September 28, 2008
Posted: 03:15 PM ET

From

NEW YORK (CNNMoney.com) — The federal government would provide as much as $700 billion in a far-reaching plan to rescue the nation's troubled financial system, according to a draft of the proposed bill obtained by CNN.

The legislation is still being negotiated and elements of the bill could still change.

The core of the bill is based on Treasury Secretary Henry Paulson's request for authority to purchase troubled assets from financial institutions so banks can resume lending and so the credit markets, now virtually frozen, can begin to operate more normally.

Full story

Filed under: Congress


Steveda - Poconos PA   September 28th, 2008 6:02 pm ET

Like most of the bloggers here, I gotta admit the thought of corporate bailouts is extremely distressing. However, if we don't do it and fall into a depression again, it is the average citizen that willl suffer the most. Billionaires don't suffer in depressions, they profit from them as they invest at bargain basement prices and ride out the storm.

To the bloggers that are trying to pin this on the dems… it is the republicans that have so deregulated the banking industry and allowed this to happen. McCain is the biggest culprit in the deregulation process and needs to take responsibility - like that's gonna happen.

We need to get the lobbyists out of Washington and let the average citizen take back control of OUR government. This election day, vote them ALL out, dems and republicans. lets get some real representation! Vote Obama for the change he can bring. MCCain will continue to cater to the rich and we simply cannot afford to write those checks anymore.

Vote your wallet people…. after all, if you don't they will - just like they have in the past.

Kim   September 28th, 2008 6:02 pm ET

In an above post. Nadeem made fun of the Elitist McBush for having Eight Houses and Six cars. Hey Nadeem. If you are going to insult people then you must be factual. McBush in fact owns Thirteen Cars.
Also owns a large private jet. And has an Imelda Marcos style affection for six hundred dollar custom Italian Shoes.

BM   September 28th, 2008 6:02 pm ET

McCain has some nerve when he was a deregulator! This man thinks his boo-boo doesn't stink.
The only conclusion I can come up with was the reason for not looking at Obama during the debate is that he thought he had no business on the same stage with him. I think he is jealous because Obama is smarter.

Griff   September 28th, 2008 6:01 pm ET

So you have $1000, to Gamble with, and your outside the Race-Track.. Who would you trust with your money for a fee on the Returns?? A proffesional Gambler. Or a Guy who knows nothing about Racing" it's the same on the World Market… It's a Gamble!!!!

Mike Dallas   September 28th, 2008 5:58 pm ET

I did not support the bailout because I felt Bush and his appointees Paulson were devoid of integrity, economic knowledge and I was suspicious of their motivations. It was too reminiscent of the run up to the Iraq war. I was extremely distrustful of the bailout.

However, today I hear that Warren Buffet has stated that the bailout is absolutely necessary, so, albeit, reluctantly, I do now support the bailout bill.

ALLAN USA   September 28th, 2008 5:57 pm ET

OBAMA IS THE MOST CROOK IN AMERICA POLITICS THIS DAY.

Dave   September 28th, 2008 5:57 pm ET

This is being sold as an emergency and the greatest economic decision since the Great Depression, and yet the Senate is going to take a day off on Tuesday before voting on the bailout bill???????? How pressing can this be? Are we REALLY in trouble?

Michael   September 28th, 2008 5:56 pm ET

The Moose Witch should fly her broom back to Wasiila. She has no power down here. She should leave before a good witch drops a house on top of her.

CM   September 28th, 2008 5:55 pm ET

Man, the GOP clueless brigade is out in force today.

Still with the 'paid blogger' accusation guys? With the polls showing up to a 9 point lead for Obama don't you guys think there might be more bloggers who don't let your outrageous claims go unanswered?

Oh, I'm not paid by anyone to blog against McCain. I just can't stand how he can act one way but then try and pin that on Obama. He's too fake to get the highest office.

el   September 28th, 2008 5:52 pm ET

I'm hearing about the bail-out bill and wondering if any member of the oversight committee that will be formed isn't going to be a presidential appointee, and why, if as it is being framed a bail-out for main street, doesn't it give bankruptcy judges the authorization to rewrite mortgages with lower payments to prevent some of the rising number of bankruptcies.

The bigger question I have is why didn't the bail-out go entirely to the people? $700 billion=$2300 per person, $9200 for a family of four. That could've paid off a lot of credit debt, mortgage payments, and increased retail spending, all of which could have freed up credit markets, kept people in their homes, and stimulated production/retail sales.

Not to mention it would've gone a little way to improve the approval rating of congress. The overwhelming majority of people in this country are against this bail-out, if it went to us, the overwhelming majority would be for it.

BJ   September 28th, 2008 5:50 pm ET

The Democrats are trying to grandstand, claiming that it is "they" who are the heroes of this bailout package. However, in their version, they were giving everything away, even the kitchen sink! They just about wanted to buy a house for everyone in the US, including people on welfare, etc. (ACORN)

IF it weren't for the Republicans, who stopped them and proposed and imposed some of their input, this package would have been a disaster!

