So, how will America vote now?

treliac

The Senate votes in two hours. Apparently unprecedented numbers of Americans are contacting their representatives, such is their anger at being asked to bail out the fat cats. Senators are caught between their desire to save the economy and their fear of losing the support of the angry public.

How will the vote go?

VfM4meplse

Depends how much members of the lower house wish to be re-elected!

Realy

It will go through.
If not this time, it will keep being revised until it is.

Generali

The American people don't seem to want to have the Government borrow money in their names to bail out the banks.

Seems pretty reasonable to me.

Look at the CNN website for examples of how ordinary Americans seem to feel.

beaujolais-nouveau

Realy wrote: »

It will go through.
If not this time, it will keep being revised until it is.

This is what they are voting on, the catchily-named EMERGENCY ECONOMIC STABILIZATION ACT OF 2008

http://banking.senate.gov/public/index.cfm?Fuseaction=Articles.Detail&Article_id=76b1aea4-39b8-404f-b3cd-f8b6c46e3b14&Month=10&Year=2008

The ordinary American - "Main Street" - is between a rock and a hard place. They have to save Wall Street (who brought this on themselves) in order to save their own bank savings etc.

Oh, an interesting footnote: USD 700 billion is roughly what the invasion and occupation of Iraq has cost the US so far. (Although there might be more, off-balance sheet, stuff.)

Generali

beaujolais-nouveau wrote: »

This is what they are voting on, the catchily-named EMERGENCY ECONOMIC STABILIZATION ACT OF 2008

http://banking.senate.gov/public/index.cfm?Fuseaction=Articles.Detail&Article_id=76b1aea4-39b8-404f-b3cd-f8b6c46e3b14&Month=10&Year=2008

The ordinary American - "Main Street" - is between a rock and a hard place. They have to save Wall Street (who brought this on themselves) in order to save their own bank savings etc.

What's the point in bailing out yourself! You just end up paying admin fees to a third party.

From what I can see, American citizens are strongly set against the bail out. AIUI the Act (if it is passed) would mostly bail out non-US investors anyway.

Realy

beaujolais-nouveau wrote: »

This is what they are voting on, the catchily-named EMERGENCY ECONOMIC STABILIZATION ACT OF 2008

http://banking.senate.gov/public/index.cfm?Fuseaction=Articles.Detail&Article_id=76b1aea4-39b8-404f-b3cd-f8b6c46e3b14&Month=10&Year=2008

The ordinary American - "Main Street" - is between a rock and a hard place. They have to save Wall Street (who brought this on themselves) in order to save their own bank savings etc.

Oh, an interesting footnote: USD 700 billion is roughly what the invasion and occupation of Iraq has cost the US so far. (Although there might be more, off-balance sheet, stuff.)

As I said it will go through if not this one another version.
It still has to threw the house of reps. again.

I don't think the majority of americans do not want it to go threw.
If you put in war terms what would americans see as most worthy?

welshnoonoo

VfM4meplse wrote: »

Depends how much members of the lower house wish to be re-elected!

Apparently (according to the news at 10) not many so we should be looking at a "towing the line" vote!

Realy

Generali wrote: »

From what I can see, American citizens are strongly set against the bail out. AIUI the Act (if it is passed) would mostly bail out non-US investors anyway.

It can't be that strong I saw the protest in washington on the first version it was about 10 people.
Lets face it if the majority did not want smothing so serious they would riot with over 5% out of work) .
Agree on the last bit though but I think America may need to give them some confidence in the US.

Chris2685

I think it's pretty appaling for a democracy... If the thing had been passed they wouldn't be going back and doing it again, so they should respect the will of the people when it isn't passed too. It is up to them, whether it is right or wrong! Only time will tell.

My opinion is that giving the banks 700bn would no doubt ease the pressures for now, but there is no way in hell it would last very long. The economy is unsustainable right now, and the Americans inflating the dollar by effectively printing 700bn dollars is not going to provide any kind of real long term solution.
I am no financial expert, and no humanitarian either, but I say let the bomb go off now rather than holding it back so it inflates to an even bigger size to cause even more damage in the future!

welshnoonoo

Chris2685 wrote: »

I think it's pretty appaling for a democracy... If the thing had been passed they wouldn't be going back and doing it again, so they should respect the will of the people when it isn't passed too. It is up to them, whether it is right or wrong! Only time will tell.

In their defence, there have been tweaks/amendments made so presumably they are not not voting on exactly the same thing - but I take your point.