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bailout fails
    #9002459 -

Thoughts?


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Give me silence, water, hope;
Give me struggle, iron, volcanoes...

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Re: bailout fails [Re: Crasher]
    #9002474 -

Frankly Im glad... thought it was the worst possible way of solving our economic crisis. I feel like everyone has their head in the sand about what really matters here. If we are going to throw that kind of capital around, let's do it in a way that will benefit the most people in the long run...

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Re: bailout fails [Re: GreenGoat]
    #9002486 -

I was really hoping that it would not pass.  Yaaaaay!!


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Those who would give up Essential Liberty to purchase a little Temporary Safety, deserve neither, and will lose both.      ~ Benjamin Franklin ~

"Let me tell you about a Porcupine's balls.  They're small, and they don't give a SHIT!"  ~Danny~

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Re: bailout fails [Re: Crasher]
    #9002498 -

My broker just told me to pull cash out in the event banks freeze their assets. :shrug:


--------------------
Give me silence, water, hope;
Give me struggle, iron, volcanoes...

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Re: bailout fails [Re: Crasher]
    #9002519 -

It was, according to accounts filtering out of the White House, an extraordinary scene. Hank Paulson, the US treasury secretary and a man with a personal fortune estimated at $700m (£380m), had got down on one knee before the most powerful woman in Congress, Nancy Pelosi, and begged her to save his plan to rescue Wall Street.

Please don't blow up this deal, Paulson pleaded. Pelosi tried to keep it light. "It's not me blowing this up. It's the Republicans," she told him. Paulson sighed. "I know," he said.

The exchange - and those in the room said Paulson was only half joking - took place moments after a White House meeting that was supposed to endorse a $700bn bailout ended in acrimony.


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Re: bailout fails [Re: Coaster]
    #9002528 -

Coaster said:
It was, according to accounts filtering out of the White House, an extraordinary scene. Hank Paulson, the US treasury secretary and a man with a personal fortune estimated at $700m (£380m), had got down on one knee before the most powerful woman in Congress, Nancy Pelosi, and begged her to save his plan to rescue Wall Street.

Please don't blow up this deal, Paulson pleaded. Pelosi tried to keep it light. "It's not me blowing this up. It's the Republicans," she told him. Paulson sighed. "I know," he said.

The exchange - and those in the room said Paulson was only half joking - took place moments after a White House meeting that was supposed to endorse a $700bn bailout ended in acrimony.


Quote:
"This sucker could go down," Bush is said to have told the group - referring to the teetering US economy.


SITE YOUR SOURCES!!


--------------------
Give me silence, water, hope;
Give me struggle, iron, volcanoes...

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Re: bailout fails [Re: Crasher]
    #9002544 -

The only only reason it failed was the immense amount of pressure placed upon our congressman by their constituency, This is democracy in action, if only people would get more passionate and contact their congressman for other reasons.

It seems the only real opportunities from the market state is the opportunity to steal massive amounts of wealth.

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Re: bailout fails [Re: The_Red_Crayon]
    #9003039 -

Yay world financial collapse!

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Re: bailout fails [Re: c0sm0nautt]
    #9003115 -

Complete chaos in 5, 4, 3, ...


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When it rains, it spores :shroompick:

"Consciousness is the Universe recognizing itself." Once we perceive that everything is conscious we can then ask, "How does consciousness take all these varied forms?" - The Primacy of Consciousness by Peter Russell

All works of poster are of absolute fiction to be used for no other purpose but amusement.

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Re: bailout fails [Re: jazzillion]
    #9003170 -

im just waiting to see wha happens.... the great depression rd 2?


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:partykid:

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Re: bailout fails [Re: jazzillion]
    #9003174 -

Unbelieveable...the DOW droped over 700 pts. as soon as news of the denied bail out reached wallstreet.


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"Reality is merely an illusion, albeit a very persistent one."


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Re: bailout fails [Re: Crasher]
    #9003176 -

Crasher said:
Thoughts?


I'm glad. :shrug: I kind of agree with this dude:

http://www.cnn.com/2008/POLITICS/09/29/miron.bailout/index.html


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Acid doesn't give you truths; it builds machines that push the envelope of perception. Whatever revelations came to me then have dissolved like skywriting. All I really know is that those few years saddled me with a faith in the redemptive potential of the imagination which, however flat, stale and unprofitable the world seems to me now, I cannot for the life of me shake.

-Erik Davis

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Re: bailout fails [Re: OneMoreRobot3021]
    #9003189 -

Anyone wanna tell me how to buy some stock? I wanna hop on this bandwagon too before prices bounce..if..they bounce.  :intardnet:


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Existence is no longer a riddle to be solved, but a mystery to behold.

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Re: bailout fails [Re: OneMoreRobot3021]
    #9003210 -

OneMoreRobot3021 said:
Crasher said:
Thoughts?


I'm glad. :shrug: I kind of agree with this dude:

http://www.cnn.com/2008/POLITICS/09/29/miron.bailout/index.html


I agree as well.


--------------------
Those who would give up Essential Liberty to purchase a little Temporary Safety, deserve neither, and will lose both.      ~ Benjamin Franklin ~

"Let me tell you about a Porcupine's balls.  They're small, and they don't give a SHIT!"  ~Danny~

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Re: bailout fails [Re: OneMoreRobot3021]
    #9003216 -

OneMoreRobot3021 said:
Crasher said:
Thoughts?


