700 billion bailout?!?!?!

[Eric the Red]

Is this corporate welfare or necessary to the nations well being?

[SOCALHUSKER]

The biggest scam yet!! Call your Congressman or woman and tell them to vote no!! They can call it whatever they want; rescue, bailout, whatever... Theft is theft no matter what they want to call it!! If this passes, the American people will be getting robbed!!

 

Does anybody think it's a coincidence that the same people who got us into this mess by manipulating the market via interest rates, subsidies, etc, are the ones that are telling us that if we don't take action now and and do what they say, all is doomed. What they fail to mention is that to finance this fiasco of $700 billion, inflation will rise so much and put so much pressure on the dollar, it will collapse and we'll be much worse off then if we just cut our losses, some people lose some money, but we salvage the dollar. Yes, I agree that we are in for a rough year but I think if we make other adjustments to our country, cut our overseas spending and foreign aid, return to sound money and bring our troops home to protect our own soil we'd be in a much better place than if we let a bunch of thieves run off with our money and in the process destroy our currency.

 

Check out Campaign for Liberty @ Campaign For Liberty

[papersun87]

Can't decide . . . my gut doesn't like it, but my brain thinks it's a bit sociopathic to just let those companies die because of the implications for the rest of the market.

 

Then again, I am hardly an expert on the market . . . I got a C in micro economics at UNK last year. *shrug*

[dizzturbedNUfan]

Just let um die! They are the ones that decided to give a loan to any Tom, Dick or Idiot that wanted one. It would suck for awhile but I think we would be better off just going through a bad recession. No matter what we would come out of it in a lot better shape then this mess is going to put us in.

[CENTEXHUSKER]

They say we can't afford not to bail them out, I dont quite understand completely but at least they are planning on cracking down on these overpaid CEOs that rake in the cash. I read an article today that the Merryl Lynch or WM guy left last year with like 46 mil as he escaped the fire, unbelievable. I just hope they get the market straight so property values stop decreasing(while taxes still go up ).

[DaveH]

I think it's necessary. This is what could probably what will happen if the market is allowed to collapse:

 

Lending will dry up. In my opinion, this is the biggest problem. I am not saying that you won't be able to get a loan for your latest car you don't need. I am talking about business lending. Businesses don't usually have a steady stream of income like you and I do. In order to fill the gaps, they take out loans to cover expenses and things like payroll.

 

If businesses can't get these loans to pay payroll, they'll have to lay off people. Unemployment goes up. It's pretty hard to afford things when you have no income. I don't think some people understand how bad it can get before it get's better if this isn't done. A "bad recession" would be putting it mildly. Very mildly.

 

How did this happen? I am no economist, but I think it has a lot to do with the deregulation of the banking industry which allowed people who had no business owning homes get money to do so. Along with the fact that these junky mortgages were packaged into mortgage backed securities that were often rated A or AA or even AAA. Meaning they were represented to be very good investements when really, they were backed by Joe Blow working at Jiffy Lube who couldn't afford the house he just bought.

 

When Joe Blow couldn't make his mortage payments, him and his buddies started defaulting on their mortgages meaning these securities these big companies just bought were actually junk.

 

The system for rating securities failed IMO.

 

Here's a stick figure Google presentation on what I am speaking of.

http://docs.google.com/TeamPresent?docid=d...=true&pli=1

 

Hopefully what will come out of this is a better banking system that won't allow this kind of thing to happen again.

 

Does it suck that it's come to this? Hell yes it does. Be pissed about it, but get over it.

[DaveH]

The biggest scam yet!! Call your Congressman or woman and tell them to vote no!! They can call it whatever they want; rescue, bailout, whatever... Theft is theft no matter what they want to call it!! If this passes, the American people will be getting robbed!!

 

Does anybody think it's a coincidence that the same people who got us into this mess by manipulating the market via interest rates, subsidies, etc, are the ones that are telling us that if we don't take action now and and do what they say, all is doomed. What they fail to mention is that to finance this fiasco of $700 billion, inflation will rise so much and put so much pressure on the dollar, it will collapse and we'll be much worse off then if we just cut our losses, some people lose some money, but we salvage the dollar. Yes, I agree that we are in for a rough year but I think if we make other adjustments to our country, cut our overseas spending and foreign aid, return to sound money and bring our troops home to protect our own soil we'd be in a much better place than if we let a bunch of thieves run off with our money and in the process destroy our currency.

 

Check out Campaign for Liberty @ Campaign For Liberty

The dollar won't collapse completely. Hell, oil is still traded in US$. That's one reason it hadn't completely failed yet.

 

But yes, I am sure if you and your fellow paullites continue to run your website the revolution will come..

[I See Red People]

 

Here's a stick figure Google presentation on what I am speaking of.

http://docs.google.com/TeamPresent?docid=d...=true&pli=1

 

 

Priceless!

[cornhuskers4ever]

I have been trying to figure out how much that is per tax payer. I think I'm a bit short on my part. So if this takes care of Wall Street and the Fat Cats, who gets the profits? We the people pay through the nose, and someone else gets all the credit...

Does the 700 Billion Dollar Bailout remind someone of the story of the Boston Tea Party?

Maybe we should dump some people into the water.

Mr President, what ever happened to "No Taxation Without Representation"? Or the extent that WE the People should have a say in where our money goes?

[DaveH]

 

Mr President, what ever happened to "No Taxation Without Representation"? Or the extent that WE the People should have a say in where our money goes?

We do, although indirectly. We elected the officials.

[SOCALHUSKER]

The biggest scam yet!! Call your Congressman or woman and tell them to vote no!! They can call it whatever they want; rescue, bailout, whatever... Theft is theft no matter what they want to call it!! If this passes, the American people will be getting robbed!!

