Let Risk-Taking Financial Institutions Fail
- Thread starter LadyT
- Start date
uscitizen
Villified User
but there are those who see thia too and are wanting to route the money to business and then say to the citizens. Sorry we have no money left.
I think the idea of the Dems doing something on their own is out of the question. They'd need a veto-proof majority to start w/, and they don't have the guts to do that a month before an election, anyway. I know what you're saying, but this isn't a bill that's just going to make rich people richer.
My comment is more that - in what I've seen (and I just saw it in a Code Pink demonstration) - people have no idea how connected they are to the fortunes of wall street. They don't get it. They see wall street as this golden throne up in the sky, separate from everything we do here. They don't understand that when the market crashes, it influences just about everything.
Some states are considering a budget freeze right now. Do you know what that entails? Does anyone? Millions of people lose services, aid, assistance. Companies lose revenue and lay people off. It's a domino effect. And that's just one aspect of this.
uscitizen
Villified User
some states were considering a budget freeze weeks ago before the chicken little dance craze started.
That's like CK telling me that people are losing their jobs anyway.
MORE people are losing their jobs now. MORE states are considering freezes. The states that were considering them are now CLOSER to doing it.
None of this exists in a vacuum.
The longer it takes the more likely a Democratic bill will be palatable. The lay of the land is that (1) people agree that there is a crisis on Wall Street, (2) people agree that something should be done and think the failure yesterday will cause more sever but (3) people did not really support the bill that failed because it did too little for public and (4) they blame the Republicans for the failure of the bill to pass.
Democrats should come up with a better bill and pass it with or without Republican support and mercilessly attack Republicans for not supporting it. I it gets tot he president, he'll sign it.
Bush is at Pelosi’s mercy, let’s stop acting like it’s the reverse, he isn’t going to veto shit. I don’t know how many times I have to say, that no matter what happens from this hour on, it is already destined that an extraordinary number of Americans are losing their jobs and will continue to do so. Bailout right now – Americans still losing jobs, and have lost jobs. And still, we stay trapped within the same capitalistic ideology, well sorry, I am off that train. Extend unemployment benefits to one year, and double the amount from what you get now, and change the bankruptcy laws, on this bill, and now you are starting to help the Americans who are hurt, NO MATTER WHAT, today, written in stone, out of work for long periods of time, nothing going to change that now. If you tack that on, you get support from the American people, and you do something concrete for this economy. This bailout package as is, is considered by the best economists, to be at best, a temporary bandaid. Krugman is supporting it just to keep the economy temporarily afloat until Obama comes in. Long term, he says this doesn’t work. Well, we don’t’ know that obama is getting in.
Anyway, that’s my stance on this. Maybe it’s a stupid one, maybe it’s an ignorant one, certainly it has not been formed by a worshipping of capitalism…but it’s not changing. Give something to the people! They are paying for this! They are going to lose their homes, be unable to feed their children, lose their cars, no matter what. Stop that, and then you have something.
By the way, world markets not collapsed, DOW still up 300 points. We’re assured that’s only because “they” think that a bailout will be coming. Evidence for this? None.
cawacko
Well-known member
I admit to being extremely torn on this. From what I've read and the people I've talked to that I work with and know that work on Wall St. I've heard (what I felt) were excellent arguments for both sides. But you are spot on Onceler in that our economy is all inter-connected and there are people who either lose sight of that or just don't understand it.
(As an aside how crazy is this issue? As a board we tend to break down along partisan lines on most issues. I can't remember another issue where there have been more disagreements among people who normally agree. This seems to be the ultimate example of politics can make strange bedfellows.)
(The longer it takes the more likely a Democratic bill will be palatable. (
It was a Dim bill and thats why it didn't pass
(Democrats should come up with a better bill and pass it with or without Republican support and mercilessly attack Republicans for not supporting it. )
The Dims could have done that this time..they don't need R support to the bill....but then they wouldn't have the R's to blame
Try watching the news instead of Obermann or Matthews....
Cancel 2016.2
The Almighty
This is the problem.... the crisis is NOT just on Wall Street. It is a widespread credit problem.
Credit is gone. We have already seen banks stop loaning each other money. We have already seen farmers having trouble getting supplies for planting due to lack of credit. We have already seen the credit card industry tighten new and existing lines of credit. We are already seeing small businesses have a hard time getting loans and/or existing lines of credit cut. If you people think this is a Wall Street problem... think again. Wall Street and Main street are in this together.
uscitizen
Villified User
Perhaps they have learned something from the Republicans after all.
uscitizen
Villified User
I got a small business loan last week. a 1 yr note.
some of it depends on where you are.
Why don't you read about the politics of the bill before making an ass out of yourself?
The leadership on both sides made a deal: we'll get this many votes, you get this many votes. Most of the votes were allocated according to safer seats this fall. That's how it was. Pelosi delivered the votes she promised.
uscitizen
Villified User
as they should be. Cheap easy credit caused the current mess.
barney frank is the biggest douchebag we have ever had in MA. i hate him more then any politician in our state.
Cancel 2016.2
The Almighty
The problem is that many people such as yourself are completely uninformed as to what will happen if credit goes away completely.
Take a good hard look at the farmers. What do you suppose happens if they can't get credit for their farm supplies?
What do you suppose happens to small businesses who are profitable but due to the flow of those revenues need a line of credit to fall back on.... who suddenly cannot get the line of credit?
While I agree that we need to curb our dependency on credit, the problem now is that it is getting harder and harder even for people/companies with great credit backgrounds to get credit. We certainly want tighter credit than what we saw in the first half of this decade... no question. But we don't want credit to take a stranglehold on our economy. THAT is the problem. THAT is the point we are coming to.
i could care less. once the credit is gone ill use mine to loan at 20%. i took out a 120% heloc at peak value of my house and keep it nice and safe for a good opportunity. Its prime rate.