Bailout discussion.

[alstensby]

A friend sent this link. First off, I will begin by saying it is a bit slighted so take it with a grain of salt. However, it does bring up some points. I know there are those on here who are more knowledgeable of this as a whole and I would like some educated input (please don't turn this in to some political crap as all parties are guilty). Facts? Opinions (keep these civil please)? Please share.

Bailout Truth: Inflationary Crony Capitalism by Bill Butler

Please note that I do acknowledge that some of the information provide would be difficult to substantiate, but find it interesting as speculation.

[Tod]

Fair warning to all, at the first sign of Political Mudslinging this thread will go the way of the Dodo.

[Saleenguy]

Summed up, it seems they took money from the low to middle class folks, and gave it to the big wigs.

Nothing like stealing from the struggling, to hand more money to the yacht owners.

Better would have been to tax the HUGE corporations more, and give the money to the little people IMHO.

[Michael600r]

The bailout will do just the opposite of what it is intended to do.

[ozyran440]

Originally Posted by Saleenguy

Summed up, it seems they took money from the low to middle class folks, and gave it to the big wigs.

Nothing like stealing from the struggling, to hand more money to the yacht owners.

Better would have been to tax the HUGE corporations more, and give the money to the little people IMHO.

Now Marty, you know fuel for those yachts can be expensive, and with rising costs their Hummers have been gobbling up the fuel money that would have normally been spent on the yachts

That article made some interesting points, but I think it's making some pretty serious assumptions before any action has been taken. If it's right, then we're in some seriously deep horse doo-doo. If it's wrong, then it'll be like the many conspiracy theories that have been produced over the years.

I think I'll wait before making any serious judgment calls, but then again, I'm hoping it's just another conspiracy theory. That's just me though.

[cmptrmn.1]

Interesting article. Not sure I buy it, but..... Would we have truly gone in the tank without this bailout?

[ozyran440]

Originally Posted by cmptrmn.1

Interesting article. Not sure I buy it, but..... Would we have truly gone in the tank without this bailout?

I think that remains to be seen. In my opinion, the big thing driving the bailout in the first place was the fear that we'd see a repeat of the Great Depression.

[Ryguy]

I know this is WAY WAY off, but I think they should take that 700 billion or whatever the number was and give it to the working middle class folks to pay off their mortgages. Stipulate the heck out of it, make sure their mortgage gets paid off. If that happens, the banks have their money back, they will no longer have to file bankruptcy and the people that can't afford their house payments pays there houses off and get to keep it. It's a win win there Of course the Gov could tax the bailout money before hand and get a lot of that money back right away.

I got an email on how that would work not too long ago, I don't think I have it anymore though. They person that wrote it was spot on though!!

[Musgofasa]

I read that article and did a little research. The problem is, the money isn't enough to even make a dent in the actual amount owed. The article said it would be like $240,000 per person, but in all reality it would be more like $3500 per person.

I am skeptical about anything politicians come up with, but thank god every day I am not in any office. As much as I like spending money, I am afraid of who I would hurt or what I would sacrifice given the option. lol

I would like to think I am better than that, but I have certainly never been faced with tens of millions of dollars to contemplate what good I could do. All in perspective right? lol

[aKorn]

Wait, I thought that with the name change we were accepting a rescue plan, not a bailout plan. Drat... I've been fooled again.

[Scrambler81]

I can sort of understand the need for this, but I don't believe they should give anybody a dime until they have siezed the assets of every executive of every company that is in trouble. There is no way those people should be able to walk away with millions, while the country takes a beating, and the employees that counted on them lose everything. The people at the top are the ones responsible for this mess, not the ones at the bottom, so there needs to be some type of remedy. Maybe some type of civil action, I don't know how it would work, but they need to do something.

[Jake '53]

Originally Posted by Michael600r

The bailout will do just the opposite of what it is intended to do.

What makes you think it was actually intended to do anything but help out the rich a-holes that got us in this mess in the first place?

[Jake '53]

Lets see:

Past CEO of Goldman-Sachs (look it up) screams for $700B to bail out his buddies and then appoints a follower from Goldman-Sacs to manage the program.

