Well Crap. House passes bill.

[githianki]

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

Yeah..cause we all need wooden arrows......:banghead:

 

[mglowe]

Yep! Belly up to the Bailout Bar...

Ultimately this will fail as well. Until all people are held accountable, I mean accountable, nothing will change. A band-aid solution at the tune of $700B plus.

 

[urbanj]

I find it funny the DOW closed lower than it did on monday when the world thought the USA was ruined and that they HAD to pass it. Now it's passed and wallstreet still has no faith. These next upcoming weeks will be interesting.

 

[urbanj]

i've been hearing about credit derivatives being a bigger problem that now one pays attention to. these guys make **** loads doing nothing. but the consequences can be catastrophic.

found a great site that explains it.

"AIG’s Dangerous Collapse" by Daniel R. Amerman, FSU Editorial 09/17/2008

 

[Raid The Revenge]

One time I met this really old "sage," (believe me, this guy was TANKED!!) he said the biggest problem with the US is they "poop in their own nest."

Bill Clinton said, "Hey guys! If you elect me, YOU WON'T NEED ANY DOWNPAYMENT ON YOUR MORTGAGES!!"

---So people started buying mortgages WITHOUT any downpayment whatsoever.

Later on, George Bush said, "Hey guys! If you elect me, YOU WON'T NEED ANY INSURANCE OR A STABLE JOB TO GET A MORTGAGE!!!"

---So people who JUST got out of jail bought a mortgage with NO downpayment, insurance or job experience.

Well...low and behold! The banks all started falling apart! The value of the properties started falling down the drain. To make matters worse, the US went to war.

I bet the Taliban is just laughing their ass off.

 

[mikebike]

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.

This is true but wasted info here....most think it is all a conspiracy and the Man is out to get them.

The fact the govt is buying Real Estate at greatly reduced prices and getting stock warrants and a premium for participation is also wasted information

The bad loans were caused by GREED on both sides LENDER and BARROWER --- the liquidity issue had to be addressed

thanks for a good post CUBA:thumbup: