It looks like they did pass the Bailout

[Surf314]

Thoughts? 

I've been following this closely and talking to a lot of people about it because it directly impacts me since most of my work comes from banks.  I'm kinda upset about it though because I think they are going to make things worse.  What really needs to be done is to reduce and cap bad consumer debt (like credit cards, paycheck loans, anything not asset-backed, creative and interest only financing, etc) and inject a lot of good debt (plain old 30-year fixed for owner-occupiers, business loans for those with well developed plans, developer loans for those that have well developed plans as well as evidence of demand).  The bad debt is killing our productivity because all this money is being siphoned off.  The lack of good debt is killing our housing market because even though prices are insanely low and many are short-selling their properties, many that should get financing aren't.

This just seems like a bailout for the rich that is going to wreck our dollar and make interest rates higher, both of which are going to kill off the rest of us.

[Tragic Hero]

Haven't had enough coffee yet to be able to comprehend all you have said  :-\

[CaffeinePowered]

Words can not express my rage, you can find nearly a trillion dollars to bail out the bad decisions of banks, yet not provide health care, awesome. I don't know why the general populous of the US doesn't get up right now and match to Washington and slay those who voted for the bill, oh right, too fat.

[Surf314]

Words can not express my rage, you can find nearly a trillion dollars to bail out the bad decisions of banks, yet not provide health care, awesome. I don't know why the general populous of the US doesn't get up right now and match to Washington and slay those who voted for the bill, oh right, too fat.

See this is what I was talking about earlier.  The government makes really stupid decisions, and has its priorities screwed up as far as productivity is concerned.  Their efforts here will probably not easy credit in the productive areas like the ones I mentioned but I'm sure credit card loans are going to continue.  Also Health Care would be a productive investment as a healthy population can be more productive which would increase the tax base.  All this money they spend on bail outs for the wealthy and the wars, what do we really get back on that investment?

[CaffeinePowered]

All this money they spend on bail outs for the wealthy and the wars, what do we really get back on that investment?

A further depreciated dollar

[Surf314]

[quote author=Surf314 link=topic=1498.msg41799#msg41799 date=1222704217]
All this money they spend on bail outs for the wealthy and the wars, what do we really get back on that investment?

A further depreciated dollar
[/quote]

Exactly, plus there is some thinking that this will increase interest rates which will be completely counter-productive.  We need to keep them low now because of all these middle and lower class people in debt high interest rates would completely wipe them out and force them into foreclosure.

It would make more sense if we had some sort of debt counseling service where we can help all of the troubled people dig themselves out and then cap their high risk borrowing at some manageable number.  The root seems to be the number of people that know jack about finance and are taken in by predatory lenders.

[cbre88x]

Bailout Bill failed. w00t

[CaffeinePowered]

Bailout Bill failed. w00t

Oh thank god, see the thing is if ALL banks were failing I could see this, yet many banks are doing just fine, such as Citigroup and Bank of America. A few private investment firms like Goldman Sachs were hit hard but they aren't going to collapse.

Lesse Faire (french sp?) ftw

[Surf314]

YAY!  yay?  Well the good debt market still needs to be loosened.  So I mean yay for our economy in the long run, but for now looks like things are going to be a bit uneasy.  Hopefully the banks figure out their own way out soon, because the mortgage market is really bad right now as far as new loans go.

[Vongore]

Haven't had enough coffee yet to be able to comprehend all you have said  :-\

[Surf314]

This is bitter-sweet.  Yes the fucking stupid plan they tried to steam-roll through failed.  Which is good because I was reading reports of slimeballs already trying to figure out how to take advantage of it.  But something has to be done.  Credit markets are locking up and the entire world economy is dropping.  I honestly don't know whats going to happen.

TBH I'm running through worst case scenarios in my head to try just in case.  Absolute worst fucking time to be an independent contractor.  :'(

[HeK]

[Greatbacon]

Figuring out how to pay for college is hard enough when the economy is doing fine...  :'(

Also, this

[cbre88x]

YAY Chattanooga Times! Hometown FTW!

[ZargonX]

lolfed

[cbre88x]

Some people need to be going to jail for shit like this though. Not some white collar prison..no, they need blue collar, sweat, blood, gangs, don't drop the soap prisons.

[Benito Mussolini]

Lesse Faire (french sp?) ftw

Laisser faire (as in "let go", I guess is what you mean)

Also,

LOL @ STUPID AMERICAN ECONOMY OLOLOLOLOLOL

non-interventionism ftl...

[ScottyGrayskull]

Bailout Bill failed. w00t

And they're already talking about trying to push it through again! If I heard correctly, it'll be this weekend when many members of the government are away! The system works!

...

:'(

[ainmosni]

Lesse Faire (french sp?) ftw

Laissez-faire

[CaffeinePowered]

[quote author=CaffeinePowered link=topic=1498.msg41836#msg41836 date=1222716294]
Lesse Faire (french sp?) ftw

Laisser faire (as in "let go", I guess is what you mean)

Also,

LOL @ STUPID AMERICAN ECONOMY OLOLOLOLOLOL

non-interventionism ftl...
[/quote]

Maybe you or your government would care to take a share in the bailout, I mean after all, if its a global economy and the US Economy collapses, your economy is going to take a nose dive as well. Why should we bear the entire burden if everyone's welfare is at stake.

But really you shouldn't do anything, every time you fuck with the market and try to fix it, you make it worse. The government trying to fix the market is like an incompetent surgeon trying to perform his art with mittens on.