Sockman Posted September 30, 2008 Report Share Posted September 30, 2008 DOW dives 778 points. Political bitchery ensues. Voting Roll Call Sheet for Bailout Bill Damn. Gotta say that I was pretty shocked to see this one not go through. You'd think America would've learned it's lesson after the Hoover's "laze faire" mess. Link to comment Share on other sites More sharing options...
DimensionWarped Posted September 30, 2008 Report Share Posted September 30, 2008 We can't afford a 700 billion dollar bail out. We are already so far in debt that it's just insane to even entertain the idea. That aside, I think the idea is fucking retarded from the get-go. Giving banks free money whenever they fuck up in business is basically telling them that they can take as much risk as they want and have no repercussions. It's a free reign ticket to squander tax money. In this case, I favor some socialism. The banking systems should be entirely in the hands of the government. Link to comment Share on other sites More sharing options...
Serephim Posted September 30, 2008 Report Share Posted September 30, 2008 goin 2 Canada brb Link to comment Share on other sites More sharing options...
Sockman Posted September 30, 2008 Author Report Share Posted September 30, 2008 goin 2 Canada brb Indeed. Link to comment Share on other sites More sharing options...
Guest Shadix Posted September 30, 2008 Report Share Posted September 30, 2008 Bush was right, there would be negative consequences if the bill failed. Consequences created by announcing this supposed crisis in the first place. Now the stockholders are flipped out and selling their stocks. I'd say he just created an economic crisis. Link to comment Share on other sites More sharing options...
OverbounD Posted September 30, 2008 Report Share Posted September 30, 2008 These people are all idiots. I don't understand how printing a bunch of new money is going to strengthen our economy. If anything it will weaken it as inflation will grow and chances are the Fed is going to cut interest rates again sometime soon. Did anyone even read the bill? It gave Paulson more power then the President. It handed him the 700 billion and set up 2 advisory board on how to spend it. But these advisory boards had no power and Paulson could spend the money anyway he wanted to. I also found it funny the Pelosi killed her own bill with her partisan squawking I listened to her speech. I wouldn't have given that bitch a dime if she had talked that way about my parties president. (Not that I like Bush but if I did I would have been offended and she was trying to get Republican Votes!) What really should be done is cut the capital gains tax. This would free up some capital without adding new capital that would cause inflation and it would cost me 700 billion. This will never be done however because politically it does not look good. Link to comment Share on other sites More sharing options...
Streak Thunderstorm Posted September 30, 2008 Report Share Posted September 30, 2008 Great depression Pt II WWIII's coming soon too. Link to comment Share on other sites More sharing options...
DimensionWarped Posted September 30, 2008 Report Share Posted September 30, 2008 Quit jumping to conclusions. Link to comment Share on other sites More sharing options...
Epon Posted September 30, 2008 Report Share Posted September 30, 2008 lol Oh man this is gonna be fun. Link to comment Share on other sites More sharing options...
Pheonix Gamma Posted September 30, 2008 Report Share Posted September 30, 2008 Quit jumping to conclusions. Actually, CNN did say this was the biggest loss since the Great Depression :V Link to comment Share on other sites More sharing options...
Guest Shadix Posted September 30, 2008 Report Share Posted September 30, 2008 Actually, CNN did say this was the biggest loss since the Great Depression :V Well yeah when you cry wolf about the economy crashing and then the plan to stop it fails, of course people are inadvertently going to crash the economy. SELL THEM STOCKS COMEON! Slightly related: http://au.youtube.com/watch?v=fCEUz264XHw Link to comment Share on other sites More sharing options...
OverbounD Posted September 30, 2008 Report Share Posted September 30, 2008 Exactly Shadix the only reason the market crashed like it did is because Paulson, Bush, and Congress scared the hell out of everyone. Does anyone else find a bit funny that there were no bills or anything a week and a half ago then all of the sudden Paulson says pass this bill that he wrote with a crayola or the market will crash on Monday and since Wallstreet was already in a bit of a bind everyone panicked. Pauson caused the crash with his prediction of a crash. Dumbass Link to comment Share on other sites More sharing options...