I'm glad. :shrug: I kind of agree with this dude:

http://www.cnn.com/2008/POLITICS/09/29/miron.bailout/index.html


I agree with him 100%, I wish I could find that thread that showed how to get the phone number for your state representative, I would call him up and request that he strongly opposes any said bailout plan

I know my rep is Rick Renzi, I just dont know the whole deal because of the indictment and shit.

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Re: bailout fails [Re: Ogre812]
    #9003217 -

Does anybody have the link to the .gov which shows who voted yay or nay on the bailout?


--------------------
When it rains, it spores :shroompick:

"Consciousness is the Universe recognizing itself." Once we perceive that everything is conscious we can then ask, "How does consciousness take all these varied forms?" - The Primacy of Consciousness by Peter Russell

All works of poster are of absolute fiction to be used for no other purpose but amusement.

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Re: bailout fails [Re: jazzillion]
    #9003242 -

I was just on the state representatives site and he is getting a lot of people, probably 75% urging him to block this bailout plan. Then again Arizona is a pretty Red state

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Re: bailout fails [Re: Crasher]
    #9003247 -

Not too happy about it, but all is not lost.  It seems a lot of people don't understand that the "bailout" was more of an "investment" on behalf of the taxpayer.  Now I'm not saying it's the most wonderfully cheery excellent plan ever, but it does make the most sense given where we have come from and arrived at this very moment.  If government could purchase the illiquid assets (i.e. mortgage backed securities) from banks to allow them to start lending again, a few things could happen.  First and foremost, it would help unlock the credit markets, thereby allowing businesses to secure capital and for the economy to continue growing.  This in turn allows people to stay in their homes, reducing foreclosures and preventing widespread unemployment.  It would prevent the already rich and huge corporate banks from stealing all these temporarily illiquid assets for themselves, and instead allow the taxpayer the long-term benefit of these troubled assets.

What is happening now is that you have well-capitalized banks such as Bank of America and JP Morgan taking advantage of the failures in other banks and giving nothing back to individual citizens.  They are buying banks such as Washington Mutual for incredibly cheap values.  In turn, anyone who held uninsured deposits or investments in the failed banks get screwed, while the acquiring bank scores the deal of a lifetime by purchasing in the midst of a crisis, and then being able to wait it out and capitalize on the inevitable value that still exists in many of these mortgage backed securities.  Think about it, if there were no value there, you wouldn't have so many smart banks stepping in to buy the failing banks so eagerly.

What SHOULD be happening, is not allowing our already huge banks to get even bigger by buying the assets of failing banks at HUGE discounts, but instead to allow the government to hold these assets on behalf of the taxpayer, and thereby allow the taxpayer to benefit once the market regains its liquidity.  The gov't would be buying troubled assets that cannot currently sell.  In doing this, the gov't can then allow extensions on the troubled homeowner's mortgages which then allows people to stay in their homes instead of facing foreclosure.  Keeping people in their homes and paying their mortgages will inevitably increase the value of the mortgage backed securities that have no market currently (because they keep getting foreclosed on!), and ultimately over time these securities can be sold for a profit which would benefit both home-owners and taxpayers alike.  Not to mention the aggregate benefit of keeping credit available to businesses all over the country, thereby preserving jobs and economic growth.

Obviously, it may not work out SO perfectly... and would depend greatly upon how the government decided to price their purchases of the mortgage backed securities.  But if we don't get some sort of deal going, the only people who are going to benefit are the HUGE BANKS.  The rest of us get screwed as businesses cannot obtain capital, unemployment skyrockets and foreclosures continue or even worsen.  It was stupid of the Treasury secretary to refer to the proposed plan as a bailout... I think if people understood the true intention behind it, and what it could actually do and prevent, they would be more likely to support it.

I know you may not agree with me, and I welcome your opinion as it is through open discussion and an increase in available knowledge that we become better equipped to make smart decisions.  In the end, I'm not worried for myself, but I know that there are plenty of people out there that should be! People who are struggling to stay in their homes, who are at risk of losing their jobs and whose retirement accounts are getting absolutely destroyed.  Yes, this plan would have helped some of the people who did make irresponsible decisions and who do not deserve any help, but the overall utility would have been overwhelmingly positive for the average citizen and well worth the sacrifice of inadvertently helping a few undeserving risktakers.

At least we can't say that these are not exciting times! :tongue2:


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┼ ··∙   long live the shroomery  ∙·· ┼
...╬π╥ ╥π╬...

Edited by geokills (09/29/08 05:50 PM)

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Re: bailout fails [Re: KillerPicklez]
    #9003248 -

KillerPicklez said:
OneMoreRobot3021 said:
Crasher said:
Thoughts?


I'm glad. :shrug: I kind of agree with this dude:

http://www.cnn.com/2008/POLITICS/09/29/miron.bailout/index.html


I agree with him 100%, I wish I could find that thread that showed how to get the phone number for your state representative, I would call him up and request that he strongly opposes any said bailout plan

I know my rep is Rick Renzi, I just dont know the whole deal because of the indictment and shit.


I'm sure that you can find it here.http://www.congress.org/congressorg/home/


--------------------
Those who would give up Essential Liberty to purchase a little Temporary Safety, deserve neither, and will lose both.      ~ Benjamin Franklin ~

"Let me tell you about a Porcupine's balls.  They're small, and they don't give a SHIT!"  ~Danny~

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Re: bailout fails [Re: jazzillion]
    #9003250 -

http://www.cnn.com/

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