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April, 2024

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$700 BAILOUT PLAN FAILS TO PASS

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slaydave
Posts: 1697 - Karma: 62

HAAAHAHAHAHAHHAHAHA

Sep 29 2008 2:11PM
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Flo_Rida_2016
Posts: 2804 - Karma: -5
hahahahaha
Oct 1 2008 9:53PM
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Flo_Rida_2016
Posts: 2804 - Karma: -5
+ karma
Oct 1 2008 9:54PM
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cmeriptahoe
Posts: 1785 - Karma: 12
You do realize that the vast majority of the U.S. general population, including you it seems, is terribly ignorant and have no idea about anything that goes on in our government. If the general public actually ran our country we would be worse off than we are now.
Oct 2 2008 1:21PM
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papasteeze
Posts: 12055 - Karma: 911
oh really.  And what makes you an expert on what goes on in our government or what I do or don't know? 

How many elections have you been through?  How many mortgages have you had?  How many economies under different presidents have you been through?

Mark my words.  Obama will blame all his future shortcomings on previous administrations.  This bill is just one thing more that should not happen. Not much different than the Iraq debacle.  
Oct 2 2008 1:37PM
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cmeriptahoe
Posts: 1785 - Karma: 12
I've only been through one election. I will admit that. But I don't understand how you could ever think that this isn't a good idea. If this didn't happen not only would our country go to shit but it would have an amazing effect on countries around the world. Moreover, this will have ZERO effect on the tax payers. It is just going to put the country farther into debt, and in this case that is necessary. You will not see the repercussions I promise.

The fact that you think what the general population wants is best for our country is enough to tell me that you have no idea how our government works or even what is best for our country. People look out for number 1 and usually they can't even do that effectively. I've worked in a senate office answering the phones when people call in on issues. These people are nuts. The fact that they are actually calling in and have the time to do so should tell you something about them.
Oct 2 2008 1:48PM
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cmeriptahoe
Posts: 1785 - Karma: 12
This crisis already has changed the system. The financial sector will never be the same. Goldman is now a real bank, and has been for a couple weeks. That should be enough for you to figure out how big of a deal it is.
Oct 2 2008 1:51PM
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papasteeze
Posts: 12055 - Karma: 911
Okay here is why I think this bill should not be passed.

It is generally agreed up on that we are in trouble because of certain deregulations during the Clinton era.
The companies that are in need of help grew from that deregulation.
I don't think we should continue to feed the monster born from the deregulation mistake.
Things will not be corrected without a major correction.
This bill will only prolong the inevitable.






Oct 2 2008 2:17PM
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RudyGarmisch
Posts: 25443 - Karma: 13,844

The lack of oversight alone is enough to make me disagree with this bill. Its tenants are entirely vauge and way too much power is handed over to the Treasury Secretary. America has a terrific tendancy to pass stupid legislation in times of fear.

Oct 2 2008 2:28PM
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ferrinski86
Posts: 774 - Karma: 10
i also agree with you. i was talking to my stockbroker yesterday and he said that investors that have their money tied into the market are not really panicing (sp?) yet. people are not running down and taking their money out in fear of a collapse of the market. so, even tho this is a bad situation i dont think its as bad as Bush is making it out to be.

personally, as long as we figure out how to get the credit flowing again i will be happy.
Oct 2 2008 2:38PM
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cmeriptahoe
Posts: 1785 - Karma: 12
People who deserve credit can still get it.
Oct 2 2008 2:45PM
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yelsel
Posts: 12967 - Karma: 3,451
oh the credit is flowing.....from my standpoint, there was never a freeze. shit we just closed 4 deals this week totalling $36M and all 4 deals were with 4 different banks.
Oct 2 2008 2:51PM
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papasteeze
Posts: 12055 - Karma: 911
Ditech.com is still offering.5.3% rates.

unemployment is at 6% - I imagine that most of them don't want to work.

Listen..   Big Banks have been buying up all the little banks, there are a lot of people out there with a lot of money. They will want to make money, how to they make money?..............................  By forming their own little banks and making loans ..........................  the process starts all over again.  Fuck the big banks, let em die.
Oct 2 2008 3:46PM
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ferrinski86
Posts: 774 - Karma: 10
point taken. i guess it depends on what business you are in. i should of said credit has gotten alot tighter now (which is a good thing from one point). im in the furniture business and these large chains of furniture stores (not mine) that have these large credit lines (multi-millions) are seeing banks pulling in the belt a couple of notches in trying to control some of the credit that is still out there thus causing a pretty severe storm in the furniture market. (we cannot be the only ones as well, im sure other industries are feeling the same way as we are).

we are seeing bankruptcies and price increases almost weekly, combined with a weak dollar and a low consumer confidence level, this last quarter will prove to be challenging. but we live in a competitive market and our market will thin out the weak and leave the strong! haha

nice that you closed a $36M deal!
Oct 2 2008 4:48PM
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papasteeze
Posts: 12055 - Karma: 911
exactly...  most of those who are in bankruptcy made stupid decisions just like the banks that made the loan. let both figure out how to get out of the mess they are in.
Oct 2 2008 5:03PM
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skiminnesota
Posts: 9093 - Karma: 429
ok if the government broke this, why do they think they can fix it by throwing money at it?


the bill is over 400 pages long, and is so full of BullSHit its ridicules.
Oct 2 2008 5:51PM
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SteezyMcDizzle
Posts: 514 - Karma: 31
Well, as of Friday the bill is passed and signed into Law.

