700 What!!!!!!!!!!! American!!!

[Ironhead]

OMG!!!!

$700,000,000,000.00 US. Billion!!!!!

Is the us not going to hell in a hand basket!!!! Holly Crap!!!

Seems to be becoming a socialist government!!! nationalizing the banks!!!

Surely to god Barak Obama is going to win!!! I think if it were me I would give up and run for the hills.

Better go out and buy me a big gun to protect myself from those heathens from entering my house.

HHMMMMMMM Where is George Orwell when we need him.

Hugo Chavez must be laughing his head off in Venezuela right now!!!

 

[jim]

OMG!!!!

$700,000,000,000.00 US. Billion!!!!!

Is the us not going to hell in a hand basket!!!! Holly Crap!!!

Seems to be becoming a socialist government!!! nationalizing the banks!!!

Surely to god Barak Obama is going to win!!! I think if it were me I would give up and run for the hills.

Better go out and buy me a big gun to protect myself from those heathens from entering my house.

HHMMMMMMM Where is George Orwell when we need him.

Hugo Chavez must be laughing his head off in Venezuela right now!!!

To put it in perspective. That is equal to 2,000 McDonalds Apple Pies for each US citizen.

 

[Bartdude]

To put it in perspective. That is equal to 2,000 McDonalds Apple Pies for each US citizen.

Which the average American citizen would gladly eat

A trillion dollars, basically. To bail out a bunch of scam artists and criminals.

Fucking pathetic.

 

[Evolve]

To put it in perspective. That is equal to 2,000 McDonalds Apple Pies for each US citizen.

Let's subtract out the non-taxpayers. That would be the too old, the too young, too poor, too rich (always got a loophole), unemployed, illegal aliens, people working under the table, and people who just plain old falsify their tax returns.
Then you are looking at what? About 1/3 the population left, so 100,000,000 tax payers.
So, $7,000 each to support the stupid (people who got mortgages they couldn't afford), the greedy (the people who sold them those mortgages), and the stupid AND greedy (the government and the people in charge of the financial institutions).

 

[Cousin Vinni]

It could be tough times ahead!

People need to understand the downside of no bail out is even worse, its going to be catastrophic. The US economy is at the brink of total collapse and its taking the whole world down with them.

I'd say anyone who is working today should be prepared for the possibility of loosing his or her job in the next nine months to a year. We are in a very turbulent time, this is no joke. This will be worse time to accumulate anymore debt and continue spending, but holding on to your money will save you.

 

[mustangjoe]

People need to understand the downside of no bail out is even worse, its going to be catastrophic. The US economy is at the brink of total collapse and its taking the whole world down with them.

I'd say anyone who is working today should be prepared for the possibility of loosing his or her job in the next nine months to a year. We are in a very turbulent time, this is no joke. This will be worse time to accumulate anymore debt and continue spending, but holding on to your money will save you.

The world is coming to an end!

 

[Evolve]

This will be worse time to accumulate anymore debt and continue spending, but holding on to your money will save you.

This is, of course, exactly the opposite of what got everyone into this problem. However, such an extreme swing in the other direction will cause the whole situation to get worse. It will grind the economy to a halt, and cause the Great Depression 2.
Make sensible investments. Acquire sensible debt. Make sensible expenditure. Just stop and think before doing anything big with your money.

 

[Big Dog Striker]

Americans aren't buying the $ 700 Million bailout plan being proposed by Bush, Bernanke, and Paulson ( former CEO of Goldman Sachs ). When they saw President Bush giving a nationally televised speech about the dangers of not having this $ 700 Million bailout plan approved by Congress they remembered the same guy who told them years back that Iraq had WMD and they need to make a move which costs them almost $ 750 Billion to date.

Sad to say, sentiment is turning against the plan since the people proposing it have no credibility anymore. The offices of Congressmen are swamped with calls from their constituents everyday about their negative sentiment towards the proposed plan. Americans are souring on the bailout, a bailout they truly need the soonest time possible. If not, the market will go back to September 17 levels and go down from there much further.

What Washington needs is the highly respected master salesman from Nebraska, Billionaire Warren Buffet, to sell it to the American people and Congress. When his Berkshire company invested in Goldman Sachs a few days ago, it brought confidence back a bit. Buffet is the financial adviser of California Governor Arnold and Barack Obama as well.

