Posted on 09/23/2008 8:11:47 PM PDT by proudtobeanamerican1
I just want to know why, since I bought a home I could afford...why I now will have to pay extra taxes for all my peers who bought homes they couldn’t, whle I was living in my shack?
They did sell the assets of the trust, however it took alot of time, there was alot of graft also. the books were never fully opened, the public only saw what the trust wanted them to see. The problem with this bailout is no oversite,no accountability, not that congress can be accountable. Judicial review not an option. When this happens, all hell breaks lose. Which of us would loan money to someone under these rules. Not I!!!!!!!
You have any evidence the FDIC “will go bankrupt too”.
Thought so.
You need to face the facts. The tax giveaway “wall street bailout” is turning into a boondoggle covering everything from student loans to car debt too. This bill is the worst waste of money the Congress has ever considered.
So much for a real emergency — no emergency here folks!
We have a recession which eventually leads to growth. Just like it has before. Big government will be the loser. They can’t afford to spend in a recession.
I don't have an answer. I look to these threads for insight and instead get the same people over and over again whining about bailing out the rich.
Others gloat over the fact they don't owe anybody anything and they have cash under the mattress. Though I'm not sure what they think they're going to buy with the economy crashing.
Then the rest are actually looking forward to this as the economic version of the second coming of Jesus Christ. The ones who think they have enough guns, ammo, gold and a fallout shelter for when the Chinese lob missiles just because they're pissed they lost a bunch of money in the market. They are waiting to remake the U.S. in their own image. Not necessarily a bad thing, but I think it will only result in them not getting enough sunshine.
What everybody is tiptoeing around is that the market will crash. Everybody that has something in the stock market will probably lose a substantial portion of their investments. That alone will freeze the economy for years to come.
Were these investments safe? Most, no. But to let millions of people lose their shirts just so some rich guys don't get over seems like a very steep price to pay to me.
Are we now afraid of all recession? I thought cycles happened?
I'd have to search for links to back this up, but the FDIC had something on the order of $50 billion, prior to IndyMac. IndyMac alone was estimated to cost, I believe, $7 billion. The FDIC does not currently have the reserves to handle anything widespread.
Who are the ‘good guys’?
All the graphs must go up. Every month, every year, forever. Consumer spending must go up. Consumer borrowing must go up.
Up, up, up!!
Borrow! Borrow!
All except savings. We don't care if that graph goes flat and stays flat.
Bad savers! Bad!!
We're in agreement on this.
If the bailout does not go thru it probably will help the Dems a great deal, if Reps are seen to be the cause. The deal, disastrous as it is for the taxpayer, will not prevent or stop the economic crash that is ongoing. A few hundred billion is simply too small to stop the unwinding in progress now which is in the multiple trillions....Billions are not enough to arrest a problem in the TRILLLIONS. Already, the world has probably lost confidence in loaning the US money via the Tbill purchase mechanism...the July TIC report was in significant negative territory...more redemptions than purchases. Probably ditto for Aug. and Sept. and beyond.
Fannie and Freddie alone have about $5 trillion of bad mortgages that will not be liquidated at satisfactory prices. Paulson also wants all kinds of other loan insolvencies (auto and student loans, etc) and foreign banks bailed out as well. He literally wants authority to bail out anything he wants. Foreign banks were sold toxic mortgages by the US and they want their money back and the instruments repatriated back to the US to die....he can do it if Congress lets him.
Mainstreet is going to get wiped out no matter what. The world is instantly informed and very educated, more than our elected representatives, and, the die is already cast.
Everybody forgives everybody else’s debts.
We call it all even.
We start over Jan. 1, 2009.
See? Easy.
I was watching the talking heads on Closing Bell yesterday, they were taking calls about people paying off their homes. They all said not to, to deversify, not a bad idea, at some other time. HOWEVER at this time should a person have a 401k or IRA, ( that has enough cash ) they should think about pulling it out and paying off their home.
My Opinion! They (wall street ) may be able to destroy your accounts, however they won’t take your home if its payed for. Then take the cash your paying for your morgage, start paying yourself for retirment! Remember this, should your home be payed off, you will have a place to live. Take care of your needs first, then worry about retirment. ALSO REMEMBER THAT WANTS ARE NOT NEEDS, many forget this important fact!
Well, here is your really stupid answer.
I am curious, in fact I think I am furious.
I first thought this didn’t concern me as I had no investments. Whoa..
I owe no one because I have not tried to keep up with ? But am I now going to have to pay more taxes for all my peers who had to live in their McMansion’s while I lived in my paid for shack?
Where is the justice? That was exactly what I was trying to get away from. But now I’m going to be saddled with their bill?
I think you’re right there. Where did all the mature people go on Free Republic?
I have absolutely no debt and keep investing monthly into my 401k. Any suggestions?
Well, since the FDIC has less than half of the money that WaMu has in deposits... you can do the math.
Right there with you...and they are still in their big homes with 12 acres. And an ARM that just keeps getting lowered.
If you are underwater on your home mortgage, for heaven’s sake DON’T cash in other assets to pay it off. Figure out a strategy whereby you can walk.
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