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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.
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What do you think would work, then? What other solution do you think would make some sense?
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bad idea... you don't want government in the business too deep. I'm sure Obama is all for it though.
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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.
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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.
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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.
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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.
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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.
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Interesting how the war in Iraq has already cost almost $700 billion.
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someone get snarg outta bed so he can tell us how it all went down during the great depression or the stock market crash...
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It started in 1999 with the clinton administration. It carried over with a democratic congress and house.. the blame should be distributed evenly.
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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"
![[Image: bailoutgraph.gif]](http://andrewsullivan.theatlantic.com/the_daily_dish/images/2008/09/29/bailoutgraph.gif)