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May 10th, 2010
07:51 AM ET

Bailouts & more bailouts

European Union officials just approved a bailout worth more than $1 trillion to stabilize the euro and rescue debt-choked Greece.
Does this action by the EU alter your view on the necessity of U.S. bailouts, i.e., auto, bank, housing?
Leave your comment here, and watch CNN Newsroom w/Tony Harris between 11a-1p.


Filed under: CNN Newsroom • Tony Harris
soundoff (42 Responses)
  1. Michael Armstrong Sr.

    Look at this our country can bail out Greece but not the American people and its our money .

    May 10, 2010 at 8:16 am |
  2. cyril ayanbadejo

    Lessons have been learnt from the US bail out ...innaction is not an option.the world is now a global village even an earthquake can cause trouble to the whole world.I'm in blind support of bailouts....at least for now!!!!

    May 10, 2010 at 8:26 am |
  3. Brendan Shaughnessy

    My view of bailouts has essentially remained the same. Instead of bailing out corporations and lending institutions that have earned their financial circumstances, forgive student loan debt. A bailout tailored to assist the true victims would provide financially devastated Americans a means to put money back into the economy.

    May 10, 2010 at 10:16 am |
  4. Michael Armstrong Sr.

    How about our government stop and give the poor people on Social Security the stimulus that was promised by Obama .

    May 10, 2010 at 10:21 am |
  5. Tore Dyvik

    Bail-outs are detrimental to a free market. Awarding failure is not going to allow the nature of supply and demand to take its course.

    May 10, 2010 at 10:32 am |
  6. ray stawski

    bail outs my question or comment is [ if we keep doing bail out's who's going to bail out the bail outer pretty soon that will have to come in to play right ? i dont know

    May 10, 2010 at 10:42 am |
  7. Chris

    As much as we hate to admit it, we live in an increasingly integrated world. Our modern financial system – and therefore, our personal finances – are intricately connected to those of our neighbors and the larger world community. Just as the failures of large financial institutions imperil our retirement savings, Greece's economic failure could produce unavoidable blow-back on our own economic security. Someone will eventually pay for all of the poor financial decisions made by the world's biggest players. Increasingly, the answer to the question of "Who" is simply: "All of the rest of us." Makes you wonder about the processes by which we're deciding to let these particular people drive the boat.

    May 10, 2010 at 10:43 am |
  8. Jeff C

    I would like to know what these people who opposed the bailouts think would have happened had they NOT been done.. this Utah Teaparty leader calls Bennett's vote irresponsible....He is insane.

    May 10, 2010 at 10:48 am |
  9. TD

    Bailouts are like putting a bandage on a problem and kicking the can down the road to be dealt with later. Without attacking the fundamental problems underlying the issue the problem is not solved. Relying on economic growth to outpace the hemorrhaging of bad economic policy is like allowing the Bernie Madoff scheme to continue while non-investors are taxed to pay back the losses to his investors. Stop the madness.

    May 10, 2010 at 10:53 am |
  10. David from Oregon

    Tony,
    The EU bailout involves the IMF. How much of the IMF funding comes from Uncle Sam? May we be bailing out yet another government and this time it's not even our own.

    May 10, 2010 at 11:07 am |
  11. Christy

    The breathtaking hypocrisy of blasting bailouts at the same time that the stock market is enjoying such success because of bailouts here and abroad is amazing! Conservatives take a ton of money for financial interests – and then turn around and condemn the bailouts that keep their campaign donators dishing out the cash. It's cynical and transparent.

    May 10, 2010 at 11:08 am |
  12. Joe

    It is a way for the gov't(s) to say thanks to the failures of big businesses and banks meanwhile the little guy is left to clean up the mess and foot the bill. Bailouts are terrible and I always felt that way even in the US bailout of 2008 and 2009. I do admit the EU package does pale in comparison to the amount of money US tax payer shoveled out to the failed businesses. It does not attack the issues and with all that money spent, i think we will just run into more issues later.

    May 10, 2010 at 11:10 am |
  13. Atlanta Shaun

    Tony, Its funny how quickly we've forgotten what situation we were in when the bailouts occurred. I believe that the bailouts kick started the economy which was imperative. It also created the President an opportunity to make some fundamental changes to ensure that these banking systems are held accountable when practicing bad investments etc. Its unfortunate that most Americans were screaming for help, and once help was received were against the President because now its an issue of too much spending. What would have happened if the government didn't step in? Wake up people – give the President an opportunity!

