Wall Street rescue is vital to economy in the heartland
Emerson, Farmington leaders discuss economy
Thursday, October 09, 2008
“It’s very important that small businesses and banking sectors keep open lines of communication with elected officials, especially when the market is under duress as it is today,” Emerson said. “Missouri has a strong economy, but in rural areas we are often hit hardest by long-term financial instability. We have to be aggressive and do everything we can right now to protect people and jobs here in the heartland.
“Main Street is a long way from Wall Street, but we don’t want this credit crisis to expand to our community banks – the local institutions that know and trust their customers. It is very important that Missourians can access credit to invest in business ideas, expand job opportunities and even to carry inventory. Responsible credit is also important to families paying for college or buying their first home.”
Emerson outlined the particulars of a rescue package which will allow the U.S. treasury to buy troubled assets at prices far below their face value in order to ease the credit crunch at the heart of the crisis. She talked about the oversight and taxpayer protections in the rescue plan.
“Every asset the government buys will be disclosed to the public in 48 hours, so there is significant transparency here that will help the markets gain confidence. We’ve tasked an Inspector General just for this purpose, and there are oversight boards put into place to monitor these transactions and protect the taxpayer. Ultimately, much of this money is going to be repaid to the Treasury inside of five years,” Emerson said.
Emerson also discussed how the financial crisis might be felt on Main Street in St. Francois County.
“One way we’re seeing the crisis at home is where rates for vehicle loans are pricing people out of the cars and trucks they need to keep the family farm and ranch going. Nationally, one in five dealerships is in serious trouble. It’s an issue that touches every family and every business in our congressional district. If one or two automakers go bankrupt, that affects our economy here in Southern Missouri. If the markets lose another trillion dollars in value, it affects every American with retirement savings — in particular those who are thinking about retirement in the next couple of years.”
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Reader Comments (21)The comments below are from readers and do not represent the views of the Daily Journal
trucker_63601 posted on Thursday, October 16th, 2008 at 3:04 am
My points of view...
Someone said money is the root of all evil, its actually "THE LOVE of money is the root of all evil."
All politicians are shmoozing with big business if they are high enough ranking officials.
I for one think these banks gave out bad loans and they should be the ones taking the loss not me and my tax dollars, why should I be responsible for joe blow who took out a mortgage he couldn't afford or for the banks that loaned the money?
Someone said money is the root of all evil, its actually "THE LOVE of money is the root of all evil."
All politicians are shmoozing with big business if they are high enough ranking officials.
I for one think these banks gave out bad loans and they should be the ones taking the loss not me and my tax dollars, why should I be responsible for joe blow who took out a mortgage he couldn't afford or for the banks that loaned the money?
grama posted on Wednesday, October 15th, 2008 at 1:09 pm
If we the people of the United States of America, do not realize we are all in the same boat, THAT in itself is a VERY SAD SITUATION.
One comment: We've left the coming
generations in one hell of a mess.
Should be real proud of ourselves!
God help us all.
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One comment: We've left the coming
generations in one hell of a mess.
Should be real proud of ourselves!
God help us all.
b by
tiredofthebull posted on Wednesday, October 15th, 2008 at 7:56 am
McGoofy - Not jealous at all... I have my 3bedroom house (not paid off) 2 cars (both paid for) and only utility bills....
Let me think.. everyone "wants" their piece of the country life, but not everyone can have it.
I also have a 5 minute drive to work, home before 5 every night, my streets get plowed when it snows.....
Everyone picks what they want.. questions is, and over 1/2 of America cannot afford what they chose...
The war??? We cannot find an honorable way out as there is none... it's not over.. Iraq does need to step up and be more responsible, and Afghanisstan needs to be swept from one end to the other by all NATO forces to find Bin Laden.
Then, the war can trickle to an end... Iraq can police it's own streets..
I'm not repeating political talk, but telling you what i believe after speaking with numerous military peoples that were there.. terrorism is real and will be there until the end of time.
Do we stop it overseas? Or do we avenge the death of Americans on our soil?
Let me think.. everyone "wants" their piece of the country life, but not everyone can have it.
I also have a 5 minute drive to work, home before 5 every night, my streets get plowed when it snows.....
Everyone picks what they want.. questions is, and over 1/2 of America cannot afford what they chose...
