700 billion bail out passed
- Thread starter skidooer1
- Start date
hit reply to quick. wtf though, why are they voting on this again? bunch of bullchit.
M
modsledr
Well-known member
Have you actually taken the time to read the details of the "bailout"?
It requires a bill (to be passed into law) that the financial industry will be required to repay any net losses after 5 years...it allows the US Treasury (which is us, the taxpayers) to take an ownership in companies recieving aid...it requires insurance, paid for by the financial industry, to guarantee mortgage backed securities being purchased...it requires repayment of any executive compensation if it is discovered at a later date that earnings or profit statements were not accurate or had to be amended.
I'm not in favor of blindly bailing out an industry run amuck...but this isn't simply a handout. It comes with insurance and ownership for the taxpayers, and financial repercusions for executives that run shady opoerations.
It requires a bill (to be passed into law) that the financial industry will be required to repay any net losses after 5 years...it allows the US Treasury (which is us, the taxpayers) to take an ownership in companies recieving aid...it requires insurance, paid for by the financial industry, to guarantee mortgage backed securities being purchased...it requires repayment of any executive compensation if it is discovered at a later date that earnings or profit statements were not accurate or had to be amended.
I'm not in favor of blindly bailing out an industry run amuck...but this isn't simply a handout. It comes with insurance and ownership for the taxpayers, and financial repercusions for executives that run shady opoerations.
What I don't understand, is...
Where is all this capital coming from? What, are they gonna just "print" more money?? LOL. Band aid, or fix?
Where is all this capital coming from? What, are they gonna just "print" more money?? LOL. Band aid, or fix?
M
modsledr
Well-known member
I hope the house shuts it down. GAS is 3.99 WOOOO
Be careful what you wish for.
"Those who would give up essential liberty to obtain a little short term safety, deserve neither liberty nor saftey. --Benjamin Franklin
I can't believe that we are actually contemplating doing this! The Founding Fathers must be spinning in their graves. Please let those same folks in the House that haven't lost their minds prevail again.
This problem as been created over the last 10 years or so, in good part by the government,and now the government, with these same actors like Barney Frank, Chris Dodd, etc. are going to fix it? They've taken millions of dollars each from the bank lobby while all this was brewing, the Treasury Secratary is a former Goldman Sachs CEO, and now we are going to give them the money to buy up the toxic crap from these banks so that "we the people" now own it and these banks can wash their hands of it and start again. And how do we pay for it? Borrow money from banks (like the central bank of China) to give to the banks that have screwed up, so that we can appoint bankers to buy bad mortgages for "us" to own. Sounds like a sweet deal to me! We don't know how much we are going to pay for these lemons, if we don't pay enough, banks either won't sign up or they will go belly up anyway. If we pay too much then we are on the hook for it. This is a bubble that has burst and we are trying not to let it burst. Everyone seems to think that we'll do this bailout and their 401k's are safe. I think that there is hell to pay weather we do it or not. We might buy a couple of weeks optimism but we are going to have a recession no matter what we do. Then when the Dow starts dropping again because the underpinnings are still weak, and we've fired our last 700 billion dollar bullet and socialized our financial system, then what? This plan has never been the only way. There are lots of other good ideas out their that don't put you and I on the hook for 700 (now 800) billion dollars. The fiscal conservative Republicans in the House have a plan (thank God for them)! Some of the same economists that predicted this mess 5 years ago have ideas, but does our government ask them, no. I think that we are at serious risk of devaluing our dollar to the point of oblivion. So do folks a heck of a lot smarter than me. Then we are well and truly screwed. Read up on that scenario and see if it doesn't pucker your sphincter even more than it already is. I really hope that they don't do this plan!
Sorry, I'm on my soapbox and this is too long. As Dennis Miller says "That's just my opinion, I could be wrong".
I can't believe that we are actually contemplating doing this! The Founding Fathers must be spinning in their graves. Please let those same folks in the House that haven't lost their minds prevail again.
