time.com— Do not be fooled. The $700 billion (ultimately $1 trillion or more) bailout is not predominantly for mortgages and homeowners.
Sep 29, 2008View in Crawl 4
But your self interest may actually be in having these credit markets solvent. Your employer may rely on these short term loans to make payroll. Your roofing business relies on people being able to get loans for home additions. This is the real problem. Without these loans available hundreds of thousands of people are going to loose their jobs. I don't know if the last proposal was good or not. But we may be being penny wise and pound foolish.
What I haven't heard anybody address is what happens if a major bank goes belly up and we as the tax payers (through the FDIC) are stuck holding the bill. We only have 50-60 billion in FDIC reserves, this would hardly cover a medium sized bank bailout. We have been lucky that some bigger banks have scooped up these failing ones, but what happens when more banks like Indymac go down.
How about how he tried to give us a 3 page bill with no oversight. That act of bad faith alone should be enough to call him out on his bulls**t. If it isn't for his buddies on wall street, then it is for his buddies in Washington.
I say just give the people the 700 billion. We will save our mortgages buy paying that money to the bank and that money they get will save the bank. Who let the gas prices get so darn high? I think a lot of this started happening because gas prices soared and suddenly food prices soared and their seemed to be a big domino affect . People couldn't afford their mortgages because they needed to pay for the high cost of everything else.LOWER THE COST OF THE GAS!!!!!!!!!!!!!!, FOOD!!!!!!!!!, MEDICAL INSURANCE!!!!!, CRAZY HIGH INTEREST RATES ON MORTGAGES!!!!!!!!!!!!!!!!,AND MAYBE WE CAN AFFORD TO BUY STUFF AGAIN AND PEOPLE COULD KEEP THEIR JOBS BECAUSE WE WILL STILL BE BUYING STUFF. BAIL OUT THE BANKS!!!!!!!!!! ARE WE CRAZY!!!!!!!!!!! THEIR RICH!!!!!!!!!!!LET ME SEE THEM SURVIVE ON $29,000. A YEAR. THE PEOPLE STRUGGLING TO MAKE IT REALLY NEED A FREAKIN BAIL OUT. NOT THE RICH BANK OWNERS!!!!!!!!!!!!!EVEN IF WE DONT BAIL THEM OUT THEY WILL PROABLY REST EASY ON THEIR MILLIONS THEY HAVE SHOVED IN SOME FOREIGN BANK SOMEWHERE.
Our economy is indeed in trouble, but this is not the solution. The problems are deeper than some "real estate bubble" or even "tech stock bubble." The true problem lies with our fiat currency, debt based economy, and the Federal Reserve itself. I recommend you listen to Ron Paul or buy his book, The Manifesto.This bailout is NOT the solution. Where will the money come from? From the taxpayers? Why are we being called upon to continually bail out these mismanaged entities? In a capitalist society businesses fail. When they pay their CEOs millions of dollars instead of making good decisions, this is what happens. Will we print the money? Printing money at will, which we have been doing at an alarming rate, will make inflation even worse. The dollar will eventually be destroyed. Will we borrow the money from overseas? This hasn't been working, why continue? Our national debt is at 10 TRILLION DOLLARS!We are headed into a deep recession. A recession that was supposed to happen years ago. We have made all the wrong decisions again and again to delay it. It can not be delayed any longer. But RECESSIONS ARE A NATURAL PART OF OUR BUSINESS CYCLE. When we keep delaying it, it will only be worse when it hits. It's hitting. If this bill passes, we will find ourselves in a DEPRESSION.There are alternatives. I can get on the internet and find many intelligent alternatives. But the politicians and talking heads on the television do not offer any. Why not?A yes vote on this bill will concrete the position that the House does not speak for the people that voted it into office. Our government "by the people" and "for the people" is dead. We will do everything in our power - campaign, donate, recruit friends, family, and strangers - to vote them OUT OF OFFICE this fall.
Well, I can see the American people are getting the shaft again. I simply can not believe what Congress is doing to us. Wonder why they can not just take into consideration the immediate problems without adding "sweeteners" to benefit someones cronie? OMG a tax break for NASCAR? Rum producers ($192M) and bicycle commuters in Puerto Rico and the Virgin Islands? $6M for manufactures or wooden arrows? $2.5B to the execs of Lehman Brothers? What gives? Just address the problems and leave out the BS to help someones friend. My God where are our protectors in this fiasco?The wealthy are making millions on this fiasco. Look at the market fluctuation. There are millionaires making millions yet again off the backs of us "working" people.Now I am hearing that because of this BS, it affects your credit score even if you pay more than the minimum payment on a loan. Why the hell should their bad judgement affect what you have earned hard to get? This is such a crock.I agree with a previous post, give those billions to the people and to the one that makes $29,000 a year, count yourself lucky, try doing this on $12,000 a year. How about doing away with the illegal income tax? and the IRS leaving the people alone, confiscating homes for something that is not even law?
