Feds okay $700B bailout framework, McCain tanks

According to Gallup's daily poll, Barack Obama is currently at 50% support, and John McCain has fallen to 42%. A few days ago it was 46-44 for Obama.

80% of people rate their current estimate of the economic state of the country as negative or poor, another 14 percent rank it as fair or mixed, and only 4% rank it as positive (or good). I want to know who this 4% is. I know John McCain is one of the members of that 4%.

45% of people rank their standard of living as getting worse, 35% of people say it's getting better.

41% of people say they are thriving, 56% say they are struggling, while only 3% say they are suffering.

Strong support from the middle-class is where Obama is getting ahead. This is a group that has seen their wages stagnate, hours cut, and are among the 45% of people ranking their standard of living as getting worse and the 56% that say they are struggling. All the while, John McCain is telling them that the "Fundamentals of the economy are strong" even though there isn't much of an economy left with banks failing left and right. Most recently Washington-Mutual went under. Good thing they only need to change one letter in their slogan: Woo-hoo becomes Boo-hoo. The FDIC is borrowing money to be able to afford to insure people's deposits.

As for the $700B bailout:

The government could get at $250 billion immediately, $100 billion more if the president deems it necessary (which he will), the last $350 billion is subject to a congressional resolution of disapproval. Meaning about 50% of that $700 billion may never see the light of day.

The rescue would only be open to companies who deny their executives "golden parachutes" and limit their pay packages. Firms that got $300 million or more in aid would face steep taxes on any compensation for their top people over $500,000.

Apparently politicians don't want to piss off their constituents by spending their money on no-strings attached bailout. And frankly, good for them. Why should I be using my tax money to bail out somebody who makes 10 times or more than I do because they screwed up. Nobody's giving me any money if I screw up here.

As for the people who are getting foreclosed on, while I do feel bad for you, you are adults, you should have known better to take adjustable rate mortgages based on a low "teaser" rate which assumes you will be making more money in 3-5 years. You knew in the first place that you couldn't afford your home, I shouldn't be bailing you out either. Be assured though, that the FBI is looking into the whole sub-prime lending thing.