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This is good. I love how those who clamor for the bailout sound like crack addicts. "come on daddy, gimme that fix".. This is good. A resetting in the standards of living in america should follow. You can't claim ownership to what's not real. Wake up. Your lifestyle is a facade america, it's painful but it has to happen. I am amazed it didn't get passed, I had absolutely no faith the house would do the right thing and stop the fantasy, but they did. I don't believe it will last, the pressures from addicted america is too great, but I am glad it didn't pass, I pray for a day where the house shows their collective b---s more often.
I hate the bailout based on principle, but if they do not pass it? You don't even want to go there. It will be bad, real bad! Here is a starting point of what will happen if it does not pass.
1. About 75% of all banks in the US will fail
2. There will be ahuge run on the banks,
3. The FDIC will fail and be bankrupt further causing a run on the remaining banks.
4. In the next 60 days, at least 4 millions people will loose their jobs.
The fallout and trickle down affect from this alone will be catastrophic.
The only thing that has to happen is NOTHING... there is no such thing as bailouts being necessary and if you believe thats the only way to stop a hemorrhage is to throw more money at it... I don't know what to say.. Wasn't the end of the world suppose to happen after this? I mean they said it would happen LAST week... and then they say the end of the world would happen THIS week... somehow they don't know what they are talking about... so I should trust them with 700 billion dollars... meh, I don't think so...
When things get like the free market days of the depression then government will be on the hook for more than 7000 billion but since the top ten per cent pay 90% of the taxes they wouldn' be able to get it to loan because no one will want treasury notes.People who think they are in good shape will find that they have very little that anyone wants;including their product or labor.
There will be a bailout, this market is just falling to scare it out of them. I for one am very impressed that some in the senate are resisting, that is a very good thing. This mess has to crash otherwise people will not learn their lessons. A deflationary cycle would be desired, although almost impossible in the current debt-fueled mess. A crash is good medicine for what ails the economy.
I don't know if the bailout is a good idea but if we don't do it, Americans better be prepared for the consequences and I don't think most of us are prepared. 778 points may not be the most points lost in a day but it definitely is damn frickin historic.
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