Bail Out Fails

[03AcuraCLTypeS]

Ok so now the 700 Billion dollar fail out failed in the house today now the dow jones has dropped over 500 point and they are predicting over 2500 it will fall "rather quickly".. is the govt ever going to do anything to actually help US? :seriously: ...they are sayin the FDIC has to make it where they insure people for 1,000,000 instead of 100,000...im not seeing that halping that much..anyone have an idea can't be worse than what they are comming up with....






WHOS FUCKED



WERE FUCKED

[blue_eclipse93]

Well honestly im kinda happy about it bcuz if it were granted then their bailing the banks out..... Why should they bail the banks out when they caused their own problem?

I think they should give the money to the people bcuz how is everything supposed to function if the American people don't have any money? Doesn't make sense to me.

[JonLGT]

I don't give a shit how they do it, just fix it already and don't tax me for it.

[Lookin2GoFA$T]

We've had 43 calls today from people wanting to list their vacation homes for sale. The rich people are scared man.

[TIM TIM TIM]

I said it in another post somewhere, Divide that 700billion up among everyone over 18 and I think well be quite alright

[filtor1]

Unfortunately for every tax payer in the U.S., the shit is going to hit the fan either way. Both parties will be forced to raise taxes and they both voted for an increase. This bail out will cost the government more later if they wait. The longer it takes to make a decision, the overall outlook gets worse.

If they bail out the banks, we are fucked with uber high taxes. If the don't bail out the banks, we are fucked with higher taxes as well as a yummy depression.

There is no choose wisely option. Bend over and get ready. The early estimates will require $10K from every household to start. That will cover the initial $700 Billion. I have seen some estimates as high as $450K from every house hold before it is all said and done with.

Every economic model I have looked at gives the same outlook. I giggle a little when other economic students in my college say the situation isn't as bad as it seems. They haven't looked around and studied the economic remifications of doing or not doing a bail out.

I invested in Vaseline and I.D. Lube. I think it will be needed.

[filtor1]

Originally Posted by TIM TIM TIM

I said it in another post somewhere, Divide that 700billion up among everyone over 18 and I think well be quite alright

I guess you think $10K distributed to everyone in your house hold is a lot and will solve your issues. Maybe so, I have no idea what your position is, but for the vast majority of people, that wouldn't pay their mortgages for more than 2 months. I am not saying I wouldn't take it and pay off some debt, it wouldn't amount to much for the majority of households though.

[95coBraSVT]

Originally Posted by filtor1

I guess you think $10K distributed to everyone in your house hold is a lot and will solve your issues. Maybe so, I have no idea what your position is, but for the vast majority of people, that wouldn't pay their mortgages for more than 2 months. I am not saying I wouldn't take it and pay off some debt, it wouldn't amount to much for the majority of households though.

Actually, according to Tim's math, it would come out to around $450,000 per person(not household). ***EDIT*** I don't see how this is possible though. Maybe $45,000 per person, ut not $450,000. /EDIT I think that would pay off most people's mortgages in the US. Of course, he said (and I agree) it should be taxed at around 30%, so a lot of it is going right back into the govt. Now, that would wipe out my debt, and I would likely buy a small house with the remainder. win, win, win situation for me, the banks I owe money to, and the gooberment.

[HaZed]

This shit sucks!!! There isnt really shit we can do either! alot of youngins don't really take this seriously bc their not seeing the rammifications down the road. This is going to make textbooks! sit down, strap in, and hold on! it's going to be a bumpy ride!

[95coBraSVT]

P.S. I bought a lot of Astroglide for the ride....I have also strained it to make sure there's no sand in it, but I'm sure that during the application process, it'll get a bunch in there anyway.

[TJElite]

$450000 per person? Think you missed a decimal. There are 300 million people, roughly, in the US. $700 B divided amongst 300 Million is $2333 per person. Approx. 1/4 of the 300 m is under 18, so up the 2333 by 25%, and you get about $3k per person. Nice, but not enough to make much of a difference.

As for not bailing out the banks, because they caused the problem...for one, you don't let a fire burn, because you don't like who started it. This is a big problem, and it will affect all of us, regardless of who started it.

And did the banks really cause the problem? Well, they sure didn't help it, but lots of these people with bad mortgages had no business getting them in the first place, and they should have known it.

Toby

[HaZed]

^^ good luck with that one bud!

[blue_eclipse93]

Originally Posted by TJElite

$450000 per person? Think you missed a decimal. There are 300 million people, roughly, in the US. $700 B divided amongst 300 Million is $2333 per person. Approx. 1/4 of the 300 m is under 18, so up the 2333 by 25%, and you get about $3k per person. Nice, but not enough to make much of a difference.

As for not bailing out the banks, because they caused the problem...for one, you don't let a fire burn, because you don't like who started it. This is a big problem, and it will affect all of us, regardless of who started it.

And did the banks really cause the problem? Well, they sure didn't help it, but lots of these people with bad mortgages had no business getting them in the first place, and they should have known it.

Toby

It does make a difference bcuz if you think about it that money has to go somewhere right? Well the debt we have to pay off gets paid off and helps that company....the stores we spend the money at...what do you know it helps them stay in business too...so here's a question..how wouldn't it make a difference?

[95coBraSVT]

Originally Posted by blue_eclipse93

how wouldn't it make a difference?

Because the problem is not in the small businesses, it is in the banks and their poor lending practices. (lending money to people who have no business borrowing it because they have no way to keep up on the payments) Giving eveyone $3000 will only help the small businesses, not the banks, because the people will not spend the money on their mortgages. They will spend the money on frivilous things like big screen plasma TV's and stuff, which only helps out the little companies. The banks have huge debts (because of lending to dirtbags who couldn't make the payments) and need bailed out. Bummer for them. Who's going to bail out the dirtbags who couldn't pay in the first place? No-one will. They will still have this huge debt to pay off after the bank gets "bailed out". So the banks get paid 2x, while the little guy gets screwed. Yeah, thats fair. I know it's much more complex than that...but thats the general idea of it all. I say let the banks fail, and we go into the dark ages again. Serves us right...Of course, in another 80 years, we'll repeat history again, and it'll happen again. We humans never learn from our mistakes and failures.

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dow is down by 778 points, biggest drop ever and its only going to get worse