Epon Posted September 30, 2008 Report Share Posted September 30, 2008 Anal caused the crash. Deep, unlubed, ball-smackin anal. Link to comment Share on other sites More sharing options...
shadowgoten Posted September 30, 2008 Report Share Posted September 30, 2008 Great depression Pt II I was saying that at work today lol. Link to comment Share on other sites More sharing options...
TSSZNews Posted September 30, 2008 Report Share Posted September 30, 2008 If half (or maybe more of you) can't get loans to go to college (or, in some cases, continue to go to college), the defeat of this bill will likely be why. So, I wouldn't be so quick to scoff off at this. The problem is that banks are now trying to hold on to the money they have...which means it's now a problem trying to get a loan for anything in the US...a car, a house, college, etc. The banks blew it on the subprime mortgage mess so bad that, at least for now, no one's going to get anything. When that happens, ultimately everyone loses. Individuals can't get the loans for the aforementioned, and businesses can't get the loans to grow. While a ton of reps received calls from their constituents urging them to defeat the bill on the basis of it not helping "the little guy"--they will be hurt, and possibly quite severely. The other thing everyone should be quite concerned with is how this will be spun politically. If I remember right, 66% of the Republicans in the house voted against this bill. If this truly was the right thing for "Main Street" and the economy completely tanks this week...voters may just completely clean house (pardon the pun). Nancy Pelosi, a Democrat, evidently didn't do herself any favors in the speech she made before the vote either, so a lot of Democrats may be toast, as well as some Republicans. Wouldn't it be very interesting to have Obama as president come January...but a Republican controlled Congress again? Were that to happen...the gridlock could cause tremendous problems. My two cents. -T Link to comment Share on other sites More sharing options...
Pheonix Gamma Posted September 30, 2008 Report Share Posted September 30, 2008 I got my loan before college, but I forget how it works right now (we usually pay monthly payments to take care of interest, but I'm not sure if we've taken everything out for the last three semesters. Should check that pronto :V) Link to comment Share on other sites More sharing options...
DimensionWarped Posted September 30, 2008 Report Share Posted September 30, 2008 The problem is that banks are now trying to hold on to the money they have...which means it's now a problem trying to get a loan for anything in the US...a car, a house, college, etc. The banks blew it on the subprime mortgage mess so bad that, at least for now, no one's going to get anything.When that happens, ultimately everyone loses. Individuals can't get the loans for the aforementioned, and businesses can't get the loans to grow. While a ton of reps received calls from their constituents urging them to defeat the bill on the basis of it not helping "the little guy"--they will be hurt, and possibly quite severely. It's lose-lose for everyone regardless. Fact is though, if you give a business that kind of free money due to their own fuckups, you set a precedent that tells banks they can try to take whatever high risk, high reward risks they want and uncle Sammy will just bail them out every time because we are too reliant on their business for it to work. The only way to justify tax payers giving money to a privately owned business is if the tax payers are buying that business (rather than buying the debt). If the postal system can be for and by the people, banking definitely should be. Link to comment Share on other sites More sharing options...
OverbounD Posted September 30, 2008 Report Share Posted September 30, 2008 The average recession is about 10 months, I think by now we are probably truly in a recession. The fact of the matter is the credit market is probably going to be tight for a while, but that doesn't mean we need to shell out 700 billion for it. Recessions happen we've had many in the past and we're all here to complain about it. Actually it would probably be a good idea for the United States to be borrowing a bit less anyway. Link to comment Share on other sites More sharing options...
Sockman Posted September 30, 2008 Author Report Share Posted September 30, 2008 If half (or maybe more of you) can't get loans to go to college (or, in some cases, continue to go to college), the defeat of this bill will likely be why. So, I wouldn't be so quick to scoff off at this.The problem is that banks are now trying to hold on to the money they have...which means it's now a problem trying to get a loan for anything in the US...a car, a house, college, etc. The banks blew it on the subprime mortgage mess so bad that, at least for now, no one's going to get anything. When that happens, ultimately everyone loses. Individuals can't get the loans for the aforementioned, and businesses can't get the loans to grow. While a ton of reps received calls from their constituents urging them to defeat the bill on the basis of it not helping "the little guy"--they will be hurt, and possibly quite severely. The other thing everyone should be quite concerned with is how this will be spun politically. If I remember right, 66% of the Republicans in the house voted against this bill. If this truly was the right thing for "Main Street" and the economy completely tanks this week...voters may just completely clean house (pardon the pun). Nancy Pelosi, a Democrat, evidently didn't do herself any favors in the speech she made before the vote either, so a lot of Democrats may be toast, as well as some Republicans. Wouldn't it be very interesting to have Obama as president come January...but a Republican controlled Congress again? Were that to happen...the gridlock could cause tremendous problems. My two cents. -T Exactly. This bailout was about more than bailing out Wall Street fat cats; trouble in the market not only ripples over to the "average joe", but markets around the world are affected due to the heavy investment in the US markets. Bush and Pelosi aren't soley responsible for the recession hype, either. If you've even took a passing glance at the US media coverage within the past few months, you'll see that they've stopped short of predicting an Economic Apocalypse. Actually, CNN did say this was the biggest loss since the Great Depression :V Case in point. The drop is actually the biggest since the 1987 drop. However, comparing it to the Great Depression has a far more dramatic effect. Which is usually the only thing one cares about when they're a ratings whore. Link to comment Share on other sites More sharing options...
Aaron C-T Posted September 30, 2008 Report Share Posted September 30, 2008 'The problem is that banks are now trying to hold on to the money they have...which means it's now a problem trying to get a loan for anything in the US...a car, a house, college, etc. The banks blew it on the subprime mortgage mess so bad that, at least for now, no one's going to get anything." Yea.. that didn't -just- happen within the past two weeks, though. It's not like someone woke up, tried to get a loan and went "hey, would you look at that." Link to comment Share on other sites More sharing options...
shadowgoten Posted September 30, 2008 Report Share Posted September 30, 2008 good thing I got my consolidation loan like 2 months ago. Link to comment Share on other sites More sharing options...
DimensionWarped Posted September 30, 2008 Report Share Posted September 30, 2008 This bailout was about more than bailing out Wall Street fat cats; trouble in the market not only ripples over to the "average joe", but markets around the world are affected due to the heavy investment in the US markets. At the same time, it doesn't matter if it has a large scale effect, bailing them out would have a much deeper, far more sinister effect when the same banks that get bailed out decide to use their leverage of having the economy depend on them. If you are going to help people, then help people, but the banks that are falling should be left to fall. You don't have to use the banks as the middle-men. Reimburse the people who had the money in their savings when the bank falls instead. Fact is, banks in this country get away with too damn much as it is. I'd much rather have a recession or even a depression on hand than letting them have that kind of free reign. Link to comment Share on other sites More sharing options...
DimensionWarped Posted October 4, 2008 Report Share Posted October 4, 2008 I'm somewhat surprised no one has mentioned that they passed it today. Hello American government finally hitting bankruptcy in 3... 2... No really though, I have nary a clue where they think this money is even coming from. Link to comment Share on other sites More sharing options...
OverbounD Posted October 4, 2008 Report Share Posted October 4, 2008 Not to mention they cut a ton of taxes with it. Link to comment Share on other sites More sharing options...
Streak Thunderstorm Posted October 4, 2008 Report Share Posted October 4, 2008 I'm somewhat surprised no one has mentioned that they passed it today.Hello American government finally hitting bankruptcy in 3... 2... No really though, I have nary a clue where they think this money is even coming from. Um, you, me, people who pay taxes. People who work for their money. Enjoy being buttraped without lube by your country to fill Wall Street CEO's pockets. Link to comment Share on other sites More sharing options...
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