Fireonice Posted September 24, 2008 Posted September 24, 2008 Hmmm This doesnt look good "Within the next 24 hours, we expect Congress will make an historic choice to address America's financial crisis: Cut the Bush administration a $700 billion blank check for Wall Street OR demand sensible public checks and balances in the $700 billion bailout." http://ga3.org/campaign/congress_no_blank_check Share this post Link to post Share on other sites More sharing options...
Kamikaze_Badger Posted September 24, 2008 Posted September 24, 2008 This is one point where laissez faire should stay in effect. While I believe the government should have a hand in regulating business (if it could ever do it competently, hah), bailing it out or holding its hand is too far down the line of Socialism for me. Share this post Link to post Share on other sites More sharing options...
Jhester Posted September 24, 2008 Posted September 24, 2008 This is way too far. Share this post Link to post Share on other sites More sharing options...
BrewMeister2010 Posted September 24, 2008 Posted September 24, 2008 I really think this is stupid. Let the economy take the hit. That way companies will hopefully be less likely to make stupid decisions in the future. If the government bails them out, it's like "Who cares if this business plan doesn't work, the government will bail us out if we get into trouble!" :angry2: :angry2: :angry2: :angry2: :angry2: :angry2: :angry2: Share this post Link to post Share on other sites More sharing options...
UkJenT Posted September 24, 2008 Posted September 24, 2008 I would think this would go against the whole idea of capitalism. Share this post Link to post Share on other sites More sharing options...
dr_bowtie Posted September 24, 2008 Posted September 24, 2008 Suposedly the 700billion dollar bail out is for the housing market.... to help those that are facing or will be facing foreclosure due to either predatory brokering/lending or economic status...IE: no work.... The housing market is directly related to the economic crash we are facing right now....believe it or not... I said this 5 years ago when it came to our area and they started telling people there's millions in house flipping....it's directly related to people losing their homes from bad loans on a house they could have bought for much less had this been stopped years ago... now the governmental greed probably wont let this bail out happen...I have been keeping an eye on this as some of it pertains to me as well....but hey...it's life right? Share this post Link to post Share on other sites More sharing options...
Jhester Posted September 24, 2008 Posted September 24, 2008 (edited) Suposedly the 700billion dollar bail out is for the housing market.... to help those that are facing or will be facing foreclosure due to either predatory brokering/lending or economic status...IE: no work.... The housing market is directly related to the economic crash we are facing right now....believe it or not... I said this 5 years ago when it came to our area and they started telling people there's millions in house flipping....it's directly related to people losing their homes from bad loans on a house they could have bought for much less had this been stopped years ago... now the governmental greed probably wont let this bail out happen...I have been keeping an eye on this as some of it pertains to me as well....but hey...it's life right? Not only bad loans, but also stupid decisions. You have these people buying new houses at 0% for the next 12 months then it hops up to 12% or something crazy. They normally fall under the old "Well, you'll be making lots of money by then!" rouse. Banks have just been handing out NINJA loans and everything gets screwed up. Edited September 24, 2008 by Jhester Share this post Link to post Share on other sites More sharing options...
Waco Posted September 24, 2008 Posted September 24, 2008 Banks have just been handing out NINJA loans and everything gets screwed up. People are stupid for accepting them in the first place. Share this post Link to post Share on other sites More sharing options...
dr_bowtie Posted September 24, 2008 Posted September 24, 2008 People are stupid for accepting them in the first place. well you have to fully understand the situation.... Basically when you have a situation of predatory brokering/lending....more so on the broker end of the loan...they sell the loan with a higher than normal interest rate to guarantee the loan goes through.... 99% of the time when you first apply they tell you the loan rate will be XXX amount but then some work with you to sell your current home and then get you to closing only to find the rate is alot higher than actual...... this is how they trap you....you know you should decline but if you do you have no home to go to now...they bank on this and thats how they get you....they also may tell you that your credit is a little less than perfect and the initial rate is going to be higher and that you should accept it and if you pay your payments on time for one year they will refinance for you into the lower rate....the second is the biggest lie....you arent going to fix your credit in one years time and they know this....This also should tell you they are going to rape you for fees twice now....so you take it in the shorts more than once.... Best advice....never get a home loan anywhere other than the local bank...they maybe harder to get a loan but there is a reason for that... You always have the last say and all in all it's still partly your fault for accepting the shady loan anyhow....but they have it set up to a text book case and have hooked millions of people... Share this post Link to post Share on other sites More sharing options...
Kamikaze_Badger Posted September 24, 2008 Posted September 24, 2008 People are stupid for accepting them in the first place. People are stupid in general, that's a well established fact. People that shouldn't have been taking out loans were being given loans, and I've heard that government incentives were a problem. Good ol' government .ing everything up again when it comes to business. Share this post Link to post Share on other sites More sharing options...
Phil Posted September 24, 2008 Posted September 24, 2008 From what I've been seeing, the bailout will cover big Wall St. institutions as well as the housing problem, and who knows what else by the time they get a bill put together. Aside from the obvious rewarding of bad behaviour and bad management, I'm pretty sure we don't have $700 billion dollars lying around. $700 billion here, $85 billion last week, the ongoing cost of war, etc, etc...there just seems to be no limit to the extent we are screwing future generations. Share this post Link to post Share on other sites More sharing options...
jammin Posted September 24, 2008 Posted September 24, 2008 Unfortunately they wouldn't even be considering pumping in $700 billion unless they thought they had to. If it does save some institutions going down (and taking a rather large chunk of the economy with them.. and not just in the U.S.), then it may well save money in the long run. I agree it's rather unpalatable, but as far as I understand it isn't really a question of if it will happen, just what conditions they will agree to slap on it. Share this post Link to post Share on other sites More sharing options...
Recommended Posts
Please sign in to comment
You will be able to leave a comment after signing in
Sign In Now