    May 10, 2010 at 11:17 am |
  14. Steven

    The Supreme Court has now ruled that corporations are "people" , does that mean , through a bit of convoluted logic , that I am now equal to a corporation ???? Even if does I'm not asking for a "bailout" , but..... , since the policies implemented over the last 30 years have greatly benefited the corporations and wealthy to detriment of working Americans I think that I should at least get my full SSI at 65. After all , the private corporations got my 401k (now worthless) , my home is gone and my job went to China. If conservatives get their way and SSI is both privatized and cut , the events in Greece are NOTHING compared to what will happen here !!!!!!!!!

    May 10, 2010 at 11:18 am |
  15. Elvia M. Chalmers

    I understand why people felt we needed bailouts but I agree with the last comment. I f we don't attack the fundamental problems we will "sink". It's sad tat we "humans" are so smart, yet so..............dumb!!

    My mom used to say "you're too smart for your own good. Well...............

    May 10, 2010 at 11:26 am |
  16. Glenn

    Very few people questioned President Bush for his 3 page bailout to
    the financial market... President Obama used his bailout to save auto
    industry jobs, state and local government jobs, the American people
    stood silently by while the previous adminstration, in the words of
    Dick Cheney, defecits don't matter, where were the Tea Partyers for
    the past eight years. the economy is coming back, just like Jackie
    Robinson, anything a white person can do, a Black man can do it just
    as well if not better!!

    May 10, 2010 at 11:31 am |
  17. sharon storm

    Bailing out irresponsible companies and countries means we will have even more irresponsible companies and countries that will require bailouts! What you reward gets repeated. The people that lose are the taxpayers. The governments spend the money and their cronies reap the rewards and we get the tab.

    May 10, 2010 at 11:44 am |
  18. russ

    how can the federal gov ' t bail out gm and let the stockholders and retirees get the shaft ? the stockholders lost thier stock investment and the retirees got thier benefits cut in half after the bailout . now,gm says it on track after that and then the cpmpany gives the ceo 10 million in bonuses ! what a system !

    May 10, 2010 at 11:48 am |
  19. willie

    My decision on the American bailout has not changed. I believe it is the governments responsibility to insure our economy remains strong and active, that includes a bailout when needed. Beside we bail out otherr countries regularly. i perfer my tax dollars be utilized to support our country and it's citizens, rather than others. History will prove the bailout of the American banks, automotive industries, ect. as the right thing to do.

    May 10, 2010 at 11:52 am |
  20. Herb Sedler

    Hello Tony , I just cant stop scratching my head when it comes to always helping others before are own, Maybe in this crisis yes we should help. I cant remember when these other countries have come to are aid, Where are they when there is a flood,Where are they to help with this oil leak,Katrina,Andrew, and on and on, What about the war on terror and the way some of these countries have safe homes for terrorsist cells are they paying any of the bills. When does it end , with the money we have put out for everyone else I would think are economy would really be rocking if we kept it in our own country. And what do we really know whats up with are money but people are getting tired of not really helping fellow Americans and really solving are own countries problems,To many Americans are suffering and it needs to fixed asap and not words for votes .Americans first please.

    May 10, 2010 at 12:05 pm |
  21. Dee

    Here is a question you might ask.

    Would the people rather have bail-outs, or revolutions?

    In the past one of the major ways economic "adjustments" have been made was by the people revolting against what they perceived as the cause of economic injustice, the governments. As near as I can see that is the only way large-scale economic change has happened.

    So, do we want revolutions to rredistribute the economics of countries?

    May 10, 2010 at 12:07 pm |
  22. Carl

    Bail outs are necessary but the monies should be paid back to the taxpayers with interest.

    May 10, 2010 at 12:27 pm |
  23. Rick

    New Jersey Gov. Chris Christie targets civil service workers, Teachers, PoLICE,FIREFIGHTERS, This man wants towns to opt-out of civil service workers so that hiring will be based on patronage and layoffs when you want and hiring of political friends and corruption and to dismantle all Unions. The same person will not raise any taxes on any wealthy People that was done by the Democratic Gov. that lost to this Republican Gov. to balance the budget. He fills that civil service workers are the wealthy people not the millionaires, The first responders are not the millionaires
    but the police officers & Firefighters, note we took these jobs for the medical benefits, NO civil service worker is a millionaire, This Gov. has his priority twisted backwards, attacking poor people and not the rich.

