Millions of INNOCENT people will be hurt if nothing is done to stop the hemorrhaging on Wall Street. Other people can start over from scratch.. but most retired seniors living on dividend checks can’t exactly re-enter the work force to recoup their loses.. They have already been hit hard this past year.. I don’t want to see them completely ruined. Especially the ones with no family.
Not just senior citizens. My wife and I are in our fifties and we sell houses for a living. It’s a little late to be learning new skills. I’d do it in a heart beat but I also know people my age don’t get hired.
This bail out should help those who’ve lost their jobs due to this mess with job training and hiring incentives.
yeah it’s funny to see everyone talk like they are tough survivalists holding on to their guns and gold coins.
If you think that 700 billion, or even 2 trillion is enough to stop what’s coming than you haven’t seen the problem.
Why doesn’t 700 billion solve the problem ? There are so many reasons I could write pages. I’ll try to summarize.
1. federal regulator and central bank intervention in the markets has caused a deep distrust that is causing problems. They no sooner provide liquidity or a bailout and they trigger an unintended consequence
2. bank balance sheets with their tier 1 capital consisting of things like “good will” and the borrowed reserves shows that banks are insolvent. Increasing Level 3 assets every quarter makes bank balance sheets untrustworthy - no one knows the fair value of bank assets
3. RE markets have a ways to fall yet
4. commercial RE markets are toppling over - they usually trail residential by 12-18 months
5. government debt is so large that additional debt will push up interest rates
6. all the game playing with the markets and asset values are causing foreign capital to leave the US
7. and the 900 lb gorilla - the 500-600 trillion dollar derivatives market that is opaque, not marked to market, and does not go thru a central clearinghouse, so that no one knows if their counterparty is good for the paper
8. consumers are tapped out, in debt to their eyeballs, and making banks solvent is not going to make the consumer solvent
This bill just throws borrowed money down the rathole of those who led us down this path. It will not fix the problems, and it will just allow those favored ones to loot the Treasury while the rest of America gets saddled with more debt.