The company I used to work for collapsed a couple of months ago due to credit being withdrawn - previously unsecured loans suddenly required security which did not exist. Some of us got paid and some didn't.
This was after some comparitively minor jitters in the UK economy - I'm sure many people people in the US will indeed be affected directly by this.
You're economy, not mine. The people (bankers) who screwed over so many common American's with their death grips (mortgages) are now having to suck it up. Great!
What's sad is that 3/4 of these people are IT geeks, or live with their parents, or are some type of libertopian fool. They don't realize how the economy works, never realizing that while the stock market is pretty, the credit market drives everything. It always has, always will.
Not as bad as the dumbfvcks you want to bail out.
Any bailout should come with massive regulation, taxpayer protection, and further nationalization of banking.
What's sad is that you don't even know who you are talking about (the bankers, vs the common man).
Your statement can be applied to both.
Mean MrMustard
Diamond Member
- Jan 5, 2001
- 3,144
- 10
- 81
Drakkon
Diamond Member
- Aug 14, 2001
- 8,401
- 1
- 0
Now this isn't helpful - house republican leadership coming out and blaming the dems - namely Pelosi - for being partisan. If that is the case than it is truly a sad day in America. To let this partisan bickering ruin a solution that people had agreed on is just a pathetic and despicable. I'm going to be looking into seeing how my rep voted to make sure he acted his mind and not his party.
CADsortaGUY
Lifer
I understand that. I'm not happy this didn't pass because I think it was a good enough plan in light of the situation. However, my comments were about the stupid notion that some people won't be paid tomorrow. The lending market hasn't seized - which would be about the only way there would be a "real chance" that some won't get paid because of this.
The House Republicans are saying it would have passed except they got their feelings hurt by a speech Pelosi gave before the bill came up for a vote. 
I think this is about the dumbest reply I have heard in quite some time.......
Let me explain in idiot terms how this works. Let's look at Wachovia for example....
They offer tons of small business loans right? right (making it easier for you here)
They also BORROW money from other financial instituations on a short term basis.... (trust me here)
The amount of money they are dolling out on a DAILY basis to PAY for these short term loans is A LOT OF MONEY
Now, this leaves them with little capital to lend to ANYONE because they themselves are so leveraged that most of their capital is spent administering their own borrowings.
Now, since the amount of new money coming into wachovia (direct deposits, loan / mortgage products etc) is not a whole lot, in fact its not even coming in fast enough to cover Wachovia's own borrowing obligations. What does that do to any spare money that they do get?
Thats RIGHT! They keep it to keep themselves AFLOAT. And how much money is left to lend to all these 'small businesses' of yours? NONE
Get it now?
Lol Boehner and Blunt are blaming Pelosi.
So basically what they are saying is that the (R)s got but hurt and offended.
They sound like little cry babies right now.
WOW. You would vote against a bill you think needs to pass because someone offended you?
So basically what they are saying is that the (R)s got but hurt and offended.
They sound like little cry babies right now.
WOW. You would vote against a bill you think needs to pass because someone offended you?
Thump553
Lifer
- Jun 2, 2000
- 12,839
- 2,625
- 136
I totally agree this ws poorly sold by Paulson and Bernake. Paulson's performance surprises me, after all he is an extremely persuasive salesman. Bernake is probably a great professor, but that isn't what was needed.
GWB did fair, but you could tell (a) his heart wasn't in it, (b) he didn't understand it or at least conveyed that impression and (c) he is the lamest of lame ducks, heck even his own party essentially locked the doors to their convention to keep him away.
Dodd did a great job behind the scense revising this bill from the joke it originally was. He was OK at explaining it, but that is not his forte. Barney Frank, well he's Barney Frank-most people's reaction ranges from totally despising him to he's just another Washington pol.
Harvey Reid was a clueless bump on a log. What else is new?
Pelosi did pretty good I thought and I'm no fan of hers. She came up with the idea for recovering the remaining losses from the financial industry after five years, which I thought was an excellent one.
McCain-all I can say is he reminded me of a former boss, always around to swope in to claim the glory, more often than not f*cks the thing up.
I was listening to NPR a few months back, and they were talking about the short-term credit market (~30 days) that almost every company uses to manage cash-flow (i.e. balance A/R, A/P, payroll, expenses, etc.), and how tight/hurt that market was back then. I can't imagine the situation now.
Wouldn't surprise me if some companies can't make payroll due to more tightening of the short-term credit market.
Wouldn't surprise me if some companies can't make payroll due to more tightening of the short-term credit market.
CADsortaGUY
Lifer
If this is all some ploy to allow John McCain to swoop in and save the day I'm really going to be disappointed.
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