    May 10, 2010 at 12:42 pm |
  24. Rick

    This Republican Gov. Chris Christie the Teachers stated that he lied to them just like a real politician can to get elected in office then I do not need you any more business as unusual and only attacking poor people
    and stated he will not tax the wealthy people in the state of New Jersey his friends and other republicans.,

    May 10, 2010 at 12:59 pm |
  25. Rick

    The is a question for you Mr. Tony Harris is their a law on the books that
    in order for people of color to vote congress has re-vote on this law there is nothing permanent on the United State law books, if so why is this I heard this when President Obama was running for president. Please correct me if I am wrong?

    May 10, 2010 at 1:18 pm |
  26. Scott Stodden

    Quite honestly Tony I always was in favor of the bank bailouts here in the U.S. and also in favor of bailing out not only the banks but the auto industry and so on! If we would have done nothing here in the U.S. the country would have sank into the deepest depression this country has ever seen! The same can also be said for the European Union, if they do nothing they will also see the worst Depression the European Union has ever seen! Its a lot of money but we all have to be there to help each other!

    Scott Stodden (Freeport,Illinois)

    May 10, 2010 at 2:41 pm |
  27. Smith in Oregon

    60 Billion Euro's does not even remotely equal 1 Trillion dollars.

    Nonetheless, it remains to be seen if the firms and organizations that are betting Billions of Euro's 'short' against Greece's ability to pay its outstanding debt successfully are going to be stopped or simply amused by the fresh meat being tossed their way to consume.

    May 10, 2010 at 3:01 pm |
  28. Chad

    Bailouts? who's going to bailout us the U.S? We were stuid for bailing out these ignorant banks and now they wont even do their jobs in lending the money to business that need it to keep the businesses going. The only bailouts that should be done is for the middle class that have lost their jobs, the disabled that cannot work on social security, and all people with college loans should be forgiven of them. The only way to get this country back straight again is to kick the whole congress out of office and start over with people that know how hard it truly is to survive in this country and world; not liars for all politions and to a big point all politions are liars not people. T^he democrats are from pluto and the repuiblications are from Mars their just aliens.

    May 10, 2010 at 3:39 pm |
  29. Michael in Phoenix

    The bailouts were a big mistake. Only because our government used the taxes collected from citizens to bail out private industries that caused the problem in the first place. Bad behavior was rewarded. I do not see the people that started this losing everything and going to jail. The government showed us who they answer to, big business. If they would have actually helped the citizens out who are struggling then it would not have been so bad. So what did they do, they helped the people that were beyond help in the first place. What did that do? Really nothing. The people are still in trouble lost everything anyway and the banks got more money. More people need to go to jail! It will never happen since the people in the government will have to go to jail too.

    May 10, 2010 at 3:52 pm |
  30. John Tyler Erie, Pa

    It's time that Europeans bailout Europeans. We have enough of our own problems and should not expect US taxpayers to bear their financial burden. We have sacrificed Americans lives in 2 world wars to give them freedom it's time that they stand up and take care of themselves.

    May 11, 2010 at 8:10 am |
  31. James H.

    Kyra and company, two things.

    For one thing Miranda rights are afforded to all humans in the U.S., regardless of citizenship status. You inferred either that they only applied to citizens, or that by the fact that the Times square bomber was a U.S. citizen that this alone made him a special case in regards to Miranda.

    Also you stated that, in regards to Miranda rights you didn't feel that U.S. citizens (like the times square bomber) should have their constitutional rights revoked. This is already done to U.S. citizens. Convicted felons and treason being 2 examples.

    Of course this only results after a conviction.

    The revocation of Miranda rights for what are considered suspected terrorists is a slippery slope that has much broader potential implications. And in my opinion is not a necessary act.

