Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
if the banks go down, the US economy goes down. Don't they get that? Global banks are also hurt (as we have witnessed already in the past wewk) "Go ahead, let the big banks fail" Where does the media pick these stupid people to make news headlines on? I seriously doubt they contribute much tax dollars to the national coffers anyways.
Yes some of us are not as enthusiastic about giving away so much power and money to one person who will not be accountable. Haven't you read the bailout bill?
Quote:
Sec. 8. Review.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
It is a blank check with little detail as to how it will work. Too many questions, too few answers. The last time Congress rubber stamped an emergency bill that was half thought out it was the Patriot Act.
This is a bill from the Bush adminstration, for crying out loud. Due diligence must be done, and this time the "mushroom cloud" is an "economic meltdown".
I am concerned, but not about to support socializing the housing market.
So, no one should be accountable for their actions? When you create things like this, companies don't need to worry about how badly they do, because in the end, the government will just come and save them. This isn't the idea we want to be giving to the big banks out there.
Fiscally we are past the point of no return..it seems this is their last ditch effort to avoid an outright financial collapse and depression.
That little $500K subprime mortgage got sold, chopped up and bundled into investments and got sold as AAA Insured paper. Now that home is worth $250K if that and the mortgage is worth much less. Everyone along the line that invested in that AAA insured paper wants their money back. Well..that money doesn't exist anymore and neither does the insurance to pay it off.
Fiscally we are past the point of no return..it seems this is their last ditch effort to avoid an outright financial collapse and depression.
That little $500K subprime mortgage got sold, chopped up and bundled into investments and got sold as AAA Insured paper. Now that home is worth $250K if that and the mortgage is worth much less. Everyone along the line that invested in that AAA insured paper wants their money back. Well..that money doesn't exist anymore and neither does the insurance to pay it off.
Agreed that we're past the point of no return. If the U.S. was a true market economy and Wall Street was run by true capitalists, then I would definitely be very frightened of this bailout.
The quasi-socialist system run by people who decry government regulation but go running to the government for help, not to mention those who in normal times call for government subsidies for their businesses, necessitates this action.
I don't really think we have the market mechanisms nor the mentality to recover from a crash if it were to happen. The only hope now is that the U.S. government doesn't default on its debt and that the long or permanent economic mediocrity that ensues will be at least tolerable for the majority of lemmings out there.
if the banks go down, the US economy goes down. Don't they get that? Global banks are also hurt (as we have witnessed already in the past wewk) "Go ahead, let the big banks fail" Where does the media pick these stupid people to make news headlines on? I seriously doubt they contribute much tax dollars to the national coffers anyways.
/rant
what a lemming you are
the govt crestes a system where banks are encouraged to behave way to risky because they know the govt with bail them out
then you buy the whole "too big to fail argument" which theyve used every time before
You can not keep throwing good money after bad, hit the printing presses and think you will fix everything
We will be way worse off in the long run for these bailouts
typical socialist idiot with no clue how the economy works
despite what you think we can not artifically hold up markets forever. Cut the bailout crap and stop pretending everyone should be able to buy whatever they want and make people and companies take responsibility for their actions.
there are plenty of small banks who want to take over the markets left by the big banks
Agreed. ALL the banks aren't in trouble. There are plenty of smaller, or more prudent bands with solid balance sheets and plenty of capital.
The ones in the biggest trouble are the big investment banks, staffed by smart-alecs who were too cool to play by the rules and thought they knew better than anybody else. Luckily they are well connected.
They threw a temper tantrum, roiled the markets and scared everybody into rushing to fill the void they created.
And they are laughing at the rest of us as they rush to cash the check.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
