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The Bailout Measure Failed

And I don't know what to think.  I'll admit - dire warnings from people like Warren Buffet scare me....

http://money.cnn.com/2008/09/29/news/economy/bailout/index.htm?cnn=yes

Re: The Bailout Measure Failed

  • I'm also not sure what to think. I know its supposed to be bad, and 'they' keep saying its necessary to take taxpayer money to fix this or the credit crunch will get worse but...

    wait...you want to put $700 billion in so we can borrow more? $7B of OUR money?

    Give it back and we won't need to borrow.

    And 'they' keep warning that its not the CEOs and execs who will feel this it is the average person...again....how about giving it back? Tax rebate?

    I can't help but feel a little glad.

    image
  • i know that everyone says we're headed for an economic catastrophe if the bailout doesn't pass, but i really have mixed feelings about the whole thing. why are the taxpayers responsible to bail out private corporations to the tune of 700 billion dollars because they made poor choices?
    image"I've always followed my father's advice: he told me, first to always keep my word and, second, to never insult anybody unintentionally. If I insult you, you can be goddamn sure I intend to. And, third, he told me not to go around looking for trouble." -John Wayne
  • Not only that PV, but they say we have to bail out the corporations for our own financial good. Seems a little more complicated than necessary.
    image
  • What makes me even more mad is if we were to bail out this private company the CEO would still get his normal pay.  Ummmm NO!
  • And what about the oversight contingency...there is very little power given to anyone other than the small group of administrators. I do not see how this is good in any way!!!
  • I have an idea...How about we stop spending billions of dollars on the war and start putting it back into our economy???
  • -preaches to choir-

    and isn't it funny how "dire" they're making this out to be? the same people who are pushing the bailout are the ones that were saying the economy is fine and that America is full of a bunch of whiners.

    mmhm. 

  • "We're all worried about losing our jobs," Rep. Paul Ryan, R-Wis., declared in an impassioned speech in support of the bill before the vote. "Most of us say, 'I want this thing to pass, but I want you to vote for it ? not me.'

    Really??? THEY are worried about losing their jobs? Well good they should be, and what about the average Joe who actually works year round and is still suffering financially?

    I do like what Pelosi said...whether the Republicans like her wording or not, she is right and if they chose to vote because she hurt their feelings then get the hell out of Washington you spineless, out of touch morons!! 

    "They claim to be free market advocates when it's really an anything-goes mentality: No regulation, no supervision, no discipline. And if you fail, you will have a golden parachute and the taxpayer will bail you out. Those days are over. The party is over," Pelosi said.

    "Democrats believe in a free market," she said. "But in this case, in its unbridled form, as encouraged, supported, by the Republicans ? some in the Republican Party, not all ? it has created not jobs, not capital. It has created chaos."

  • I got this email from a friend a couple days ago... I'm for it.

    ********************?

    A friend of mine came up with a great suggestion for solving the economy crisis:?


    Instead of giving 700 Billion Dollars to the same people who mismanaged their companies and somehow dragged the entire country into this mess, the government should give 1 Million Dollars to every American Citizen.? This solution would total 305 Billion Dollars and would certainly allow everyone the ability to pay their mortgage and other debts as well as renewing the economy.? Yes that is correct; 1 Million Dollars to each and every American Citizen would total 305 Billion Dollars!? That is a savings for our government, Us, of 395 Billion Dollars.? After all, it is our taxpayers money.? I also really like this solution because it helps the people who have found themselves in financial trouble, but also includes the hard working people who have worked their tails off, sometimes working multiple jobs, in order to pay their bills and mortgages even when it was difficult and, let's not forget, those rare people who simply chose to live within their means.? I know a million dollars would change my life dramatically.? What would it do for you?

    Now, if the government is really intent on spending the total of 700 Billion Dollars they could give 2 Million to each citizen and still have 90 Billion left over to give to the white collar crooks whose greed and lack of foresight got us into this mess in the first place.? (Remembering that amount doesn't include the 85 Billion Dollar Government loan already given to AIG earlier this month.)? However, I truly do not believe that our government should be bailing out any business.? Isn't that the exact counter of Capitalism?? Why should we be forced to socialize the losses of poorly managed companies when the profits during the good years were certainly kept private?? And let us consider the reality of giving such a massive loan to a group of companies who went bankrupt by making bad loans?? Hmmmm?? Maybe our government could take that remaining 90 Billion Dollars and if they really must spend it put it to good use updating and improving our public education, improving preventative health care or perhaps developing sustainable alternative energy.?

  • image spacystasi:
    I have an idea...How about we stop spending billions of dollars on the war and start putting it back into our economy???

    Amen Staci!!!

  • I think the bailout is a recipe for disaster. ?If the government insists on doing it anyway, I STILL don't understand why the money is going to a bunch of big corporations instead of to the citizens of this country. ?
  • $700,000,000,000 is just a "big" number they picked...there is no real science behind it, and no guarantee that throwing this amount of money at the problem will be the solution (especially if they don't fix the regulation, oversight and lending issues that got us in the mess in the first place!). It most likely will create super inflation (the more you print, the less real value it holds). These banks are still hiding lots of bad paper on their books...and will be looking for another handout again soon.

    ...what a bailout will definitely do, is not punish those who took ridiculous risks on the market, not punish those who live well beyond their means on credit and high-risk bad mortgages, and fall squarely on the average joe and their children and their children's children to repay.

    I don't know...I don't think propping up the housing bubbles and failed companies is the solution. And I don't particularly care to be punished for using my own credit and money wisely.


     

    Baby Birthday Ticker Ticker imageimage
  • image iHeartHimMore:

    I got this email from a friend a couple days ago... I'm for it.

    Unfortunately $85 billion divided by 200 million is only $425 per person. Before taxes Stick out tongue

    [url=http://www.thebump.com/?utm_source=ticker&utm_medium=UBB&utm_campaign=tickers][img]http://global.thebump.com/tickers/tt15eb6b.aspx[/img][/url]

    [url=http://www.thebump.com/?utm_source=ticker&utm_medium=UBB&utm_campaign=tickers][img]http://global.thebump.com/tickers/tt168b4e.aspx[/img][/url]
  • image iHeartHimMore:

    I got this email from a friend a couple days ago... I'm for it.

    ******************** 

    A friend of mine came up with a great suggestion for solving the economy crisis: 


    Instead of giving 700 Billion Dollars to the same people who mismanaged their companies and somehow dragged the entire country into this mess, the government should give 1 Million Dollars to every American Citizen.  This solution would total 305 Billion Dollars and would certainly allow everyone the ability to pay their mortgage and other debts as well as renewing the economy.  Yes that is correct; 1 Million Dollars to each and every American Citizen would total 305 Billion Dollars!  That is a savings for our government, Us, of 395 Billion Dollars.  After all, it is our taxpayers money.  I also really like this solution because it helps the people who have found themselves in financial trouble, but also includes the hard working people who have worked their tails off, sometimes working multiple jobs, in order to pay their bills and mortgages even when it was difficult and, let's not forget, those rare people who simply chose to live within their means.  I know a million dollars would change my life dramatically.  What would it do for you?

    Now, if the government is really intent on spending the total of 700 Billion Dollars they could give 2 Million to each citizen and still have 90 Billion left over to give to the white collar crooks whose greed and lack of foresight got us into this mess in the first place.  (Remembering that amount doesn't include the 85 Billion Dollar Government loan already given to AIG earlier this month.)  However, I truly do not believe that our government should be bailing out any business.  Isn't that the exact counter of Capitalism?  Why should we be forced to socialize the losses of poorly managed companies when the profits during the good years were certainly kept private?  And let us consider the reality of giving such a massive loan to a group of companies who went bankrupt by making bad loans?  Hmmmm?  Maybe our government could take that remaining 90 Billion Dollars and if they really must spend it put it to good use updating and improving our public education, improving preventative health care or perhaps developing sustainable alternative energy. 

     

    Wait a second, I'm thinking those numbers are wrong. 305,293,002 (the US population) times 1,000,000 equals $305,293,002,000,000 which ends up being in the trillions.

  • I heart Nancy Pelosi. She took the words right out of my mouth.
    Clyde the pup
    [IMG]http://i40.tinypic.com/1ijud3.jpg[/IMG]
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