No bailout for you.

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Yeah, good shit. While I'm not in the US I still would have been pissed off it passed...the whole thing is a fucking joke, I just hope they don't re-vote and pass it / something similar.
 
Guess those letters I sent must have worked! Now their pointing fingers. 40% of Dems voted no and 70% of Republicans voted no. God Bless America and down with the corporate money launderers!
 
tony115 said:
Guess those letters I sent must have worked! Now their pointing fingers. 40% of Dems voted no and 70% of Republicans voted no. God Bless America and down with the corporate money launderers!
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Problem is most of the Republicans didn't vote yes due to the comments of Grandma Nancy not because it is against all that the party stands for.

I read somewhere that the Republicans went beserk after she gave her partison speach before the vote.
 
The bill goes back up for a vote this Thursday I believe. After talking to some people that work very closely with the congress, senate, and the Fed, they're all certain it will pass.
 
pfgannon said:
The bill goes back up for a vote this Thursday I believe. After talking to some people that work very closely with the congress, senate, and the Fed, they're all certain it will pass.
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I heard more reliable sources say that about the original...

This is just like the Iraq war and Patriot act... all haste and fear...

The Bailout Plan is another mistake in the making.

While I agree something needs to be done... I don't quite think its saving the asses of the same entities that got us here in the first place.

Short term solution to the long term fuck up...
 
Everyone, time to e-mail your representatives again and thank them for their actions, and ask them to vote against the bill again later this week. Here's the email I sent to my people:

Thank you for courageously taking on the establishment, doing whats right,
and voting your conscience regarding the flawed Wallstreet bailout plan.
In doing so, you also voted in good faith and favor of your constituents;
your actions have been applauded by the public and have not gone
unnoticed. A sincere thank you is in order.

We know that you are already under a lot of pressure to vote again on a
slightly revised bill later this week, and we sincerely hope that you do
whats right for the country,your constituents, and ultimately for the
economy, and once again vote against supporting this bill.

We need to hold these organizations accountable, embrace the free market
system and let this bad debt wash out of America's financials in a fair
and natural way. In doing so, we send the message to Wallstreet that we do
not tolerate irresponsible decisions, and they will never make mistakes
like this again.
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Here is an easy link to send an email to your representatives:

Congress.org - Let the Economic Stabilization Act Die
 
Ok so whats the answer? Everyone from Democrats to Republican tax payers are against this, but the Economic analysts (who I trust more than the voting public) are saying that without this we will most certainly head into a deep recession and possibly an actual depression to rival the 1930's.

I don't know about you guys, but this scares me. I understand that a bailout is not a great solution but what is the better one?

On another note, I find it ironic that America is going to fall, not because of a lack of military defense (which we've spent trillions on) but because of our own economic instablity. Forget terriosts. We are going to crash on burn from the inside.
 
turbolapp said:
Ok so whats the answer? Everyone from Democrats to Republican tax payers are against this, but the Economic analysts (who I trust more than the voting public) are saying that without this we will most certainly head into a deep recession and possibly an actual depression to rival the 1930's.

I don't know about you guys, but this scares me. I understand that a bailout is not a great solution but what is the better one?

On another note, I find it ironic that America is going to fall, not because of a lack of military defense (which we've spent trillions on) but because of our own economic instablity. Forget terriosts. We are going to crash on burn from the inside.
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Our economy, financial system, and monetary policy have been in deep shit for a long time. This bill (or anything like it) will stretch that decay even longer.

Let's put this in medical terms - since you just had a baby I think you'll get this. Remember how you felt in those last couple weeks (not the anticipation part - but the damn I'm uncomfortable part). Our economy is filled with bad debt - a full 15 pound babies worth.

With out any rescues your going to go through labor for a few hours (about a year or so of a depression/recession) with no medicine. It will be over fast considering how big the baby is.

With this rescue it will be like they gave you some medicine to hold off the labor for a bit. - - but it's going to take 10 years to have the damn baby. First your going be relieved that your not pushing and dealing with the pain right away. However, your going to be having labor pains for 10 years....

THEN the 30 pound baby is going to come out with no epidural anyway and the 10 years of suffering was for nothing.
 
turbolapp said:
Ok so whats the answer? Everyone from Democrats to Republican tax payers are against this, but the Economic analysts (who I trust more than the voting public) are saying that without this we will most certainly head into a deep recession and possibly an actual depression to rival the 1930's.

I don't know about you guys, but this scares me. I understand that a bailout is not a great solution but what is the better one?

On another note, I find it ironic that America is going to fall, not because of a lack of military defense (which we've spent trillions on) but because of our own economic instablity. Forget terriosts. We are going to crash on burn from the inside.
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I love how the whole American mentality of "We're the greatest nation on Earth and nothing can touch us" is going to bite us in the ass. Again.

Maybe we do need a deep recession to make people realize that our shit doesn't smell as rosey as some people would like you to think.
 
the bailout would only delay and intensify the crash / ensuing recession that must happen according to austrian economics. It's much better to take our medicine now than later as if we take it now it will be done and over with much sooner.
 
One thing to keep in mind...

Treasury Secretary Paulson picked the number 700 billion out of thin fucking air. Instantly Wallstreet started looking at ways to profit from this, and it bit them in the fucking ass when it didn't pass.

So the thought of a bill, fueled by a magic number, ignited by greed fuckers, causes everyone to think that the US will blow up with this collapse. Kinda makes you wonder how bad things really are.
 
Honestly, if that's the case; No bailout now and we end up feeling the pain of another recession...everyone has to tighten their belts a bit...yada yada, well I'm fine with that. I said years ago that when they continued to lower the interest rates, for example, which is what caused the freaking mortgage bubble, which then led to the subprime fiasco (that and lax regulations on xyz mortage companies) So I agree that we need to reap what we sew, to a degree.

But if we, as a nation, totally crash and burn and something like a bailout could have delayed it until we came up with something better, then maybe we need to reconsider. I mean I don't want to be standing in any freakin soup line, ya know? Or worse, end up hunkering down on an east texas ranch because of some post economic apocolyptic scenerio.

One more thing. While I think most of you on here, know the deal (wf members tend to be more intelligent than the average american) I think most of the country is against the bailout for the wrong reason. They're just mad that their tax paying dollars are going to bail out big business. I think they're going to be surprised at the result (recession, job losses...etc) and get really pissed all over again. (Which is why the elected officials are tap dancing back and forth)
 
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+1 for being one of the only people here that can step back, stop bitching, and take a look at the bigger picture.

turbolapp said:
Honestly, if that's the case; No bailout now and we end up feeling the pain of another recession...everyone has to tighten their belts a bit...yada yada, well I'm fine with that. I said years ago that when they continued to lower the interest rates, for example, which is what caused the freaking mortgage bubble, which then led to the subprime fiasco (that and lax regulations on xyz mortage companies) So I agree that we need to reap what we sew, to a degree.

But if we, as a nation, totally crash and burn and something like a bailout could have delayed it until we came up with something better, then maybe we need to reconsider. I mean I don't want to be standing in any freakin soup line, ya know? Or worse, end up hunkering down on an east texas ranch because of some post economic apocolyptic scenerio.

One more thing. While I think most of you on here, know the deal (wf members tend to be more intelligent than the average american) I think most of the country is against the bailout for the wrong reason. They're just mad that their tax paying dollars are going to bail out big business. I think they're going to be surprised at the result (recession, job losses...etc) and get really pissed all over again. (Which is why the elected officials are tap dancing back and forth)
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