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Corrina_Sullivan's Blog

by Corrina_Sullivan from Lake Mary, FL

Last Post 1 day, 17 hours Ago


Update on Financial Meltdown
Sep 25, 2008 | 3:33 PM
Category: News
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WASHINGTON (AP) -- Confident but not yet celebrating, key lawmakers agreed Thursday on a multibillion-dollar bailout plan for Wall Street aimed at staving off a national economic catastrophe.

President Bush brought the two men fighting to succeed him to a historic White House huddle on how to sell a deal to lawmakers who were still resisting.

Welcoming Republican John McCain and Democrat Barack Obama -- as well as congressional leaders -- Bush said, "My hope is that we can reach an agreement very shortly."

The tentative accord would give the Bush administration just a fraction of the $700 billion it had requested up front, with half the money subject to a congressional veto, congressional aides said. Under the plan, the Treasury secretary would get $250 billion immediately and could have an additional $100 billion if he certified it was needed. The last $350 billion could be blocked by a vote of Congress under the arrangement, designed to give lawmakers a stronger hand in controlling the unprecedented rescue.

The aides described the details on condition of anonymity because they were not authorized to speak publicly.

Private talks on Capitol Hill ended at midday with the announcement that an agreement in principle had been reached on a $700 billion financial rescue package that the Bush administration wants. Few details were immediately available...

Under the tentative plan, the government would buy the toxic, mortgage-based assets of shaky financial institutions in a bid to keep them from going under and setting off a cascade of ruinous events, including wiped-out retirement savings, rising home foreclosures, closed businesses, and lost jobs.

Bush warned darkly in a prime-time address Wednesday night, "Our entire economy is in danger."

What do you think about the plans outlined in the so-called tentative agreement? 

Thanks for blogging,
Corrina
13 Comments |  Add a Comment

Member Comments Total Comments: 13
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Vancouver read my blog
Sep 25, 2008 | 3:52 PM

Well as I said before I would have liked to see the companies fail. I disagree with bailing these companies out. But after the address last night I understand why the President has asked congress to help bail these companies out. I think the plan might work.
Abunai read my blog view my photos
Sep 25, 2008 | 8:41 PM

ANY plan should call for the resignation of Barney Franks, Chris Dodd, at a min! The Democrats who blocked, fillabustered, and destroyed in commitee ANY legislation for regulation, certainly are in a big hurry to get some now!

The latest however is that such a bail out is actually UNCONSTITUTIONAL!! Fox News Senior Judicial guy "The Judge" brought this up today, and likely someone is going to file it, but the fact is we have a number of rules that forbid this practice.

The bail out simply isn't going anywhere at this point, and isnt it odd that Democrats also are demanding that BOTH parties have a majority onboard instead of them leading the way with their own majoirity?

Looks to me like the facts on this are slowly comming out, and party line votes to kill any regulation in the past is now comming back to bite the Democrats! The "we don't need to look back or ask how it happen, just how to fix it now...." Oh well isn't that nice!

NOT! A 9/11 Style commission is sure to be demanded, and they better hope its not before the election!
northton read my blog view my photos
Sep 25, 2008 | 8:47 PM

Amazing how you turn everything into a partisan gripe session, Abuneye.

Hey newsies! How about using some air time to tell the world how we the people are against this bailout!!! Don't you hear us saying NO BAILOUT!!!?
CynPro read my blog view my photos
Sep 25, 2008 | 9:12 PM

If we allow them to plunder all we have paid
into the system throughout our lives, there
will be nothing to save for any of us, who are
not among the inner circle of crowned thieves.
SEE The BAILOUT is a RIP-OFF.
Abunai read my blog view my photos
Sep 25, 2008 | 9:50 PM

LOL! Just callin out the facts there buddy... Deal with it..

Oh and listen to CynPro here! Gee.. your precious Social Security that your generation and before, let fester, and refused to manage now at stake so suddenly your tone has changed?

My generation and later pay S.S. and will NEVER see a dime because of the inaction of previous generations.

Same senario here for this bail out. Inaction, and refusal to manage correctly even when people for YEARS warned about this problem!

Votes right down party lines to ignore the warnings, and now Democrats aren't big enough to stand behind their actions?

Oh judgement day on this one is comming and Franks, Schumer, Dodd, and the rest of the Socialist hacks are going to answer!
CynPro read my blog view my photos
Sep 25, 2008 | 10:44 PM

My tone has not changed. Odd how some people
on the net claim to know the history of another
person's thoughts (who they have never met, and
who's posts they have read for less than a month),
as if they have known that person from birth.
Sadly, they know nothing and just like to argue.
Vancouver read my blog
Sep 25, 2008 | 11:33 PM

Abunai,
I hear you I think that all of the Dems who are in caused this problem need to loose their jobs. Especially DODD!!!
Dontblogoften
Sep 26, 2008 | 5:04 PM

I believe these companies are majorly to blame for their own financial ruin. CEO's and Presidents crying fowl when they received million dollar raises, bonuses and such.
Washington should be inditing not arguing on how to bail them out and monies paid in salary benefits and bonuses should be returned to salvage their greedy short sightedness and not take from the American people by raising taxes.
shadows read my blog
Sep 27, 2008 | 2:48 PM

Don't tell Hawkeye about this blog.....he denies that there ever was a bi-partisan tentative agreement.

As far as the terms of this or any modified agreement, a condition of bailing out any of the troubled firms should be the unconditional firing of each of the CEOs of those firms. That would establish a bit of a standard in the industry as far as accountability and responsibility.
northton read my blog view my photos
Sep 27, 2008 | 5:00 PM

Right on dontblog and shadows. Toss 'em out.
BritinUS read my blog view my photos
Sep 27, 2008 | 9:05 PM

So tell me why I ( and alot of you on here) that pay our Taxes, Pay our Mortgage and pay off our Credit cards should help bail out people who have SCREWED this Govt up ????
its CRAP!
CynPro read my blog view my photos
Sep 27, 2008 | 10:30 PM

Right on BritinUS. Let them bail themselves out.
Their CEOs have enough money. They should not
receive another dime. Congress is talking about
making sure CEOs don't get "excessive" compensation...
They shouldn't get ANY compensation. ZIP. NONE.
Dontblogoften
Sep 30, 2008 | 11:01 AM

The point that bothers me the most is that the CEO' s and others have already been compensated and have their nest egg, screw the little guy that made it possible for their bonuses and raises that are already in place.
I believe they should be indited for blatant fraud, you don't hear about them loosing their home or holding 2 or more jobs just to cover everyday living expenses or wondering if their children will be getting to go to colledge.
Its an outrage!!!
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Corrina_Sullivan

Corrina Sullivan joined FOX 35 as primary anchor in January of 2007. Corrina co-anchors FOX 35 News at 6 & 10. Not an anchor glued to the desk, she enjoys working in the field providing dynamic, in-depth reports. Corrina hails from Baltimore, Maryland. It was there she quickly acquired a love for the water and boating. She and her husband met and married in St. Louis, but now consider Orlando home and look forward to making an impact on the community together.

Member Since: 2/19/2007


 

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