$700,000,000 Bail Out... shouldn't heads roll ?

[dodgedlr]

No, todays bailout bill did not pass. But you can bet there will be a new one on the floor by Thursday night.

If any bailout passes, you and I are paying for other peoples greed and neglect.

Lets not forget how housing prices have been inflated in recent years, I have heard people say this is an all time low, but the figures dont support that statement. If this -or any- bailout happens, housing prices will remain untouchable by many middle class citizens that could otherwise afford a home.

The markets are going to crap, but having government pour our tax dollars into it are only going to delay the economy hitting bottom. I think we need to brace for what comming and have it over with as soon as possible.

 

[Wyoming T/A]

great post OT and right on the $$$

 

[hatchers]

Rome is burning and we complain about this buy out??......the banks run chit, always have, and always will in the country we live in. So what should we do?....all i know is my 401K and other investments are down 30% this year, i feel so bad for those who thought they would retire this year, not gonna happen. the root problem is the corprate greed (not just a banking problem)

the Nasdaq is down 33% from 12 months ago i think??? I dont know the details to the buy out, none of us do....its all hush hush

glad im young and can buy stock on sale

 

[hatchers]

The bail out will happen soon enough, for better or worse....

 

[Snow Fox]

sadly the cash could end up not being worth the paper its printed on


now gold....thats another story

Lead, that is what will be worth something........

 

[Snow Fox]

Truely a sad deal, what makes me more sick, is that we law abiding, tax paying....BILL PAYING ON TIME people are going to have to pay for these low life scumbag people who sign up for this crap just because the bank says they can. You have a right to say "NO" sometimes. But the polititians think they have to bail out these banks that did the "no doc" an other junk loans when they are only half of it. I say make the idiots who signed up pay their share by putting em to work!

I am on my way to US BANK to take my money out right now.....................

If I had my money in US Bank I would be getting it out as well.......The one here a few years ago wouldn't give loans to people with good credit. They would give loans to people with poor credit...that way when they defaulted they could be in for more money. Friggin crooks, they all can starve for all I care. Any sort of a bailout is Socialism, and should be treated as such.

 

[MARCUSO]

Could this be actually true??

http://www.babylontoday.com/national_debt_clock.htm

Is this a reality, as in a comparison, or just a farce....

 

[Gimpster]

Yowser....

----- Gimp -----

 

[Stuck]

Probably better take a look back to the late 90's when Barney Frank and Compnay in the congress said that money needed to be available to low income families to buy homes....well that changed the rules so that everyone could get a loan without evidence that they could make the payments. In an effort to spread the risk of those loans wallstreet repackaged them into all sorts of financial products. Who is to blame, congress, people lieing about income to get loans, poor judgement from banks and mortgage brokers, and investment banks...etc.... there is plenty of blame to go around.

Fortunately our country seems to operate best during crisis and some of the best solutions come out of the chaos. Time will tell on this one.

You are correct, but it still all comes down to the lenders moral decision to lend money. They had the ability at the base of this problem to avoid this whole situation. But that would have meant less commision for themselves. And the people that lied about their income to get a loan, well they deserve to drown.

 

[Ollie]

Andrew Jackson, the seventh president of the United States, who said these fiery words to a delegation of bankers in 1832:

“Gentlemen, I have had men watching you for a long time, and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out.”

Wouldn't it be nice if we had politicians with the backbone to do what needed doing instead of selling the country down the road for one more dollar from the people who caused this mess.

 

[anziconda]

Could you be more specific and tell me exactly where your "bank" is located

All my money is buried in the "Bank Of Good Earth"....I suggest many of you do the same.

Cash will always be KING

OT

 

[ruffryder]

Andrew Jackson, the seventh president of the United States, who said these fiery words to a delegation of bankers in 1832:

“Gentlemen, I have had men watching you for a long time, and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out.”

Wouldn't it be nice if we had politicians with the backbone to do what needed doing instead of selling the country down the road for one more dollar from the people who caused this mess.

