$700,000,000,000 Best case scenario (and it sucks)
 

I'm just wondering if everyone knows (or cares) :neutral: that when congress passes the “bail out bill” it will cost on a average each individual in the USA approximately $3,580.00 :surprised:, not just the working class,:no: I'm talking about every man, woman and child and illegal per CNN. :eyes:


Worse case per the “expects” :diablo:
http://www.yahoo.com/s/961950


Personnel I'm thicking about meeting with a finical broker to reviewing my options about pulling out all of my 401k & life savings and will be buying gold!.:yes:. That way regardless / whatever the dollar is worth in the future,:oh: gold is a world wide commodity..



Your thoughts on the subject ?.. :neutral:


P.S.
Not trying to start anything just curious to see what your thoughts are on the mater and if is it changed your spending habits (?)..:wink:

a must see video...http://www.youtube.com/watch?v=NU6fuFrdCJY

To be honest I am not much of the politcal type but 700 billion dollars is a lot o cash. What would happen if instead of giving it to wallstreet... they split it up evenly amongst all of the legal us citizens... I don't know off hand how many people are in the US right now but I bet it would be a decent chunk of change for each person...

I'm forwarding that Video to everyone at work tomorrow.. :yes: GREAT Pull...:intello:

VERY SCARY!...i am sending it to everyone i know!

they said it didnt pass ?.. wtf

Redistribution of wealth, the founding tenet of communism.

It didnt pass now we are on to Plan "B" http://www.yahoo.com/s/962000

IMO this is what has caused a lot of the problems people freaking out, not believing in the system(banks) and drawing thier money out and the banks are not equipped for this. We need to go about our business as usual, buy products as you normally would. I believe with the changing of the President no matter who it it we will have the perception things will improve and in a lot of cases this is all that is needed

in this economical climate it is the time to buy especially real estate if you can afford to, this is the time the rich get richer and the poor get poorer

I hope Sarah wears a bikini Thursday LOL


In seriousness i took 580K out of the nasdaq and put it in bonds, Im friggin scared, I dont mind being poor now but when im 50 Im sitting on a sail boat in San Juan, Thats saved from you tech dorks needing Y2k upgrades, dont see another opening for me, thats my fun. no way im going to lose it

a BUDWEISER THONG!

Im glad that pics fake, I suspect better legs LOL

This is a disaster in the making that is not well understood. It isn't about wall street as reported on most shows it is about credit between banks and consumers - There is NO liquidity in the market at the moment and that is going to mean no cash to lend - Try getting an unsecured or secured loan or mortgage in a few months.

Which bank are you going to go to - wamu, wachovia, merrill lynch, lehman, bear? There will be few left soon RBS, B&B, Northen Rock in the UK.

$1 Trillion in asset value was wiped off the stock market today - Even if you don't have shares directly this is your money - Its your 401k, your company pensions and your health insurance company savings. America lost more today because the powers didn't pass the bill than America could possibly have lost on the bill! Now that is irony for you...

I do wamu and chase, glad I didnt hear hear the wahovia takeover crap on my bank today, I just cringe, hid it all away

Wasn't WaMu one of the banks that folded?

They were bought by JP Morgan Chase.

That would come to about 425 bucks per person. Woo Hoo......

My thought(s):
Everything in our country is overpriced - from houses to medical to common labor to stocks to even RC's!
Jobs are being exported overseas in bundles because our US owned companies can get labor cheaper overseas.
Our financial market as it exists today has been overinflated by funny financial engineering and speculation.
The way things are going, if you aint got it now, you aint gonna get it. And for many, your gonna lose it because you are going to loose your job to someone overseas. Why, because you (and I) wont work for 10K a year, 'cause I make 90K a year doing it now. Nor can we - we couldnt afford to live on that.
The one and only way to bring things back to where they "should be" (justified financial market based on real numbers, housing that people can justifiably afford) is for this thing to crash. The majority of the loosers are going to be those that live via credit. But generally speaking, they have set themselves up for this fall anyway. Yes, there will be some collateral damage, but in the long run, we will be better for it.
If anything, what our government needs to do is take a lesson from FDR, and create real jobs with public projects (roads and dams were what they did - maybe alternative power plants or something is what we could do). Put Americans back to work and they will start spending. Some banks will survive. Others will start up.

