I urge all of you, who didn’t want this bill passed…to find out who your elected officals are in the Federal Government, who voted to pass this bill against our wishes.

    For a Senator in your area, check this web link out to see how he or she voted  http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=2&vote=00213

    You can check on your Congressman to see how he or she voted on bill at this web link

http://clerk.house.gov/evs/2008/roll681.xml

     I URGE YOU TO VOTE ALL THE CONGRESSMAN AND SENATOR’S OUT OF OFFICE..ALL OF THE HOUSE MEMBERS ARE UP FOR RE-ELECTION IN NOVEMBER…FOR THEY ARE WORKING FOR THE THEIVES IN WASHINGTON AND NOT FOR THE AMERICAN PEOPLE WHO PUT THEM THERE..

America may be “going green,” but in terms of the economy, it’s going black. I’ve never been one to focus on the financial aspects of this country, but it is impossible not to be involved in this historical time. I bank with Wells Fargo, and so far their name has not graced the pages of my New York Times online, but I wouldn’t be surprised if something happened this week.

I’m not here to give you the national news, for that is easy to find anywhere. What I am delivering is the scoop on what is happening to our youth. Several students in the McCombs School of Business here at UT, are having to face harsh realities when it comes to a job. Our country’s current crisis affects everyone, yet not all of our jobs are dependent on the practice of finance. The Daily Texan did a nice job today giving insider information on how students who were offered steady jobs at Lehman Brothers, Washington Mutual, etc are having to deal with the changes. Check out the article here: http://www.dailytexanonline.com/students_uneasy_as_economy_teeters

Last week, President of Global Consumer and Small Business Banking for Bank of America spoke to business students at UT. I shortly interviewed senior marketing major Katherine Brehm, to see how McGee’s speech affected her view on the economy.

anenews: Katie, what was your prior knowledge of the economic crisis before McGee’s lecture?
KB: I’ve been reading the Wall Street Journal on a daily basis for the past week. I was aware of the bankruptcy of Lehman, the boyout of Merrill Lynch and the reclassification of Goldhman Sachs.
anenews: Do you have any friends personally affected by this crisis?
KB: I have two friends that started with Lehman Brothers this year. Fortunately they maintained their jobs because their branch was bought out by Barclays so their jobs are secure, just under a different company.
anenews: There have been talks about a 700 billon dollar buyout. What was McGee’s general statement about this proposal?
KB: According to Liam, he thought the government’s bailout for 700 billion was necessary to support the financial industry, and he thinks it’s a bold and effective move by the government.
anenews: What questions, if any, stood out to you during the presentation?
KB: A MBA student asked about internships and jobs in investment banking. Liam told him how we need to fully grasp the reality and the magnitude of the situation, and recognize that the investment banking industry will no longer exist. Recognize this now, pick a new industry and start pursuing jobs.
anenews: Lastly, what piece of advice will stick with you the most from Mr. McGee?
KB: Basically, his closing regards to the financial crisis. He estimates it will remain as one of the top ten events in this country’s history.

-Alyssa Estrada, anenews.

Ruben Navarette has an absolutely priceless column on CNN today about the looming financial crisis, tonight’s scheduled debate that may or may not happen, and John McCain’s choice to suspend his campaign and come back to Washington for the sake of the economy.

Here’s the money quote:

“I think McCain deserves applause for having his priorities straight and for showing real leadership. For the past several days, the media and members of both parties have been scaring the daylights out of the American people by calling this the most serious economic crisis since the Great Depression.”

Priceless. Navarette sets up McCain, the presidential candidate who said the economy is not his strong suit, as the only person showing “real leadership” on this issue and having “his priorities straight.” Yet negotiations for this bill have been going on for days now without anything coming up for a vote, and yesterday’s meeting at the White House turned into a joke; a farce; a lousy photo-op. Some sources have said McCain barely spoke.

And McCain’s priorities? Two days ago his only priority was getting this bailout deal done. He suspended his campaign. He asked to delay tonight’s debate. He cancelled an appearance on The Late Show with David Letterman. Then he taped an interview with Katie Couric, stayed a few more hours in New York, and arrived in Washington without yet having read the three page proposal. Now he is on his way to Mississippi for the debate he wanted to delay to work on the bailout proposal which has yet to be passed.