How's the job market in Australia for HVAC engineers and elementary teachers?

[Tod]

I didn't see why the bailout was necessary either. The way I saw it, we're all gonna take a beating over this mess, why not let the Wall Street Bigshots take a beating along with the rest of us.
Now it looks like they're going to get to keep gambling with our money, while we continue to struggle.

I guess I just don't get how this system is supposed to work. Seems like the Golden Rule is being applied.
Those that have the Gold are making the Rules.

[Ruger]

Originally Posted by Tod

I didn't see why the bailout was necessary either. The way I saw it, we're all gonna take a beating over this mess, why not let the Wall Street Bigshots take a beating along with the rest of us.
Now it looks like they're going to get to keep gambling with our money, while we continue to struggle.

I guess I just don't get how this system is supposed to work. Seems like the Golden Rule is being applied.
Those that have the Gold are making the Rules.

You are exactly Tod, there was no reason for it, except to keep some people rich and let us pay for it. I don't want to get political, but it all has to do with the home loan scam, who was in control of that, and where those people are and what they are doing now. Just follow the money, and the timing of this "crisis".

[jaseman]

I say let the market drop to where ever it may. Take the money that your going to put into the bailout, and put it to better use elsewhere. If you ask me, we're past the point of no return anyway.

Use the money to help the people that are being foreclosed on, or to fund education, help small business get loans, or what ever, but don't bail out the corporations that got us into this mess. If they fail, someone will come in to fill the void. The market will eventually return to a stable state. And we may all finally learn to live within our means.

Yes, it'll be rough going for a few months, or even years. But the ones who are already hurting - the lower and middle class - won't see any real benefit from the bailout. Sure, we may not be able to get a new car loan for the next six months, but is that such a bad thing?

It's a wake-up call for our economy. I don't know what the solution is, but personally, I don't think a bailout is the answer.

[Tod]

This discussion has me hurting in my lower middle class already.

[skipsaxe]

Originally Posted by Ryguy

I know this is WAY WAY off, but I think they should take that 700 billion or whatever the number was and give it to the working middle class folks to pay off their mortgages. Stipulate the heck out of it, make sure their mortgage gets paid off. If that happens, the banks have their money back, they will no longer have to file bankruptcy and the people that can't afford their house payments pays there houses off and get to keep it. It's a win win there Of course the Gov could tax the bailout money before hand and get a lot of that money back right away.

I got an email on how that would work not too long ago, I don't think I have it anymore though. They person that wrote it was spot on though!!

The one I saw said the government could distribute 85 billion to everyone 18 and over. It would come out to something like 400K per person. The feds would then have you pay income tax on that money @ 35%. It would leave everyone with 260K after taxes.

They believe with that kind of cash, people would start to stimulate the economy by paying off the mortgages they couldn't afford before, buying cars, motorcycles etc.

Sounds like a good plan to me

[Saleenguy]

Originally Posted by ozyran440

Now Marty, you know fuel for those yachts can be expensive, and with rising costs their Hummers have been gobbling up the fuel money that would have normally been spent on the yachts

That article made some interesting points, but I think it's making some pretty serious assumptions before any action has been taken. If it's right, then we're in some seriously deep horse doo-doo. If it's wrong, then it'll be like the many conspiracy theories that have been produced over the years.

I think I'll wait before making any serious judgment calls, but then again, I'm hoping it's just another conspiracy theory. That's just me though.

Donnie,

No need to tell me man, its hard keeping my fleet of expensive cars, helicopters, and my 14 yachts all fueled up.

My gas bill must have been a billion dollars last year alone.

[ozyran440]

Originally Posted by Saleenguy

Donnie,

No need to tell me man, its hard keeping my fleet of expensive cars, helicopters, and my 14 yachts all fueled up.

My gas bill must have been a billion dollars last year alone.

Alright, I guess it's time for the new Saleenguy BailRescueSave Plan so we can keep you airborne after driving your brand new M1A2 Abrams tank to the airport.