I'm a Democrat, but I will never vote for Obama the Liberal.

McCAIN!!!

Another Republican voting for Obama/Biden   September 28th, 2008 5:48 pm ET

Where is Palin's Income Tax Forms? What's happening in Alaska with Troopergate and abuse of power?

Nancy Peosi has done a tremendous job along with Barney Franks and Chris Dodd. Thank you.

AP   September 28th, 2008 5:47 pm ET

Unfortunately, the web site is either down or overloaded. Why am I not surprised that the powers that be would not have expected the depth of our interest!

Lisa   September 28th, 2008 5:47 pm ET

I Cant believe that the $700 Billion Bailout Bill was past. I don’t care what the content is, Bush is still getting a check for 700 billion dollars.
During the last recession, my husband lost his business, I did not see the government bail us out, we lost everything.

If they need a bail out, let the CEO’s return the Bonus they got, the millions of dollars they where paid.

I do not want my tax money used et al, not one penny, in the event my tax dollars is used for this bailout, I will sue the government of the United States of America as well as Wall Street and all the financial intuitions that have any thing to do with this.
I will start a petition, and then call every American Citizen to join me.

I am not kidding
Try it and lets see what happens
I do not want my kids or my grand/great grand children to end up paying for people who committed fraud; they have gotten away with it for many years.

Let the Rich bail themselves out!

A really upset American

helmer christiansen   September 28th, 2008 5:46 pm ET

cnn has become more like thise tabloid in the supermrket news stand; if you are not able to tell the truth you are not happy, and keep
on running around in a circle with mislaeding stuff, put your act
together, and act like any news,right now, it's just crap?

helmer chr.

Alaska hillbilly   September 28th, 2008 5:46 pm ET

YOU VOTED FOR BUSH AND THE REPUBLICANS TWICE 2004, 2008. NOW SHUT UP AND PAY THE BILL.

donna jones   September 28th, 2008 5:43 pm ET

This woman can't speak intelligently about anything!!! If McPain really was thinking "country first" he would NOT have put her on the ticket. In this great country, we don't need someone who seems "like one of us", we need someone with judgment, intelligence and forward-thinking! She is lacking in all of these! AMERICA WAKE UP! I can hardly wait for Thursday night…..Joe Biden will speak coherently, authoritatively, and with loads of experience. What was McPain thinking? Anything to get elected. I have news for the Republican party….women are smarter than to vote for another woman soley because we share body parts. We need leadership and intelligence in the White House and Vice Presidency! Obama/Biden08

no way   September 28th, 2008 5:41 pm ET

Are you kidding me??? Where are the two big shots claiming to want to help the American poeple??? We do not I repeat DO NOT want them to spend any of our money to bail out people that cannot balance their checkbooks. I agree let the melt down begin!!!!

MarioB. from Berlin for OBAMA/BIDEN   September 28th, 2008 5:39 pm ET

let's see how the candidates will vote. Against or for it? for it I guess.
I'm glad they got it ready, after McCain nearly blew up the whole progress…

Obama/Biden by landslide

Trixie   September 28th, 2008 5:38 pm ET

As a private citizens, when we put our hard earned money in high risk investments we expect high return. We are also quite aware (or at least most of us are) that if our high risk investments do not perform and go kaputz, we get nothing and we lose. We sign papers ackowledging this. But now that the big boys are in that ugly spot, we are expected to pay up for their greed without them losing anything?. Sure we need to do something about it, but I just highly hope that we are not going to get screwed twice in a row, especially since government is now "so involved."

wt   September 28th, 2008 5:37 pm ET

Hmmm, Obama was once a member of ACORN??? suspected of fraudulent voter registration and initially part of the bailout plan??? hmmmmmmmmmmmmmmmm

Rose   September 28th, 2008 5:37 pm ET

Please watch and then decided. The MSM is trying to downplay who is to blame. There is no excuse, but for Obama to think that he's been talking about this problem for some time, hardly think so - and he certainly did nothing do rectify the problem. Obama is just too inexperienced and this country needs to wake up and start taking responsibility even for their own mistakes and actions.

http://www.youtube.com/watch?v=H5tZc8oH–o

wt   September 28th, 2008 5:36 pm ET

obama = ACORN

Jayson   September 28th, 2008 5:35 pm ET

Leave it to Pelosi to try to pin the blame for this mess completely on Wall Street and Bush. It is always easy to ignore the fact that the Dems blocked a bill co-sponsored by McCain that would have in some part made these problems lesser. It is also easy to act as if home buyers were in no way at fault. Nobody held a gun to their heads and made them buy homes they couldn't afford.

Leave it to government to only try to fix the problem when disaster is on our doorstep. They have known for over a year that things would be bad and yet they waited until things started to fall apart to get their act together and actually try to do something.

nadeem   September 28th, 2008 5:35 pm ET

McCain, instead of helping the only thing he did in Washington was have a $300.00 plate dinner at a fancy hotel.