Ummm, can we just ask ourselves a few questions here?

Where did this mess really start? I believe it all began when we seen our brother and sister citizens jumping from the burning twin towers.

I believe it started with the Heroes that went down in that Pennsylvania field.

I believe it started with the Pentagon being crashed into through an orchestrated attack on our American Society.

Our ancestors (and some of us) fought in wars on foreign soil. But NEVER before had something like this ever happened. The closest thing was Pearl Harbor, but the death toll of 9/11 exceeded that.

We responded by declaring war on terrorism. We declared war on Iraq in the name of "Weapons of Mass Destruction". Did we find any? No. What are we still doing there?

They say everything will be lost if we pull out now. But IMO, I believe after generations and generations of fighting, it's going to happen if we stay or if we pull our troops out.

#1. We are paying for the War! Bring our boys home. I think we should tell Iraq, we have problems at home. We need our boys back. If you want our help, then you are going to have to help us for a change. I never understood why we as a country, go in, blow everything off the map, then pay to rebuild it all.

#2. Bring our jobs back home. Control or at least regulate imports. Concentrate on Exports.

#3. Do something to bring the price of Petroleum back down. The oil companies are sucking us dry. Transportation costs of our essential needs only adds to the squeeze. Which leads me to #4.

#4. Develop new Energy Technologies. The Hydrogen Generation will come and is coming. Oil Companies will always produce and we will always use it. But we have to get off it as being a "have to have thing.". This so-called "Energy Crisis" that we are in, they started harping about back in the 70's. Why didn't we do something then?

Lots of reasons. Every Inventor that came up with something useful was bought out or gotten rid of entirely. Why did Ford crush the EV's they made in the late 90's? When Oil Companies become sooooooo wealthy they can have ALOT of influence. Both in other companies, AND in our Government!

What happened to the Cars that got 50mpg? Now they are selling "Go Green" Hybrids that don't get that. :whistle: (Money under the table?)

There are alot of answers that are sitting right under our noses in the form of undiscovered technologies. I believe we are too "programmed" by the doom and gloom of the media, and the pressure of the economy overall to really look.

What happened to the day when a man could go make a decent living for his family and do it on only one income? You better have some real skills and some tricks up your sleeve if you're going to do so.

Two incomes, both Husband and Wife are working these days. Then I ask, where does this leave the children?

The Children are our future.

I think we have too much government. Too many lawmakers making laws that take away our rights.

This post could go on forever, but I'm glad the bill didn't pass.

I think it started long before 9-11. Remember the days of the internet based stock hype. Amazon stock was 150 bucks a share and they never showed a profit....thats the type of stuff that put us where we are.

I agree that it started before the 9-11 tragedy, but i didn't follow things then like i do now. Like the vid implied, Many banks were blackmailed into giving subprime loans to those who didn't deserve them. I'm glad i got away from the credit game before this happened, I never worked for them, but was a good contributor. Credit only works when you don't need it, When you need it to work, you are screwed

These things in the end all be all were started by morons with too much power (our government) and now we look to these same morons with too much power to solve it.

It's seriously time we as citizens hold our crap politicians and their crap policies responsible and clean house. This is Republican or Democrat, they BOTH have caused the problem. They spend like drunken sailors at the least, and most of money we don't have. Democrats blame the Republicans and President, however it takes congress to do it too, Republicans and the President blame the Democrats, however they vote for the same garbage as well.

We as a people are coming to the point were we need to revolt against our failed politicians and clean house, completely. We as the people should start with an immediate spending freeze on the government.

We still were never given a reason of why 700 billion and what is so significant with that number, much less where the money will go and how it will be controlled and by whom.

You know it is a shame that as nutty as Ron Paul is, he still has many valid and true points about are political structure. If we could only get the good ideas of his in someone a little more sane to vote for, at least enough people to replace all politicians we currently have in the federal government.

I get so sick and tired of listening to that crap. It really turns me off to the whole political interest side of life. The only ones that pay attention to it at themselves and the moronic media. I think its time to abolish the parties. Set the stage for a new political system that more matches our countries demographic profile.

On a side note, looks like investors are buying up bargains today.

