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Next OT Discussion... Taxpayers bailing out the banks?

Discussion in 'UO Siege Perilous' started by kelmo, Sep 29, 2008.

  1. kelmo

    kelmo Old and in the way
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    I was rather pleased with the last discussion. There may be hope for us yet.

    Thoughts? Comments? Discuss the topic, not the poster.
     
  2. Hef

    Hef Guest

  3. Turtle

    Turtle Guest

    As a student of the field I will say I am very pleased the bill didn't pass. It will do ZERO for the economy as a whole other then build confidence in the masses of people who don't know anything except what they hear on the news.
    The bill would have done nothing but make money for the Federal Gov.
    The real problem and real issues of the economy are not being address, which are de-regulation from this **** administration, education which was also cut by this administration, jobs, real estate, interest rates and taxes.
    It all makes me too angry to even get further into it.
     
  4. Turtle

    Turtle Guest

    Oh and a War we shouldn't be fighting costing us billions of dollars a month.
     
  5. kelmo

    kelmo Old and in the way
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    Stay on target...


    Yeah. It has to be done. The taxpayers should win, though.
     
  6. Vortex

    Vortex Slightly Crazed
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    Not the governments job.
     
  7. kelmo

    kelmo Old and in the way
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    Then whose job is it?
     
  8. TheScoundrelRico

    TheScoundrelRico Stratics Legend
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    The market's...la
     
  9. kelmo

    kelmo Old and in the way
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    What?!? You are against partial socialism? Privatize the gains and socialize the losses!
     
  10. Vortex

    Vortex Slightly Crazed
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    Exactly...The more the government tries to fix things, the more they screw it up and put us further in debt. If we ran the government like a business, we would be broke! But, oh wait, the government would bail us out! :coco:

    This is just like the bailout of the airlines. Dumb. What about corporate responsibility? The banks lend out stupid loans and the government bails them out? What happened to survival of the fitest?

    So many examples of what the government shouldn't be doing...welfare, FEMA, etc.
     
  11. kelmo

    kelmo Old and in the way
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    I sent an email to my rep. I said thanks for listening to us.
     
  12. kelmo

    kelmo Old and in the way
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    I think the bail out will happen, I just hope the greedy bad guys do not win.
     
  13. Speedy Orkit

    Speedy Orkit Grand Inquisitor
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    I think it's insane we should bail them out. The banks are largely in this mess for giving loans to people that could not afford the mortgage payments etc, and so they took....nothing. These people had nothing to give, the banks caused this through greed.

    On another note more according to Turtle's post. My good friend is serving as a truck commander in Iraq. They were just kept up for 27 hours straight, had mortar rounds raining down all night, and a few trucks were hit by IED's. This is my unit so it hits at home. Luckily no one was hurt, but this is what they deal with. He is on a 9 month deployment as a corporal. He will come home with roughly 28,000$. However, another friend, who happens to be the son of a very famous MLB player was recruited about 2 years ago into the minors with a 1.2m contract, for 6 years I believe. He makes almost 10x what my friend does to not play, because of his fathers name. Yet the average bank TELLER, A TELLER in my city earns around 27,000$ a year with a 40/hr a work week schedule. How can anyone justify giving these people money? IMO, you dug a hole so dig your way out.
     
  14. kelmo

    kelmo Old and in the way
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    Speedy, it is not the soldiers, the tellers, or the baseball players. Fat cats need to suffer and not walk away laughing. I may be nieave...
     
  15. kelmo

    kelmo Old and in the way
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    That is it for me. The bail has to happen. The CEO's should not profit, the money has to still belong to the taxpayers, and I wish I knew where my 401K was. I can not access it. The link is broken on Merril Lynch.
     
  16. Goron

    Goron Guest

    Don't blame me, I don't watch baseball. Blame those that do, they give the money...

    (and im not sayin u were blamin me, just makin a point).
     
  17. Addicted

    Addicted Guest

    I think it's a very idealogical discussion. It all depends how firm a beleiver you are in free markets.

    Personally I am happy, that they didn't bail out the banks for several reasons, some already mentioned here.

    As I wrote earlier, how much have these banks and CEO's paid in taxes to the US. I don't know, but i doubt it's a high % of their income. Then why should the same people be saved with governments funds?

    These 700 billion dollars would not have helped anyone, who's in the middle of a foreclosure.

    As far as I have understood, the term "sub prime" is a definition of someone with a very poor credit rating? close to bankruptcy? How the hell did they get the idea of loaning money to these people in the first place?

    When I go make a loan, no matter what type, to buy a house, I am personally responsible for it. Even if my house drops in value and is worth less than the loan I made. I can't hand over the keys to get rid of my loan. This is how it is in my country. That does make it safer for the banks/loaners I guess.
     
