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Dow down over 600! Crazy chit people. This is incredible. We are watching the demise of what is left of our economy right before our eyes. Time to stuff the mattress, I'm pulling out my cash. NUTS! Get your guns ready people, all hell is about to break loose.
Can't trade either, both my Ameritrade and Scottrade sites are down, too much traffic. Amazing!
The sky is falling! Let's all help it by pulling out all our cash! Wheeeee!!
But seriously, bailout shouldn't happen. Let the chips fall where they may and let the economy right itself without spending more of my tax money to bail out stupid idiots.
There will be a financial meltdown, the inefficient structures and people that have been propped up for far too long will be weeded out, and the system will rebuild itself on much more solid ground.
That's assuming that most people retain at least some confidence in the basic underpinnings of our society.
If that assumption is false, well, your guess is as good as mine.
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.
Folks, please understand that stock prices have little to do with companies. A company whose stock has gone from $100 ten years ago to $5 now is still the same company making the same products and paying their employees salary. Don't be brainwashed by scare tactics.
Your life will be simplified No more vacations no shopping no savings less taxes to pay (you will have no income remember)
but it will all end the same way ... you will die some day!
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(but it's still rather less than what I paid for it 
)
No more vacations 
no shopping 
no savings 
less taxes to pay (you will have no income remember) 