Oct 4 2008 5:24PM
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snowbladesforlife
Posts: 2033 - Karma: -3
I would prefer 400 to the original 2 and a half.
Oct 4 2008 5:41PM
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papasteeze
Posts: 12055 - Karma: 911
and the market continues to dive.

Mark my words, this bill won't do anything other than to make it easier for other big business to ask for more handouts. Credit will continue to tighten and more banks are going to fail.

We should have just taken the supposed major hit that would have supposedly happened with out that bill and let the chips fall where they will.  If it really got that bad................  Then the government could do something.......
Oct 6 2008 11:18AM
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SteezyMcDizzle
Posts: 514 - Karma: 31
Yeah..I wonder how many people actually watched the debates for the bill in the house of reps both times. Obviously if you had work or school you couldn't. I was lucky enough to watch the whole debate both times as well as the vote on CSPAN and it pissed me off that the major "news" channels barely even covered the debates. When the bill failed that monday, everyone on the "news" channels was talking about how "partisan politics and bickering destroyed the bailout". LOL..they failed to mention the strong wall of opposition and compelling arguments which Repubs and Dems alike gave against the bill. Some of these people would switch their vote four days later because the market falling 777 points scared them. Or so they claim... The whole time business lobbyists were hard at work in Washington, and Congressional leaders were also hounding their rank and file to switch votes in favor of the bill.
The opposition, in my opinion, did not get nearly enough coverage on the "main news channels"..
This one show, on MSNBC, I think it was, the talking fags were interviewing a representative who voted against it, and asked him something like "How long will you be holding the country hostage with your political agenda?" WTF....

Oct 6 2008 11:33AM
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papasteeze
Posts: 12055 - Karma: 911
After the Senate got through with adding crap to it, it grew to over a 1000 pages.  BTW  the market down 550 points so far today.  777  here we come!
Oct 6 2008 1:16PM
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skiminnesota
Posts: 9093 - Karma: 429
i bought gas for 3.09$ today!!!!!!!!
Oct 6 2008 1:41PM
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skiminnesota
Posts: 9093 - Karma: 429
nope, but it is an effect of a poor market.                          


not saying its worth gas at 3$.
Oct 6 2008 1:55PM
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Ben.
Posts: 21463 - Karma: 683
jesus 3.09. in chicago we havent seen that since... 2006? i dont even know lol. were stoked when its below 4.00
Oct 6 2008 2:31PM
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Lemuel
Posts: 14477 - Karma: 10,515
this is the biggest fail in American history. the dow is down to its lowest point since 2004. everyone is getting their money now that they have it. they arent going to trust the government to keep the stock market where it is. they should have left the financial system the way it was and it would have fixed itself. arent we glad that we have a government that will do the stupidest things and bailout the companies taht do not need it while the citizens liek you and me are suffering from an explosive rise in the prices of college and oil/gas and homes. our government is shit
Oct 6 2008 2:37PM
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ChadThundercock
Posts: 3070 - Karma: 783
if the economy still plumits downhill, we should all buy a lot and i mean A LOT of brown cardboard boxes. buy an international postage voucher and mail ourselves to utopia where we can all be happy and the world will be perfect. the end :)
Oct 6 2008 3:33PM
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snowbladesforlife
Posts: 2033 - Karma: -3
It said over 400 in length, not 1000.
Oct 7 2008 12:06AM
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snowbladesforlife
Posts: 2033 - Karma: -3
Use a little rational thought here big guy. Nearly half of americans own some form of securities. So helping them out via the stock market would be just a helpful as putting a ceiling on house prices or gas. And you want the market to sort stuff out but you want the government to help you out with college prices? That is a form of a market and why should the government help you out with that? There have been a long list of failures bigger than this in American, I highly doubt this will crack the top 100 ten years from now. Look at how the market recovered after the savings and loan fiasco. If you have some foresight you will see that in the coming year will actually be a good time to invest and pay for your future college or house.
Oct 7 2008 12:12AM
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Silence
Posts: 16030 - Karma: 149
This issue goes far beyond the average citizen.

Say the credit market remained essentially frozen..banks won't lend to each other, people can't get money for day to day business operations..this then ultimately leads to an increase in unemployment..THAT affects ordinary people.

Secondly, you say that they shouldn't bail out the companies that they are..
I'm not from the US, but i'd bet that a heavy majority of your cizitens superannuation finds (I think you call it 401k) are invested in equity markets. When peoples entire superannuation portfolio value reduces in the order of 20% in a year, then it's a direct impact on citizens..not just companies. And even if they aren't in equity markets, direct and indirect property has been affected too.

Sure, theres always the argument of free market theory, and that it will work its way out in the long run, but in this case, without a proper functioning credit market, that won't necessarily happen. It's a big risk to take in HOPING that the market 'fixes itself'..

Then there is the argument over the implications of no intervention on the global scale...which is a whole other topic.
Oct 7 2008 3:46AM
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Silence
Posts: 16030 - Karma: 149
I think this will be in the top 100 for a very long time..

I agree though, there are certainly opportunities out there now if you are well educated and have the resources.
Oct 7 2008 3:48AM
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