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Old 09-29-2008, 12:42 PM
 
12,983 posts, read 15,319,968 times
Reputation: 15159

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Quote:
Originally Posted by paperhouse View Post
Credit will dry up now, but it needs to. The system has to be purged. If you can't pay your bills, the real assets need to be returned for people who can. It's not fun, but it is the proper thing to do.
I agree with this! It's long overdue. It was a house of cards ready to fall. Might as well start again from the ground up and do it the right way this time, using cash and not credit.
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Old 09-29-2008, 12:46 PM
 
Location: Albemarle, NC
7,730 posts, read 12,689,324 times
Reputation: 1504
Quote:
Originally Posted by luzianne View Post
I agree with this! It's long overdue. It was a house of cards ready to fall. Might as well start again from the ground up and do it the right way this time, using cash and not credit.
We need monetary reform. Plain and simple. The banking ponzi scheme that allows money to be loaned based on someone else's promise of credit is doomed to fail from the start.

If you (not just this poster) think you understand the way our monetary system functions, you should watch this video. It explains why this bailout would not work and why the markets must correct themselves. It also throws Ron Paul's gold standard idea out the window too.

Money As Debt
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Old 09-29-2008, 12:46 PM
 
Location: Hell with the lid off, baby!
2,193 posts, read 5,229,597 times
Reputation: 379
Default The Bail out isn't over! Keep writing your elected officials

Whether you support, or are against this bail out, it's not over. These elected officials will rework this and vote again on it. Keep writing them and tell them your opinions on this matter.

Congress.org Home
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Old 09-29-2008, 12:50 PM
 
12,983 posts, read 15,319,968 times
Reputation: 15159
Quote:
Originally Posted by paperhouse View Post
We need monetary reform. Plain and simple. The banking ponzi scheme that allows money to be loaned based on someone else's promise of credit is doomed to fail from the start.

If you (not just this poster) think you understand the way our monetary system functions, you should watch this video. It explains why this bailout would not work and why the markets must correct themselves. It also throws Ron Paul's gold standard idea out the window too.

Money As Debt
Thanks. I bookmarked that and I'm going to watch it later today. Was going to watch it now till I saw it was 47 minutes - I have to get some work done today!
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Old 09-29-2008, 12:52 PM
 
Location: Zurich, Switzerland/ Piedmont, CA
32,258 posts, read 54,960,967 times
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Default Breaking News: Bailout in danger of being defeated in House of Representatives

Interesting. I hope it fails.

The Associated Press: Bailout bill in danger of being defeated in House
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Old 09-29-2008, 12:53 PM
 
Location: Albemarle, NC
7,730 posts, read 12,689,324 times
Reputation: 1504
Quote:
Originally Posted by luzianne View Post
Thanks. I bookmarked that and I'm going to watch it later today. Was going to watch it now till I saw it was 47 minutes - I have to get some work done today!
It's easy to understand. It's plain english and it's animated for clarity. It's the best explanation I have ever seen.

After you've watched it, realize that this legislation allowed ZERO reserves to be held on future credit for up to 3 days. That is reckless and worse than the current situation.
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Old 09-29-2008, 12:54 PM
 
Location: Zurich, Switzerland/ Piedmont, CA
32,258 posts, read 54,960,967 times
Reputation: 15287
Default House of Representatives defeats bailout 225-205

WOW!

House votes down massive bailout measure - Economy in Turmoil - MSNBC.com
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Old 09-29-2008, 01:00 PM
 
Location: Boston, MA
71 posts, read 192,233 times
Reputation: 29
This has become very interesting. This feels like a big time turning point. I wonder what the next incarnation of the bailout proposal will be, and how soon it can be voted on? There will be at least one more week of turmoil, and the media will make sure that the market can't correct itself by further injecting households with big time crisis and panic.
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Old 09-29-2008, 01:00 PM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,539,426 times
Reputation: 5692
Quote:
Originally Posted by luzianne View Post
I mean, what will it mean for all of us? Our investments would plummet? Unable to obtain credit? Maybe I'm naive, but maybe it would be better for us to start over on an all-cash basis instead of using credit. I think the markets will correct themselves and maybe it would be the best thing for the economy in the long run.
I like Neil Cavuto and he has a calm in the storm attitude and does not think we should panic. We survived worse and this will pass. The all cash basis might in deed be the way to go.
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Old 09-29-2008, 01:02 PM
 
Location: Albemarle, NC
7,730 posts, read 12,689,324 times
Reputation: 1504
Quote:
Originally Posted by AVaccaro35 View Post
This has become very interesting. This feels like a big time turning point. I wonder what the next incarnation of the bailout proposal will be, and how soon it can be voted on? There will be at least one more week of turmoil, and the media will make sure that the market can't correct itself by further injecting households with big time crisis and panic.
The House is adjourning for campaign speeches today. Bush could call an emergency joint session, but these people really want to get home to defend their votes on this. Nothing else matters at this point.
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