Paulson was selling it this morning.
“Free money for EVERYBODY!”
If this happens then the country is finished. Anyone who votes for this bailout is a traitor. And if Bush signs it, then he is a traitor.
Prime plus 5 and secured 200% by American held assets. OK!
We’ve been bilked Big Time.......Democracy is only as good as the people in it......Most of the people in it now are low lifes be they Repubicans or Democrats.....The fact that this whole financial collapse happened is because the so called people in charge are greedy, scum bags.....It desn’t take a rocket scientists to see that allowing anyone to get a lone, in some cases weather they had a job or not was going to lead to disaster......
Our whole society has been breaking down ever since political correctness, ethnecticity, and gender have become our god, while the real God has been run out of Dodge!!!!
I don't think people realize how close to the abyss we came on Wednesday and Thursday morning. Morgan Stanley and Goldman Sachs were about to fail. The credit markets were frozen. Other brokers and banks stopped taking assets. You couldn't move good securities from Morgan to another prime broker before it went bankrupt. There were no buyers and sellers were taking any price in the market. Money market funds were going to fail. I try to refrain from the breathless hyperbole that runs rampant in times like these, but I was truly fearful that the system was about to collapse.
Some may say that this is how the system cleanses itself and they may be right, but if everything is allowed to unwind in a haphazard way the results will affect every person in this country in a substantial way. You simply cannot take that much cash out of a leveraged economy all at once without serious consequences. Companies will not have cash to make payroll, factories will be shut down immediately, there will be no severance and no paycheck on no notice, credit cards will be cancelled, car loans and mortgages will cease to be available, home equity loans will be called in.
I'm not pretending to know what the answer is, but the problem is that serious.
It was only supposed to be for US entities.
“Money itself isn’t lost or made. It’s simply transferred from one perception to another.”
Wall Street 1987 Michael Douglas
We’re still doomed financially. This bailout will be sucked into the ayss and more and more will be needed within 6 months. It is a lot of money, but not enough. No amount will be enough, and the amount deemed sufficient will cause hyperinflation and/or a bond crash. We have passed the point of no return.
There isnothing inherently unjust about this IF one considers the bailout a good idea. These are banks with US branches.
They are REGULATED by the Fed:
Foreign banking institutions, which include foreign bank branches, agencies, and U.S.-chartered bank subsidiaries, hold approximately one-fourth of all commercial banking assets in the United States.
Foreign bank branches and agencies operating in the United States are subject to Federal Reserve regulations, and the Federal Reserve examines most foreign bank branches and agencies annually.
Federal Reserve services and privileges are available to foreign bank branches and agencies, but U.S. deposit insurance is not available to branches established after December 1991. http://www.newyorkfed.org/aboutthefed/fedpoint/fed26.html
So let me get this straight. Because we are broke as a nation will we be borrowing the money from the same foreign banks we are bailing out?/s