

Obama is speaking with them everyday to stay informed.

A President should be able to multitask...there are often many things going on at once..he has a lot of nerve trying to push back the debate.what America needs most right now is to hear their two canidates speak about the ecomomy and the state of the country..the work horses are doing the deals in Washington Obama and McCain are the two heads who need to be communicating with us at this time!

Well lets see if this whole bail out plan will go through. Yesterday they were saying how alot of people don't like it, including obama and mccain. Supposedly when they all met to discuss this, it became a heated arguement.

Why they didnt see this coming, i have no clue. When prices are up and demand is high, down the line this is what happens.

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Posted by lizzie217

From OP 'Why is the Press criticizing McCain for stepping up for the people and doing what we pay him to do which is to pass legislation to help us during this time?'

McCain is stepping in at this time to switch the focus of his campaign bc he is down in the polls...they do not need him there...both Republican and Democrats that are workig on the legistation have said they do not want him there bc he will be a distraction and they feel that he is bringing Presidential politics into this very critical and serious decison making process.

Obama is speaking with them everyday to stay informed.

A President should be able to multitask...there are often many things going on at once..he has a lot of nerve trying to push back the debate.what America needs most right now is to hear their two canidates speak about the ecomomy and the state of the country..the work horses are doing the deals in Washington Obama and McCain are the two heads who need to be communicating with us at this time!

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Well said!

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Posted by FutureMrs.T

Republicans are still republicans...the rich get richer, the poor get poorer....I dont want another four years of McCain (republican) B.S. Congress told McCain that they DID NOT need him to be there fore negotiations and that it would only hinder their efforts by turning it into a photo-op/political race. As a president, McCain would have to learn how to handle more than one thing at a time!!!! I think he was a coward for initially backing down from the debate! Dont get me started on Palin!

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Posted by egem523

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Posted by FutureMrs.T

Republicans are still republicans...the rich get richer, the poor get poorer....I dont want another four years of McCain (republican) B.S. Congress told McCain that they DID NOT need him to be there fore negotiations and that it would only hinder their efforts by turning it into a photo-op/political race. As a president, McCain would have to learn how to handle more than one thing at a time!!!! I think he was a coward for initially backing down from the debate! Dont get me started on Palin!

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Thank goodness someone thinks McCain - Palin are being cowardly!

I see that everybody is criticising the republicans, but do you see that it was Clinton who passed the bill that allowed people to buy homes with zero down.

And Democrats spend more than republicans, its just the way it is and the whole philosophy behind the parties. This is why they say democrats raise taxes. But a big part is that democrats believe in more government spending. Here are statistics.

When a Republican held the White House, spending fell by an average of 0.70% per year; with a Democrat in the White House, it grew by an average of 5.98%.
With Republican control of Congress, spending fell by an average of 2.12% per year; with Democrats in control, spending rose by an average of 4.82% annually.
With the GOP in control of both the White House and Congress, spending fell by an average of 6.85% per year. It is worth noting that this is a very small sample — just two years (fiscal years 1954–55). During the twelve years that the Democrats controlled Congress and the White House, spending rose by an average of 6.55% per year

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Posted by Espo22

I see that everybody is criticising the republicans, but do you see that it was Clinton who passed the bill that allowed people to buy homes with zero down.

And Democrats spend more than republicans, its just the way it is and the whole philosophy behind the parties. This is why they say democrats raise taxes. But a big part is that democrats believe in more government spending. Here are statistics.

When a Republican held the White House, spending fell by an average of 0.70% per year; with a Democrat in the White House, it grew by an average of 5.98%.
With Republican control of Congress, spending fell by an average of 2.12% per year; with Democrats in control, spending rose by an average of 4.82% annually.
With the GOP in control of both the White House and Congress, spending fell by an average of 6.85% per year. It is worth noting that this is a very small sample — just two years (fiscal years 1954–55). During the twelve years that the Democrats controlled Congress and the White House, spending rose by an average of 6.55% per year

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WOW!!! go denise with some facts!!

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Posted by Kimbalina

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Posted by Espo22

I see that everybody is criticising the republicans, but do you see that it was Clinton who passed the bill that allowed people to buy homes with zero down.

And Democrats spend more than republicans, its just the way it is and the whole philosophy behind the parties. This is why they say democrats raise taxes. But a big part is that democrats believe in more government spending. Here are statistics.

When a Republican held the White House, spending fell by an average of 0.70% per year; with a Democrat in the White House, it grew by an average of 5.98%.
With Republican control of Congress, spending fell by an average of 2.12% per year; with Democrats in control, spending rose by an average of 4.82% annually.
With the GOP in control of both the White House and Congress, spending fell by an average of 6.85% per year. It is worth noting that this is a very small sample — just two years (fiscal years 1954–55). During the twelve years that the Democrats controlled Congress and the White House, spending rose by an average of 6.55% per year

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WOW!!! go denise with some facts!!

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lol kim. No but its true, i think alot of people dont realize some things that each party stands for. ANy source is gonna tell you that democrats favor higher taxes and more government spending, republicans favor lowering taxes and less government spending. I think some people just see it as republicans being for the rich, and democrats for the average american and they get caught up in that but not really how it is. Although with this last presidency, i think government spending probably went up lol

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Posted by Espo22

I see that everybody is criticising the republicans, but do you see that it was Clinton who passed the bill that allowed people to buy homes with zero down.

And Democrats spend more than republicans, its just the way it is and the whole philosophy behind the parties. This is why they say democrats raise taxes. But a big part is that democrats believe in more government spending. Here are statistics.

When a Republican held the White House, spending fell by an average of 0.70% per year; with a Democrat in the White House, it grew by an average of 5.98%.
With Republican control of Congress, spending fell by an average of 2.12% per year; with Democrats in control, spending rose by an average of 4.82% annually.
With the GOP in control of both the White House and Congress, spending fell by an average of 6.85% per year. It is worth noting that this is a very small sample — just two years (fiscal years 1954–55). During the twelve years that the Democrats controlled Congress and the White House, spending rose by an average of 6.55% per year

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THANK YOU DENISE!!!!!!!!
Usually I dont get involved in these bc I just dont...but CLINTON is the one who screwed this up-NOT BUSH! And that should and be known by all.

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Posted by PegaLega

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Posted by Espo22

I see that everybody is criticising the republicans, but do you see that it was Clinton who passed the bill that allowed people to buy homes with zero down.

And Democrats spend more than republicans, its just the way it is and the whole philosophy behind the parties. This is why they say democrats raise taxes. But a big part is that democrats believe in more government spending. Here are statistics.

When a Republican held the White House, spending fell by an average of 0.70% per year; with a Democrat in the White House, it grew by an average of 5.98%.
With Republican control of Congress, spending fell by an average of 2.12% per year; with Democrats in control, spending rose by an average of 4.82% annually.
With the GOP in control of both the White House and Congress, spending fell by an average of 6.85% per year. It is worth noting that this is a very small sample — just two years (fiscal years 1954–55). During the twelve years that the Democrats controlled Congress and the White House, spending rose by an average of 6.55% per year

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THANK YOU DENISE!!!!!!!!
Usually I dont get involved in these bc I just dont...but CLINTON is the one who screwed this up-NOT BUSH! And that should and be known by all.

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Economic crisis aside, right now, what has Bush done to actually help this country?