This problem as been created over the last 10 years or so, in good part by the government,and now the government, with these same actors like Barney Frank, Chris Dodd, etc. are going to fix it? They've taken millions of dollars each from the bank lobby while all this was brewing, the Treasury Secratary is a former Goldman Sachs CEO, and now we are going to give them the money to buy up the toxic crap from these banks so that "we the people" now own it and these banks can wash their hands of it and start again. And how do we pay for it? Borrow money from banks (like the central bank of China) to give to the banks that have screwed up, so that we can appoint bankers to buy bad mortgages for "us" to own. Sounds like a sweet deal to me! We don't know how much we are going to pay for these lemons, if we don't pay enough, banks either won't sign up or they will go belly up anyway. If we pay too much then we are on the hook for it. This is a bubble that has burst and we are trying not to let it burst. Everyone seems to think that we'll do this bailout and their 401k's are safe. I think that there is hell to pay weather we do it or not. We might buy a couple of weeks optimism but we are going to have a recession no matter what we do. Then when the Dow starts dropping again because the underpinnings are still weak, and we've fired our last 700 billion dollar bullet and socialized our financial system, then what? This plan has never been the only way. There are lots of other good ideas out their that don't put you and I on the hook for 700 (now 800) billion dollars. The fiscal conservative Republicans in the House have a plan (thank God for them)! Some of the same economists that predicted this mess 5 years ago have ideas, but does our government ask them, no. I think that we are at serious risk of devaluing our dollar to the point of oblivion. So do folks a heck of a lot smarter than me. Then we are well and truly screwed. Read up on that scenario and see if it doesn't pucker your sphincter even more than it already is. I really hope that they don't do this plan!
Sorry, I'm on my soapbox and this is too long. As Dennis Miller says "That's just my opinion, I could be wrong".
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O
Ollie
ACCOUNT CLOSED
Just another liberal hand out.
LET EM GO UNDER!
Those that say our economy will be crushed.
By what?
The companies that were run into ground deserve to be shut down. Those that got loans they couldn't afford will learn a huge lesson about finances when they go broke. That's the way the system is SUPPOSED to work. Under the liberal agenda you don't have to worry about making mistakes or getting caught doing something illigal. It just gets excused or we pay for it.
It's a shame we don't have any politicians with a BACKBONE.
LET EM GO UNDER!
Those that say our economy will be crushed.
By what?
The companies that were run into ground deserve to be shut down. Those that got loans they couldn't afford will learn a huge lesson about finances when they go broke. That's the way the system is SUPPOSED to work. Under the liberal agenda you don't have to worry about making mistakes or getting caught doing something illigal. It just gets excused or we pay for it.
It's a shame we don't have any politicians with a BACKBONE.
S
Supplicate
ACCOUNT CLOSED
That will never happen, next big thing that will happen is the redistribution of wealth.
C'mon Cuso...you canucks have been printing funny money for years!!
Tha's why we keep changing the style
The House didn't pass it, the market goes down 778. The Senate passes the market is down 230 early. Maybe just maybe the polititions don't have a clue.
At any rate the serious damage is done.
Anyone else notice that last year oil was just under a $100 a barrel and gas was about $3.09......now oil is under $100 a barrel and gas at $3.89??? They got us use to paying $4 a gallon to test the waters.
Anyone else notice that last year oil was just under a $100 a barrel and gas was about $3.09......now oil is under $100 a barrel and gas at $3.89??? They got us use to paying $4 a gallon to test the waters.
anyone see the pork in this bill??? $6mil for wooden arrows?? $100mil for NASCAR another $100 mil for Rum distillers in PR??? WTF???
That is more or less the what i undertsand will happen and as a result inflation will skyrocket and once again stifle the economy! Great plan !
I have a better Idea ! lets kill all the muderers ,rapists ,child molesters ,ect. in our prisons and that right there will be a good portion of the funds needed and we kill two birds with one stone !
I saw that last night. I can't believe these idiots have the BALLZ to add that kind of crap to this already wildly unpopular bill. I'm really getting fed up with this crap.
D
Diesel99
Member
Also included in this bill Christmas gifts tucked away in the 100 billion tax bill attached to this EMERGENCY Stabilization Act.
Tax breaks and credit extensions for the following:
* "Certain wooden arrows designed for use by children" (Sec 503)
* Wool Research (Sec. 325)
* Film and Television Productions (Sec. 502)
* Litigants in the 1989 Exxon-Valdez oil spill (Sec. 504)
* Virgin Island and Puerto Rican Rum (Section 308)
* American Samoa (Sec. 309)
* Mine Rescue Teams (Sec. 310)
* Mine Safety Equipment (Sec. 311)
* Domestic Production Activities in Puerto Rico (Sec. 312)
* Indian Tribes (Sec. 314, 315)
* Railroads (Sec. 316)
* Auto Racing Tracks (317)
* District of Columbia (Sec. 322)
Total; 100 billion to the deficit over the next 10 years.
In an EMERGENCY bill.
We have got too get spending under control in this country or it will fail just like Rome.
You know that is just part of it. Just one of the reasons the people just don't trust them.
