I Have A Hard Time Believing. Can Someone Explain?

[ChemEng]

Can anyone help me understand? I'd appreciate any details in simple language.

Trickle down economics is a lie. The rich don't get that status by giving away the same amounts of money as they receive. So of course it makes sense that if you want to get money into the hands of the shrinking middle class, it should be filtered through them first.

 

[wv-girl]

Trickle down economics is a lie. The rich don't get that status by giving away the same amounts of money as they receive. So of course it makes sense that if you want to get money into the hands of the shrinking middle class, it should be filtered through them first.

How about our turn? What if..in order to bail out the "banks" bottom line, Joe Sixpack(all mortgage holding taxpayers that hold mortgages) get their mortgages(fixed and all) re-set to 3%? Talk about stimulating the ecomony and stablizing the housing market? So the banks profit margins suffer. Too bad. Something is better than nothing? Right?

 

[amoeba]

well, from the polls I read - at least 5 out of 6 oppose the bailout. And that's what it is - a bailout. Because the government should NOT be buying into ANY bad paper. If anything, the talk of a pending bill prevents banks from disposing of the bad paper for whatever true value they are worth - in the hope that they will get some lump amount 20, 30 cents on the dollar - from the government. Just say NO!

Once the banks, and cronies like Paulson, get that (i.e., no bailout of any kind) through their thick skulls they can sell the bad assets on the market or go belly up. The arrogance of Paulson ("I'm angry with congress") is truely numbing; I'm proud of them - at least the ones that voted this crap down. It should not ever pass, in any form and (I hope) will not. The guy's persistence shows an obvious lack of consideration of the alternatives, and a prevailing disrespect for our representatives which voted against it.

Bailout or not - it appears unlikely to have any effect on the current credit market (nor the economic climate). There are better things to spend $700B on besides bad paper that the government has no business getting involved with.

 

[JOVARN]

Stupidy and ignorance is to blame along with greed for this mess - but as good neighbors we have to save our minority friends.

When you say Minority. Are you talking about the religious right wing fanatics that gave us Bush. I listened to the hearings yesterday and couldn't believe the democratic and republicans congressman that quoted scripture to explain why they voted against the bill.

How do you see this as a minority issue?
Guess your not voting for Obama

 

[Show-me]

Here is a prime example of why the bail out bill will not work. Remember the "economic stimulus check"? All that money did nothing but artificially pump up the retail sector. Now that it has been pissed away, now what? Once the $700 billion is pissed away, same thing. Good luck this Christmas.

We are just padding the balance sheets of the lenders that conducted themselves poorly. Once the money is gone they will still not lend capital out freely, so why not rip the band-aid off all at once and let it bleed so that the healing can start.

I know I'm just a country boy, but the more difficult you make thing the more difficult thing can become. Teach people to save their money, not buy it now on credit.

Fundamentally we have poisoned out nation with credit. Our nation operates on credit from foreign investors. The richest nation on the planet can not save a dime as a government or a people and our people are suffering for it because our leaders can not lead by example.

 

[Show-me]

Now that the people have finally been heard, let them hear you again at election time. Write in Ron Paul or vote Libertarian.

You know everyone joked about ol' Ross Perot and he was spot on. He was just railroaded by the media and the two Party system.

 

[Birchtree]

Thanks to political affirmative action black and Latino homeownership has surged to the highest level ever recorded. These unfortunately are the people that were unqualified borrowers and are now creating this mess for the entire financial system. Allowing the Donkeys to place all their add ons to the bill has come close to wrecking the financial industry. Country Wide was just trying to please the 1999 Donkey Congressional mandate to allow more minority homeownership by reducing the qualifying standards - I say again you cannot pay a mortgage off of a welfare check. It's just not feasable or appropriate. I have paid my own price by owning FNM, FRE, LEH, WB - but I knew what I was doing speculating in these stocks so I take full responsibility for my own loss. But I have at least 30 more in the financial industry that will undoubtedly survive. Don't let our friends drown because they reached for touch trying to achieve the American dream of homeownership even if their house is twice the size of yours.

 

[wv-girl]

Here is a prime example of why the bail out bill will not work. Remember the "economic stimulus check"? All that money did nothing but artificially pump up the retail sector. Now that it has been pissed away, now what? Once the $700 billion is pissed away, same thing. Good luck this Christmas.

We are just padding the balance sheets of the lenders that conducted themselves poorly. Once the money is gone they will still not lend capital out freely, so why not rip the band-aid off all at once and let it bleed so that the healing can start.

I know I'm just a country boy, but the more difficult you make thing the more difficult thing can become. Teach people to save their money, not buy it now on credit.

Fundamentally we have poisoned out nation with credit. Our nation operates on credit from foreign investors. The richest nation on the planet can not save a dime as a government or a people and our people are suffering for it because our leaders can not lead by example.

