If the bailout isn't passed, unemployment might be in the double digits. (loans, debt)

[70Ford]

Bloomberg.com: Worldwide

So, if we pass this bailout, unemployment won't be in the double digits. Gee, that was easy.

[Huckleberry3911948]

they said that about the bank bailout. the sky is falling the sky is falling.
the sky did not fall. but many became rich and the taxpayer poor.

[mjohnson4381]

Things will turn around eventually, anyway. Maybe the stimulus will help, maybe it won't. The sky is not falling, and I don't think the world is going to end anytime soon. It's really sad that so many people are being laid off. And I do feel bad for people that are planning to retire anytime soon, because now is just not a good time to do that. But spending another $780 billion on whatever isn't going to solve everything. I don't really care if it passes. Even though I'm an Obama supporter, I kind of hope it doesn't. I don't think future generations should have to pay for our mistakes. It probably will pass, though.

[goodbyehollywood]

This is a wretched economy, but the media is driving expectations and sentiment with a negative bias. Unemployment is likely to hit double digits, stimulus or no stimulus, as companies continue to cut costs and shed workers hired during the boom cycle upstaffing. The party's over, the punch bowl's empty and excesses are being purged. And the stimulus bill is going to do nothing to stop that.

Busts follow booms. Markets revert to the mean. Many of our financial institutions are insolvent, and we have only seen a fraction of how insolvent they really are. Homeowners made poor decisions. Banks made bad loans. People have racked up unpayable debt living beyond their means. Not all of these problems are fixable. People, banks and companies are going to have to fail-- just like they always have. It will be painful, but there isn't enough money to save them all, and the longer we try, the worse off we're going to be. How many trillions is it going to take to realize that? Can we learn nothing from Japan?

Only two things are going to help long-term: getting past it and moving on. So wouldn't it be nice if we could do that ASAP and stop squandering trillions on artificial stimulants and pointless pork that will only bleed taxpayers dry while prolonging the inevitable?

[neil0311]

Originally Posted by 70Ford

Bloomberg.com: Worldwide

So, if we pass this bailout, unemployment won't be in the double digits. Gee, that was easy.

Have you looked at the specifics (as specific as we can get) of the proposals being discussed? Where are all the jobs? Borrowing money to give someone who doesn't pay federal taxes $10 to $20 per week isn't going to create many jobs.

The extent of the touted "infastructure spending" proposals is as follows, and most of this spending will take more than a year to even get into the economy and will have little (if any) short term impact on jobs:

INFRASTRUCTURE:

--Senate -- $46 billion for transportation projects, including $27 billion for highway and bridge construction and repair and $11.5 billion for mass transit and rail projects; $4.6 billion for the Army Corps of Engineers; $5 billion for public housing improvements; $6.4 billion for clean and drinking water projects.

--House -- $47 billion for transportation projects, including $27 billion for highway and bridge construction and repair and $12 billion for mass transit, including $7.5 billion to buy transit equipment such as buses; $31 billion to build and repair federal buildings and other public infrastructures; $12.4 billion in rail and mass transit projects.


Economic Stimulus Package: Breaking Down The Stimulus Bill - Economy * US * News * Story - CNBC.com (http://www.cnbc.com/id/29063134 - broken link)

[Bideshi]

I really don't want to be a pessimist, but I can't see how what DC is doing is going to stop the economic downturn. People will continue to lose their jobs all over the world no matter what governments do. We are paying the long overdue bill for living beyond our means. Expect (prepare for) 25% to 30% jobless. Isn't anyone paying attention to world events? China laid off 15% of it's trained work force this week, 20 million people. It's time to seriously consider what you will do without a job. Talk with family, close and distant, and share concerns/ideas. It will take working together and taking care of each other to get through this.

[luzianne]

It's just a tactic to make us "okay" with ridiculous bailouts. Ronald Reagan said you can't spend your way out of a recession. He warned against the very thing that is happening now. What the government doing is not going to help, and it's funding all their agendas that they wanted to tax us for anyway. They are thrilled that with the scare of economic downturn people are going to be more willing to accept it.

[evilnewbie]

Here is a surprise... if bailout passes... unemployment will STILL hit double digits... you can't stop what is inevitable... no matter how many idiotic ideas you throw at it...

[mjohnson4381]

Originally Posted by goodbyehollywood

This is a wretched economy, but the media is driving expectations and sentiment with a negative bias. Unemployment is likely to hit double digits, stimulus or no stimulus, as companies continue to cut costs and shed workers hired during the boom cycle upstaffing. The party's over, the punch bowl's empty and excesses are being purged. And the stimulus bill is going to do nothing to stop that.

Busts follow booms. Markets revert to the mean. Many of our financial institutions are insolvent, and we have only seen a fraction of how insolvent they really are. Homeowners made poor decisions. Banks made bad loans. People have racked up unpayable debt living beyond their means. Not all of these problems are fixable. People, banks and companies are going to have to fail-- just like they always have. It will be painful, but there isn't enough money to save them all, and the longer we try, the worse off we're going to be. How many trillions is it going to take to realize that? Can we learn nothing from Japan?

Only two things are going to help long-term: getting past it and moving on. So wouldn't it be nice if we could do that ASAP and stop squandering trillions on artificial stimulants and pointless pork that will only bleed taxpayers dry while prolonging the inevitable?

That's a good analogy.

[bentlebee]

Some economist have stated that if no bill will pass, the economy will restore it self, starting within the next 6 months...so please no bail!