Come to think of it, when Clinton and Gore left Washington, the United States had a surplus and the economy was bullish. In less than 8 years of Bush and 6 years of a Republican controlled Congress, you now have this big mess.

 

[Big Dog Striker]

Bush Economics

From the Jay Leno Show.

" You know, I'll tell you once again, I don't think President Bush gets it. He doesn't really understand these economic issues. Like today, he was asked if customers should be concerned by all these bank closings. And Bush said, " If the bank is closed, you just use the ATM. "

Truthfully, no one really knows how to go about this $ 700 Billion bailout plan. They can number crunch all they want but as more and more economists are finding out, human behavior is difficult to reduce to a formula or a mathematical model. The current stalemate in Washington isn't economics anymore, it's more of psychology. Congress can act one way or another and there should be an even chance they could be right or wrong whatever they do. Two questions are on the mind of every member of Congress right now: What if Paulson and Bernanke are right? What if they are wrong?

With a presidential election in 6 weeks, there is no margin for error. So the drama in this Washington bailout saga continues. It beats everyday soap opera because it's for real and everyone's net worth will be affected by it.

 

[timhorton]

OMG!!!!
Seems to be becoming a socialist government!!! nationalizing the banks!!!
Better go out and buy me a big gun to protect myself from those heathens from entering my house.

HHMMMMMMM Where is George Orwell when we need him.

Hugo Chavez must be laughing his head off in Venezuela right now!!!

Do you even think you know what you are talking about before you type?

The US government doesn't want to touch the banks, let alone nationalize them. Both parties are fierce proponents of a free market system. And who said anything about nationalizing - do you even know what that means? A partial and temporary equity stake is a means of investment protection. There is by no means a serious consideration of "nationalizing" the banks.

If a financial market collapse wouldn't be so debilitating to the US economy, and damaging to personal wealth of so many US citizens, they'd just let the banks fail.

The US is holding its nose and picking the lesser of two evils.

You are fearmongering about nationalization of industry in the States?

Canada does this much more with bailouts and fundings. Remember PetroCanada? Remember Bombardier? Remember WardAir, then Canadian, then Air Canada? Canada is a mixed market economy.

And, one of the reasons the US banks are in this position is because the US has such a hands-off policy on the market. It's a basic tenet of democratic liberalism. Things like this don't often happen in socialist economies, though they have their own problems.

 

[timhorton]

I'd agree with you completely Tim Horton..mind you I'd say the US economic system may lean a bit toward "mercantilism" mixed with capitalism.

True, there is no such thing as a "pure" economic ideology in practice - just "as-close-as-we-can-get" models held together by principle. But how do you see U.S. mercantilism as a mitigation of capitalism? Aren't they both just working principles of free market? Yes, there are protectionist measures in place and minimal measures to protect against monopolization, but the US was founded on a free market and has continuously aspires to be as laissez-faire as can be. The upside is it allows people to accumulate wealth through market trade with as little hinderance as possible; the downside is when you tread so close to the line, things like this can happen. I think what happened here was free market tipped into market anarchy, which indicates that the US needs a little more market control.

The working model is about as close to free market as they can get, though.

We complain about our banks..and their service fees and regulation. Perhaps now, in hindsight, we see it is a good idea.

Exactly. One of the reasons you rarely see the finance industry in trouble here. There is a much stronger principle of checks and balances prompted by legislation. One of the upsides of minor interventionism.

 

[greatshark]

America is Falling

The 700 Billion dollar bailout is not just a bad deal for the average American, in that why should they pay their tax dollars to these US financial institutions who got themselves in this situation in the first place by their greed alone.

But, if this passes, this will Destroy America. Mark my words. 700 Billion Dollars!!!! America has only spent 500 Billion on Iraq so far, and this has been a financial disaster for them. This will leave America in debt for several generations and I don't think they will ever recover from it (America already has a major debt problem, although this is rarely mentioned).

This will be the beginning of the end of the great american super power (in terms of financial and military) as we know it. Russia and China and to a lesser extent India, will become the new superpowers over the next decade or so.

 

[visiting]

checked the stats before you say who's going to be a superpower. as much as russia and china as well as india have developped in the recent years, there's a reason why they're categorized as they are economic wise. as well as the political state of these places and the degree of freedom and the institution structure of their markets. sure 700 sounds like a big number, but look into their surplus numbers from the past 20 years, you'll get a better idea of the amount of money they deal with down south.

