How does a deal impact me

9/25/08 | perez24

[perez24]

How does this bail out effect the average person, i.e. carrying a mortgage and some credit card debt, reasonably stable job, decent credit rating? I'm hearing it's the end of the world on both sides of the issue but there has to be a fairly straight answer.

[Uncle Miltie]

They’re stealing 1 month of your pay.

$1T bailout / $13T GDP = 1 Month of Pay for Everybody

They’re taking from the prudent and giving to the spendthrifts.

Bushonomics: Privatize Gains, Socialize Losses.

[Phantom Lord]

In the end we are all dead.

[Tarpon]

Two points, the bailout is about $2300 for every person in the country, family of four, $9200 and second, the US Dollar will tank when the deal is done.

[Cousin Eddie]

without a deal, massive bank failures are likely. No car loans, no home loans, credit cards pulled, massive layoffs by banks (those people stop paying their mortgages and car loans), leading to more bank failures.

No matter how prudent you’ve been in your life, your net worth will likely fall dramatically.

[paratrooper82]

How about the fact this Government bail out will transfer millions of acres of private land into the hands of the socialist running the government. As if we already do not have enough environmentalist interference with our private lands to begin with, wait until the gubberment shows up to inform you they own the private land you thought was yours! Wait until they establish gun free zones on their property! They have already done this in the inner cities.

[Red_Devil 232]

Give your bank a call tomorrow and see if you can get a new car loan.

[jbstrick]

“without a deal, massive bank failures are likely.”

Massive business failures will follow.

A bad deal, if it halts the collapse is better than no deal. I don’t think many understand the catastrophe this will be.

[supercat]

without a deal, massive bank failures are likely. No car loans, no home loans, credit cards pulled, massive layoffs by banks (those people stop paying their mortgages and car loans), leading to more bank failures.

A bail-out may delay those things, but it won't prevent them. Actually, it will ensure that when the market crashes (probably within 5 years, quite possibly within 3, certainly within 20) it will be worse than it would have been today.

No matter how prudent you’ve been in your life, your net worth will likely fall dramatically.

Much of your money has already been swindled away in the house of CarDS. A collapse would cause many assets to be revalued to reflect reality, so it would look like the collapse caused the loss; in fact, the value has already been lost and people just don't realize it.

[cripplecreek]

If you’ve been responsible with your finances it punishes you. If you’ve been irresponsible don’t worry, the responsible folks have got your back whether we like it or not.

[meyer]

Two points, the bailout is about $2300 for every person in the country, family of four, $9200 and second, the US Dollar will tank when the deal is done.

Since only around 50% of the adults in this country pay federal income taxes, I think that it would be more accurate to discuss the bailout in terms of dollars-per-taxpayer rather than per person. The deadbeats that stand to benefit from this are not the taxpayers.

I agree about the prospects concerning the dollar. It could well tank.

[dalereed]

“Give your bank a call tomorrow and see if you can get a new car loan.”

If you can’t pay for the car, you don’t need it!

[cripplecreek]

If you can’t pay for the car, you don’t need it!

EGADS MAN!!!!! You sound like one of those crazy people who think people should live within their means.

[snippy_about_it]

Maybe we should all skip next months mortgage payment.

[Dawn531]

I’ve been told by a couple seniors who went through the Depression, the best thing to do right now when nobody knows what exactly is going to happen, is to have some cash on hand...as “in your hand”...not in a bank. I’m not talking about taking all your money out of the bank, I’m talking about money to see you through to buy groceries, or gas should they suddenly suspend credit or your bank fails (i.e. you can’t get to your money for awhile, and your ATM or CC doesn’t work.) So we’ve followed their advice and have cash on hand. Stocking up on groceries or storing gas might be an alternative action.

[cripplecreek]

Maybe we should all skip next months mortgage payment.

Can't, my house and car are paid off. There's always the electric bill.

[Red_Devil 232]

If you can’t pay for the car, you don’t need it!

May be you don't.

[JamesP81]

Two points, the bailout is about $2300 for every person in the country, family of four, $9200 and second, the US Dollar will tank when the deal is done.

Which means oil and other commodities will head north in a hurry.

[microgood]

One thing they are worrying about is that if everyone’s 401K completely tanks the government will have riots on the streets.