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Don't be so dramatic.. they're going to recreate a watered down version of the bill, and pass it. Even if they don't.. you're encouraging the handing out of blank checks? If that's the case, I'm going to make my company the LARGEST company in the world, then I'm going to do all sorts of crazy and ridiculous things, because the government is guaranteed to save my ass in the end.
Glad this did not pass. Time for the big government parasites to get out of this game. Time after time government causes disaster after disaster when it meddles in the housing market. Federally backed mortgages ruined the inner city in the 1960's-1970's and federally backed mortgages from the 90's to the present caused this meltdown.
I'm glad the bill failed. All it was was a band-aid for a tumor.
That might be easy to say if you have no 401K, no savings, no parents or other family members who are retired, because this does affect their real day-to-day living circumstances. If nothing is done soon, by the end of October 100,000+ people will be out of work, more people will default on mortgages (including those people who never should have NEVER have been approved for a mortgage) and homes will be deserted as the economy collapses. Elderly people who were using their 401Ks for living will wonder if they can afford to eat.
The Main Street vs. Wall Street issue is hooey, confabulated by the press. But if your employer can't borrow to meet payroll or buy inventory, then they'll cut jobs. Those who lose their jobs will be, what? Out of luck? You can kiss all those things you've put on credit cards goodbye, too!
As abhorrent as the bail-out is, it's the only alternative to a true economic horror show.
Artifice, I tend to agree with you. If the market only lose 500-600 points today, I think that Wall St can weather this storm. Of course, there will be some belt tightening but it will allow the government to put that $700 Billion Dollars into other venues.
Remember to look at the drop as a % not just the #....The 777 pt drop is only 7% not very significant in the realm of things.
That might be easy to say if you have no 401K, no savings, no parents or other family members who are retired, because this does affect their real day-to-day living circumstances. If nothing is done soon, by the end of October 100,000+ people will be out of work, more people will default on mortgages (including those people who never should have NEVER have been approved for a mortgage) and homes will be deserted as the economy collapses. Elderly people who were using their 401Ks for living will wonder if they can afford to eat.
The Main Street vs. Wall Street issue is hooey, confabulated by the press. But if your employer can't borrow to meet payroll or buy inventory, then they'll cut jobs. Those who lose their jobs will be, what? Out of luck? You can kiss all those things you've put on credit cards goodbye, too!
As abhorrent as the bail-out is, it's the only alternative to a true economic horror show.
A bail-out is only a short term solution. The economy will eventually crumble because it's built on a house of cards, and then your kids, and their kids, and their kid's kids will have to suffer because of a stupid mistake that we made now. It's better to do everything legitimately. If you didn't know, the Fed doesn't HAVE 700 billion to hand out, it's just fake money, which will come to haunt us later.
Some people will not make it out of this pit that has been dug for the last 10, 20 30 years. Let's hope it is some of the responsible ones who understand all the risk management BS they are now talking about. Insurance is going to get us out of this HAHAHAHAHAHAHA they think everyone is as stupid as they are.
You think Bush will lose his pension? You think McCain gives a hoot about any of the taxes he and his might have to pay?
The middle class is gonna feel the squeeze.
Long live the middle class.
Laisse-Faire politics is finally failing. For USA.
Regarding the topic though, I honestly do not know enough about the bailout to speak intelligently about it. I have been purposely avoiding learning about it though as it will be a tough pill to swallow. Nonetheless, SOMETHING will be passed, and either way, it will not solve anything. It will only serve to bring some confidence to the market...and if confidence does not increase, all the bailouts and $700 billions isn't going to change anything...they can print dollars all day long, but the system will stay frozen until confidence resumes
Good stance Guy, I take this stance too. There a lot of really smart , very knowledgeable people who totally disagree on how to fix the situation.
Well, hello depression! We could have initially blamed the execs on Wall Street, but, we had a chance to turn it around, but, the Government ****ed us over.
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no bail out bill