The war??? We cannot find an honorable way out as there is none... it's not over.. Iraq does need to step up and be more responsible, and Afghanisstan needs to be swept from one end to the other by all NATO forces to find Bin Laden.
Then, the war can trickle to an end... Iraq can police it's own streets..
I'm not repeating political talk, but telling you what i believe after speaking with numerous military peoples that were there.. terrorism is real and will be there until the end of time.
Do we stop it overseas? Or do we avenge the death of Americans on our soil?
grama posted on Tuesday, October 14th, 2008 at 7:28 pm
Just finished reading all the comments.
Someone sounds a little bitter. Maybe didn't work hard enough?
Didn't save your money..so it could be
be in an eddy going downward, (eddy as in whirl pool) sinking to bottomless pit.
Lucky you, U really do not have reason
to complain.
You, my dear are the lucky one. My husband of 52 years and myself worked damned hard for our money, foolish enough to trust the stock market and all the crooked congress. ALL OF THEM ! BAR NONE.
And yes we are angry!!@! Bout time someone realized we've all be duped.
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Someone sounds a little bitter. Maybe didn't work hard enough?
Didn't save your money..so it could be
be in an eddy going downward, (eddy as in whirl pool) sinking to bottomless pit.
Lucky you, U really do not have reason
to complain.
You, my dear are the lucky one. My husband of 52 years and myself worked damned hard for our money, foolish enough to trust the stock market and all the crooked congress. ALL OF THEM ! BAR NONE.
And yes we are angry!!@! Bout time someone realized we've all be duped.
b by
grama posted on Tuesday, October 14th, 2008 at 7:10 pm
To: T/O/T/B agree w/much of what U say but when you say we were not led astray.
I beg to differ: Like lambs to the slaugher.
The government encouraged those loans to people that could not afford them.
Everyone had their finger in the pie.
MONEY IS THE ROOT OF ALL EVIL.
Were I young and told please U don't have to have a down payment. DUH!
I'd have jumped at the chance.
TOTB, we are older, we know better.
Will NEVER make me believe the congress
dem or reb. stock market & banks didn't make a killing on all we are losing.
Meanwhile, we the people are and will continue paying a heavy price for being so complacent w/our heads in the sand.
Been married for 52 years, ate a lot a beans to save our money thats going down the tubes by the thousands.
Earned our money the hard way. Guess what? own 10 acres car & an truck.
shame on me
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I beg to differ: Like lambs to the slaugher.
The government encouraged those loans to people that could not afford them.
Everyone had their finger in the pie.
MONEY IS THE ROOT OF ALL EVIL.
Were I young and told please U don't have to have a down payment. DUH!
I'd have jumped at the chance.
TOTB, we are older, we know better.
Will NEVER make me believe the congress
dem or reb. stock market & banks didn't make a killing on all we are losing.
Meanwhile, we the people are and will continue paying a heavy price for being so complacent w/our heads in the sand.
Been married for 52 years, ate a lot a beans to save our money thats going down the tubes by the thousands.
Earned our money the hard way. Guess what? own 10 acres car & an truck.
shame on me
b by
mccuin1 posted on Tuesday, October 14th, 2008 at 2:02 pm
Tired of the bull, good idea give everyone all that money you were talking about, but who is going to pay for the Bush McCain war that no one seems smart enough to find us an honorable way out of. Also I only have three bedrooms on four acres, a truck and a car, sounds like you may be a little jealous of the ones of us who have worked hard at a good job to get what we have.
tiredofthebull posted on Tuesday, October 14th, 2008 at 12:34 pm
I'm hard of EVERY politician in Washington.
Bailout??? come on, the rich don't lose their business (in the name of protecting the DOW), at the expense of TaxPayer dollars....
Wow.. again, my tax dollars keep some rich fuddyduddy rich, and me still workin for my next paycheck.
We need something different. New faces, minds, ideas in Washington. Someone that doesn't have a problem saying no to spending until the deficit is reduced.
Less govt. spending. No more earmarks. Burn the pork barrels.
Come on people. America from coast to coast needs to realize the problem isn't Bush, Congress, or Wall Street.
It's the Joe Blow who needs to brand new pickup truck, the 5 bedroom house, 200 acres, and a loan to pay for it all.
