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Old 09-21-2008, 07:31 PM
 
Location: Emerald City
6 posts, read 94,349 times
Reputation: 12

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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
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Old 09-21-2008, 07:46 PM
 
Location: North Adams, MA
746 posts, read 3,355,322 times
Reputation: 814
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.
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Old 09-21-2008, 07:54 PM
 
516 posts, read 1,808,926 times
Reputation: 272
Quote:
Originally Posted by lynxix View Post
if the banks go down, the US economy goes down. Don't they get that?
Propping up an artificially inflated market doesn't do anything other than prolong the agony.

And thanks for the name-calling.
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Old 09-21-2008, 08:04 PM
 
2,541 posts, read 10,876,147 times
Reputation: 984
there are plenty of small banks who want to take over the markets left by the big banks
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Old 09-21-2008, 08:12 PM
 
Location: Bay Ridge, NY
1,915 posts, read 7,649,683 times
Reputation: 555
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.
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Old 09-21-2008, 08:17 PM
 
Location: Great State of Texas
86,068 posts, read 79,450,048 times
Reputation: 27673
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.
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Old 09-21-2008, 08:28 PM
 
1,651 posts, read 2,902,800 times
Reputation: 289
Quote:
Originally Posted by tony23 View Post
And thanks for the name-calling
Your very welcome.
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Old 09-21-2008, 09:11 PM
 
1,955 posts, read 5,031,883 times
Reputation: 1122
Quote:
Originally Posted by HappyTexan View Post
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.
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Old 09-21-2008, 09:19 PM
 
1,566 posts, read 2,993,035 times
Reputation: 1262
Quote:
Originally Posted by lynxix View Post
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.
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Old 09-21-2008, 09:20 PM
 
213 posts, read 495,345 times
Reputation: 184
Quote:
Originally Posted by NJ Chutzpah View Post
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.
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