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massdee
Moderator
5299 Posts |
 Posted - 09/29/2008 : 1:53:36 PM
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The House of Rep. failed to pass the bail out bill.
As of right now, the vote is 228 to 205.
The Dow is down 558 points.
Thoughts, anyone!
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Edited by - massdee on 09/29/2008 2:28:04 PM |
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Tails
Administrator
2682 Posts |
 Posted - 09/29/2008 : 2:57:34 PM
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I read on Forbes magazine that this bailout will cost the average citizen $2,300.00. That's each person, but, the four top billionaires could take care of this problem. Although, it's not theirs to take care of, is it ours? It was these companies that kept lending money to people knowing perfectly well there was no way they could abide to terms of their mortgages, and giving credit to people, above what people make.
This also happened in Japan in 1997.
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justme
Advanced Member
1428 Posts |
Posted - 09/29/2008 : 4:22:24 PM
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I believe this needs to get done however; I do have some problems with the whole situation.
First, the companies put themselves in this position and their management was paid very well in the process. We do need to ensure they don’t walk away with the kind of money most of us only dream about and perhaps find away to take back some of their gain. They should at least have to put their hand a bit deeper in their pocket than you and I.
Second, I’m not willing to put all the blame on the mortgage banks and brokers. I realize many people have been, or are in the process of being, foreclosed and I feel bad for anyone who loses their home. That said, although I know there were some that got railroaded, I believe there are many more who knew exactly what they were doing. Many took advantage of low rates, interest only payments, and no income verification to put themselves in a much larger, more expensive, home than they could afford. They knew going into it that it was too much but they did it anyway. They didn’t look at the long haul, they looked at what they could have now and decided they were taking it and they’d worry about how they were going to pay for it later. When later came, they cried fowl.
That’s my take on this. I’m off my soapbox now and hope it gets done soon. My retirement, like many others, is hanging in the balance………………..
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Tails
Administrator
2682 Posts |
Posted - 09/29/2008 : 5:31:18 PM
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Very, very true. I would like to see what kind of payoff the CEO's of Wachovia get. One CEO, in one if the failed corporations, received some ridiculous severance package of 83 million dollars.
Now that the bailout failed, I wonder what is the next step? As much as $2,300.00 would kill me to put out, to keep the economy going, I think if I had a choice, I would have to say, yes, I would. I could not just sit back and watch the economy fail, and so many people loose their jobs, and as justme stated, these billionaires' have to dig a little deeper in their pockets than the average citizen. |
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massdee
Moderator
5299 Posts |
Posted - 09/30/2008 : 2:10:07 PM
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| The Dow is up 370 points from yesterdays low of 777. |
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Tails
Administrator
2682 Posts |
Posted - 09/30/2008 : 3:09:41 PM
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This was as of 1:40 this afternoon from Forbes: I am sick at how much I lost this week. Not planning to retire this week, that's for sure. How much more hard hit can you possibly get. Something needs to be done quick.
Bush is now the bailout plan's pitchman-in-chief, telling the public that savings accounts, personal retirement accounts and pension funds will be hit hard if Congress doesn't take action in this "critical moment for our economy." Lawmakers say their constituents are bombarding them with phone calls opposing the bill because it bails out Wall Street instead of Main Street.
"This financial crisis is going to be dealt with by Congress, and it's going to be dealt with by Congress this week," says Senate Republican leader Mitch McConnell of Kentucky. "The markets sent us a strong message yesterday that no action is not a solution."
The PR pitch is also intended to show voters that a bailout of Wall Street is in effect a bailout of Main Street, because the latter consists of banks and small businesses that will not be able to borrow if credit markets do not start to churn again soon. |
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Tails
Administrator
2682 Posts |
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massdee
Moderator
5299 Posts |
Posted - 10/01/2008 : 9:38:53 PM
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| The Senate just passed the bailout bill. |
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Tails
Administrator
2682 Posts |
Posted - 10/01/2008 : 9:46:52 PM
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| I think it's for the best, but I hope this never happens again, and Wall Street learns from their mistakes. I'm glad jobs were saved, and once again it's the taxpayers and Main Street to the rescue. I would say...no more after this. |
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tetris
Moderator
2040 Posts |
Posted - 10/01/2008 : 10:01:31 PM
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Well, now that the bill contains the tax break for the arrow manufacturer, how could you not be for?
Seriously, something had to be done; we have to hope that this was the right thing. But the whole process is ridiculous. |
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Paul
Senior Member
158 Posts |
Posted - 10/01/2008 : 10:03:52 PM
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Tails, this is not a done deal yet.
Unless I am wrong the House still has to pass this,correct ?
I agree with you that it has to be done but what a rotten position this country is in right now. |
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Tails
Administrator
2682 Posts |
Posted - 10/01/2008 : 10:19:06 PM
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| Like Tetris said, this process is ridiculous. I guess we have to wait until the house vote on Friday. It's just more on the plate. Gas prices, grocery store prices, have gone crazy too. |
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Tails
Administrator
2682 Posts |
Posted - 10/01/2008 : 10:34:29 PM
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I like that show mad money...and I saw Jim Cramer on the Today show this morning. This situation the country is going through is really bad. His friend, the CEO from Wachovia took advantage of him, and had people buy stock in Wachovia just two weeks ago. That's really bad. I hope by next week, this will be over, and we can start recovering.
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just wondering
Senior Member
387 Posts |
Posted - 10/01/2008 : 11:24:19 PM
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| I think the bail out is only half the battle...what taxpayers really need is better oversight to prevent this from happening again. Golden parachutes, ridiculously high bonuses and theiving CEO's need to be regulated out of existence. |
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Bail Out