So sorry for the double post but I just happen to think about something, Everyone talks about this "trickle down" theory. Well, this has been complained about all my working life (about 40 years). This is NOT something new. It has not worked for decades, what makes them think it will work now? This mess started a very long time ago when our government started deregulation, shipping jobs out of the country, allowing hugh tax breaks and loop holes to corporations in a flawed theory, when those that have dont even consider those that dont have human, but even less than an insect.I was insulted last night when Palin considered herself "middle class". Here is someone with 4 homes, one in excess of a million in value. Please someone tell me how that is middle class?
drdiggSep 30, 2008
But your self interest may actually be in having these credit markets solvent. Your employer may rely on these short term loans to make payroll. Your roofing business relies on people being able to get loans for home additions. This is the real problem. Without these loans available hundreds of thousands of people are going to loose their jobs. I don't know if the last proposal was good or not. But we may be being penny wise and pound foolish.
drdiggSep 30, 2008
What I haven't heard anybody address is what happens if a major bank goes belly up and we as the tax payers (through the FDIC) are stuck holding the bill. We only have 50-60 billion in FDIC reserves, this would hardly cover a medium sized bank bailout. We have been lucky that some bigger banks have scooped up these failing ones, but what happens when more banks like Indymac go down.
neomegaSep 30, 2008
How about how he tried to give us a 3 page bill with no oversight. That act of bad faith alone should be enough to call him out on his bulls**t. If it isn't for his buddies on wall street, then it is for his buddies in Washington.
tamthemamOct 1, 2008
I say just give the people the 700 billion. We will save our mortgages buy paying that money to the bank and that money they get will save the bank. Who let the gas prices get so darn high? I think a lot of this started happening because gas prices soared and suddenly food prices soared and their seemed to be a big domino affect . People couldn't afford their mortgages because they needed to pay for the high cost of everything else.LOWER THE COST OF THE GAS!!!!!!!!!!!!!!, FOOD!!!!!!!!!, MEDICAL INSURANCE!!!!!, CRAZY HIGH INTEREST RATES ON MORTGAGES!!!!!!!!!!!!!!!!,AND MAYBE WE CAN AFFORD TO BUY STUFF AGAIN AND PEOPLE COULD KEEP THEIR JOBS BECAUSE WE WILL STILL BE BUYING STUFF. BAIL OUT THE BANKS!!!!!!!!!! ARE WE CRAZY!!!!!!!!!!! THEIR RICH!!!!!!!!!!!LET ME SEE THEM SURVIVE ON $29,000. A YEAR. THE PEOPLE STRUGGLING TO MAKE IT REALLY NEED A FREAKIN BAIL OUT. NOT THE RICH BANK OWNERS!!!!!!!!!!!!!EVEN IF WE DONT BAIL THEM OUT THEY WILL PROABLY REST EASY ON THEIR MILLIONS THEY HAVE SHOVED IN SOME FOREIGN BANK SOMEWHERE.
crookedfedOct 2, 2008
Our economy is indeed in trouble, but this is not the solution. The problems are deeper than some "real estate bubble" or even "tech stock bubble." The true problem lies with our fiat currency, debt based economy, and the Federal Reserve itself. I recommend you listen to Ron Paul or buy his book, The Manifesto.This bailout is NOT the solution. Where will the money come from? From the taxpayers? Why are we being called upon to continually bail out these mismanaged entities? In a capitalist society businesses fail. When they pay their CEOs millions of dollars instead of making good decisions, this is what happens. Will we print the money? Printing money at will, which we have been doing at an alarming rate, will make inflation even worse. The dollar will eventually be destroyed. Will we borrow the money from overseas? This hasn't been working, why continue? Our national debt is at 10 TRILLION DOLLARS!We are headed into a deep recession. A recession that was supposed to happen years ago. We have made all the wrong decisions again and again to delay it. It can not be delayed any longer. But RECESSIONS ARE A NATURAL PART OF OUR BUSINESS CYCLE. When we keep delaying it, it will only be worse when it hits. It's hitting. If this bill passes, we will find ourselves in a DEPRESSION.There are alternatives. I can get on the internet and find many intelligent alternatives. But the politicians and talking heads on the television do not offer any. Why not?A yes vote on this bill will concrete the position that the House does not speak for the people that voted it into office. Our government "by the people" and "for the people" is dead. We will do everything in our power - campaign, donate, recruit friends, family, and strangers - to vote them OUT OF OFFICE this fall.
tedielOct 3, 2008
Well, I can see the American people are getting the shaft again. I simply can not believe what Congress is doing to us. Wonder why they can not just take into consideration the immediate problems without adding "sweeteners" to benefit someones cronie? OMG a tax break for NASCAR? Rum producers ($192M) and bicycle commuters in Puerto Rico and the Virgin Islands? $6M for manufactures or wooden arrows? $2.5B to the execs of Lehman Brothers? What gives? Just address the problems and leave out the BS to help someones friend. My God where are our protectors in this fiasco?The wealthy are making millions on this fiasco. Look at the market fluctuation. There are millionaires making millions yet again off the backs of us "working" people.Now I am hearing that because of this BS, it affects your credit score even if you pay more than the minimum payment on a loan. Why the hell should their bad judgement affect what you have earned hard to get? This is such a crock.I agree with a previous post, give those billions to the people and to the one that makes $29,000 a year, count yourself lucky, try doing this on $12,000 a year. How about doing away with the illegal income tax? and the IRS leaving the people alone, confiscating homes for something that is not even law?
tedielOct 3, 2008
So sorry for the double post but I just happen to think about something, Everyone talks about this "trickle down" theory. Well, this has been complained about all my working life (about 40 years). This is NOT something new. It has not worked for decades, what makes them think it will work now? This mess started a very long time ago when our government started deregulation, shipping jobs out of the country, allowing hugh tax breaks and loop holes to corporations in a flawed theory, when those that have dont even consider those that dont have human, but even less than an insect.I was insulted last night when Palin considered herself "middle class". Here is someone with 4 homes, one in excess of a million in value. Please someone tell me how that is middle class?