So what do you think about the economy?

[The KingPin]

So with Freddie this and Fannie that, what do you think is going on with the economy and what should be do about it. WIll the balout help or hurt?

Again PLEASE NOTE that this is a family friendly bowling forum, so please be nice in your statements and replies.

[Baroncad]

So with Freddie this and Fannie that, what do you think is going on with the economy and what should be do about it. Will the bailout help or hurt?

Again PLEASE NOTE that this is a family friendly bowling forum, so please be nice in your statements and replies.

It's going to be a bumpy road for the next year of two. The bailout wouldn't have solved the problem, where do you think the money was coming from. Think of the amount $700,000,000,000 that is a staggering number.

I think that we need to revamp Congress. Send 535 "Average Joe and Josie's" to Washington and replace the talking heads there now. Too much Special Interest (i.e. Their own) for pet projects and SERIOUS CYA are gunking up the wheels.

check out these two articles: In Bailout Vote, a Leadership Breakdown or Political Bulletin

[kakcpa]

I think the bailout is needed, but I agree with what Congressman Joe Knollenberg is saying, down below. As it stands, without some sort of government help, this economy is going to grind to a halt. The key is credit, and without credit, businesses cannot open, people cannot get mortgages, etc. I've never witnessed anything like what is happening in my life. It's kind of scary. I agree with Baroncad, up above, that it's going to be a bumpy road, but I think it's more like 5-7 years.

Congressman Joe Knollenberg (MI-09) issued the following statement today regarding his vote against the proposed bailout for Wall Street:

“I absolutely believe action must be taken to protect our economy and financial markets from further turmoil. Unfortunately the package we considered today was unnecessarily rushed and lacks critical protections for Michigan's families. Michigan taxpayers should not have to foot the bill for a rushed bailout.

“I still have serious concerns about this package's cost to taxpayers and its protections against abuse, particularly in the form of ‘golden parachutes’ for Wall Street executives. This bill should include greater restrictions on executive payouts and more incentives for private lenders to bail out Wall Street. Some improvements were made to the bill in negotiations over the weekend - but not enough. The process was rushed, and I cannot in good conscience support a flawed bill that puts too much risk on the backs of families who are struggling under Michigan's six-year single-state recession. Oakland County's families shouldn't be forced to pay Wall Street bankers for their failures.

“I support quick action to stabilize our economy, but this plan is simply not the right solution.”