Well Crap. House passes bill.

[wrightme43]

Well here we go guys. Since the post office, social security, welfare, the IRS, and every other federal plan is working so well.... Oh wait.

CNN.com - Breaking News, U.S., World, Weather, Entertainment & Video News

 

[jamesfz6]

Yeah!....now taxes will go up!



Should i not be so excited about it? I guess only time will tell along with a few..:iconbeer:

Anybody else have a knot in your stomach over the bailout?

 

[FZSex]

Problem caused by government intervention.

Problem to be solved by 700billion government intervention.

We are idiots.

 

[Kilbane83]

Problem caused by government intervention.

Problem to be solved by 700billion government intervention.

We let the government do it,
and we paid them to do it.

That'd put us in the sucker class, not idiots.

 

[FZSex]

you are right but the whole thing kills me. I was watching fox news when it passed the senate and the first thing was Dodd and the other goobs thanking everyone ... like they just won an Emmy "And I really appreciate so and so who helped me... Now Vern would like to thank people..Vern?"

WHAT? How about "wow I've been on this committee for years and just ..well I have a drinking problem, I had no idea... and Barney Frank..well he said just months ago that things were peachy but ..well we aren't going to step down, not our fault.. it just kind of happened. We really thought telling banks to let poor people borrow like rich people would work out.. again not our fault ... re-elect me in November, I know you will. You have no attention span America"

 

[dako81]

This should just prove to everyone that politicians don't care about anything but their money. Do a little reasearch into the corporate ties with people in office and these companies, it will be WELL worth your time.

All this is doing is putting off the problem for later, and it's just going to be compoundedly worse. Is that a word? Anyways, I don't know if I'm happy or not because this might be a beginning to an end of where people believe the government can fix everything if we just give them the money to. Hopefully everything f's up in a year or two and they all go to hell. But, what's more likely is that everything will f-up and they will just spout more solutions and people will go with them, instead of pointing out that they were the direct cauase of it all.

 

[Botch]

We let the government do it,
and we paid them to do it.

That'd put us in the sucker class, not idiots.

It's next month, when we once again re-elect these criminals (and you know we will), that we can check the "Idiot" box...

 

[lordplayer]

I was hoping it would not pass. Now the fall (and it WILL happen) will be that much worse. Sometimes I actually take pleasure in watching the Dow tank thinking that things are trying to balance out.

America is now built on funny money. There is very little actual wealth when you consider our debt. All we have is potential wealth, but making up more money is not the answer. Putting people to work in real jobs that create real goods and services (not more paper pushers) is the only way I see out of this. Oh, that and a return to a living standard that resembles how much we actually make.

 

[Cuba]

Problem caused by government intervention.

Problem to be solved by 700billion government intervention.

We are idiots.

Probelm caused by LACK OF GOVERNMENT INTERVENTION.

This bill was absolutely necessary for banks to be able to borrow and lend money. We were very closed to break down this week. Loans for creditworthy businesses were not being renewed purely for lack of liquidity. The government has purchased this debt at pennies on the dollar and will be renegotiating bad mortgages so that people will be able to keep their homes, when these assets are sold and the mortgages are renegotiated to reasonable terms they will begin to move out of delinquency. Unless there is an 80% default rate on these mortgages and the assets are then completely unsellable we will see profits coming from this purchase that will go to paying down the national debt. We did not just give banks $700B, we are in the process of purchasing their debt at a severe discount, freeing up their capital while picking up trillions in account receivables. Am I happy that this was necessary? Of course not, but the alternative is unthinkable.

 

[racerws]

It's just government corruption as usual! I think we only have one person that
would really like to get rid of that corruption.
Vote for Sarah Palin!
Really just vote for who you believe is best for our country, because we sure need the help!
Just my 2 cents worth.
:cheer::cheer:

 

[FZ1inNH]

A government for the people by the people. Think about this.....

Did you have ANY say in this? I didn't.

What "people" is the government for?

Still a great country to live in and I'm doing well enough to not complain... ho hum....

 

[kemmer]

Probelm caused by LACK OF GOVERNMENT INTERVENTION.

This bill was absolutely necessary for banks to be able to borrow and lend money. We were very closed to break down this week. Loans for creditworthy businesses were not being renewed purely for lack of liquidity. The government has purchased this debt at pennies on the dollar and will be renegotiating bad mortgages so that people will be able to keep their homes, when these assets are sold and the mortgages are renegotiated to reasonable terms they will begin to move out of delinquency. Unless there is an 80% default rate on these mortgages and the assets are then completely unsellable we will see profits coming from this purchase that will go to paying down the national debt. We did not just give banks $700B, we are in the process of purchasing their debt at a severe discount, freeing up their capital while picking up trillions in account receivables. Am I happy that this was necessary? Of course not, but the alternative is unthinkable.

You said it better than I could have.

 

[Raid The Revenge]

So the US government is "conscripting" it's mortgages? Hmmm...

That's not as bad as what they did in Vietnam...

 

[wrightme43]

Just this. Thats about all that can be said.

Well you know, I hear there is a run on pitchforks, tar, rope, and lumber. If you want some better hurry.

I got mine.

 

[Gopher]

You guys in the states really are getting F'd in the A!

Still, its not much better here in the UK atm. It seems (to me) that a massive 700 BILLION bailout, is way too big for just the US economy. Its almost like the US are forking the bill to start off a trend to repair the global banking issue! So when will the UK government chip in? The french...germans.... spain? They all have massive global investments...

My point is, why is it that the US senate (or the house...whichever it is) feels that the responsibility lies with you to fix the problem? Surely an agreement accross the globe would be needed to make any real dent in the problem..... Its 700bn wasted otherwise.

 

[Jman]

The system at the foundation is flawed. Cuba likes to talk about how complicated it is, but the point is this: The design of this complicated system is wrong, wrong, wrong along with the way it is handled. Basing an economy on a system of gambling is wrong. I like what you had to say LordPlayer - well spoken. Tangible goods and services is a great start.

 

[cv_rider]

I'm no economist myself, but I read The Economist, which is a pretty level-headed magazine with no political bent. I tend to regurgitate their opinions when it comes to things too complex for me to have a hope of understanding under my own power. That magazine's assessment was that the cost of the bailout pales compares to the cost of not bailing out, when you consider that inaction would have lead to serious recession, job losses, and possible financial system breakdown with associated depression. It's unfortunate that this had to be done, but had it not, we all would have been far worse off. None of us are isolated from what goes on in Wall Street (unless you've kept your off-the-grid Y2K kit online the last eight years).

 

[nimzotech]

Yeay it's a party...

 

[GodSpeedLuc]

interesting where the money is going to. wooden arrow companies, to rum in the virgin islands, racetracks, and Hollywood. lol.

 

[mastakilla]

Yeah!....now taxes will go up!

If I recall correctly, a lot of people wouldn't vote for Obama because the Democrats would raise the taxes again. I always thought that was very short-sighted and self-centered. I'm sure you all know the Democrats can cause a great change, and alter the way the world looks at you. I just wish more people could see past the "taxes issue".