Posted on 09/29/2008 4:16:58 PM PDT by JasonC
I told you so.
Happy?
Think you saved anybody lots of money?
Think you reduced the role of government?
On saving money, US markets dropped $1.2 trillion today, and worldwide it was more like $3.5 trillion.
On the role of government, the Fed announced $630 billion in new central bank credits today, half of it to central banks abroad. And oh, the FDIC guaranteed to Citigroup all losses beyond the first 13% on Wachovia's mortgage book, which is around $300 billion.
And it won't be remotely enough, and will probably need to be doubled tomorrow.
When are you going to learn that you are in the same boat with those you are throwing brickbats at, that you are their creditors and end owners, and that destroying as many as you like will not avert one dime of the hit, but just multiply it tenfold and drop it right back in your own lap?
How many times does this have to blow up in your face in succession, before you admit the possibility that others might actually know something about it, and you might actually be wrong?
You forgot the ‘We keep you alive to serve this ship’ part.
LOL!
Finance is real, it isn't a joke.
Let's just hope they're all Democrats. Oh wait. Never mind, they'll still be able to vote.
So where did all those trillions of dollars GO? Did they just disappear, or did someone pocket them?
Here is something ELSE that is real: you cannot fix a structural defect with wallpaper.
You want some cheese with that whine?
Man up, dude, it’s the beginning of the rebuilding!
Just so you know, I’ve lost more this year than all of my other losses combined. It’s part of the price we must pay for Democracy and FReedom.
10-4?
Jason - there is something much larger at play here, but I don’t claim to be smart enough to know what it is. My simple logic says this isn’t about $700B, or the market would have corrected to that point and held.
I like these so called “conservatives”... They scream bloody about how Government is too big, but wants to the Government to do something about something..
I am a student of the free market, the constitution and its influences. Von Mises is a hero and I believe that Keynesian voodoo and other socialist/marxist ideas got us in this sticky wicket. I also tend to think that using the methods that got us here to try and fix things is sort of ignorant.
The market will shake the crap out. Sorry if you lose your ass in the shakeout. Everyone had the option to educate themselves, and should be prepared to benefit or suffer from their informed, or ignorant decisions.
..thats exactly why THE GOVERNMENT SHOULD STAY OUT OF THE MARKET AND LET IT SETTLE....in THE BILL: "Provides authority to the Treasury Secretary to restore liquidity and stability to the US financial system and to ensure the economic well-being of Americans."
Since when does an appointed official.."ENSURE THE ECONOMIC WELL-BEING OF AMERICANS?"
Oh yeah, blows McCain's paltry $46,000 from Fannie Mae out of the water. Obama's over twice as much in on the fix.
What do you think everything in the entire western world is worth, at a 1000% rate of discount, future claims vs. present ones?
Correct answer in round numbers, not a damn thing, and more precisely, 2-3% of the value of all assets at the normal rates of normal times of confidence.
If you demand that all asset values be realized *today* and pretend "otherwise they are not 'real'", then you are (1) valuing future claims at an infinite rate of discount and (2) will reduce the total wealth of the entire society to the value of its current inventories of consumer goods.
No, I am not flustered by a stock market index fluctuating, I am flustered about your apparent inability to grasp your own place in all this. Do you own a house? Have you ever borrowed a dime? Do you have a bank account? Do you care whether your wages come to you with one less zero on them, while all your debts remain the same?
It is just ridiculous. You simple have no idea what capital is or what it is continually doing for you, so you think having it disappear will not affect you.
You are in for a shock.
First, western civilization survived the Great Depression; it will survive this crisis too.
Second, most here believe that the bailout plan was, itself, part of a plot to destroy American capitalism and implement a more social-democratic economic system. We’ve been hearing for the past week that we have to have a bailout “tomorrow” or the world as we know it will end. It hasn’t happened yet — doesn’t mean it won’t — but it hasn’t yet.
Third, many conservatives are skeptical of the veracity of our government officials, especially since many of these same bailout “experts” have adamantly maintained that our banking system is strong (and that Freddie and Fannie were sound). If that makes us less likely to accept Paulson’s view of the world as gospel, he bears most of the blame.
Fourth, most here aren’t cheering the destruction of “everyone else’s wealth.” Many, however, believe that this wealth was illusory and that too many people have been living over their means and that, if their choices bite them on their asses, it’s sad but not our responsibility to pay for it. When a bailout plan fails to address any of the regulatory problems that helped create the crisis, we become skeptical.
Fifth, I think there will be bailout. It doesn’t make me happy, but I’m not red-in-the-face apoplectic about it either. I just want to see some sanity prevail in the package that’s ultimately enacted into law — not a Chicken Little response.
and `Put your backs in it—the captain wants to water ski.’
None of mine have. Yours?
Buddy, there is a difference between deposit insurance and mortgage insurance.
The banks are required to keep deposits safe or they will be taken over just like Wamu, the Fed will act, but they will liquidate the assets to other players. The insurance is paid back through premiums and liquidation.
The biggest risk is that the buyers are the Chinese and Saudi Arabia. These moves do not take or cost the treasury money, but this bail out does because it transfers the risk to the government.
That's funny, coming from a poster who makes Sam Kinison look like Marcel Marceau .
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