Posted on 09/23/2008 8:11:47 PM PDT by proudtobeanamerican1
How is it going to affect us in our every day lives? Your thoughts?
We may have to support our kids.
That would be firearms
Yes, we’re not in our own little space, the whole world is rather closely tied these days.
I think that ultimately we are better off as an economy to not bail them out and let it work itself out naturally. I do not believe that this is the end if we do bail them out, so what is the point? The hands will keep being held out. They are already talking credit cards and car loans, where does it end?
I don’t understand how calling all the loans will help. I would say a large percentage of the US could not cover their mortgage. Do the remaining people buy all the property and we rent or get government subsidies? Those have to run out eventually.
And if you're wrong, what then Hmmmm? You say go ahead and roll those dice and to HELL with the consequences! ARE YOU SURE?
It will be an outstanding time for our enemies to kick us while we are down.
Personally? Not sure.
Not too many brains here. Let the experts do this one.
It’s above my pay grade! (sarc)
I guess Buffet agrees up to a point, reported to be buying $5billion worth of Goldman.
I have to agree with you. There may be no alternative but to pass the best legislation we can under the circumstances.
The Question should be ( what happens if we do a bailout), The wallstreet money makers will by and large take as much as possible off the top. We will pay to much for bad assets, with no oversite. Two years or two months from now we will be in the same ( leaky ) boat.
Should we not do the bailout it will be painfull, very painfull, for about four years or more, if we learn and repair our system. Should we not take heed, and keep going the way we are we will be in the longest time of economic down turn in modern history, ( the last 100 years or so)
Thoughts of a CFO!
I'm no expert but there seem to be many here on FR that think they know better.
LOL!
"WASHINGTON (AP) - Federal Reserve Chairman Ben Bernanke bluntly warned reluctant lawmakers Tuesday they risk a recession with higher unemployment and increased home foreclosures unless they act on the Bush administration's $700 billion plan to bail out the financial industry.
Ominously, he added, "I believe if the credit markets are not functioning, that jobs will be lost, that our credit rate will rise, more houses will be foreclosed upon, GDP will contract, that the economy will just not be able to recover in a normal, healthy way."
Now admittedly, this doesn't sound like "Mary Poppins" but it doesn't exactly sound like "Lord of the Flies" either.
Mine would be this: a substantial decline in credit available, to both consumers and to businesses, will lead to a serious economic slowdown that will be difficult to climb out of, taking a number of years. Housing could very well take a decade or more to recover. This may happen anyway, even with the "bailout." Hopefully, though, this will stabilize the financial system enough to avoid widespread bank failures, which appear to be all but certain without some sort of intervention.
I agree. The American people have adjusted their ways due to increases in energy and commodity prices (the conservatives at least), why shouldn’t Wall Street learn (be forced)to function more efficiently also.
Thanks!
The S&L meltdown in the 80s is often quoted as an example - the gov’t set up the RTC (Resolution Trust Corp) to take the bad assets etc.
I’ve forgotten, how did that work out in the long run ? I know there were some problems/scams etc but did it do the job about as best as could be hoped for ?
Yep!
I'd feel safe if it was in the hands of someone who was seriously bucking the trends back in 2003-04.
Someone who was sounding the alarm bell loud and clear about lending standards that were too lax, reserve requirements that were too low, and AAA ratings pulled out of someone's AAAss.
I don't see anyone like that waiting in the wings.
If the bailout is in the hands of a party-hearty guy (which Bernanke and Paulson both were prior to their sudden recent conversions) it will be worse for the economy long term than if we do nothing.
We’re going to to give huge money to the same folks who made this mess and ask them to get us out of it . Stupid or what ?
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