Senate Passes Bill! ...All is ok now!!??

[Agent86]

bYeayyy- The Senate to the Rescue!

We're safe now. The House has to go along and they're predicting Victory already! I seriously don't think they'll shoot it down. It'll be voted in.

It's now called the "Main Street Rescue Plan!" How Nice.

We can all rest now. The Gov't will help keep the Credit Markets sound, Wall Street will stabilize, and the economy will be stabilized! Tax Breaks for Individuals & Businesses, Increase to 250k for insured deposits, Joe the Plumber can still get his line of Credit to make Payroll, & buy his Stock (all on credit) to keep his business afloat, the Gov't can buy back these bankrupt homes.

This is America at Work. (Oh, don't forget to read the new 450 page bill) It's no longer a 3 page plan.

[whitehot84]

It will all be OK as long as ACORN gets their fair share.

[PCS74]

Just when you thought the idiots on the hill had somewhat warmed up to the idea of personal accountability the other idiots on the hill walk in and erase everything.

Our elected leaders have been doing stupid **** for decades now, but this is by far the dumbest yet.


Chris

[V8Assassin]

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[henschman]

its crazy how after the public rose up and defeated the first bailout, the media went into a frenzy trying to convince the public it was a good idea... they're all calling it a "rescue" now instead of a bailout, just like that socialist bastard mccain suggested, and they really hyped up the hysteria about the stock market correction. some objective media we have in this country... they are watching out for the interests of the banking cartel and wall street (their bosses). how nice.

[ekafrawy]

I'm still on the fence about this bailout plan. All i've heard is that if this bill doesn't pass, banks will continue to fail, credit will dry up, and business will then begin to close, costing thousands of jobs.

What I haven't heard is an alternative to this bailout. It looks like most americans don't support this bailout, even though most don't even understand the problem, so what is their solution to this mess? Is there no other alternative?

[Agent86]

I believe the alternative, is basically that the Market tanks, all Credit freezes, and many businesses go belly up-

This can be pretty bad.

However, what if this still isn't enough to qwell the markets? We can be in for a bleeding of our economy...

[slow87]

However, what if this still isn't enough to qwell the markets? We can be in for a bleeding of our economy...

This is what I fear. We have been bailing out for awhile, and no matter what we do the market always gets into trouble again. What will they need 10 years from a now a three trillion bail out? It never ends the line must be drawn right here, right now.

[henschman]

Originally Posted by ekafrawy

I'm still on the fence about this bailout plan. All i've heard is that if this bill doesn't pass, banks will continue to fail, credit will dry up, and business will then begin to close, costing thousands of jobs.

What I haven't heard is an alternative to this bailout. It looks like most americans don't support this bailout, even though most don't even understand the problem, so what is their solution to this mess? Is there no other alternative?

the alternative is to let the market run its course. the bailout would only continue to prop up the price of worthless assets. In other words, to prolong the housing bubble, which would be to continue to provide a false incentive for people to keep borrowing and keep building houses when it doesn't make any economic sense to do so. To do that would make the problem worse. It would attempt to cure the problem by the same thing that caused it in the first place. That's what happens when the government interferes with the workings of the market -- it creates false incentives to engage in investments that aren't efficient (aka "malinvestments," to use a term the Austrian Economists coined). the bailout would also have a terrible effect on the Dollar, because it would involve spending almost a Trillion Dollars which we do not have (remember, we are already running a massive budget deficit, and its only projected to get worse with the retirement of the baby boomers).

without the bailout, the bankrupt companies and their assets (which are worth very little), would be sold on the market for prices that reflect what they are actually worth (just like what happened this morning when Wells-Fargo bought Wachovia). This is what economists call "liquidation of malinvestments." It would return the market to a sensible level of pricing. It would involve a downturn in the economy, but such "corrections" are always short -- it would be about a 1-year ordeal. But we would be on track for a much more stable and sustainable level of pricing and growth. The bailout, on the other hand, would prolong the crisis, set the stage for a worse economic disaster in the near future, and would centralize a lot of power in the hands of the federal government -- the executive branch in particular. the fact that they want to centralize their control over such vital institutions as the banks is really scary to me. It would also create the necessity of further regulating private conduct, to "protect us from our own stupid decisions," which would take away even more of our freedom.

hundreds and hundreds of economists have been petitioning congress to reject the bailout, for these reasons and many more (i didn't even get into the moral hazard that is caused by such a plan). I wonder why they haven't been listening to them, but have been putting so much stock in the views of people like Paulson and Bernanke, who are partial to the banking cartel and wall street brokers, respectively? don't they know you should ALWAYS consider the source, and how his personal interests might affect what he's saying?

[BoostedEvIL]

I'm not a fan of the Gov helping Wall Street. Sure the gov should help keep people in their homes, but its not the Govs responsibility to take care of big business and wall street(with respect to nation security). If it was the Govs responsibility then that would include more Gov oversight of wall street right?
They can't have their cake and eat it too.

[V8Assassin]

Originally Posted by BoostedEvIL

Sure the gov should help keep people in their homes

WHY??
Please explain to me why the gov't should help people keep their homes that they overpaid for, never had the credit for, could not make the downpayment, and can't make the notes.

WHY??


because I have been prosperous and they haven't, because I stayed within my means and they didn't,

PLEASE TELL ME WHY

WHY IS IT THE GOV'S RESPONSIBILITY

YOU HAVE NO RATIONAL ANSWER BECAUSE THERE ISN'T ONE!