    May 11, 2010 at 10:06 am |
  32. Sephen W Burks

    Kara, I think that the Miranda rights should not be revoke for US citezen for terrorists because they are protected by the US Constitution. Where do you drawn the line? What about domestic terrorists like Timothy Mc Vey or other domestic terrorists groups in the U.S. Keep in mind, domestic terrorists are doing or trying to do the same think; kill americans citizens

    May 11, 2010 at 10:26 am |
  33. BettyBoop195

    My question is why is it strictly up to the govt. to bail out failing firms. I believe that these individuals who set these firms up for failure need to know that when they run a nations economy into the ground, there need to be criminal penalties for their actions. Right now they have their cake and get to eat it too. I don't see a viable alternative to some bailouts, but to let the management get rewarded for their lack of ethics, even earn bonuses for poor judgement, is an outrage. Having watched some of the congressional hearings on this subject, the biggest thing I see is a battle of inflated egos.

    May 11, 2010 at 11:24 am |
  34. Michael in Phoenix

    I have stopped worrying about this. In my opinion we have passed the tipping point. The government is going to do what they want and there is nothing we can do about it. The bailouts are done with money that does not exist. The companies are recovering while the people are falling apart. As long as we keep putting the same people in office they will keep doing the same things. It is time to replace all of the government officials. It is time to review all the laws and see which ones were paid for. It is time to take our country back from the lying scum that we have put in power. My fear is that we are a retroactive group, it might already be too late. If it is I suggest you stock up on ammunition and other items to trade.

    May 11, 2010 at 12:40 pm |
  35. Jeryl

    Bailouts are what perpetuates bad business habits. "Too big to fail" is an idiotic statement. Let Greece handle its own problems. Let capitalism work. The major reason the EU is failing is it's foolish socialistic government set-up. Socialism is destroying the entire world economy.

    May 11, 2010 at 1:58 pm |
  36. JROFdl

    We have long tolerated and winked at "white collar" crime. The corporate criminals of late, Savings and Loan Crisis, Enron and Wall Street 2007-2008 for example, are able to alter citizens' lives in the most awesome financial terms. Yet, our drug sentencing laws are more Draconian. There are in place bankruptcy actions that can be applied to firms that steal from us or are grossly mismanaged. Use them. But, yes our government is there for our security, to insure equal opportunity and to met out justice. Bailout can meet all three of these criterion.

    May 11, 2010 at 5:37 pm |
  37. Gene Lucas

    With 212 million people unemloyed in the world, governments are forced to have "make work" programs, which do not produce anything salable. This runs them further and further into debt. But when they try to get back to financial stability, the people riot. They'd do it here too. So bailouts are probably with us until somebody figures out how to put all these people to work, doing something profitable, so they can pay enough taxes to start to pay off the debts. I'm glas it's not my problem.

    May 11, 2010 at 5:43 pm |
  38. Mike Burke

    I'm glad the EU has stepped up before Greece's problems reached the critical stage. I was in favor of US bailouts in a "hold your nose" kind of way. But I have grown skeptical of any politician who cries that government needs to run "more like a business." Bernie Madoff, Goldman Sachs, Enron......fine examples all.

    May 12, 2010 at 10:04 am |
  39. maze1gerald

    Come on guys lets not be selfish i say help greece out.thats whats wrong today people are grouches.I wound't blame all our problems on our goverment,it comes from simpley not saving.shopping till one drops every week,being fascinated wth cars,constantly refinancing home loans every year to get splurge cash,stay out of the malls,away from car lots,stop buying houses to impress.be happy with what youv'e got.

    May 12, 2010 at 12:44 pm |
  40. victoria

    I feel like everyone is getting help but the ones who need it most...The businesses are being helped and things are going up. what about the people! We need help too but we are getting the blunt of it all. I think also that the Mortgage Companies who were responsible for tricking people into these motgages and I know because I am one of them, should pay and learn a lesson.. Laws and terms are explained half way and fast. Consumers really don't know waht they know and they are betting on that.

    May 12, 2010 at 1:37 pm |
  41. JF

    Seem like money is not the root of all evil, but uncontrol greed is. But
    the rich sure do try hard to protect the rich. People your minds are on the wrong things. People you all are your on problems, because of the
    way all people are. You all do not understand, that if you do not change
    and you all should be able to tell by now. GOD will end you all.

    May 13, 2010 at 7:23 pm |
  42. john doe

    No not at all!!! Money can not stop a child killer nor can it stop a bullet!!! But the "EVIL" it does cause "WE can all live without!!! USA is the way!!!

    May 15, 2010 at 4:13 pm |