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Should we help with the 720 billion bailout?

posted 9/24/2008 3:45:31 PM |
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tagged: straddle, economy, government
  StraddleMyNose

For those of you who know what's been going on in the news the past week or two then you know what I'm asking. I'm going to keep this short and sweet. Should we help with the 720 billion dollar bailout? Feel free to explain your answer.

As for me I'm leaning towards a NO! I don't like the idea of taking a step toward socialism at the expense of taxpayers dollars. Having our government come in and take over private companies in form of a bailout just doesn't cut it for me. Our economy runs in cycles. Even if we were to bail out these companies we would still be in a bear market. I say let it run it's course.

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Comments:

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NEOhioGent

Sep 24 @ 3:50PM  
Frankly, that is a HUGE chunk of cash. An issue this big should go on the ballot and not be decided by the bums in Washington.

What's next? Do we bail out the auto industry? The airlines are in really, really bad shape too...
StraddleMyNose

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Sep 24 @ 3:55PM  
The airlines are in really, really bad shape too

Good point. Even though this current situation has more impact on our economy and involving more people, we shouldn't do anything to bail these companies out. The airlines are adjusting. Didn't the airlines want some kind of bailout from our government too? They're adjusting. That's the way it should be.
evild614

Sep 24 @ 4:08PM  
Depressions are a necessary evil (as well as inevitable). If Hoover had bailed out the mortgage industry and Wall Street in 1929, and if it had miraculously worked, we never would have learned the economic lessons or made the improvements to the financial system that we did. I know nobody wants to hear this, but no pain, no gain.
StraddleMyNose

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Sep 24 @ 4:15PM  
Depressions are a necessary evil (as well as inevitable). If Hoover had bailed out the mortgage industry and Wall Street in 1929, and if it had miraculously worked, we never would have learned the economic lessons or made the improvements to the financial system that we did. I know nobody wants to hear this, but no pain, no gain.

That's very true. Let the chips fall where they may!
funnywhapper

Sep 24 @ 4:31PM  
we have been a socialist country since february 3rd, 1913 when the 16th
amendment to the us constitution was ratified. it stated, all income is
taxable no matter from what source derived. also the amendment to
the constitution banning slavery or involuntary servitude was also a step
towards total socialism. if you don't feel like working ya don't have to.
and ya get your food, shelter and clothing without having to work for it.
many wish to overturn and revolt and change the union of soviet america,
or u.s.a. but it hasn't done so yet. there are more government bureaus
than you can shake a stick at. city, county, state, federal, world.
crime doesn't pay, business doesn't pay, working doesn't pay, only
taxes pays. so if ya can't win 'em join 'em. become a tax collector.
the bureau of birthday parties must give you a permit if you are to have
a birthday party. unlicensed, illegal birthday parties are punishable by
5 years in prison. permits are ten thousand dollars each. good luck. we're fucked
mrknowuwell

Sep 24 @ 4:39PM  
dammmed if we do............dammmed if we dont.......brother can u spare a dime???
lynxkat

Sep 24 @ 4:51PM  
This situation's been a long time coming. I mean really - there's a lot that could have been done to prevent the current crisis and no one in government stepped forward. 300% interest on a "payday loan"? No problem. 30% interest on credit cards? Perfectly legal. Write a mortgage for someone who absolutely could never pay for it? Why not?

Business in America has become ridiculous. It's one rip-off after another - and our government condones it. Once upon a time, most of the crap businesses are doing now was ILLEGAL. Can you say "usury?"

Bailout or no bailout, the second "Great Depression" has already started. Maybe it's time for a big whack upside the head to get our business priorities straightened out! Hold the SOBs responsible who thought up doing business like this!
theSkwirl

Sep 24 @ 5:40PM  
Nope.. we shouldn't. Bail out Wall Street? No way in hell.. bail out the victims of their shoddy business practices.. maybe. And again, that doesn't need to come in a monetary manner, but a willingness to work with those who are stuck holding the bag.
keepinganeyeout

Sep 24 @ 6:05PM  
As for myself, I see a conflict of intrest here
Do you wonder why the fat cats in DC want this issue resolved so fast?
They dont bury all their money in mason jars in the yard now do they?
swyeter

Sep 24 @ 6:29PM  
I say a big resounding “NO”! Bailing them out is only delaying the inevitable and going to make the economy worse. The dollar is already devalued to the point that it reminds me of when I was in Europe in the 80s and visited some of the Warsaw Pact countries. If you converted $200.00 dollars into the local currency you had to have a suit case to carry it.

The financial market is a house of cards and is going to crumble unless it is regulated and we know that will never let that happen; at least for the long term. Banks have given loans and credit cards to individuals at exorbitant rates knowing it would stretch them to the limit in their ability to pay. Then it encouraged individuals to do loan consolidation mortgages or second mortgages up to 130% of a homes value. Granted the individuals should have known better but they were not the ones that were putting their money at risk if the loans were not paid. Then the banks sold these mortgages to other financial institutions to regain capital to loan more to more individuals. These second level financial institutions did not bother to check or worry about the high risk of these loans or the individual’s ability to repay because they were insured by other financial institutions like AIG so they would either (1) collect the high interest payments or (2) collect anything they lost in a foreclosure. That is why they have been so fast to foreclose on people instead of trying to work with them; foreclosing for them is a win, win situation. I know several people locally that were laid off and before they could find another job or be recalled they were foreclosed on. They are now back to work but renting because the financial institution would not work with them.

