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ANYONE WANT TO TALK BAIL OUT???

Z

ZippyW

Guest
I know most of us are completely confused about the huge financial crisis the country is facing, but from what I've read in various newspapers, the deadline for the bail out decision is this Sunday when the Asian markets open. From what I've read, the middle class unions are against the bail out (this article in the LA Times):

"Hard hats, transit workers, machinists, teachers and other labor unionists railed against the U.S. government's proposed bailout of Wall Street on Thursday in a protest steps from the New York Stock Exchange.

Several hundred protesters yelled their enthusiastic support as union leaders decried a proposed $700 billion plan aimed at reinvigorating the credit markets by relieving financial institutions of distressed debt."

Apparently, they feel that if the US is going to bail out any group, it should be the middle class home owners who are facing foreclosure.

I'm personally usually against bailing out ANY group, but it seems that someone is going to have to be bailed out to avoid another great depression, from all that I have read, and, like I said above, a decision HAS to be made by Sunday. Of course, presidential politics are playing a HUGE role in this decision, with neither the Republicans OR the Democrats wanting to take the majority in deciding what to do for fear of what would happen if the bail out should fail, and there is a LOT of people saying that the proposed bail out only has like a 50/50 chance of succeeding.

What do you all think? Are you moving your money somewhere? Are you waiting for..... what? When you wake up Monday morning, the decision may be out of your hands.
 
U

Ugly Wrinkleflip

Guest
I think it isn't fair that a bunch of RICH CEO's made the decision to give out "bad loans" or "loans to people with poor credit historys" just to make their walllets fatter. Now their STUPID decision is biting them on the arse. So they are running to the government to fix thieir mistake. I don't see the Higher up's in those jobs forking over any of their 6 or 7 figure paychecks to help. Nor do I see any of them jumping up to take a pay cut. I say screw them. Let them go out of business. Maybe that way the working middle class people will get lucky and get a partially free house.

If some of those financial institutions closed it wouldn't exactly be a bad thing. American's live beyond their means anyway becuase of credit. The average household is 30k in debt not including their homes. Look at the past and you will see that people lived qite well on very little credit. If they couldnt afford it they didn't buy it.

No one want's the Credit companies to go defunct because there precious housing market will plummet. Which wouldn't exactly be a bad thing. I have watched houses that sold for $40k 8 years ago on the market now for 160 to 180K. That's rediculous.

If the government wants to work on the economy they need to work on fuel and housing costs. The fuel costs alone has caused more middle class americans to go into debt just trying to get to work everyday.

Lastly, I don't believe there is anymore middle class. You have high class rich folk living off everyone else, low class working folk just trying to make their mortguage and credit card payments, and the rest of the homeless or welfare people with shot credit and more debt then desires.

Please don't think Harsh of me. This is just something to think about. A different way to look at the situation.
 
S

Steveo

Guest
Joe I agree with you. We are not the ones who got them in this situation and now they expect us to get them out. The only loans I have is a house payment and school loans. I have a credit card but rarely use it. What has hurt so many people is when they get these homes that they know they cannot afford they buy it anyway. 0 Down and intrest only. Sounds good for a couple of years then BOOM! There paymet was 700-900 a month for a 4 bedroom house now jumped up to 1500 a month. Anyway the loan officer that makes the decision knows what these people can afford. If I come in there only making 25000 a year and try for a 200,000 dollar loan well common sense should tell you that I cannot afford that.

For hard working men and woman that work 40-60hrs + a week just to make the bills that is who the government should bail out. With the rising fuel cost and housing issues that is what they should work on. Okay take 2 yrs ago. To fill up the boat it would cost around 450 bucks it hold 204 gallons of fuel. Now to fill up the boat it cost almost double that. Its hard to enjoy the hobbies you love if you cant afford the fuel anymore. We need to work on these issues before we worry about saving CEOS and these banks.
 

Elga

Lore Master
Stratics Veteran
Stratics Legend
All I want is cheap gas and my 10% paycut back. And some more job security. Thanx..
 
Z

ZippyW

Guest
I feel exactly like you do Steveo and Ugly Wrinkleflip. The two groups of people who made this mess happen are the two groups screaming to get bailed out of it, and the REST of us, those who didn't rake in these huge loans and interest and didn't buy houses over our heads, are going to be the ones to pay for THEIR mistakes. It's infuriating. I can guarantee that, because I keep up with my house payments and bills, I won't be getting any handouts from anywhere. I should have bought a house that was 4 times my annual income and then I could be pitiful too. And the realtors and banks who talked the INTO that purchase are going to walk away and not even have to pay it back.

If you want job security, you should move to India or China. In the meantime, I'm spending tonight working on my 401K and IRA, switching to as much protected areas as I can, and then watching the news.

McCain and his hatchet or Obama and his scalpel work? Who do we want in charge?
 
U

Ugly Wrinkleflip

Guest
I say put a toon in charge. At least then there will be an excuse for all the stupidity going on!
 

Elga

Lore Master
Stratics Veteran
Stratics Legend
If I hear another politician say "Our Economy is secure" after what happened today...

NEW YORK (CNNMoney.com) -- Stocks skidded Monday, with the Dow slumping nearly 778 points, in the biggest single-day point loss ever, after the House rejected the government's $700 billion bank bailout plan.

The day's loss knocked out approximately $1.2 trillion in market value, the first post-$1 trillion day ever, according to a drop in the Dow Jones Wilshire 5000, the broadest measure of the stock market.
Things are just great!
 
Z

ZippyW

Guest
Another thing they are saying this morning that I find funny is that Nancy Pelosi has such amazing powers of persuasion, that she persuaded people of BOTH major parties to vote her way, opposite of what either President Bush or Senator McCain wanted them to vote. Maybe SHE should be running for president if she is that good and bringing people together!
 
F

Flippers

Guest
Hey I'm just glad my acct is with Citibank.

But what a comeuppance. Those *******s Wachovia messed up my student loan payments and charged me during the semester. They gave me so much trouble (between them and legislation by that senile guy) that I couldn't finish college. TAKE THAT WACHOVIA!!!!

I'm also glad I didnt get that free account with Washington Mutual I was considering for online-only stuff. I guess those bankers sleeping behind the velvet rope must have all woken up with a vengeance. I couldnt find that ad for posterity but I found another funny one:

http://uk.youtube.com/watch?v=BfmJWYJFYfk
 
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