McCain deserves applause for his conduct over the passed few days? Now that is some serious spin.

    I urge everyone to start sending nasty grams to all of Washington DC elected officals and letting them know, WE THE AMERICAN PEOPLE ARE SICK AND TIRED OF THEM DOING WHAT THEY WANT AND NOT WHAT, WE THE PEOPLE WANT.  Let them know that you don’t want this $700 billion bailout proposal passed in any way, shape, or manner.

    Also let them know that if they vote for it…against what the people want…WE WILL NOT VOTE THEM IN AGAIN.

    PLEASE AMERICAN’S STEP UP TO THE PLATE HERE AND STICK UP FOR YOURSELF AND YOUR COUNTRY.

September 22, 2008 – The U.S. bank meltdown has shaken world markets over the last few months. According to John Waggoner, USA Today investment columnist and author of Bailout, “In March of 2008, the world markets woke up with one of the ugliest hangovers in history.” Bear Stearns, the fifth largest U.S. investment bank, was sold in March for $10 dollars a share (compared to its 2007 high of $172) to JP Morgan Chase. By September, AIG had declared bankruptcy and received $85 billion in loans from the government; Lehman Brothers was sold to British bank Barclays; and Merrill Lynch merged with Bank of America.

As the Bush administration pressures Congress to pass a $700 billion bailout plan this week, the likelihood of the bailout costing shareholders and taxpayers millions of dollars is leaving many wondering what caused the meltdown and how they can protect their investments in the deteriorating economic environment.

In the new book BAILOUT: What the Rescue of Bear Stearns and the Credit Crisis Mean for Your Investments (Wiley; September 2008; $24.95; 978-0-470-40125-5; Hardcover), Waggoner not only explains how the meltdown happened, but more importantly, he advises individuals how they can protect their investments from the fallout of future corporate disasters.

Waggoner compares the entire meltdown in the housing and mortgage markets to a vast period of national intoxication. He delves into the separate ingredients that resulted in the mania that created the real-estate bubble and how that bubble burst when foreclosures, most originating from loans requiring little more than a signature and a credit check, exploded in 2007. Waggoner recounts how Bear Stearns, known as leader in mortgage-backed securities, was not brought down by its losses but by rumors that it did not have enough cash. Despite some $18 billion, Bear’s business partners fled to competitors, paralyzing the firm. In order to prevent the subprime contagion from spreading to the rest of the banking system, the Federal Reserve stepped in to broker a shotgun wedding to J.P. Morgan Chase. Waggoner also explores the recent government rescue of Fannie Mae and Freddie Mac.

If Bear Stearns can collapse, are any companies truly safe? While investors may be tempted to stuff their savings under a mattress, Waggoner argues that this would be a grave mistake. Even if the country slides into the next Great Depression, individuals must invest their savings to beat inflation. On the other hand, “…putting all your money into one type of investment because you’re worried about a market crash is often the single best way to lose money.” Waggoner demonstrates how to diversify stock holdings to increase the margin of safety and incorporate bonds to offset any periods of deflation. Waggoner offers practical advice that enables readers to take advantage of good economic times and stave off financial ruin during downturns.

Waggoner points out “…sooner or later—and we certainly hope sooner—the economy will recover, earnings and personal income will rise, and life will be good again. And—you can count on this—somewhere in the next recovery will be the seeds on the next new financial mania. Don’t fall for it.”

BAILOUT provides the lifeline needed to help navigate readers through the economic crisis so that their investments remain intact when the current volatile market recedes.

ABOUT THE AUTHOR
John Waggoner (Washington, D.C.) is a personal finance reporter for USA Today, where he has worked since 1989, covering mutual funds, stocks, bonds, and the economy. Waggoner also writes a weekly column, “Investing,” for USA Today. He is a regular contributor to The Nightly Business Report on PBS. Waggoner is the author of Money Madness: Strange Schemes and Extraordinary Manias on and off Wall Street and co-author of The Busy Family’s Guide to Money. He has previously served as a senior editor at The Independent Investor and Donaghue’s Money Fund Report, now IBC Money Fund Report.