Wall Street Bailout

[Tzalaran]

i've been listening to everything about this lately, and i'm fairly set against the resolution the way it is now.

putting one person in charge of an astronomical dollar amount with no repercussions or oversight is absolutely the craziest plan that the Bush administration has cooked up yet, and that is saying something.

Edit: everyone needs to watch this when deciding on what they think of this bill...

market-ticker.denninger.net/

[sepienh]

Although I share your frustration, if you watched the hearing with the US Treasurer and the FED chairman to Congress you would have your answer. Both men stated that the bill is a rough draft request for the $$$$, they left it open for Congress to put any legislative requirements, stipulations, etc. to it as they please. All they are saying is that if they want to prevent this situation from worsening, they need that $$$$ as soon as possible.

Look throw the Obama/McCain race aside, this really is a problem and Americans need to stop looking at "How is this affecting me now" and start looking at "How will this affect me and the rest of this nation tomorrow". I challenge anyone to take a minute, dust off your high school or college economics book and research for yourself if what they are saying is true or not. If you can prove it is not then you have your answer, but I promise you, you will see that they are actually not plowing smoke this time. We need to take this seriously as a nation or lose the right to complain when it all goes to pot.

[Tzalaran]

i agree that the money is probably necessary, but i don't like it.

i didn't get to watch the address to congress, but from what i've gathered the additions they have made to the bill makes it more reasonable. as long as there is oversight and something is done for joe average's family i'm ok with it.

The original version that i saw was like giving money to a suit and hoping that he would be smart with it, and that is unacceptable to me.

[sepienh]

"The original version that i saw was like giving money to a suit and hoping that he would be smart with it, and that is unacceptable to me."

I gotcha, but I was under the impression (based on the hearings) that the original bill was not meant to be passed, as is. It is congress' job to pass legislature. We just have to remember that their is an election in two months and EVERYTHING is open game to be spun to help either side. American's need to sift through the BS and get to the facts.

American's might not, "like" the fact that we must bail out these companies but in the end it is absolutely necessary.

[Tzalaran]

i was listening to a Texas republican from the House on TV last night, and he was explaining why he voted against the bill. it boiled down to his aversion so socializing the banking industry and the fact that this bill as written really doesn't address the problems that caused this situation, but instead will only weaken the value of the dollar and provide the people on wall street a quick way out of the consequences of their greed and mismanagement.

There was also a Democrat house member who spoke about his voting against the bill because it was a top down solution, and does nothing to help the cause of this crisis, the homeowners who are unable to pay their mortgages because of the loss of jobs and weak economy. he spoke of a way to put the 700 billion into infrastructure improvements, thereby creating jobs to fix roads, bridges, add broadband lines to rural areas, and other projects that build the economy from the ground up. (Dennis Kuchinich is his name i think, don't know about the spelling on it though).

now, based on the bill not passing monday, the DOW fell tremendously. tuesday it came most of the way back up, and from what i've seen so far it has remained somewhat stable today. world markets are taking a hit from this as well, especially London and markets that are intertwined with ours extensively, and they are calling for us to act to rescue the global economy.

There is a need for the US to keep the financial center of the world in New York, but i don't necessarily think that is important in the grand scheme of things. yes, it would be quite a slap in the face if Shanghai replaces NY, but perhaps it would help to curb some of the belief that the US can do no wrong by its citizens...

Overall, i'm glad the House rejected the bailout deal. what i would like to see is the FDIC increased as has been suggested, and have the SEC chairman do whatever is in his power to insure that these companies are able to remain solvent. with those steps in place, have congress look into legislation that would address the root of these problems, and provide a "rescue" plan for the broad base of americans that have been struggling for the past 4-6 years, instead of a bill that will bailout Wall Street and not help the vast majority of citizens in this country.

[Tzalaran]

i've been trolling anywhere i could to find more information on this topic. i posted a link in the first post, but i'll share it again here.

market-ticker.denninger.net/

to sum up, the american taxpayer is going to be buying real estate not just here in the US, but China, England, Australia, Germany. All because of bad investments into mortgage backed securities that greedy bankers all over the world decided to jump into.

going to go email and call my rep and senators in outrage.

[rue]

so the dow jones has dropped 501 points...