The bill was a horrible idea. It was telling the financial industry "Oh, we're sorry YOU fucked up, let us fix YOUR problem." Privatize the profits, socialize the losses, eh? I'm pleasantly surprised that it didn't pass. I thought all the Republicans would fall in line; glad to see some have a bit of spine just in time for elections.

What needs to happen is that the $700B (or 2000 Apple Pies/Person) is used instead to help boost the public and let the financial institutions fail and restructure. Put back all of the government specifications that were in place before and give the industry a trifling amount so they can have a slightly bigger shovel to dig themselves out of the situation. Wap them on the nose, bad dog no biscuit.

Thanks to the FDIC, everyone's checking account is fine. The $700B goes to cover as much as possible for what's not (since it's mainly stocks, the poor have little to worry about). Mostly stuff like pensions and retirement funds. In fact, have the government use the $700B to buy up the stocks for one year that are related to most pensions/retirements so the market has a boost, can rebuild, and then the government sells off the shares over the following year.

I don't think that giving them the money would make any of that change. They might stop some of their bad practices until elections are over, then go right back to digging their own hole. In fact, it might encourage them to keep up their uncommonly high standards, because it means they can sit on any spare cash to boost their profits while claiming "we're just being sure".

I know this isn't affecting just the rich, but they shouldn't be the ones to receive the money. I have no problem spending $700 Billion, I have a problem giving it to the people who fucked it up in the first place.

I agree on the oversight problem. Before any money is given to, we reinstate all previous regulations (I have no idea when or what was removed), then figure out some way to make the financial industry eat their shoes for a bit while ensuring Joe Sixpack doesn't. And any company we have to bail out excessively becomes a public works and directly responsible to the government.

A lot of the financial troubles aren't just this recent downfall, either; stuff has been building for the past two years or so. Sure, it may have culminated in what we're dealing with now, but it's far from the only source. Gas prices are high, so people drive less. Flight check-in is insane, so same there. The dollar has plummeted versus such things as the Euro and, especially, Canadian dollar. We're not going to get out of this quickly no matter what happens, and I believe that the whole bailout is government panicking and trying to say "Look at what I can do!" while waving their arms and distracting us.

And that whole "I shall have no oversight" thing from SecTres was complete bullcrap. I don't believe that made it into the final bill, though. Also, LOL McCain.

Sadly, he still seems to have 45%-50% by most electoral polls. Not quite enough to get the 270 needed, but enough to take it from Obama.

I don't think Obama is Jesus Mach II, but I do think he's a far better choice than McCain.