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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
Hmmm let me get this straight. We have companies through poor executive decisions have lost fortunes, and we are to give these execs more money to fix what they screwed up? hmmm that makes sense. you can't do it the first time but we will give you more money so you can do it the next time.... FIRE THEM, no parachutes, benefits or bonuses. Sue them for incompetence. take their company shares.... oh they probably didnt invest as they knew they were screwing it up.
FIRE THEM, no parachutes, benefits or bonuses. Sue them for incompetence. take their company shares.... oh they probably didnt invest as they knew they were screwing it up.
I wholeheartedly agree. I believe a part of this Bail Out Bill/Investment plan, should be to give us the taxpayers, shareholdings in these companies.
I see this as a neccesary evil... we can allow the markets to try and work things out... but the reality is without government intervention... no one is going to lay out a $.10 to prop up any of this bad debt. I agree with Peter Schiff on this... mostly because he's been right all along, yet I also buy into the pressure that things are looking bleak out there. Are you ready for a Dow of 7500... how about 6000. And yes... lending is freezing up. The company's I work for payroll of 330 employees is paid through a line of credit. They have cash reserves in place, however the second the bank freezes of shuts down the LC will be the second that 330 shrinks to 150 employees.
I agree there is great risk... because we don't know how bad the loans being purchased are.... as Schiff and other economists say, it just prolong the pain and make things worse. Or a $700Bill could be an injection of confidence for the market.
One thing is completely certain... if we do nothing you will see unemployment like we have never seen in 70 years. Worse than Regan's unemployment in te early 80's. I'm certain of it. I know without my company's ability to lend for it's day to day operational costs, my job would be gone yesterday. I work in sales and marketing for a book publishing company. I've already seen three business close their doors this spring, and a major national bookstore chain is on basic lifesupport... literally paying their bills in cash, because insurers won't write policy against their purchases. It just didn't get bad out there... it's been bad for nearly two years. It's just that America is finally waking up from the party to realize it's credit card has been canceled, they bounced their last check and ... oh crap the rent was due, yesterday.
I am against a bailout of any kind... however, I see this as a necessary evil. The government has to due something to sure up confidence and take some pressure off the market.
Yes, there is significant economic turmoil... is it disastrous? NO, don't listen to "opinions" and make-believe hype... there will be NO crash,
Bailout 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...
...
I agree with almost everything you say in the post above... except the uncertainty of what remains after all of the chips fall if we just let things slide. Ron Paul says 1 yr of misery if we pass on the bailouts and 10 yrs of misery if we go through with them. I hope he's right. At this point it's hard to believe anyone in this situation.... especailly Hank Paulson and Ben Bernanke.
However we are at a critcal point in our American economy... we cannot afford long term unemployement. NYC is already predicting 40,000 jobs to be affected by this crisis. I beleive we are looking at some pretty dire things... even more systemic foreclosures, bankrupcies, bank failures if we don't attempt to do something soon.
Just curious as to what people think. Is this new bailout a good idea? Will our economy totally crash if there is no bailout? Watching the news right now and some people say yes and others say a bailout is unamerican.
What say you?
this bailout is just another opportunity for banks to loan out more money to people who won't pay. if they go ahead, we'll be back here in a year or so with a bigger problem on our hands.
At this point it's hard to believe anyone in this situation....
Because no one knows what is going to happen. The experts don't even fully know. We are in uncharted territory. You just have to pick a side, believe in it, and hope they do the right thing
Last edited by dugdogmaster; 09-24-2008 at 09:24 AM..
I agree with almost everything you say in the post above... except the uncertainty of what remains after all of the chips fall if we just let things slide. Ron Paul says 1 yr of misery if we pass on the bailouts and 10 yrs of misery if we go through with them. I hope he's right. At this point it's hard to believe anyone in this situation.... especailly Hank Paulson and Ben Bernanke.
However we are at a critcal point in our American economy... we cannot afford long term unemployement. NYC is already predicting 40,000 jobs to be affected by this crisis. I beleive we are looking at some pretty dire things... even more systemic foreclosures, bankrupcies, bank failures if we don't attempt to do something soon.
The predictions so far is that a lot of jobs will be shed this year but they also predict a large net gain of employment for the next 5 years... but keep in mind... this is all "prediction" which means 50% chance of it happening and 50% chance of it not happening (otherwise known as random luck of predicting it right)...
If you still agree otherwise, and this does not go through, I wish you good luck and maybe I'll see ya out on the streets someday.
you missed the plot. I am not saying i agree or disagree with this plan. What I am saying is, you said the plan is un-American. I am pointing out to you that if this plan is so unamerican because of the amount of authority and lack of over sight given to paulson then you should ahve a look at the patriot act which is already in place.
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Rescue of Main St. USA
they do the right thing
