Word: bailouts
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...billion financial bailout package failed because most Americans wanted it to fail. Before the vote, members of Congress were getting calls 100 to 1 against the bill. The question is: why? It's easy to understand that bailing out rich bankers doesn't feel super, but why, despite all the efforts of all the country's leaders to fill citizens with fear of an economic apocalypse, did they not see a failure to act as a serious threat to their livelihoods...
After the bailout bill went down in defeat, most of the legislators who had voted against it sang this refrain: The voters made us do it. Indeed, before Monday's vote, angry constituents overwhelmingly panned the plan championed by Treasury Secretary Henry Paulson. The volume of e-mail crashed the House's website. After Wall Street tumbled 778 points, voters are still mad - and now even more confused. Representative Steve LaTourette, a Republican from Ohio, tells it this way: until Monday, the calls and e-mails to his office were 200-to-1 opposed to the bailout. But after...
...Rebrand the Bill The word bailout is a deal killer. "People feel the breaks are being given to financial institutions and not to the consumer," says Slovic. He recommends calling it a Consumer Protection Act. It may be too late for this change to have much impact, but any change in language that acknowledges real people would be an improvement...
Texas When news of the Wall Street bailout plan broke, coffee shops and courthouse-square cafés in the Lone Star State echoed with disgust for it. So great was the outrage that Chet Edwards - whom Speaker Nancy Pelosi once touted for Obama's Vice President - may be dogged by his yes vote on the campaign trail. Edwards, a popular Democratic incumbent in President George W. Bush's home district, was one of nine Representatives out of Texas' 32-person delegation to vote for the bill. (Even four of the five Texas Republicans whom Bush called personally voted against...
...thought, I have still doubled my money since I first started investing and - as I wrote in my blog - this too shall pass," she says. While Biehl realizes the need to do something, she wants Washington to go a little slower and more deliberately with the passage of a bailout. "My hope is that we are taking a little bit of a break - hope we can find some sense of calm without that panicked feeling," she says. - By Hilary Hylton / Austin...