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I don't know b/c every intelligent economist says so...If it were up to me I wouldn't bailout anyone, but you would have a bunch of Americans crying that the gov. ruined their life. In my personal life...I'm fine with money and will continue to be.
Don't start with me and your bs comments about.. do you believe. Do you believe Clinton was telling the truth when he told the world that he didn't have sexual relations......PULEASE!!
I use my own brain, thanks for playing.
67% of Republicans and 40% of the Democratic Congress voted against this bill.
Do you think they are all stupid?
So you are fighting for the little guy? Give me a break.
We aren't talking about Clinton you know you can't multitask.
So where does it end? How can you be so flippant about companies failing? Everytime that happens, people lose jobs and companies that did business with that company begin to weaken, including companies outside the financial industry. With all of these exotic investment tools out there, it's very difficult to untangle the web and figure out exactly who all will be affected. Am I happy about the bailout? No. But I don't believe we have a choice. Right now this crisis is limited to the financial industry - banks, insurance companies, etc, but that won't remain the case if something's not done.
so you are saying that EVERYTIME ANY COMPANY fails we should bail them out???
you ask how I can be so 'flippant"...well those business did it themsleves,,they gave out loans WITHOUT documentation, the PEOPLE did it to themselves by going after loans they KNEW they could not afford( there was a guy on CNN 'crying' that his home was going to be foreclosed on..it was a 700,000 dollar home...he only made 40k per year,,,,he NEVER should have been given or applyied for a loan)
since you are so 'FOR' the bailout, Iguess you think taxpayers should bailout all failed businesses.. hmmm......well I guess we (the taxpayer) should RESURECT "crazy eddie" and 'childworld' , "PamAM', and "TSS' too..they were 'failed' businnesses too and it did not create a doom and glooom in the world
If we 'do' a 'bailout' all we are saying is "its ok for you to be a poor manager and owner,, because we the Socialist states of america will 'take care' of you"....
Pass the bailout or not it wont make a difference.
They are not fixing the problems that got us here. They are only throwing our tax money at a flash fire and are too stupid (or selfish) to turn off the gas. When it fails, they will blame everyone but themselves once again.
This bailout will pass btw, they will keep making deals and taking votes till it does. They have to pass it now or they will really looks stupid.
so you are saying that EVERYTIME ANY COMPANY fails we should bail them out???
you ask how I can be so 'flippant"...well those business did it themsleves,,they gave out loans WITHOUT documentation, the PEOPLE did it to themselves by going after loans they KNEW they could not afford( there was a guy on CNN 'crying' that his home was going to be foreclosed on..it was a 700,000 dollar home...he only made 40k per year,,,,he NEVER should have been given or applyied for a loan)
I agree, but, unfortunately, this goes way beyond Joe Blow buying a house he couldn't afford with money he never should've been given. I would love for that lending insititution and Joe Blow to get their comeuppance. The problem is, it doesn't stop there. It's not that simple. It's what happened AFTER that that causes this to be much more complicated than "hey they made their bed let 'em lay." The lending bank doesn't hold onto those mortgages. They package them up and sell them as mortgage-backed securities. These MBS's are rated and sold to investors (usually institutional investors) who either hold them or maybe package them further and sell them to other investors in different tranches. By this point, Joe Blow's mortgage is a blip on the screen. Now, you can argue that these investors shouldn't have been investing in MBS's, but why not? A YOY decrease in real estate prices has traditionally been considered practically impossible. Companies invest in them for some fixed-income to help MITIGATE risk. So you get companies outside the financial industry investing in these things. So now Joe Blow's mistake is sitting on the balance sheet of some company who had NOTHING to do with the initial transaction. This company simply invested in a fixed-income asset that was traditionally safe. The real blame here goes to the rating agencies for lack of due diligence. So anyhow, now Joe Blow and many like him begin defaulting, the real estate market plummets, and the house of cards begins to fall. My concern is not with Joe Blow. Screw him. My concern IS with the institutional investors who bought these over-rated securities that are now going to have to take these huge losses, run them through earnings, and watch their stock prices plummet. And as that happens, the market plummets. And many innocent people lose their jobs, their 401(k)s dry up, etc.
So, no, I am not for bailing out a company everytime one fails. That's ignorant and I'm not sure how you interpreted my posts that way. In this case, however, many of the companies that are in danger of failing are in that spot through no fault of their own...and they're companies that many honest hard-working risk-averse people work for.
This situation is not in any textbook. There is no case study. No one knows how bad this thing is going to get. But one thing's for sure: it goes WAY beyond a comeuppance for irresponsiblie mortgage borrowing/lending. That's where it started, but the ripples are being felt all through the economy.
Pass the bailout or not it wont make a difference.
They are not fixing the problems that got us here.
There is not time. We need a short-term fix. Like it or not (and I HATE it), that's where we are. The longer we point fingers and take no action, the worse this thing is going to get. It's not even clear yet what problems got us here. There are some obvious ones, but there are also some subtler ones that are going to take time to flush out. But now's not the time.
There is not time. We need a short-term fix. Like it or not (and I HATE it), that's where we are. The longer we point fingers and take no action, the worse this thing is going to get. It's not even clear yet what problems got us here. There are some obvious ones, but there are also some subtler ones that are going to take time to flush out. But now's not the time.
remove mandates that force lenders to grant loans to individuals that do not meet the standards.
remove mark to market accounting procedures.
There, that wasn't too hard was it? They could do it if they wanted to but they can't bring themselves to REMOVE anything.
Who want to be the first one to hold their breath for them to come back and fix it?
There were several spikes today. Somebody made money.
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