What are your views on the Bailout? - Printable Version
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What are your views on the Bailout? - Flumper Barflusterbutt - 09-30-2008
Last week and this week-end I thought it was the right thing to do. But Sunday I started seeing the backlash from the American people. Most people do not want the government to step in and bail out the banks. They appear ready to suffer whatever the economic crisis is that follows watching the weak ones fail and the rest try to survive.
Fundamentally, I do not believe in government stepping in to solve a problem like this. I can't help but believe that what the government is doing is the exact same thing that got us into this mess in the first place. Everyone betting on the "come" all of the time.
I hear the lawmakers say that the reason we are in this mess is because banks allowed people to borrow more money than they could afford with the hope that the asset they bought would be worth more in the future and they could refinance later at a better loan rate.
Isn't that the same thing the government is trying to convince the American people of? I mean, they are going to "loan" the banks the money to cover these bad debts with the hope that the assets will be worth more when the economy begins to recover.
I just don't like any of it.
What are your views on the Bailout? - Banana - 09-30-2008
What do you think would work, then? What other solution do you think would make some sense?
What are your views on the Bailout? - Anhil8tor - 09-30-2008
bad idea... you don't want government in the business too deep. I'm sure Obama is all for it though.
What are your views on the Bailout? - BIRD33 - 09-30-2008
I havent heard of a alternative to the bailout so I don't know if its good or bad.It seems to me if we do nothing that could trickle down and really hurt regular people eventually.I'm no expert on the economy so this is one of those deals where I feel like I'm at the governments mercy.I was thinking last night that I'm glad I never followed through with buying a house 2 years ago.I might have been fucked right now.
What are your views on the Bailout? - BIRD33 - 09-30-2008
Anhil8tor Wrote:bad idea... you don't want government in the business too deep. I'm sure Obama is all for it though.
I share your suspicions but what happens if we let all those banks fail?Seems to me that our economy would come to a stop and we'd be in for years or a decade of recession.Did you know Mccain is for the Bailout too?
What are your views on the Bailout? - Banana - 09-30-2008
BIRD33 Wrote:I havent heard of a alternative to the bailout so I don't know if its good or bad.It seems to me if we do nothing that could trickle down and really hurt regular people eventually.I'm no expert on the economy so this is one of those deals where I feel like I'm at the governments mercy.I was thinking last night that I'm glad I never followed through with buying a house 2 years ago.I might have been fucked right now.
Buy NOW.
What are your views on the Bailout? - BIRD33 - 09-30-2008
Banana Wrote:Buy NOW.
My one sister in maryland sold her house 6 months ago and moved to west chester, pa.She sold her house for 450 g's and now houses better than hers in the same neighborhood are selling for around 390.The people who bought it are probably suicidal.My sister is building a house now and is probably over paying but she would have never gotten the loan to build now.
My other sister in Virginia is trying to sell because her and her husband saw this coming.The house has been on the market for 2 months and they've had one offer and its 25 g's less then what they bought it for.They are fucked.
What are your views on the Bailout? - Flumper Barflusterbutt - 09-30-2008
Banana Wrote:What do you think would work, then? What other solution do you think would make some sense?
I'm not sure. Like BIRD said this one is way over my head, but I know that fundamentally its not a good idea to give false props to a free economy.
My personal theory is that the economy is like water, it will seek its own level. We might not always like the level it finds, but if you start dam-ing it up in places, you can create more problems than you solve.
What are your views on the Bailout? - Banana - 09-30-2008
We had a huge market jump here about one or two years ago. Jimmy and I bought our house for about half of what it was worth a year ago or more. We didn't sell. It's gone back down, but the house is still worth more than we bought it for. With your receession impending, I'm getting a little jittery about it.
What are your views on the Bailout? - Anhil8tor - 09-30-2008
Everyone is to blame for where we are but gov't shouldn't be mixed with business. Both McCain and Obama were in the senate when all this was going down so they share blame. McCain however pointed out that bush tried to sneak some earmarks in the proposal and bush wanted to give too much power to the treasurer. Its a scary time right now... but I don't think Gov't should be buying out businesses. Its a bad deal for all of us.
