UPDATE: Main Street Reacts to the Bailout

In an attempt to win over the House of Representatives and Main Street, a few tax incentives and increased FDIC money deposit insurance were added to help sweeten the pot of $700 bailout out or rescue plan in debate for the last few weeks.

And, it worked. On Friday, the House of Representatives approved the package 263-171 after modifications and approval by the Senate earlier this week.

Main Street America has been vocal about their standing on the issue.

On MainStreet our readers have commented on the proposed $700 billion bailout for days.

NO 'CASH FOR TRASH'
The "cash for trash" (our cash for their trash) that is at the heart of this plan is insane. What idiot would pay more for an asset than it is (objectively) worth? If these "banks" are insolvent, let them declare bankruptcy. Yes, markets will go down and credit will be scarce--for a season. But do this bailout and we go the way of Japan. Why prop up the value of assets when it is their reversion to the mean that is required to resolve the issue in the first place? –Don

THINK AGAIN
Please understand that you will GET HURT by this if it doesn't pass. I'M sorry to inform you of this. This has now become a world credit problem... This no bailout attitude will also affect your 401k, and mutual funds (if you have one) for say the last 8-10 years… It WILL affect your job, commodity prices, house price, friends and family too… More corporations will fail, more small businesses will fail and more unemployment… All of this resembles a Great Depression (not saying we will have one, but it will get bad). I'm talking about 3-5 year deep recession. The price we pay now if we do nothing will cost trillions and trillions of dollars more when we could prevent it through 700b… So please stop pointing fingers because there is problem. A smart executive/manager notices a problem first then fixes it. But before they can change policies they have to put out the fire.–Michael

ONE MAN'S PLAN
A real rescue plan will do these things simultaneously: buy up distressed homeowner loans with a FHA guarantee… set a basis for valuing all the collections of loans, and also allow banks to honestly state whether they are solvent or not.
Punish those who created this mess by denying them access to taxpayer funds, period. Indeed, the first and most important parameter of any measure to be considered is to protect the average citizen against anymore thievery from the genius types of Wall Street and the SEC and the Treasury and The FED, all criminal enterprises run by friends of good ole boys who, lets face it, are all of the above. Trickle up will reward average people and might just leave a few small crumbs for the genius ruling class. –Charles Kincaid

STRONG OPPOSITION
Strongly feel that there should not be any bailout. Stock market cannot always have an uptrend for years and when it jumps no one objects. I think Wall Street lobby influences those supporting this bill. Let market settle down on its own. Why should we pay for wrongdoings of others? –Sanjay

DON'T BLAME THE BANKS
The entire credit market is not drying up. The sub prime credit market is drying up which is a good thing. So you and your spouse can't get a mortgage loan for that 1800 sq ft home with a swimming pool...GOOD.
So you can't get for that new car you just have to have because you are already upside down on your trade in....GOOD.
So you can't pay your payroll for your business because you have never been disciplined enough to build up cash reserves...GOOD (your business is on shaky ground and not being run right in the 1st place)