IF YOU DISAGREE LET ME HAVE IT, I AM WAITING FOR YOUR RESPONSE!

WHY? MOE----------RON

[Agent86]

X2 I feel the same way.

Part of me yesterday was really feeling very upset with the Government, Wall Street, Home Flippers and VERY Irresponsible People who Caused all this Mess.

Part of me also feels like this whole 700Billion Bailout, is also big Government taking over and using this Bill to Gain Money from the Taxpayers in a Country that's basically going Bankrupt. I don't think the Government ever moves fast at all to help, and most of these Companies that are going Bankrupt on Wall Street are going to fall anyways. So, essentially, the Government is just preparing World Markets and trying to Qwell the fall anyways. The Government is using the Economic conditions of Wall Street to Justify Robbing the American People. Oh, Credit markets are going to freeze... I forgot. But aren't they anyways??? This is ridiculous.

I'm Mad. Very Mad. Irresponsible people who couldn't afford these Homes in the First place. Talk about being Duped. This is so Dam Ridiculous!! Let them go live in their means, and go get an apartment and be humble. I lived in an Apt for years. Why can't these people?
What a Travesty.

This Bailout is a big Sham!!!!!

Originally Posted by V8Assassin

WHY??
Please explain to me why the gov't should help people keep their homes that they overpaid for, never had the credit for, could not make the downpayment, and can't make the notes.

WHY??


because I have been prosperous and they haven't, because I stayed within my means and they didn't,

PLEASE TELL ME WHY

WHY IS IT THE GOV'S RESPONSIBILITY

YOU HAVE NO RATIONAL ANSWER BECAUSE THERE ISN'T ONE!

IF YOU DISAGREE LET ME HAVE IT, I AM WAITING FOR YOUR RESPONSE!

WHY? MOE----------RON

[V8Assassin]

Originally Posted by Agent86

X2 I feel the same way.

Part of me yesterday was really feeling very upset with the Government, Wall Street, Home Flippers and VERY Irresponsible People who Caused all this Mess.

Part of me also feels like this whole 700Billion Bailout, is also big Government taking over and using this Bill to Gain Money from the Taxpayers in a Country that's basically going Bankrupt. I don't think the Government ever moves fast at all to help, and most of these Companies that are going Bankrupt on Wall Street are going to fall anyways. So, essentially, the Government is just preparing World Markets and trying to Qwell the fall anyways. The Government is using the Economic conditions of Wall Street to Justify Robbing the American People. Oh, Credit markets are going to freeze... I forgot. But aren't they anyways??? This is ridiculous.

I'm Mad. Very Mad. Irresponsible people who couldn't afford these Homes in the First place. Talk about being Duped. This is so Dam Ridiculous!! Let them go live in their means, and go get an apartment and be humble. I lived in an Apt for years. Why can't these people?
What a Travesty.

This Bailout is a big Sham!!!!!

\

It's amazing isn't it. Fannie and freddie sure have gotten their money's worth on this deal.

Let's put this on a personal level. I go out and spend all my money, then borrow till my head is about to explode, don't make the notes and have to file bankrupcy. Who do you think will help me out, or in this case bail me out and give millions to do it again? NOBODY! If I run my business in the ground there will be no one to help or borrow from.

ONLY IN AMERICA! HOW TRAGIC!

[IEATV8S]

Seems now that they have FORCED this chit down our throats, they don't have a PHUCKING IDEA how to implement it, and have NO IDEA how long it will be until they do!!!!

President warns bailout will take time to implement | Front page | Chron.com - Houston Chronicle

Our CONGRESS and the CHITHEAD PRESIDENT just stuck it to all of us again, along with 700 BILLION in BAILOUT, we get another 150 BILLION in PORK! Sooner or later there has to be a REVOLT about this kind of chit perpetrated on the American citizen!

Only way I know how to hurt them is to REMOVE the money they can use! STOP PAYING TAXES and when one of us gets in trouble, all our neighbors STOPS the IRS and any form of government intervention from taking punitive action! Sounds radical, doesn't it! So did dumping the TEA into Boston harbor. Think about it, talk to neighbors, friends and family!

Also think about EVERY ELECTED OFFICIAL in the Federal Government gets a GREAT PENSION for serving just 2 years! A GRASS ROOTS movement to do away with this should be going on right now. We can't stop lobbying, BUT we can have it made ILLEGAL to have any member of a Corporation or a Corporation donate to any political campaign, make it law that each Congressman gets just a certain amount of FEDERAL money to use (beside out of his own pocket), and that's it! Cook the books and get found out, automatic 5 year prison sentence.

Don't you think it's time to take back our country?

[PCS74]

Originally Posted by IEATV8S

Our CONGRESS and the CHITHEAD PRESIDENT just stuck it to all of us again, along with 700 BILLION in BAILOUT, we get another 150 BILLION in PORK! Sooner or later there has to be a REVOLT about this kind of chit perpetrated on the American citizen!...


...Don't you think it's time to take back our country?

I fully agree with everything you said except the last part. Based on our current path this country will crumble long before we ever reach a level of oppression that requires us to take it back by force.

Make no mistake my friends, America is dead. Most people just have not realized it yet.


Chris S

[jdpolzin]

Thats it, I'm moving to Canada!