They want to keep us in debt. That is how they make $. I guess its back to basics. Already planning my garden for spring. Good thing I don't have to have meat to survive. (Although I do like a nice steak, well... when I can afford one) opps..making myself hungry here. Where's NUTT?
:laugh:

 

[amoeba]

got more from stimulus check than I would a bailout

Hmmm: If memory serves - that useless stimulus was a check, and I spent it on a fishing rod. The bailout is a check to someone else, from me and everyone else - in the amount of ~$2,500 or so per person, to buy rotten debt from a bank - in the hope (and an unlikely one - in my opinion) -
that it will result (probably not - says the credit market) - in more land cheaper short term credit.

Just what we don't need.

No thanks. Think of something else, Hank, or go back to Goldman Sachs, if they're still in business.

 

[Show-me]

There is a documentary on Showtime called Maxed Out or something to that effect. "Credit card companies send credit card applications to people that file bankruptcy for two reasons. 1. The have a taste for credit and 2. they are willing to make minimum payments." You tell me who is taking advantage of whom. A college professor spoke at a banking conference and explained how to screen out the people that would potentially miss payments or default and the most powerful person in the room spoke up and said that those are the people we make money off of.

Come on, get a clue people. They are scamming the tax payer to cover at least $700 billion in losses, with NO GUARANTEE THAT THEY WILL START LENDING.

 

[Show-me]

You have a bigger voice now than in a long time because the only thing right now that matters the the folk that are elected is VOTES. YOUR VOTES!

 

[Show-me]

If it were not for the votes they would have rammed it down our throats. The fear of the voter has set them back and we need to clean both Houses of Congress.

It is time for fiscal responsibility and accountability on all levels. Look at what the former Comptroller of the GAO, David Walker has said about our fiscal situation. It is not sustainable and now we want to add $700 billion to the problem so that we can at least say we tried. I DON'T THINK SO!

 

[Show-me]

Bring the pain, it is needed in order to cure the cancer that is credit.

Me thinks my rant is over. Sorry folks, I get passionate at times like these.:embarrest:

 

[Birchtree]

Hey, you can always sell some of that fabulous honey you've been hoarding to tie up your loose ends. I recently had a credit card company reduce my outstanding credit availability from $25K to $7.5K, so I payed them off and told them I would no longer require their services unless they restored my credit ceiling - they promptly restored my $25K limit within two weeks. And now I'm into them at 1.99% until paid in full again. I love my credit card company - they are so nice.

 

[wv-girl]

Bring the pain, it is needed in order to cure the cancer that is credit.

Me thinks my rant is over. Sorry folks, I get passionate at times like these.:embarrest:

Its OK. I think you are speaking for all(or most) of us on the MB(if not most Americans). Behind you all the way. Feel free to rant anytime.(its not good to hold it in...causes ulcers)

 

[350zCommTech]

Bring the pain, it is needed in order to cure the cancer that is credit.

Me thinks my rant is over. Sorry folks, I get passionate at times like these.:embarrest:

No need to apologize. Paulson and his gang of thieves are trying to rob us. We need to stop it again. Phone and fax your senators and congressmen now.

 

[Birchtree]

But don't you realize they are robbing for a good cause - do you want riots again. They are trying to save the minority at risk homeowner - where's your neighborly compassion. The Huxtables are living down the street in the McMansion on the corner. They may torch the home if it goes to foreclosure and the fire will spread.

 

[Show-me]

Hey, you can always sell some of that fabulous honey you've been hoarding to tie up your loose ends. I recently had a credit card company reduce my outstanding credit availability from $25K to $7.5K, so I payed them off and told them I would no longer require their services unless they restored my credit ceiling - they promptly restored my $25K limit within two weeks. And now I'm into them at 1.99% until paid in full again. I love my credit card company - they are so nice.

My mother came from the old world, stood in bread lines, and she would kill me dead if I had a credit card with a $25k limit that carried a balance. She had a fit over my student loans and gave me a no interest loan to pay them off because she could not sleep at night. You don't need the credit or the balance, what gives?

 

[Show-me]

But don't you realize they are robbing for a good cause - do you want riots again. They are trying to save the minority at risk homeowner - where's your neighborly compassion. The Huxtables are living down the street in the McMansion on the corner. They may torch the home if it goes to foreclosure and the fire will spread.

Sorry dude, not where I live.

 

[wv-girl]

No need to apologize. Paulson and his gang of thieves are trying to rob us. We need to stop it again. Phone and fax your senators and congressmen now.

Just like we were robbed by the Thrift board. Lots of us could have made Thousands of $ in the last two days if we had the original rules in place. Damn Tracey Ray and the lot of them.