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Old 09-29-2008, 01:11 PM
 
4,172 posts, read 5,978,525 times
Reputation: 1199

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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.
A little bit of borrowing is OK, but I pretty much agree with the sentiment. Unless there is some blood on the streets, we (people, corporations, nation) will never learn not to live way way beyond our means.
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Old 09-29-2008, 01:17 PM
 
Location: Texas
8,062 posts, read 16,181,411 times
Reputation: 3701
Quote:
Originally Posted by paperhouse View Post
And the markets would have crashed. They might be down, but since the vote, they're holding steady.

We have to trust investors to do the right thing at this point. Someone is making money while Wachovia stock holders are losing theirs. Business as usual.

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 that the system has to be purged. Survival of the fittest institutions is in order. Those companies that can't adjust or aren't worth being taken over by other companies will fail, as they should.

And I really doubt that the fallout will be as bad as those pushing this bill insist.
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Old 09-29-2008, 01:19 PM
 
Location: southern california
55,471 posts, read 74,366,214 times
Reputation: 47872
without a war the economy can heal itself. it will get ugly. got a lota loose criminals here, judicial system needs to be adjusted to survive a crash, no more criminalization of self defense, no more law suits for personal injury while in the commision of a crime. no more side stepping bad behavior and lack of performance.
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Old 09-29-2008, 01:25 PM
 
29,739 posts, read 34,754,280 times
Reputation: 11627
People will be surprised how much of what they think they have will be gone. Value of your house virtually zero. No credit available? No mortgages. Hmmmm how much will you sell your house for and how many will be able to afford cash for it. Have a job? Does it produce something? How many will be able to buy it with cash and no credit? Forget the auto industry. Cars only available for cash, there go all jobs related to that and the domino continues. Does your company borrow for start up purposes? No more if the business doesn't have their own seed money it won't exist. Farmer goes to the bank for a loan to pay back after his crops are sold? Nope no credit anymore no loans. No food produced and oh yeah tis a good thing.
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Old 09-29-2008, 01:25 PM
 
Location: Albemarle, NC
7,730 posts, read 12,688,395 times
Reputation: 1504
Quote:
Originally Posted by Huckleberry3911948 View Post
without a war the economy can heal itself. it will get ugly. got a lota loose criminals here, judicial system needs to be adjusted to survive a crash, no more criminalization of self defense, no more law suits for personal injury while in the commision of a crime. no more side stepping bad behavior and lack of performance.
And release of all NON-VIOLENT drug offenders and rewrite all existing drug laws. If it's going to remain illegal, we need community service punishment rather than jail time.
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Old 09-29-2008, 01:28 PM
 
12,983 posts, read 15,317,565 times
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Quote:
Originally Posted by TuborgP View Post
Does your company borrow for start up purposes? No more if the business doesn't have their own seed money it won't exist. .
This has already been happening. SBA has tightened up their credit already and are not giving out loans like they were.
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Old 09-29-2008, 01:28 PM
 
4,172 posts, read 5,978,525 times
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Quote:
Originally Posted by teatime View Post
And I really doubt that the fallout will be as bad as those pushing this bill insist.
Smart people like Warren Buffet are for it (Warren Buffett Tells CNBC He Wholeheartedly Supports Bailout Plan - Warren Buffett Watch - CNBC.com).
And then there is a list of smart leading economists that are against the bailout.
The consequences are not real obvious.
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Old 09-29-2008, 01:29 PM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,537,945 times
Reputation: 5691
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
My husband and I enjoyed this video!!! We will make our 19 year old son sit and watch it tonight.
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Old 09-29-2008, 01:42 PM
 
Location: Albemarle, NC
7,730 posts, read 12,688,395 times
Reputation: 1504
Quote:
Originally Posted by MotleyCrew View Post
My husband and I enjoyed this video!!! We will make our 19 year old son sit and watch it tonight.
That one video should be shown at every US high school graduation. At least that way it wouldn't be a worthless event.
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Old 09-30-2008, 06:33 AM
 
Location: Nogal, NM
28 posts, read 80,799 times
Reputation: 18
Contact your Congressman and Senator. Advise them of what you expect from government.
We do not expect Socialism. We expect and want to see Free Markets. Let the Free Market system work. No bail out now or ever.

Ask them why we do not see criminal charges against the fraudulent managers of Fannie Mae and Freddie Mac. What about the oversight responsibility and fraud attributed to the Democrats?


http://www.house.gov/
http://www.senate.gov/


"We are now in the golden age of thieves. And where I come from we put thieves in jail, we don't bail them out." Rep. Pete Visclosky, Democrat.
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