View Full Version : And it Shall Come to Pass
AP - Elation in the financial markets over the $700 billion bank bailout plan evaporated Monday and was replaced by all-too-familiar anxiety, pummeling stocks and sending oil prices to their biggest one-day gain. Worries that the rescue package would cost too much, drive up inflation, swell the already-bloated deficit and hurt the ailing economy also led global investors to flee the U.S. dollar.
Nothing has happened, yet. I wouldn't expect anything to stabilize until something changes. If you think inflation is bad, deflation is worse.
theGinsue
09-23-2008, 22:15
Even though I tried to get it "diversified", my 401k is pooping all over itself right now.
Looks like I won't be able to retire next year (of course, I wasn't figuring I'd be retiring for another 18 years, but that's beside the point).
It doesn't matter how the roller coaster ride rises and dips. It'll matter when you get off the ride.
The Sky is Falling,, duck... I got a message from some fanatic to stock up on at least 100 diferent things as the sky is falling and we won't have anything....
would take about 10k to stock up on everything they posted...LOL
StagLefty
09-24-2008, 14:02
Here we go again !!!! [ROFL1]
scratchy
09-24-2008, 16:32
Stock up on Sun hardware. Hurry, get it while you can. (I'll stay employed). Seriously, why have the morons who invented this crisis not been indicted? Any of us who committed a crime this serious, we'd already be in prison. These assholes are gonna get a bonus for it.[Rant2]
StagLefty
09-24-2008, 16:34
Enjoy
Must have hurt his feelings-edited earlier insult !!
Must have hurt his feelings-edited earlier insult !!
Stagy enjoy the depression hope you and the family can stay feed.
theGinsue
09-24-2008, 21:26
The Sky is Falling,, duck... I got a message from some fanatic to stock up on at least 100 diferent things as the sky is falling and we won't have anything....
would take about 10k to stock up on everything they posted...LOL
I heard something on the news @ lunch today... Some big financial type (was it Forbes?) said that we (the U.S.) were only 500 trades (stock market type) away from a "total financial collapse" last week.
Hmm, perhaps I should go pick up a couple more 8lb cans of gun powder.
StagLefty
09-25-2008, 05:54
Stagy enjoy the depression hope you and the family can stay feed.
awww Thanks for your concern Bro !!!
BulletBill
09-25-2008, 06:27
Seriously, why have the morons who invented this crisis not been indicted? Any of us who committed a crime this serious, we'd already be in prison. These assholes are gonna get a bonus for it.[Rant2]
These assholes are being put in positions of power to fix the problem. Paulson himself is responsible for much of the mess and now he's been given the opportunity to screw up the fix too. He's getting rich on both sides of this deal. 35 million as COO of Goldman Sachs in 2005 and 16 million in 2006. And now he's going to orchistrate the bailout? Then once the bailout passes we plan to hire these firms to manage it. And the American people will continue to take in in the end. Talk about robber barons..
In August 2007, Secretary Paulson explained that U.S. subprime mortgage fallout remained largely contained due to the strongest global economy in decades.
On July 20, 2008, after the failure of Indymac Bank (http://en.wikipedia.org/wiki/Indymac_Bank), Paulson reassured the public by saying, “it's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation.”
On August 10, 2008, Secretary Paulson told NBC’s Meet the Press that he had no plans to inject any capital into Fannie Mae (http://en.wikipedia.org/wiki/Fannie_Mae) or Freddie Mac (http://en.wikipedia.org/wiki/Freddie_Mac).[24] (http://en.wikipedia.org/wiki/Henry_Paulson#cite_note-23) On September 7, 2008, both Fannie Mae and Freddie Mac went into conservatorship.
reminds me of the movie school for scoundrels.... lie, lie, lie somemore.
Sounds like Baghdad Bob.
http://writingcompany.blogs.com/this_isnt_writing_its_typ/images/baghdad_bob_1.jpg
[Cry]
I do cry when I think of the future of this once great Republic, and the lack of concern from it's citizens.
My children may never see the standard of living we once enjoyed, due to the thieves in Congress and the White House.
theGinsue
09-25-2008, 16:31
I do cry when I think of the future of this once great Republic, and the lack of concern from it's citizens.
My children may never see the standard of living we once enjoyed, due to the thieves in Congress and the White House.
Lest you forget the greed of the American consumer and the corporations that sponsored them in addition to the corruption of the members of our government.
Consumer: Hi, I earn $24k/yr with a family of 4 and I want to buy that fancy $300k house over there. (I won't tell this lender about the 62" flat screen TV and all of the other toys I'm purchasing on credit the day I close on this house.)
Lender: Sure. Well, you're debt-to-income ratio is a bit lean, but if we fudge these numbers a bit here, and move these around over here we can get you into that home with an adjustable rate mortgage. Yeah, don't worry about the rate ever going up - it seldom does.
Then, the lender sells the loan to another lender who sees the chance for easy profit - after all, the borrower hasn't missed any payments...yet.
Greed has gotten us into this situation. All our government has done is fail to recognize that and to continue to reward the culprits by giving them liberal bailouts. Heaven forbid that we should actually hold anyone responsible for their poor decisions. Now, things are so bad that if the government DOESN'T bail them out, our entire entire economy will fall like the house of cards that it is and effect the entire population instead of just those responsible for the problems.
Of course, all this bailout is going to do is buy a little time. If people and companies don't turn around the way they live/do business, we'll collapse anyway and our govt will be out all of the $ it used in it's bailouts.
History has proven that ALL democracies fail between 200 - 250 years which is about how long it takes folks to realize that they can vote themselves whatever they want to get the government to take care of them. We're currently sitting @ 232 yrs. I knew it was coming, I just didn't expect it to hit so hard and so fast.
I don't care who's leading this country. Unless we, as a whole, change our mindset the ride is going to get a whole lot rougher. (Of course, I theink with McCain/Palin it'll be a slower ride than with Obama bin Biden.)
Agree to all the above, but there was a lot of government involvement in giving loans to those who couldn't afford it.
Credit and the need to have the best TV, car ect did kill our economy and culture.
The bill coming will sell the country to the Federal Reserve(private world bankers) and then we can become the Corporate Facist State we've been heading towards.
theGinsue
09-26-2008, 17:28
I've been running some numbers.
This "bailout" is for $700 billion.
The current estimate of the U.S. population is 305,264,774 (based on the US Census Bureau "Population Clock"). A safe estimate is that 200 million of this 305 1/4 million would be 18+ (i.e. potential taxpayers).
By my calculations, on just the surface, this "bailout" is costing each taxpayer $3500.
Of course, this assumes an equal share of cost among each taxpayer which is not valid.
It also fails to consider the loss in the value of homes, retirement accounts, and pensions already encountered due to the failure of Wall Street (I've lost over 30% of the money I've put into my 401k this year alone [the one that I was told the return would be modest, but safe] - even more considering the "matched funds" losses - not to mention not GAINING interest).
Aren't we supposed to have a "free market" where a company in business assumes the responsibility of their losses and doesn't get rescued by the American taxpayers when they fail?
I agree with Mike Huckabee - the taxpayer is getting fleeced.
Just more of my 2 cents. Comments/Discussion?
Regardless of what the meat puppets do in DC the economy has to fall and rebuild. As Americans we can and will fix this. We need to stop voting in these knuckle heads and term limit the congress so Ted and Nancy would have to get real jobs.
We can rebuild our industry and rebuild our energy industry for a start.
We need to stop voting in these knuckle heads and term limit the congress so Ted and Nancy would have to get real jobs.
Good luck with getting "we" to line up with those ideas.
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