The gov't has already fucked us by printing money like its going out of style.
What are your views on the Bailout? - BIRD33 - 09-30-2008
I read somewhere that Irelands corporate taxes contribute about 4% to their GNP while ours (Not you dirty canadians) is only about 2 1\2 to 3% because of all the corporate loopholes that enable big companies to get out of paying.Irelands got one of the best economies in the world so I think we should model after them and close these loopholes.I know Obama is behind it and I think Mccain is as well.
What are your views on the Bailout? - Banana - 09-30-2008
Interesting how the war in Iraq has already cost almost $700 billion.
What are your views on the Bailout? - Anhil8tor - 09-30-2008
someone get snarg outta bed so he can tell us how it all went down during the great depression or the stock market crash...
What are your views on the Bailout? - BIRD33 - 09-30-2008
Anhil8tor Wrote:Everyone is to blame for where we are but gov't shouldn't be mixed with business. Both McCain and Obama were in the senate when all this was going down so they share blame. McCain however pointed out that bush tried to sneak some earmarks in the proposal and bush wanted to give too much power to the treasurer. Its a scary time right now... but I don't think Gov't should be buying out businesses. Its a bad deal for all of us.
The gov't has already fucked us by printing money like its going out of style.
Which party has forever been known as "The party of business"?The GOP shares more of the blame, sorry.2 years in power for the Dems and 8 for the GOP tells the story.This didnt start two years ago.
I hear you on the goverment not buying the banking industry but what is your alternative?I don't think you realize how bad it will get out there.
What are your views on the Bailout? - Anhil8tor - 09-30-2008
It started in 1999 with the clinton administration. It carried over with a democratic congress and house.. the blame should be distributed evenly.
What are your views on the Bailout? - Flumper Barflusterbutt - 09-30-2008
This is not a political problem. This is the greed on Wallstreet. We saw it yesterday. Those fucks are not going to change. As I was watching the vote yesterday, I was thinking, "I bet those 12 or so congressmen that didn't vote the way they expected have shorted the market just to make a profit today"
What are your views on the Bailout? - BIRD33 - 09-30-2008
Banana Wrote:Interesting how the war in Iraq has already cost almost $700 billion.
This puts it in perspective.
![[Image: bailoutgraph.gif]](http://andrewsullivan.theatlantic.com/the_daily_dish/images/2008/09/29/bailoutgraph.gif)
What are your views on the Bailout? - BIRD33 - 09-30-2008
Anhil8tor Wrote:It started in 1999 with the clinton administration. It carried over with a democratic congress and house.. the blame should be distributed evenly.
GOP is the party of deregulation which is a HUGE reason we are in this mess.The main clinton era problem is we made to much money and had no where else to put it but the housing market.
What are your views on the Bailout? - BIRD33 - 09-30-2008
Flumper Barflusterbutt Wrote:This is not a political problem. This is the greed on Wallstreet. We saw it yesterday. Those fucks are not going to change. As I was watching the vote yesterday, I was thinking, "I bet those 12 or so congressmen that didn't vote the way they expected have shorted the market just to make a profit today"
The presidents original proposal had rules protecting CEO compensation packages(Million dollar golden parachutes) from being taken.The democrats are the ones who demanded that be taken out.You have to agree with the dems on that.
I think they broke down who didnt vote yes on it and a majority of them are up for reelection so its slighty political but it shouldnt be.
What are your views on the Bailout? - Flumper Barflusterbutt - 09-30-2008
BIRD33 Wrote:The presidents original proposal had rules protecting CEO compensation packages(Million dollar golden parachutes) from being taken.The democrats are the ones who demanded that be taken out.You have to agree with the dems on that.
I think they broke down who didnt vote yes on it and a majority of them are up for reelection so its slighty political but it shouldnt be.
Well, no doubt all of the windfall bonuses and big compensation packages have to be taken out of it, that was a no brainer. If the democrats are the one that forced that issue, then power to them.
I think it boiled down to the constituents. I heard last night, several congressmen from texas that voted against it, and they were saying that their emails from constituents was running like 80 or 90% against it.
How could they vote for something when the people they represent are not for it?