DON"T BORROW MONEY YOU DON"T HAVE TO PAY BACK!!!!!
This country needs to learn how to save money and buy with cash once and a while.
New politicians are needed. Tighter rules for getting loans. Responsible business leaders....
Bailout??? come on, the rich don't lose their business (in the name of protecting the DOW), at the expense of TaxPayer dollars....
Wow.. again, my tax dollars keep some rich fuddyduddy rich, and me still workin for my next paycheck.
We need something different. New faces, minds, ideas in Washington. Someone that doesn't have a problem saying no to spending until the deficit is reduced.
Less govt. spending. No more earmarks. Burn the pork barrels.
Come on people. America from coast to coast needs to realize the problem isn't Bush, Congress, or Wall Street.
It's the Joe Blow who needs to brand new pickup truck, the 5 bedroom house, 200 acres, and a loan to pay for it all.
DON"T BORROW MONEY YOU DON"T HAVE TO PAY BACK!!!!!
This country needs to learn how to save money and buy with cash once and a while.
New politicians are needed. Tighter rules for getting loans. Responsible business leaders....
tiredofthebull posted on Tuesday, October 14th, 2008 at 7:53 am
anyone know what Obama's actaual "tax cut" is?
He wants to give govt. checks to millions of state assistance (welfare) citizens who DON't PAY TAXES!!!!!
and calls it a tax cut
He wants to give govt. checks to millions of state assistance (welfare) citizens who DON't PAY TAXES!!!!!
and calls it a tax cut
tiredofthebull posted on Tuesday, October 14th, 2008 at 7:52 am
People - the only people that got us into trouble is the AVERAGE AMERICAN!!!
How many of you NEED your trucks, your 4 bedroom homes on 7 acres, your new cars every 2 years, your big screens?
Come on. The banks found customers to lend to and everyone has to have stuff they don't have the money for....
This whole country is going down the toilet fast....
The politicians aren't to blame for the problem, yet they are only making it worse.... Let's print a bunch of money, and encourage America to borrow more money.
Our government needs to save its money, reduce the debt, quit trying to lend so dang much money, and reduce the spending level.
If all we do is continue to borrow, we will continue to dig a deeper grave.
How many of you NEED your trucks, your 4 bedroom homes on 7 acres, your new cars every 2 years, your big screens?
Come on. The banks found customers to lend to and everyone has to have stuff they don't have the money for....
This whole country is going down the toilet fast....
The politicians aren't to blame for the problem, yet they are only making it worse.... Let's print a bunch of money, and encourage America to borrow more money.
Our government needs to save its money, reduce the debt, quit trying to lend so dang much money, and reduce the spending level.
If all we do is continue to borrow, we will continue to dig a deeper grave.
grama posted on Saturday, October 11th, 2008 at 11:06 pm
Don't be so hard on Emerson, how bout the congress, government, Burnie Frank,
who was in on Fannie Mae & Frankie big time, stock market and anyone else in on the take. Should be investigated.
The silent majority is M A D!
Not excluding Emerson, just throw them all in the flame and out with the old in with the new.
Except O'Bama (hes too new) Hes so green he thinks he can set down and talk with people that believe if U strap a bomb on your self and commit suicide, you will get 13 virgins after you die.
Can't fix STUPID, no matter how much education and smart you are. Problem is no body else can either. Sadam had it right,should have kept him alive.
Only God can fix this situation...and that may sooner than you think.
food for thought. b by
who was in on Fannie Mae & Frankie big time, stock market and anyone else in on the take. Should be investigated.
The silent majority is M A D!
Not excluding Emerson, just throw them all in the flame and out with the old in with the new.
Except O'Bama (hes too new) Hes so green he thinks he can set down and talk with people that believe if U strap a bomb on your self and commit suicide, you will get 13 virgins after you die.
Can't fix STUPID, no matter how much education and smart you are. Problem is no body else can either. Sadam had it right,should have kept him alive.
Only God can fix this situation...and that may sooner than you think.
food for thought. b by
Say What? posted on Friday, October 10th, 2008 at 10:11 am
Let me see if I got this right. Politicians screw up the banks by forcing them to make loans that could not be paid, create clearing houses for these loans (Fanny & Freddy), when the loans start failing, they vote 700 billion (more like 860 with what was added) to "save" the banks from themselves, and they expect the banks and voters to believe the politicians can fix it?
