We need comments, opinions, suggestions, plans from our presidential candidates. One of them will find the entire pile of garbage on his desk in the Oval Office in a few weeks!

The 700 billion of our tax money handed over to Paulson to clean up his mess does not seem to impress the rest of the world. Even Russia closed all trading at one time today because the panic was out of control. Wink to them from your backyard, Mrs. Palin.... It might be the positive gesture they need.

I'd like to know, from a Republican, if this is an example of self-regulating financial institutions.



Countrywide was facing suits in eleven states before it was acquired by Bank of America and chose settlement rather than a trial.

Does the BofA expect to be repaid out of our $700B bailout monies or is it freeing up (or is Countrywide) it's own reserved monies to meet this settlement agreement.

I ask for a couple of reasons. First, if this is a settlement made possible by the bail-out, our tax money will be used to make big banks even bigger. Second, if the BofA or Countrywide is making their own money available for the settlement, why is a bail-out using our money needed?

Perhaps I am mistaken but I thought that bail out money was being used to purchase these troubled financial institutions and bring them under government ownership rather than being used as a direct loan to them...I will have to dig a little deeper as I kow the bail out plan involves lots of subcomponents and perhaps there are some direct loans.

Law, we often read the same things in different ways, as we should.

Bank of America bought Countrywide back in January of this year for $4B--as I understand it, that means BoA bought Countrywide's assets some of which include mortgage loans that remain solvent.

What isn't clear from the article is who's paying for the Countrywide legal settlement? Is it BoA, Countrywide or us?

Your assignment, should you accept it, is to find out...

I asked for a Republican's opinion because, if BoA and Countrywide are paying the bills, and if this is an example of deregulated self-regulation--or self-correction--then it's a good thing. If, on the other hand, the legal settlement will be paid for out of bail-out money, it's not a good thing.

I have to think that BoA knew the exact cost of the settlement plan prior to its purchase of Countrywide and that was factored into the $4B purchase price. In other words, there is money in some banks and they're using it to purchase failing financial institutions.

As a result of the panic caused by the dire warnings that led to approval of the bail-out, there's been a run on Wall St. as people pull out of the market in order to save what they can rather than lose everything.

See why I can't place blame?