Should the US Do a Bailout?

[ritehook]

Opinions among the folks here vary, tho the mostly anit-government types seem to oppose.

I think the "No's" here win by a slight margin.

[SlickFazzer]

Whether you like it or not it needs to be done.

Without it the DOW drops to 8000 or below, unemployment goes to 10, 15, 20%.

Your bank may fail. No lending to individuals or businesses.

It would be fukked.

[wtf]

yea yea, 30 years ago everyone was sure the world was freezing over, and now we are going to melt down from the heat. so what the market goes down, does not effect anything. and under what scenario does unemployment goto 20%? love to hear this.

[picantel]

I can only imagine what 20% unemployment would be like. government support would not keep a family going. Where I live rent costs like twice or more what a wellfare check would be and that includes nothing else like utilities, food, ect.
Now let us say you have all these millions of people who are ****ed because of a small % of greedy investors and rich people who ****ed up the oil market, stock market, and housing market. They are filthy rich and others have nothing because of what they did. Crime would be on the rise and they become targets and I would certainly not lose any sleep over it.

[topgame85]

Unemployment will never reach above 12% IMO and most would be fine just have tighter belts, crime would rise significantly however, I vote Hell no and looks like Nays have it overwhelmingly so far

[ritehook]

Nov 2007 Article Predicted "Great Depression" This Year!

http://functionpix.com/index.php/article/The_great_depression_of_2008__the_mother_of_all_depressions/1647/

The author, Pascal Moliere, speaks of the "frightening similarities" between what happened in the '30s and what is happening now.

He calls 2008 the year of "the Mother of all Depressions."

Article was written and published in November 2007. Even then it was clear to those who knew the economy what was going to come down.

[SlickFazzer]

yea yea, 30 years ago everyone was sure the world was freezing over, and now we are going to melt down from the heat. so what the market goes down, does not effect anything. and under what scenario does unemployment goto 20%? love to hear this.

Credit is part of any business. Majority of Banks would go broke. Lehman, Bear, Wachovia,WaMu already bust, as well as others. What makes you think your bank is safe. No credit, no inventory, no sales.
No sales, people are let go to cutback.

Banks would continue to seize up. So you may not have job, and you bank may be gone....yes FDIC insured to 100,000...but sir that may take a few weeks or months before we can get you your money.....not good.

[ritehook]

Unemployment will never reach above 12% IMO and most would be fine just have tighter belts, crime would rise significantly however, I vote Hell no and looks like Nays have it overwhelmingly so far

I totally disbelieve govt figures on unemployment, inflation, etc.

And the folks who might vote Yes, those with 401K's, jobs in the financial sector, etc all all sleeping now. In the AM and PM Tuesday they will be here to vote Yes

[topgame85]

yah, unemployment numbers only include those who are actively seeking employment not those over 18 who don't work so it is always higher than they say but by there standards over 12% seems unlikely to me

[picantel]

They did a massive poll like this on the consumerist and over 80% of the people were against it. Then some republican media outlet did a poll and said on TV that over 80% of the people were for it. What a load of shit lol.

[bettilimbroke999]

Credit is part of any business. Majority of Banks would go broke. Lehman, Bear, Wachovia,WaMu already bust, as well as others. What makes you think your bank is safe. No credit, no inventory, no sales.
No sales, people are let go to cutback.

Banks would continue to seize up. So you may not have job, and you bank may be gone....yes FDIC insured to 100,000...but sir that may take a few weeks or months before we can get you your money.....not good.

That's why I keep my money with offshore books

[SlickFazzer]

That's why I keep my money with offshore books

lol...just might be the safest place...

[topgame85]

keep your money in the house in the form of gold brick and near your shotgun and you will be best off, only keep cash in 30k or less increments transfer the rest to gold

[durito]

That's why I keep my money with offshore books

[FreeFall]

it's all part of the business cycle that needs to happen. The more you try to stop it the worse it will be. Quit making a bigger deal than it has to be. Or just keep doing it and I'll keep making money on my stocks.

[MonkeyF0cker]

Bailouts impede the business cycle, FreeFall.

[Outlawdino]

No to the bailout...it's just a band-aid.

[MonkeyF0cker]

I'm confused as to why these companies are not forced into Chapter 11, letting the market sort out the debt. The government can then later inject liquidity by lending to those institutions that properly managed their risk...

[MonkeyF0cker]

This seems like another HUGE scam by this administration. One of the central themes of the bailout proposal gives the Treasury Secretary unchecked powers to wield with the purse, allowing them to essentially donate taxpayer money to any corporation whenever they see fit. This is inapprehensible. Just one more example of fear-mongering controlling the public opinion and subjecting us to otherwise unconscionable legislative authoritarianism.

[Mark Shark]

Why should we pay for other peoples screw ups. They were greedy and thought they could make loads of $$$$ but now the party is over and now they come crying cap in hand looking for help. No I say let them suffer now.

[fiveteamer]

time heals ALL wounds.

this bill has been put together like the Patriot Act.

Does anybody remember the Patroit Act?

[ritehook]

I'm confused as to why these companies are not forced into Chapter 11, letting the market sort out the debt. The government can then later inject liquidity by lending to those institutions that properly managed their risk...

The govt could buy these bankrupt companies much cheaper than to bail them.

Send in bright boy technicians to defensively manage them, perhaps with minimal govt guarantees, until the crisis passes, as it will. Then sell them, likely at a profit.

But that's not what the Fed and Wash DC establishment is all about.

[MonkeyF0cker]

They should be dissolved. They are failed entities.

[Iwinyourmoney]

This is kind of fun to watch, like a movie

[elf34]

YES!!!

[durito]

They should be dissolved. They are failed entities.

Every bank in the world?

[MonkeyF0cker]

Not every bank is facing this crisis in bankruptcy, durito.

[RogueScholar]

I think a good solid Depression is exactly what this country needs to snap out of its complacency. Why is everybody acting like this is a bad thing?

[purecarnagge]

Maybe rage can comment but if the Fed relaxes some of the Sox-an enron crap laws...that came about... and extended the FHSA or FHAS (forgot the acroynm) assistance program (provides insurance to cover mortgage loans or defaults to some degree) 60% of the mess would be cleaned up right there.

I'll tell you this if they haven't passed something by december shit will hit the fan. If thats the case I'm buying handguns to protect my shit. Cuz thieves be everywhere...

[ritehook]

Twice as many here oppose any kind of bail, even a modified one (tho the modification they made looks weak and adds more debt).

That surprises me a little, tho I figured here the NO votes would win, not by this much.

Guess not too many posters have 401ks

[ritehook]

It'll almost certainly pass the House this week. Lobbying is very strong for it, and voices from home not as strong.