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Still against the $700 billion dollar bailout?

posted 9/29/2008 8:04:24 PM |
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tagged: money, straddle, economy
  StraddleMyNose

Looks like the latest bill proposal failed early today. The stock marlet dropped over 777 points today. The silver lining is oild prices are dropping like a rock now because of it. Last week I asked you all where you stood on the first bill proposal. Now I'm asking you where you stand after this latest one and if you're still against the bailout.

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Comments:

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Sunshine79

Sep 29 @ 8:13PM  
StraddleMyNose

Sep 29 @ 8:16PM  
What did you like about this latest bill, and things you didn't like about it? Also, should we slash the capital gains tax, get rid of it, or just keep it as is? Just one of many ideas that's been thrown around after we pass something to bailout Wall Street...
lunanegra

Sep 29 @ 8:17PM  
In before any "armchair Economists"...

I'd just like to say..I was poor when this began;I'm going to be poor whether this thing clears up for good or ill;I'm going to be poor when I die.


Thank you.
sugarnspice005

Sep 29 @ 8:18PM  
Well...if the bill's failing is going to make oil prices plummet..then let it fail some more.

Alright..seriously, I still don't like the idea of the government bailing out Wall Street, but, I like the idea of another "Great Depression" less. What really got me today was the partisan ship on BOTH sides today. This certainly is not a time for such pettiness, but, neither side could help themselves.

Both sides need to really grow up and act like adults. IMHO
manwithoutahorse

Sep 29 @ 8:27PM  
I haven't been this scared for my business since September 11.
MUDSHARK450

Sep 29 @ 8:41PM  
The bill failed because the majority of the people are against it. I believe a form of the bill will ultimately pass after the Senate crafts their version. The economy will suffer greatly if confidence for investors in the banking industry is not restored. I am not convinced that purchasing the banks bad assets is the most effective solution. Be that as it may, the economy cannot avoid a deep recession when credit for business (especially small businesses) is largely unavailable.
40yearoldvirgin

Sep 29 @ 9:02PM  
They're going to have to do it or the lending system will grind to a halt. I think they should cut taxes and throw the crooks in jail.
theSkwirl

Sep 29 @ 9:45PM  
Let me phrase it this way... you and I formed a partnership and invested our life's savings in AIG. AIG goes tits up... The government offers to bail out AIG, would you and I see a red cent of that cash or would we be told .. them's the breaks when playing the market? You and I both know we would be out the cash we invested. A government bailout isn't going to repay US... no way.. it will be used to rebuild the company, certainly, but you and I.. the casual investor.. we are McFucked... in a hurry .. no bun.

So, now, tell me why I would support a bill that bails out the bastards who mismanaged their investors' money to the point that their company failed when it's not going to recompense those who invested? I'm a Frayed Knot...

They should realize as well as Joe Schmoe in Hoboken that if you play the market, and gamble your money and lose?? YOU LOSE!!
evild614

Sep 29 @ 11:12PM  
I'm still in favor of riding it out without government intervention, at least until some dust settles and they have time to really do their homework. Right now they're rushing blindly to put out the fire without stopping to see if it's water or gasoline. Not all of us are going to make it through this with the same careers, homes, or lives that we thought we were going to have. But the few of us that make it all the way to recovery will be doing very well for themselves. When the economy recovers, individual wealth will grow in proportion to what you were able to hang onto (property, jobs, etc) through the depression. This is how we separate the men from the boys.
slohand_47

Sep 29 @ 11:17PM  
I wonder how many people who are against the "bailout" have a fucking clue what it even entails? Damn few I'll wager.

The bill failed because the majority of the people are against it.


Damn straight. The chickenshits up for re-election are more worried about getting votes than fixing the problem they helped create back in the late 90's.
xquseme

Sep 30 @ 2:16AM  
Are we bailing out some crooks and thieves in this deal? Unavoidably, yes.

Is it thelesser of two evils? Unfortunately, yes, again.

Is it a bailout, like with all the other failed finance companies? Well, no...They will OWE
Uncle Sam....

What really got me today was the partisan ship on BOTH sides today
What bugged ME was that the Dems tried to write in this "ACORN" clause, to create
a fund to rescue future homeowners close to foreclosure. Read about it!
At this point, NOBODY knows what direction this bill/law will take, how much money
the government will eventually recoup/lose, etc., etc., so this your basic pig in a poke.

We're treading on new ground, and the time for attaching conditions is not NOW...IMO....

casuallylooking

Sep 30 @ 2:58AM  
People may have been more apt to agree to it had they had more positive conditions to it in the beginning.. More than one person had to account for every single penny of where it went...and why... CEO's and such of failed institutions are Not entitled to severance pay...HELLO, you lost everyone elses money, you don't get to walk away with any either.... and as far as the salary cap, yeah, cap it okay but after it is lowered. No one is worth a miliion or more a year...or sign on bonuses of over 11 mil $.. No wonder they don't have any money.While common stock holders and the average joe investor who was trying to help the company are left face down on the sidewalk broke.

If they keep the same people that created the problems in the same positions to fix the problems....sounds like they may have a problem.

And make sure that the average tax payer gets a benefit some how... lower the interest rates on homeowners or builders loans by one percent, and make it a fixed rate. Don't allow credit cards with 19--21--or even 24% interest. People can never get those paid off. If a financial institution wants someone to be able to pay something back, they need to make it possible for that person to be able to.

okay..I'm not finished ranting, but I'm gonna quit for now...
dmbchick420

Sep 30 @ 9:41AM  
I still stand the same. They need to dig themselves out of their own mess without using taxpayer money to do it. There has got to be another way out of this. It seems to me like they were looking for a quick fix and came up with the bailout. Maybe they should start using the billions of money they spend a month on the war and use it for our country instead! Whatever happens...I think we are pretty screwed
Detach

Sep 30 @ 1:01PM  
Of course I'm against the bailout. We are a nation of idiots and I think that not only should idiots be held accountable for signing up for bad loans, but businesses should be held accountable for lending money to idiots.

The government didn't ask idiots to buy houses, and the government didn't ask the banks to lend money to these idiots. Why should they be responsible for bailing either out? Kudos to our government.
MamMan

Sep 30 @ 2:43PM  
You have done it again.....hit on a hot-button issue.

Congrats!!!

My quickie opine.....let the cards fall where they may, and then, let us see how we will sort out the deck. There will be few winners in all of this & many, many losers. The last time our government signed on to an emergency situation without reading the fine print to all of the facts.......

If it has not been a necessary piece of legislation for numerous years....today, tomorrow, nor this week will change the situation. Except for the chosen few. And, in my humble opinion, $700B lends itself to ALOT of siphoning off without any single individual being able to account for all of it.

The future will bring what will be......God (insert fave deity here) Bless the U.S.A.!!! We will need those blessings.
decrepitlust

Sep 30 @ 11:53PM  
No matter what happens, the CEO's and major corporate officers still will have their millions and their golden parachutes. Meanwhile the investors are the only people to get the sticky end. Just think about the poor schmucks who didn't pull their investments from WAMU when they fired the original CEO.
Either way, its the investor who gets screwed. This way, yes our economy may be tanking, but its not as scary as having our government throwing tax dollars away. You know, the money we pay the government every year to sustain our infrastructure and (god forbid) maybe create large public works projects. Hmm, perhaps creating jobs and strengthening our crumbling and antiquated roadways would help stimulate the economy a bit. Worked for FDR!
sugarnspice005

Oct 1 @ 12:55AM  
What bugged ME was that the Dems tried to write in this "ACORN" clause, to create
a fund to rescue future homeowners close to foreclosure.

Yeah, I wasn't too thrilled with that either. Last year, I got behind, my house was in the process of being foreclosed on, and guess what? I, ME, MYSELF, AND I, got MYSELF out of that mess on my own. It was hell, but, I managed to pull through it. And I didn't have ANY help from anyone.

It is possible to get out of a foreclosure...just got to decide which is more important..that latest cd, or, putting that money aside for the mortgage payment
evild614

Oct 1 @ 8:00AM  
And so the government did nothing yesterday (9-30) and what happened? The market skyrocketed almost 500 points, and oil went down.

Keep Washington out of Wall Street!

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Still against the $700 billion dollar bailout?