8 houses
6 cars
fancy hotels

out of touch

Mike   September 28th, 2008 5:35 pm ET

This morning CNN re aired the video of the African Holy Man who performed the ritual to ban Withcraft from Sarah Palin. Her church flew this man in from Kenya Africa for the exorcism. So did it take? Watching her perform it is hard to tell. Maybe she needs a tune up?

McChicken   September 28th, 2008 5:35 pm ET

Thanks GOD that….. McStunt ….didn't get his hand on it too much!

That's the closest he'll ever get to the Whitehouse again !

MikeH   September 28th, 2008 5:34 pm ET

If it is still subject to change, then it's not a bill yet, it is a set of proposals "elements" which could be dropped or edited.

Nice try CNN, you're overreaching your credibility again.

Jesse   September 28th, 2008 5:34 pm ET

this is bull. we shouldnt have to bailout any private companies. they should have known what they were doing. Maybe theyre doing it cuz they know that the government will bail them out.

Linda/Michigan   September 28th, 2008 5:32 pm ET

One question. Why are earmarks on this bill? I thought this bailout was to help wallstreet and mainstreet? This is the same old garbage of Washington politics. Biden already has his fingers in it for 51 million. If the democrats had their way, Acorn would also be getting a good share. This democratic congress has got to go. Oh, by the way, I have been a democrat all my life until now.

Kim   September 28th, 2008 5:31 pm ET

President Bush begged, cajoled and threatened in order to get this Bail Out Bill. Now it is the Republicans that refuse to get it done. What has happened to the GOP? These people have lost it. The Republicans need to lose this election so that they can regroup and save their disintegrating party. And McBush. Please snap out of it and quit useing the same lame boring tactics. Who cares about money that was spent to study DNA of endangered Bears? Your VP candidate spent three times as much pork barrel money to study mateing Crabs in Alaska. Outline your economic plan or just go home to one of your eight houses.

Janet Senior White Female   September 28th, 2008 5:27 pm ET

Bailout,,,,,,Definitely NOT

LET THE MELTDOWN BEGIN!!!!!!!
Its about time we stick to our issues, and see what will truly happen…..

indy chris   September 28th, 2008 5:26 pm ET

THIS STINKS! throw 700 billion to republicans with republican oversight??? provide golden parachutes to executives that "participate"??? WHAT???!!!???

Dennis Watson   September 28th, 2008 5:26 pm ET

Why does the Senate or the House Dems care about the House Republicans? The Dems outnumber them in the House.

The Republicans would do it to the Dems!

Liz T, Tucson   September 28th, 2008 5:26 pm ET

Why no coverage of the NYT story on McCain and his gambling and close ties to Indian casinos and their lobbyists? THis is a bombshell and I am in AZ. I had no idea!!

AP   September 28th, 2008 5:26 pm ET

What is the link to view the bill?

jimmy   September 28th, 2008 5:24 pm ET

PRO -OBAMA BLOG EMPLOYEE WILL NOT POST ANTI-OBAMA BLOGS . WHILE HUNDREDS OF PRO-OBAMA BLOGS POSTED BY PROFESSIONAL (PAID OR VOLUNTEERS) ARE IN THE CNN BLOGS DAILY . WE NOTICE THE SOURCES BY THE SAMENESS OF GRAMMAR AND COMMENTS ..
I AM HEARING OBAMA "LECTURING" ON CNN AT THIS MOMENT.
HE IS ALSO GETTING A LOT OF AIR TIME IN THE MEDIA FROM NBC
TO CNN.

WM in Colorado   September 28th, 2008 5:23 pm ET

I am 100% against this handout to big business and I will vote against any Politician who votes for it.

If McCain and Obama vote for it….neither will get my vote.

Mack   September 28th, 2008 5:22 pm ET

I am sure Obama will take credit….even though it was McCain who went back and did his job…Also, I want to know how much ACORN is getting…

Doasyoulikes   September 28th, 2008 5:20 pm ET

If Obama will be a "Present" President, we'll be a nation of "Doasyoulikes". All we'll say is: "Ubboboo" and we'll die happily ever after.

mobiusinformer   September 28th, 2008 5:20 pm ET

Not ONE THIN DIME! NO NO NO NO NO. No.

Stop paying our nation's Visa bill with the Federal Reserve Bank Gold Mastercard!

SOUTHERN HOTTIE   September 28th, 2008 5:20 pm ET

PAULSON IS A RAT!!

Barney   September 28th, 2008 5:19 pm ET

Send Lieberman to McCain's side STAT. The man has lost ALL his bearings and needs help rounding them up !!!

Darryl Arlington   September 28th, 2008 5:18 pm ET

Gov. Sarah Palin requested and received a four-day extension for filing her federal financial disclosure report.

Her new deadline for filing the report is Oct. 3, the day after her debate in St. Louis with Democratic vice presidential nominee Joe Biden.

A spokesman for the McCain-Palin campaign says they need more time to prepare the form, because the governor has not run for federal office in the past.

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