But of course it is the EVIL business men that are to blame, according to the politicans. People are not believing it anymore. Who benefitted from Freddy and Fanny? Who got money from F&F and who is trying the hardest to cover it all up?
But of course it is the EVIL business men that are to blame, according to the politicans. People are not believing it anymore. Who benefitted from Freddy and Fanny? Who got money from F&F and who is trying the hardest to cover it all up?
notthatone posted on Thursday, October 9th, 2008 at 11:19 pm
I have always voted a Straight GOP Ticket starting with Nixon. This year I am making 1 exception. Goodbye Ms Emerson.
djdiddy posted on Thursday, October 9th, 2008 at 4:39 pm
I don't know much about anything, but i do know that i don't have 250,000 dollars in the bank..to worry about fdic insurance with this new bill. I do know she voted yes both times to to pass this blatent disreguard of tax payer money. I think it's time for a shake up...in our goverment..both federal and state. I am almost tempted to set up shop and run for office...with my campaign being , i don't know one thing about politics, im not corrupt, but what i do right from and that is how i will vote..on every bill brought to me. No more 600 for a hammer, or 85 billion for a insurace company while the executives take a lavish vacation a week later...on my money...im so fed up...VOTE FOR ME...would anyone?
Get it right posted on Thursday, October 9th, 2008 at 4:38 pm
First of all, I do not agree with how the bailouts are being done. However, something had to be done to keep this country from entering another depression.
With that said, once again the bloggers here obviously do not research much before sharing their opinions.
If the government gave each owner occupied home an equal share of the $7 billon it would equal only about $9333.00 per household. This is based on the 75 million owner occupied homes in the United States as of 2004. This information can be verified at www.census.gov.
So for tiredofthebull; there is no way that each ADULT could be given $100,000 as there are almost three times the number of adults as there are home owners. Stop looking for quick escapes. That is what got us in this mess. Too many unjustified bankruptcies and bad loans for which we all will pay the price.
With that said, once again the bloggers here obviously do not research much before sharing their opinions.
If the government gave each owner occupied home an equal share of the $7 billon it would equal only about $9333.00 per household. This is based on the 75 million owner occupied homes in the United States as of 2004. This information can be verified at www.census.gov.
So for tiredofthebull; there is no way that each ADULT could be given $100,000 as there are almost three times the number of adults as there are home owners. Stop looking for quick escapes. That is what got us in this mess. Too many unjustified bankruptcies and bad loans for which we all will pay the price.
Zip Line posted on Thursday, October 9th, 2008 at 2:49 pm
How about we quit borrowing money and let the chips fall where they may. Our own government has led the way to this disaster. Spend....Spend....Spend oh wait we don't have the money. Thank you Jo Ann, go ahead and mortgage more of this country.
Vote ALL INCUMBENTS out of office.
Vote ALL INCUMBENTS out of office.
Eric_M posted on Thursday, October 9th, 2008 at 1:37 pm
Ms. Emerson voted yes on this mess, please remember that come election time.
superbiff posted on Thursday, October 9th, 2008 at 1:11 pm
Emerson is all talk - how does she keep getting elected?? Check her back pockets - I'm sure it's filled with big business.
little bunny foo foo posted on Thursday, October 9th, 2008 at 12:50 pm
Tiredofthebull, I don't always agree with your comments but I was thinking the same thing.
tiredofthebull posted on Thursday, October 9th, 2008 at 10:23 am
Glad to see that Washington can bail out businesses, but can't find the money to give to the taxpayers....
Instead of giving 700 Billion to a handful of banks, give 100,000 tax free to every adult in America. This would enable many people to stay in their homes, if not pay them off....
If the lenders get their money back that way, they have capital they can lend back out. And American's get to stay in their homes...
Guess we need to vote for new officials....
Instead of giving 700 Billion to a handful of banks, give 100,000 tax free to every adult in America. This would enable many people to stay in their homes, if not pay them off....
If the lenders get their money back that way, they have capital they can lend back out. And American's get to stay in their homes...
Guess we need to vote for new officials....
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and we old ones too. Happen to be lucky enough and worked hard enough and be old enough that we won't go hungary.
Bares repeating: God help the next generation. We did not do them any favors!
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Food for thought.
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