Let Risk-Taking Financial Institutions Fail
- Thread starter LadyT
- Start date
I don't agree with this but i could live with:
"Rather than bailing out Wall Street, we propose that the government should buy up the actual mortgages in question and do nothing else. The government should not touch any derivatives; that is, claims that do not directly tie into the actual mortgages. If money becomes too tight, then the Fed can certainly increase its loans to financial institutions. "
"Rather than bailing out Wall Street, we propose that the government should buy up the actual mortgages in question and do nothing else. The government should not touch any derivatives; that is, claims that do not directly tie into the actual mortgages. If money becomes too tight, then the Fed can certainly increase its loans to financial institutions. "
I don't understand why people think this is a bailout for the rich.
Americans are about to learn some hard, hard lessons. The world markets are collapsing today. A huge # of people who are calling Congress to tell them to vote "no" are going to lose their jobs, their homes, their retirement, their pension. Every sector of our economy will suffer.
Wall Street IS Main Street. When a company loses money, they fire people; when they fire people, those people don't shop, or hire contractors, or buy cars, or whatever. It's all connected.
Yesterday was absolutely dumb.
Americans are about to learn some hard, hard lessons. The world markets are collapsing today. A huge # of people who are calling Congress to tell them to vote "no" are going to lose their jobs, their homes, their retirement, their pension. Every sector of our economy will suffer.
Wall Street IS Main Street. When a company loses money, they fire people; when they fire people, those people don't shop, or hire contractors, or buy cars, or whatever. It's all connected.
Yesterday was absolutely dumb.
People dont understand how things work. The measly 2grand number floating around is nothing compared to how much its going to cost people in the long run on market loss, credit crunch, job loss, etc
Not even to mention the fact that indi, AIG, money being pumped into the fed.. we are already close to 700B. This at least attacks root cause and puts cap on the spending.
We really do need to start teaching finance in HS and dump one of the useless classes
Not even to mention the fact that indi, AIG, money being pumped into the fed.. we are already close to 700B. This at least attacks root cause and puts cap on the spending.
We really do need to start teaching finance in HS and dump one of the useless classes
Good Luck
New member
Tightened credit is a good thing in the long run. A credit economy simply is not sustainable. We have been screwing with this and adjusting that constantly trying to keep our economy afloat. But our credit economy will never float without assistance. We do need to do something to soften the landing, but simultaneously we need to start a movement away from being dependent on a credit economy.
theMAJORITY
MAJORITYrules-sorry
Fanny and Freddy were not risk taking capatolistic finiancial institutions. Capatolism did not apply to or was the cause of this failure.---socialism (affordable housing for all)caused the failure. They were loaning out money to three times what they actually had to loan. Capatolism does not work that way--it would be a failing business also if it did.
The problem--with either capatolism or socialism is greed. Corruptive greed will make both systems a mess. Socialism just takes out the checks and balances more than capatolism (like trying to force a 3 page bail out bill before obama "our brothers keeper" can get there--lol.) The fact is, socialism will steel much more of your money than capatolism--with equal corruption. If F&F does not make that clear---your blind.
The problem--with either capatolism or socialism is greed. Corruptive greed will make both systems a mess. Socialism just takes out the checks and balances more than capatolism (like trying to force a 3 page bail out bill before obama "our brothers keeper" can get there--lol.) The fact is, socialism will steel much more of your money than capatolism--with equal corruption. If F&F does not make that clear---your blind.
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One thing is for certain: Its not going to "the people". We're buying securities that no one else will buy. There is the hope that in 20 or 30 years maybe we can make some money on it, but what do we do in the mean time when we have other enormous mounting debts? Inflation and further depreciation of the dollar will inevitably follow.
If everyone is in a panic that will certainly come to fruition.
We will rebound. Companies will and are absorbing the failed firms. The sky will not fall and every recession there is growth. I'm not claiming its going to be utopic if we don't pass the bill but I'm not buying the same level of fear that everyone else is.
You know more about this crap than I do. I honestly don't have a clue what we should do, but I know we should probably do the opposite of whatever conservatives are arguing. That goes without saying.
LOL
I thought about that last night too and considered switching my position on this corporate welfare all together.
Onceler, how can you say the world markets are collapsing today, when they dropped less than was expected, and the DOW futures showed it set to open up. Don't get me wrong, I think it will close down. But foriegn markets seemed to react as if this were bad news, but not dire new? Unless I am missing something, which considering this is not my topic, I could be.
uscitizen
Villified User
fact is we have already pumped close to 1 trillion into the economy.
They need to find a way to keep sentiment up without using $700B of our tax dollars.
"Onceler, how can you say the world markets are collapsing today, when they dropped less than was expected, "
My bad. I went to bed late, and they were really tanking then. Hadn't turned on the news yet this morning.
Still, in a rare moment, I agree w/ Chap. We might just be in a holding pattern because the feeling is that Congress will pass something in a few days.
I could be wrong on everything, but one thing I know from seeing a bunch of regular folks being interviewed & hearing comments of people opposed to it, is that people do not understand the connection between Wall Street & everyday American jobs. This is not a fatcat bailout. It's a Main Street bailout.
My bad. I went to bed late, and they were really tanking then. Hadn't turned on the news yet this morning.
Still, in a rare moment, I agree w/ Chap. We might just be in a holding pattern because the feeling is that Congress will pass something in a few days.
I could be wrong on everything, but one thing I know from seeing a bunch of regular folks being interviewed & hearing comments of people opposed to it, is that people do not understand the connection between Wall Street & everyday American jobs. This is not a fatcat bailout. It's a Main Street bailout.
theMAJORITY
MAJORITYrules-sorry
It just happens to be a bail out for socialism. The people running it are pretty rich, and walk away that way. The socialism failed for "affordable housing for all", and if the socialism did not comprise of half of the homes--it woudl fail with out a wimper.
Let it fail--I will take my chances, because feeding the dead pig of socialism has kept me in poverty long enough. If you were a individual, with some skills that are marketable--you would not have to worry. If you drank the socialism kool-aid, and depend on socialism like this---you deserve to fail also.
we may go through some hardships, and evidently, by all the calls our elected officials are getting with over 90% of them saying "no" to the bill, even after all the "sky is falling media and Bush",---it looks like the American people are willing to take theior chances. They know--feeding the socialism gfailing pig will hurt them more 10 or 20 years from now. People care about their childrens future of being prosperious---Paulson. and eveidently obama could give a crap. let it fail, and we will rebiold with American capatolism. Socialism does not work, and we would not have this crisis if our homes were not a socialistic entity of our government.
Either way---we will suffer because of this socialism. I would rather suffer a few years and abolish the problem, then feed the problem and suffer for life.
Ok well, even with the bailout, Americans, regular Americans are going to be hurting over the next year to 18 months at least. I'd like to see changes in the bankruptcy code, extended and INCREASED umemployment benefits so that those losing their jobs have a shot of hanging onto their homes, at least in this bill. You don't want it viewed as a fat cat bailout, then bailout the little guy too, because he is getting fucked over the next couple of years no matter what happens, and we all know it.