 

Does anybody think it's a coincidence that the same people who got us into this mess by manipulating the market via interest rates, subsidies, etc, are the ones that are telling us that if we don't take action now and and do what they say, all is doomed. What they fail to mention is that to finance this fiasco of $700 billion, inflation will rise so much and put so much pressure on the dollar, it will collapse and we'll be much worse off then if we just cut our losses, some people lose some money, but we salvage the dollar. Yes, I agree that we are in for a rough year but I think if we make other adjustments to our country, cut our overseas spending and foreign aid, return to sound money and bring our troops home to protect our own soil we'd be in a much better place than if we let a bunch of thieves run off with our money and in the process destroy our currency.

 

Check out Campaign for Liberty @ Campaign For Liberty

The dollar won't collapse completely. Hell, oil is still traded in US$. That's one reason it hadn't completely failed yet.

 

But yes, I am sure if you and your fellow paullites continue to run your website the revolution will come..

 

Well, here's to the Revolution then!!!

 

To comment on your other statement: You are incorrect, the dollar will eventually completely collapse. One only needs to study economic history to see that fiat currencies fail every single time!! I don't care who you are, how smart you are or how smart you think you are, the market wins everytime. Any market manipulation done; either through artificial interest rates, subsidizing or regulating markets, or price fixing it will only prolong the inevitable and actually make the outcome that much worse. When you inflate artificial credit, value is decreased, the market adjusts and it ceases to exist. You bring up oil being traded in $ but what happens when inflation skyrockets and the oil producers decide that since the dollar has no value they will no longer except it as payment? They on one hand have a product, we in the other have an inflated, worthless dollar. We are paying our bills and propping up the dollar on borrowed credit and very soon our creditors will be asking for their money, what happens then?

 

It will happen and it will happen soon. Iran has already made plans to trade oil in other forms of currency and the trend will grow. You have a very false sense of reality if you think the government can guarantee something that doesn't exist. They could do it through force or violence, meaning wars abroad and here at home, but who's going to fight and who's going to pay for it? Since our fiat currency (the dollar) is only backed by the governments guarantee and whether or not we, as consumers/states/countries, place trust in the gov't guarantee, tell me how they plan on salvaging the value of the dollar, when through this bailout, inflation rises, we need more money and nobody is willing to loan us credit because our money is worthless? How will the dollar not be totally collapsed then?

[BIGREDFAN_in_OMAHA]

Another kudos for the Bush administration!

 

Heck this money could have been used to wage war on another country. Iraq : $600 billion to date link

[DaveH]

So you're real issue is fiat currency. Which has something to do with the rescue plan, but really isn't central to it.

 

So what's your solution? Go back to gold and other backed currency? How do we do that? What about representative money? Money backed by things like crops, livestock, etc..

 

My point is that Paul and the ones that follow him, quite religiously, have these seemingly great ideas with near no implementation plan. None that I've seen anyway.

 

For example I understand that Paullites basically think the Federal Reserve is the devil. So, how do you propose that you dispose of the Federal Reserve? How exactly do we go back to the way things were in 1912, before the Reserve was established? Do we just fire everyone and tear down a building?

 

Of course I am being a little facetious, but really, how do we go back to the days of our founding fathers? The more i read about this idea, the more I picture myself owning a farm and some oxen. I guess I don't get it.

 

I'm all for third parties and all that. It's just that none of them have ever really been able to break through for one reason or another.

[BIGREDFAN_in_OMAHA]

The great Warren Buffet supports the bailout. It is strange however that the author of this article appears to twist his words in both the headline and body of the article: link

[zoogs]

So the financial system is in a pretty bad way.

 

You can point fingers all you like and it won't fix anything. What we have is a couple of capable men (Ben Bernanke, the Great Depression scholar and Frankenst, er, Henry Paulson) working in a somewhat unlikely partnership to figure out a way to get us out of this mess.

 

And you have President Bush who, for all the stupid things he's done, recognizes the nature of the emergency and is supporting a plan that flies in the face of his party platform.

 

Then, of course, you have the Republicans in Congress suddenly turning coat and trying to block the deal for what essentially amounts to partisanship. See, they are upset because they think the Democrats are pushing the deal before McCain gets to arrive on the scene and take some credit for it to use in his campaign.

 

Who cares about the economy, right, as long as your party wins?

 

For the general public, the numbers are being thrown about and they're on a scale that's hard to comprehend. 700bn. But IMO, you can be as outraged as you like about it, but you can't admit that we aren't in financial crisis. So: anybody got a better plan? There are a few people working desperately to salvage the economy, and I think it's really foolish to dismiss it just based on your emotional reaction to the sound of "700 billion dollars." Bernanke's goals aren't political. This isn't right-wing economics, it's necessity given where we are.

 

I'll say this, I don't like the idea of all those Wall St. executives walking away fat, rich and scot-free. More than that though, I don't like the idea of people still thinking in terms of parties and presidential election. At some point you put that partisan garbage aside, which even Mr. Bush has been able to do. It amazes me that some of the people we've put in Congress are thinking more about advancing party interests over those of the nation.

 

The great Warren Buffet supports the bailout. It is strange however that the author of this article appears to twist his words in both the headline and body of the article: link

 

Where are the words are twisted? (just wondering)

 

I think Buffett nailed it: the ball's in Congress's court. They have the power to do something, and they're wavering indecisively. I think we deserve better out of our Congress. We seriously deserve better, and a good number of these people probably don't deserve to hold their office. What kind of imbeciles have we been putting in place to run our country?