cKGunslinger
Lifer
- Nov 29, 1999
- 16,408
- 57
- 91
You mean "would have been," right? I mean, this atrocity passed, so it's going to be like the 90s all over again, no? I've already got loans lined up to invest in internet pet supplies!
Was there trouble a-brewing for the financial industry? Yes.
Did something need to be down to protect the common man from the fuck-ups of LK's idols? Yes.
Did it have to be a $700B+ check directly to Paulson, giving him 99.9% of exactly everything he asked for? Fuck no!
If any of you are not at all concerned about the fact that there was never even an attempt made to explore any other methods of cushioning the fall - just an envelope with $850B cash in it passed from your pockets to Paulson's, then you all deserve everything you'll lose.
What a fucking joke this piece of legislation is.
Well, I am going to go out on a limb here but I do not think LK
is the root cause for this mess.....
cKGunslinger
Lifer
- Nov 29, 1999
- 16,408
- 57
- 91
The problem I see with the plan is that if it does avert a credit freeze disaster we will never know how right we were to pass it because we won't go through the calamity it averted and the folk who bet wrong will not have to suffer the consequences or their mistake and never learn their lesson.
cKGunslinger
Lifer
- Nov 29, 1999
- 16,408
- 57
- 91
Conversely, half the proponents for the bill on this board say that we'll still go through a recession, jobs will still be lost, the market will still tumble, banks will still fail, credit will still tighten, homes will be still lost.. but it won't be "as bad" as it could have been if we hadn't passed it.. :roll:
Man, remember the days when $850,000,000,000.00 in extortion money actually got you something?
I do remember a time when people waited to see what they had got before deciding they already had all the answers. My opinion is in the here and now. I look for what I can see. I don't presume to know the future or have all the data that would reveal it to me. I am modest and know little. You know a lot, or think you do.
good one, so true so true, thank god the repubs are looking out for the little guy, just think how much it could have been if they were looking out for Wall Street.
LOL. My Idols? I was telling people 5 years ago that this stuff was stupid, before I even got to the street and I continued to tell them after I did.
None of the people who caused this are my "idols". The friend that lost all of their wealth was an idol and they had nothing to do with the problem.
Owned. I find it ironic that LK was so adamant for the bailout and trying to pass as if the bailout will really help taxpayers, and how it should be approved without even looking. He's one of 'them' and part of the problem.
Seriously, here's some of the garbage that was tacked onto this now 810 billion dollar (700 billion wasn't good enough apparently) 'bailout' bill that apparently was so necessary for the United States to survive.
308 - "Increase in limit on cover of rum excise tax to Puerto Rico and the Virgin Islands"
317 - "Seven-year cost recovery period for motorsports racing track facility"
502 - "Exemption from excise tax for certain wooden arrows designed for use by children
504 - "Income averaging for amounts received in connection with the Exxon Valdez litigation."
512 - "Mental health parity"
Welcome to the Bloated States of America. I guess there's some people here who are teaching their children archery and cheering right now I guess
.
BoberFett
Lifer
- Oct 9, 1999
- 37,562
- 9
- 81
I remember a time when people waited to see how much money they could save before deciding they could buy something they didn't need.
Oh wait, no I can't. That's part of the problem. Everyone has used up all their credit. The trough is empty. No instead of slow steady growth we get a roller coaster economy. Boom to bust. Thank you finance industry. :roll:
First
Lifer
- Jun 3, 2002
- 10,518
- 271
- 136
Why? If the Federal Reserve buys up these securities at higher than current market prices to help these institutions, tell me again why it won't work?
Huh? Where have you been the past several decades? We've gone through the 81-82 recession, 87 crash, 92 recession, 00-01 recession, and now what is likely to be the 08 recession (or longer), and consistently banks have lent money with rising unemployment ("overcapacity" can mean many things here so I'm not sure what you're referring to). We have consistently seen the economy recover from these recessions in this new modern economy. Any evidence to suggest it'll occur differently this time around?
To put this blame squarely at the feet of bankers is laughable at best.
WhipperSnapper
Lifer
- Oct 30, 2004
- 11,442
- 32
- 91
That sort of thing can happen to you when you merge your economy with those of third world countries and when you sell your hard assets to foreign entities. Since easy credit had become the engine of our nation's economy we're still going to lose much of the middle class, eventually, since we'll soon discover that our economy is just a hollow shell. In the meantime the global Malthusian crisis will only worsen and our nation's population will explode at a third world rate of growth (courtesy of illegal immigration and mass legal immigration). It's only a matter of time.
What difference does that make? You still wanted it to pass before knowing what the hell they were voting on. Not very 'logical' for a man of your 'stature'.
The cost of the rescue plan is more then the whole cost of the Iraq war in the past 5 years. The bailout is a farce, and was just passed because Bush and Paulson said it's 'needed', without even explaining why this is done as a solution. The new rewritten bailout is actually more expensive then the original one for crying out loud, and includes a bunch of pet projects unrelated to the banks at all.
As for what you actually do it doesn't matter. It seems you are more worried about protecting your own job that's vulnerable due to it being in the finance market, then you are about the consequences of an unprecedented bailout that was put up without much thinking, has a huge long term cost, and may not even do anything to fix the economy. I don't believe doing nothing is the answer, but even nothing is better then printing money and throwing it at the problem while mortgaging the US's economic future. Why aren't the stupid banks regulated yet? The root of the problem wasn't even fixed. Canada has a surplus and all the banks except for CIBC are doing just fine here since they are actually regulated to be competent and financially responsible.
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