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Old 09-23-2008, 07:51 PM
 
Location: Land of Free Johnson-Weld-2016
6,470 posts, read 16,357,936 times
Reputation: 6518

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What I don't understand is that I thought the Fed had been giving "bailouts" to the tune of billions for the past few months. Why do they need congressional approval for this one?

For people who have to consume using US dollars, the bailout is a bad idea. The value of our savings and investments will decrease, the value of the dollar will decrease and our spending power will decrease. Actually I am very pi$$ed off that Paulson would even suggest that taxpayers bail out these rich jerks who are already millionaires. Why don't they bail themselves out with their massive bonuses?

I really think Paulson should be flogged in public.

I protested against the Iraq war, both before and during. I also contacted all of my representatives to voice my support for immigration reform, and my opposition to the "foreclosure" bill to bail out MCMansion owners and construction companies. None of my elected officials seemed to care what I thought in those cases, so I'm pretty shocked that they are listening to constituents and opposing the latest bailout... could it be because we just don't have the money?

Bingo.
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Old 09-23-2008, 07:52 PM
 
Location: WA
5,641 posts, read 24,902,787 times
Reputation: 6573
If the credit markets do not break free and begin something close to normal operation this country and many others will be thrown into a severe decline, possibly a real depression. Something must be done or many of us will find ourselves in serious financial (and therefore lifestyle) trouble.

I have not seen a better plan than the one being proposed which has the government buying securities that have stopped trading and therefore adding liquidity by taking on risk.

I do not want to see a this country decimated and I want to continue my life without further disruptions so I am in favor of the plan.
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Old 09-23-2008, 07:56 PM
 
Location: Hope, AR
1,509 posts, read 3,079,180 times
Reputation: 254
Well, they have waited a few days to pass the bailout and the sky isn't falling. The market fell 160 pts today -- big whoop, it does that at least once a week. I'm glad congress isn't allowing Paulson to extort the american people.

This crisis could turn out to be a scam.
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Old 09-23-2008, 08:05 PM
 
Location: Great State of Texas
86,052 posts, read 84,314,885 times
Reputation: 27718
Quote:
Originally Posted by kinkytoes View Post
What I don't understand is that I thought the Fed had been giving "bailouts" to the tune of billions for the past few months. Why do they need congressional approval for this one?
Because this time Paulsen wants absolute power to do what he wants and no one, not even the Supreme Court can rescind that. Oh and I will add he also wants this power with no oversight either.

You might want to read the text of this bill.
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Old 09-23-2008, 08:12 PM
 
Location: Marion, IA
2,793 posts, read 6,112,910 times
Reputation: 1613
Quote:
Originally Posted by Wild Style View Post
I don't believe in democrat or republican. I have always said I don't believe in democracy. I don't think any tom, rick or harry should be allowed to vote. Personally I don't think most people have the mental capacity to vote. Not saying people are dumb, just saying most are extremely ignorant on issues such as international politics, economics, social issues etc. Things that are extremely important when it comes to choosing a leader of a country.
I agree there are some idiots in the voting booths that should not be there.

But how do you regulate that? Any mechanism that attempts to do so would be inherently biased.
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Old 09-23-2008, 08:59 PM
 
Location: WA
5,641 posts, read 24,902,787 times
Reputation: 6573
Quote:
Originally Posted by Lulu101 View Post
Well, they have waited a few days to pass the bailout and the sky isn't falling. The market fell 160 pts today -- big whoop, it does that at least once a week. I'm glad congress isn't allowing Paulson to extort the american people.

This crisis could turn out to be a scam.
The stock market is just an emotional indicator but not the real issue...

Banks are not lending to banks... no one is lending to business, and soon no one will lend to consumers. Business will go bankrupt, people will lose jobs, and more homes will be in foreclosure as the economy shuts down.