While I agree with you, they can pay it off, but with the costs of the war, the banking system in the US right now.... it will be years!!!!! and that means not in my lifetime or anyone on this board... right now every American needs to hand over a check for a little over $32,000 to clear the dept.... yes all 300 million plus, of them!

here it is....

http://www.brillig.com/debt_clock/"]US National Debt Clock



ouch!

 

[Big Dog Striker]

Piecemeal Approach Continues

When members of Congress voted down the proposed $ 700 Billion Bailout Plan earlier, most of them believed that Mainstreet should not be paying for the sins of Wall Street that resulted in the failures of its financial institutions. However, it should be noted that the American taxpayer are already paying for these failures as of present time and the actual tab at the end will be much larger without bailout legislation than if it was approved today.

The Treasury Department, FDIC, and the Federal Reserve will just keep on putting in hundreds of billions of taxpayers money to risk ( like what they did with AIG, Fannie, and Freddie ) to save various institutions and prevent chaos without need for Congressional approval. Sometimes it can serve a bigger purpose like with AIG whose loss could have created financial chaos worldwide or a greedy one which is to save Goldman Sach's $ 20 Billion credit given to AIG from going down the drain.

If President Bush can muster 13 votes from his own GOP in the next 3 days, then the bailout plan might be able to do an Oral Roberts ( revised version ) before the week ends. Reminds me of Paul Pierce during the first game of the NBA Finals. If not, Congress can come back into session on November 5 and pass something worthwhile. It shouldn't be that hard then, the economy will be much worse already and the next election would be 2 years away.

 

[deberry]

I hope the Americans never allow them that money. Let Wall Street die and let mainstreet prosper.

 

[Fudd]

With all the economic chaos going on in the US. The World will see a new Socialist Revolution!!!!!

I would have predicted the Revolution would have started in Europe or Canada. Its a hell of a surprise to me that it starting in the US, but stranger things have happend in history before.

This is history in the making. Just like the end of Apartheid, we are witnessing the end of the Imperialist Capitalism which exploits the the Socialist Workers of the world and makes the rich richer and the poor poorer. But after the collapse of Wall Street and Bay Street, Socialism will emerge to rebuild a better World for all.

And save that 700 Billion for building homes for the poor and homeless.

 

[Cousin Vinni]

I hope the Americans never allow them that money. Let Wall Street die and let mainstreet prosper.

With all the economic chaos going on in the US. The World will see a new Socialist Revolution!!!!!

This is history in the making. Just like the end of Apartheid, we are witnessing the end of the Imperialist Capitalism which exploits the the Socialist Workers of the world and makes the rich richer and the poor poorer. But after the collapse of Wall Street and Bay Street, Socialism will emerge to rebuild a better World for all.

And save that 700 Billion for building homes for the poor and homeless.

Why is that so many think they are immune and insulated from the effect of the collapse of Wall Street, the US banking system and the US economy. Saving Wall Street is a necessary evil. The US will slip into a long and deep recession or even depression without the package. U.S. being Canada's major trading partner, they will take Canada down with them, like it or not.

A depression means you and your Socialist Workers friends will longer have a job (assuming you do have one now). Even if you have 700 billion to build homes for everyone of your poor and homeless buddies in North America, then what? After they are given their free houses and so forth, where will you keep finding free money for them for the rest of their lives?

Ask anyone who has some savings and investments, they can tell you what's happening to their retirement savings during the last little while. So much were literally wiped out. Fortunately, the market will eventually recover, but if Wall Street is not being saved, it will be long long hard road back.

Obviously, I suppose people who never have more than few hundreds dollars in their bank account and use Money Mart as their main bank, current situation don't really apply to them.

 

[HNG50]

apparantly there are 220 million tax paying people in the USA, instead of giving 700 billion to Wall Street and those greedy Gucchi wearing bastards the $$$. Give 1.5 million to each of the 220 million tax payers and then watch the economy BOOM!

 

[deberry]

Funny today was the 3rd largest gain ever by the stock market after this bailout failed. And they are still pressing for it. However no one is reporting this record day.

 

[SilkyJohnson]

http://video.google.com/videoplay?d...15&ei=n__iSKuJB5jUqAOqg-GZCw&q=endgame+extras

how'd they know the economic collapse would be started with the "housing crisis" more thasn a year before it happened?