A bailout will run the national debt to over 11 trillion dollars. At 4% interest (and where can the US government borrow money on T bills, bonds or anything else at 4% yet the FED is loaning it to banks at 1.75%) the interest on the national debt will become 440 billion dollars (that’s billion with a B). To put that in perspective the national budget Bush submitted in 2007 was $2.77 trillion. With deficit spending running over 400 billion and interest on the debt over 400 trillion the government would be adding almost a trillion dollars in debt each year. Either that or figure out a way to come up with some kind of combination of spending cuts and tax increases totally 1 trillion dollars in order to balance the budget and if you want to reduce the debt those cuts and taxes will have to be more in order to start paying down the debt.
DangerousCurves999

Sep 24 @ 7:11PM  
I don't see any calls for the fat cat CEO's to forgo their loaded retirement benefits or take a wage reduction in the wind. Shouldn't they be leading by example?

How about trying internal housekeeping first.
StraddleMyNose

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Sep 24 @ 7:13PM  
I don't see any calls for the fat cat CEO's to forgo their loaded retirement benefits or take a wage reduction in the wind. Shouldn't they be leading by example?

How about trying internal housekeeping first

I totally agree with you on this one
Wordsofwit

Sep 24 @ 7:27PM  
I am not enough of an economist to do a risk/reward/benefit analysis to determine what is the lesser of two evils. Damned if we do, damned if we don't, I suspect. Perhaps the most viable plan is somewhere in between, maybe on a case by case basis.
belle1010

Sep 24 @ 7:53PM  
I read all the comments and only one thing comes to mind. Everyone has answered this question as if we the people actually have a choice. I haven't had anyone representing the government knocking at my door to ask my opinion, have you?

This nation as a whole and the people in it have fewer freedoms today than we did 10 years ago, and 10 years ago we had less freedoms than 10 years before that, etc.

At least no one has taken away my right to free speech..................yet.
swyeter

Sep 24 @ 8:09PM  
Do you really want the government to write up the provisions for a bail out?

The Lord's Prayer ha 66 words, the Gettysburg Address 286 words and there are 1,322 words in the Declaration of Independence, but government regulations on the sale of cabbage total 26,911 words.
theSkwirl

Sep 24 @ 8:37PM  
Robert Willumstad of AIG is my hero. Google his actions when AIG crumbled and they offered him a golden parachute.
sugarnspice005

Sep 24 @ 8:53PM  
I'll only agree to this bailout if someone in government helps bail me out of my mess.

Since that ain't going to happen....neither is my agreeing to this bailout. They got themselves in that mess, and like us "little people" out here, they should dig themselves out of it.
ynot7769

Sep 24 @ 9:02PM  
fuck i wanna know WHOS gonna bail MY ASS OUT
redbronze

Sep 24 @ 9:12PM  
I say fuck em let them die a horrendious death, only thing is that those on the top won't feel a thing it will be all the little people.. Something like what we are experiencing here in DISD in Dallas right at this very moment.. I do not see any one bailing us out and many teachers and other lower staff is going to feel the brunt of this as the top dogs who make more than three or 4 times our salery are going to stay right were they are... Yeah fuck em let them roll in the ocean for all I care...
funnygirl730

Sep 24 @ 9:29PM  
i have a 2 word answer to this question FUCK NO
Sunshine79

Sep 24 @ 11:45PM  
I will bail out Ynot.....but's he's gonna owe me...BIG TIME!
Dial595Escape

Sep 25 @ 3:09AM  
I say no for a bailout.

As for regulating business? I believe in total free market where the consumer calls all the shots. Rates high? Then don't get a fuckin' loan, jackass. Its your own fault for a choice you made and you should probably go to jail. People are not held accountable, so of course they make these bad choices... why not? This is the root of this problem.

This is not supposed to be a socialist country. Period.

Vote yes for revolution.
Pornosaurus

Sep 25 @ 9:27AM  
What $700 Billion?
dmbchick420

Sep 25 @ 10:23AM  
Nope! Why do all these companies get to do as they please and make all these fuck ups and then expect Americans to bail them out? And...what...we don't get a choice in the matter....it's just expected from us. Bullshit. How about don't make loans to people that have horrible credit and obviously can't pay their bills...that is part of the problem right there!!!
decrepitlust

Sep 25 @ 12:36PM  
Wow, its been a while since i've been on here!
A bailout of any lender to relive what earnings they are not getting due to bad paper has to be scam against the tax payer! Who in their right mind would invest in a company that is not turning a profit? Who in their right mind would invest in a lender whose accounts cannot pay their loans? Why invest in anything that will not net you profit? That's capitalism 101! There must be another explanation. What happens within the next 4 to 8 years when these bail-outs still cannot be satisfied? Somebody has to be held accountable. We all know that somebody will.
Our government as well as the public at large has been duped into letting our elected leaders pass legislation like the patriot act. That is what crisis does to a people. We look for the simplest solutions in an attempt to go right back to normal. Obviously it doesn't work. A similar scenario played out in Germany in the '30's.
Thomas Jefferson once said that a man who would relinquish his civil rights for the sake of security deserves exactly what he gets.
This is just the tip of the iceberg, I believe. Ancient Chinese curse: May you live in interesting times.

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Should we help with the 720 billion bailout?