The market will go way down with most retirements wiped out and more businesses gone. This is no scam.
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Old 09-23-2008, 09:05 PM
 
5,760 posts, read 11,520,206 times
Reputation: 4949
Quote:
Originally Posted by cdelena View Post
The stock market is just an emotional indicator but not the real issue...

Banks are not lending to banks... no one is lending to business, and soon no one will lend to consumers. Business will go bankrupt, people will lose jobs, and more homes will be in foreclosure as the economy shuts down.

The market will go way down with most retirements wiped out and more businesses gone. This is no scam.
cdelena . . .

welcome to Doomer-Land.

We have been waiting for you.

Did you bring bottled water, candles, and a rifle?
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Old 09-23-2008, 09:06 PM
 
20,187 posts, read 23,803,836 times
Reputation: 9283
LOL... banks are not lending to banks? Well I guess they are all bankrupt now... opps.. guess not... No one is lending to a DYING business? Good, SMART move. No one is lending to consumers who are living beyond their means? Good, another SMART move. Business will go bankrupt? Someone better tell walmart to start filling bankruptcy proceedings... unless you mean "niche" business markets that are more of a LUXURY than a necessity... they should be out of business because they are a NICHE market... sorry, but although it will be a particularly bad recession... it will not be "the end of the world" as you make it out to be... for that... you need to add a few more zeros to that...
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Old 09-24-2008, 02:14 AM
 
Location: The land of erternal summer to Murfreesboro, TN
1,109 posts, read 2,954,240 times
Reputation: 411
Quote:
Originally Posted by evilnewbie View Post
Handing out free money JUST to move debt from the left hand to the right hand is NOT a good idea.. the problem is still there... Would you like to pay 10-15% more taxes just to MOVE debt around? Its like playing musical chairs and saying that playing this game fixes the problems that there isn't enough chairs... except TAXPAYERS are the ones who doesn't have a chiar...

Yes, there is significant economic turmoil... is it disastrous? NO, don't listen to "opinions" and make-believe hype... there will be NO crash, but there will be a significant recession, that much is a given... what do you expect when Americans have been living beyond their means for SEVERAL decades in addition to creating businesses for "niche" markets and get loans in the millions for a failing business model... anyone could of told of you that any downturn and these niche markets will be the first to go.. was it ANY surprise that these small business niche markets fail... Will large corporations who have been propping up these niche markets to turn a profit have serious problems? Absolutely, why shouldn't they? Spend money like an idiot and you will go bankrupt and so they have...

Bailout is not necessary... NONE whatsoever 1) It doesn't "fix" anything, it only moves debts around 2) Taxpayers will be left holding the bag 3) Increase inflation 4) It does NOT stop more bailouts 5) Props up business that SHOULD fail and be gotten rid of 6) Bails out mostly the wealthy...

All this "fearmongering" is to push people to accept a bad deal... when someone uses FEAR to make you do something, you KNOW it is a bad idea... when someone tells you that this is the "only" solution, you KNOW it is a bad idea... when someone who thinks bailing out the mostly wealthy, will save the economy... they are just flat out LYING... take a minute to think about it... if it sounds like a bad idea... IT IS...
I tend to agree with this. I don't think it is a good idea either. It will cause more inflation. All this money we keep printing at our whim. It will just serve to devalue the dollar even more until it's worthless paper.
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Old 09-24-2008, 02:39 AM
 
Location: Hell with the lid off, baby!
2,193 posts, read 5,792,458 times
Reputation: 380
Quote:
Originally Posted by HappyTexan View Post
Because this time Paulsen wants absolute power to do what he wants and no one, not even the Supreme Court can rescind that. Oh and I will add he also wants this power with no oversight either.

You might want to read the text of this bill.
That part of the bill will be thrown out. Congress was outraged over it, it's Un-American. The Bafoon/Paulson, himself said today he expects plenty of oversite. Did any of you really expect this bill to be passed as is? If they pass this bill as an investment plan, which they're trying to do, we, the taxpayers footing this bill, may very well see a return on it someday
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