  18. Speedy Orkit

    Speedy Orkit Grand Inquisitor
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    If everyone pays taxes on this bail out, then I believe everyone under a mortgage from these banks should be given levity on their loans or some interest knocked off.
     
  19. SippyCup

    SippyCup Guest

    Give everyone that votes in this year's presidential election 2 billion dollars.
     
  20. Arch Magus

    Arch Magus Guest

    I would strangle that Pelosi if I had the chance.:bdh:

    Anyone else get that feeling when they saw her and the Wall street group up on the news? Laughing apparently because something was so damn funny....:coco::sad4:

    They really thought they were going to pull a fast one over on us.:talktothehand:
     
  21. Arch Magus

    Arch Magus Guest

    It's not the addiction to foreign oil that's killing this country.

    It's the addiction to DEBT. :scholar:

    This plan would do more harm in the long run than it would ever do good.

    I've started following Dave Ramsey's plan. Anyone interested in living debt-free should get started. He has a lot of good information on his radio show.

    Quit buying things you aren't ready for! Debt is not the answer!
     
  22. Petra Fyde

    Petra Fyde Peerless Chatterbox
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    I'm not American so I don't really have much to say, but I can't help wondering. How much sympathy would we get from the banks if we'd gotten ourselves into this mess?
    Where can I get a job that pays me thousands of dollars when I get sacked for incompetence?

    Can we put Bush (yours), Blair and Brown (ours) in a rocket on a one way trip to Mars please?
     
  23. TerryFyde

    TerryFyde Guest

    I am not American, but the financial "crunch" affects many countries.

    As i understand things the $700 billion will take the total injected into the system by the US government to arround $2 trillion.

    I believe that the US government will eventually get a favourable vote for the $700 billion. However, based on what happened in Japan in the 90's i fear it will not by itself resolve the current situation.

    It took 10 years for the economy of Japan to recover. The current situation could take at least as long mend and the full benefits to be felt by the ordinary people.

    A major problem could be the requirement of national governments and financial institutions to act in concert across national and political divides.

    For those to young to remember the problems of Japan's financial institutions they were in the end resolved by drastically reducing interest rates and printing money to enable business to earn and then deposit in banks, which gave the banks liquidity. It is reasonable to expect that something similar will need to be done in the US, Europe and some parts of Asia to resolve the current "crunch". Strict accross border regulations and checks also need to be put in place to ensure that x years down the line the same or similar does not happen.
     
  24. Lorddog

    Lorddog Crazed Zealot
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    The main reason we are in this mess is because of congress.
    news medias try to make it look like the presidents fault for these things when in reality congress is the ones that pass all these laws.

    I think the real problem is with the power of lobbiest giving disguised bribes to our congress. That is tooo easy for coruption and mishandeling of our laws.

    aparently congress people were suppose to have oversite on fannie /freddie and because they were being payed under the table they ignored alot of the symtoms poping up over the last 4-6 years. not only are the ceo's making millions of this so are certain congress people.

    Like some of you I think these things should fail, FBI needs to look into illeagal things and congress should indict ceo's and others who did corupt things.

    Lorddog
     
  25. Turtle

    Turtle Guest

    You have no idea what the hell your talking about.
     
  26. kelmo

    kelmo Old and in the way
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    Well, inform me. I would like to know.
     
  27. Trep

    Trep Guest

    become a CEO, these people ran the companies into the ground and still are walking away with many millions of dollars
     
  28. Luka Melehan

    Luka Melehan Certifiable
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    My daughters traveled to Finland and some countries in Europe over the summer. PLenty of people willing to give them an earful about America, trust me, it affects everyone. Imagine growing up and living in a country where its common to recycle, re-use, take care of your own body and the planet you live on. You would think americans were fat, stupid and lazy too. You would see how they will drag the whole world down with them. And thats not even approaching the subjects of economy and politics.
     
  29. Vortex

    Vortex Slightly Crazed
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    Exactly, I did the Dave Ramsey plan and I have no debt. The government needs to do the same.
     
  30. Turtle

    Turtle Guest

    Take an economics and financial class. It's better to teach someone to fish..

    Believe me there is no way in hell you could explain this situation to someone on a forum. Just don't listen to what the media says, they don't know anymore then you do.
     
  31. Goron

    Goron Guest

    bah!
    But then I couldn't actually afford my Mercedes and I'd have to drive 'normal person' car. How can I compensate for my lack of pvp skills if I can't get into my nice car and feel good about myself?
     
  32. CroakerTnT

    CroakerTnT Guest

    Q: How many U. Chicago economists does it take to change a lightbulb?

    A: None, the market will handle it.