They need to start teaching this stuff in high school and college.... Some actual political history.. From what I remember, we only got taught the branches, how a law is created..... but no political/financial structure of the last 200 years.. Seems history repeats itself much easier if you don't know it. That, and it is hard to see other possibilities if you only know your current selection...

Can anyone recommend some good books on the subject? I assume Zinn's "A People's History of the United States" would talk about it, but I got bored on the white man using other races and crap in the beginning...

 

[milehighassassin]

I.Our dollar in europe is worth only .55 cents and even less in china that is why we are paying such a high price because the USA rely's on import goods and import oil.

The part about Europe is true, but the Chinese purposely inflate the worth of their dollar based on ours. Their dollar is not worth as much as you think. Anytime you have that much growth inflation increases.

 

[Diesel99]

Rome is burning and we complain about this buy out??......the banks run chit, always have, and always will in the country we live in. So what should we do?....all i know is my 401K and other investments are down 30% this year, i feel so bad for those who thought they would retire this year, not gonna happen. the root problem is the corprate greed (not just a banking problem)

the Nasdaq is down 33% from 12 months ago i think??? I dont know the details to the buy out, none of us do....its all hush hush

glad im young and can buy stock on sale

My 401k is doing great, SDS ultra short has been a great investment.
$51 last sept now around $70. It's a great hedge for your portfolio and no matter how many bailouts and crap they try the long term outlook is down for the mighty USA unless they clear out the fat and start anew. Out of the great depression the USA rose as the worlds greatest superpower too bad they did not learn that lesson.

 

[jlmatty x]

Government leaders who try to please everyone, pay for everyone, and help everyone in all of their stupid mistakes will end up bankrupting this country. And by the way it's not the taxpayers that will pay for this, cause it wasn't the government who did it. It was the FED. And how does the FED pay for it, print more money. Which in turn will increase inflation a bunch, drive down the value of the dollar, undermine the economy, etc. So yeah the taxpayers and everyone else who buys stuff will pay for it.


Give it another 50 years, maybe sooner and GOLD and Precious Metals will be the only thing still worth anything.

 

[ruffryder]

Give it another 50 years, maybe sooner and GOLD and Precious Metals will be the only thing still worth anything.

You know gold fluctuates too right? They just mine more of it... or people take all there silverwhere and other fine kitchen stuff and melt them down.... gold is not as stable as people make it out to be.. In the end it is just like paper money.. it is only worth as much as someone is willing to pay for it!

 

[Fosgate]

Senate votes tonight. Hopefully it doesn't pass. I think were just delaying the inevitable. Why loose more of our money to prop up a dying horse.

 

[Ollie]

The dems made a "compromise". They added language that will put some minor tax breaks into the bill. This will appeal to some republicans but anger a lot of dems who are calling for those same groups to pay higher taxes.

All the other give aways are still in place that the dems wanted. PRetty much they didn't change anything, other than a couple small tax breaks.

What a joke.
Let rome burn. We will rebuild later.

 

[Ollie]

oh, the reason they moved it to the senate is because the house was FLOODED with calls to NOT pass the bail out. They are saying 80-90% of america doesn't want the bail out. They figure by moving it to the senate the senaters won't have a chance to get flooded with calls. They will pass the bill which will add pressure on the house to do likewise despite the massive flood of very pissed off voters.

 

[milehighassassin]

In the last 7 hours Origami Bank has folded, Sumo Bank has gone belly up and Bonsai Bank announced plans to cut some of its branches. Yesterday, it was announced that Karaoke Bank is up for sale and will likely go for a song, while today shares in Kamikaze Bank were suspended after they nose-dived.

Samurai Bank is soldiering on following sharp cutbacks, Ninja Bank is reported to have taken a hit, but they remain in the black. Furthermore, 500 staff at Karate Bank got the chop and analysts report that there is something fishy going on at Sushi Bank where it is feared that staff may get a raw deal."