I think you're on the right track texasSp. IMO the root cause of all this is pure and simple GREED. We're a greedy species. We always want more and when you mix that with a position of power and/or manipulation you end up where we are now. If that could somehow be controlled I think we'd all be better off. I have a feeling that if we didn't bailout these bastards that we'd be ok in the long run plus it would teach them a nice lesson but i don't know enough about economics. Let it burn and maybe new growth rises out of the ashes??

Sorry but who are the " these bastards " - It is not wall street - This is about your pension, health insurance, mortage and house... Or tell me you have no credit cards, mortgage, debt, health insurance or pension.

This is not a fat cat bailout...

Brian all those banks have folded! I could add Fortis, Hypo and an Icelandic bank to the list to!

I couldn't agree more, I admit i never voted, only because i never seen anything i would want from any politition.

The 700 billion, according to Glen Beck, yes i watch it every day, From one of his guests yesterday, was just a high number to throw out to haggle on. No real reason, just a high number to put fear into the govt. so they would jump

Honestly, Bob Barr is the only one that says what i want. Small govt., Drill now and invest in green tech, and abolish the current tax system. If i vote, I might vote for him, he's the only one that makes sense to me

Another thing I think we need is strict term limits. All terms 6 years, no re-election, no running for another office while serving in an elected office. ie: If you are currently a senator or governor, you can not run for office of the president.

Maybe a special clause to allow 1 second term but only in drastic/emergency situations and only with a majority 2/3rds vote by the citizens. Personally I think we should have more votes by citizens and less by politicians. Let private sector individuals/groups be able to introduce bills/resolutions and not just politicians.

Of course what really scares me is I think the movie Idiocracy isn't that far from reality......

Who needs Al-Qaeda. Our government is doing a better job destroying our country than Al-Qaeda ever did.

The bastards would be anyone who knowingly sought to profit via deceptive practices among other things that we probably don't know about. As far as the bailout goes i didn't say I wasn't for it. I just don't know. The problem is how can you trust the people who say you need a bailout when they are part of the problem.

WOW :gasp: the government took it off the air (?) WTF happened to freedom of speech ????. :whip:


I guess the truth hurts.. :rules:
:diablo:

BINGO!

:grrrrrr: That was / is Bin L goal in life to BK the USA.. We are soo stupid we did it ourselves :slap:

IDK what to make of the bailout.

On one hand the credit market is freezing up, and short term lending is the grease that moves the economy. As mad as everyone is, it will be even worse when businesses can't make loans for payroll, day to day operations or expansion. Worse off is when they start to layoff people to cut expenses, and people can't get loans (or have money) to buy cars, houses, consumer products, etc, and the feeding businesses contract. I know GM is on the ropes.

OTOH, $700B is a $hitload of money, going to an admin that has been rarely correct on anything or its cost, and no one really seems to understand these "assets" and their real value (else the banks wouldn't be here in the 1st place.) More worrisome tho is that its in part based on an idea of propping up the overinflated housing market that never should have grown that large. The bailout could spark huge inflation which will also make everything a giant mess.

What I do know is there doesn't seem to be any good options, and there are no clear answers to any of this. No one in power is doing a good job of explaining the real implications of the impending mess for non-financial types (ie most voters) nor the full implications and +/- of the few options presented to date. Hold on to your ass kiddies, we're in for a ride.

Everyone should read this:

http://www.cnn.com/2008/POLITICS/09/...ef=mpstoryview

Great article!!

Ya know I went to bank 1 to get away from citibanks big corporate BS, Then Chase bought bank 1, Now they buy wamu my simple ebay/paypal rc account. Cant get away no matter how low I go

I VERY completely aggree with that Article! I learned alot too. Very informative!

Thanks for the Link! :yes:

I think it's amazing how when a true piece of trash comes forward like this 700 billion bailout that the US citizens get together and yell a resounding not just no but HELL NO, just like the immigration bill last year.

In the deepest of deep the good thing is we all no matter democrat, republican, libertarian, or whatever all come together to protect our best interests.

The great thing about the article is that it articulates so well why some things must die to transform and move on for the better. Sometimes the better hurts while it happens but is much healthier in the long run.

You hear Bush pleading for that crap to work out. I voted for the man, like him, but this last few months hes just...I dunno trying to line his pocket for when hes out of office, Can we get a 500 page copy of this crap bill ?