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| Home Front Economy | |
| Talk of $1 Trillion Bailout Stuns Congresspersons | |
| 2008-09-19 | |
"You have the credit lines in America, which are the lifeblood of the economy, frozen." Mr. Schumer said. A gross exaggeration. My credit card was accepted last night, how about yours? But it was clear they continued to examine ways to make clear that the government was stepping up not just to help the major financial firms but also to protect the interests of American taxpayers and families by safeguarding their pensions and college savings, and by preventing any further drying up of consumer credit. Another distortion. Putting American taxpayers at risk of an additional $1 Trillion in debt will "protect" them? I have no pension or college savings, just some $ in the bank -- and am certain the value of my savings will shrink for every $ the gov't throws down this rathole. Consumer credit is not drying up, but corporate credit (especially between financial institutions) is drying up & for good reason, many are insolvent & want to keep this a secret. "Democrats said they intended to consider measures to help stem home foreclosures and stabilize real estate values." Right, make the country safe for seasonal laborers to keep their $750,000 mortgages and keep house prices grossly elevated so that the rest of us can't afford them. The amount discussed in this meeting was not specified until Sen. Richard Shelby was interviewed on TV this morning. | |
| Posted by:Anguper Hupomosing9418 |
| #30 Yaaaawnnnn.... trillions shmillions. Think about this, the velocity of money in the U.S. is about 6. That means the guvmint spends the money once, maybe it helps boodt the economy, maybe it doesn't, but the general public will spend it 5 more times that year. And that's the good news. Now, we just need to borrow that trillion, and we're in good shape. That, by the way, is why government deficits aren't the bad thing we think they are. Nations aren't smal businesses or household budgets. |
| Posted by: Mike N. 2008-09-19 23:04 |
| #29 The beauty of this site is the presentation of plenty of mean data that can be useful. That and humor. I liked that presentation, alot. |
| Posted by: newc 2008-09-19 20:49 |
| #28 See CHINESE MIL FORUM > WHAT IF MARX AND MAO WERE RIGHT AFTER ALL!? * SAME > POSTER OPINIONS - THE USA SHOULD CHANGE ITS NAME TO USSA[ Proposed Dubya Bailout + New Govt.Powers], versus "CRUS" [CRIMES-R-US = CRIMINAL REPUBS OF AMERIKA" due to seemingly pervasive CRIMINAL-NEPOTIST CULTURE in US GOVT-SOCIETY. ONe Poster argues that genuine/true CHRISTIANITY has been dying for 100 years, and has been replaced by CRIMINAL FAITH/CRIMINALISM??? |
| Posted by: JosephMendiola 2008-09-19 20:49 |
| #27 You're velcome. |
| Posted by: Barbara Skolaut 2008-09-19 19:45 |
| #26 But I'll stop A: Thank you. |
| Posted by: General_Comment 2008-09-19 19:01 |
| #25 Posting is for the snark value, Gen. But I'll stop - it's obvious you don't get it, and that makes it a waste of my time. As for Pootie - he's your problem. Good luck with that.... |
| Posted by: Barbara Skolaut 2008-09-19 18:53 |
| #24 If you were "indifferent" Barb, then why bother posting? At the very least you do not seem to be indifferent to Mr. Putin, as I gather from your posting . . . . |
| Posted by: General_Comment 2008-09-19 18:43 |
| #23 Hate to be the one to break it to you, "General," but I'm not angry at you (or anyone else, for that matter). You're not worth the energy anger would take - even if I could come up with a reason to be bothered. The word you're searching for is indifferent. Perhaps you don't know my motto: Any day you wake up is a good day. :-D |
| Posted by: Barbara Skolaut 2008-09-19 18:38 |
| #22 a) Laughter can be an angry laughter. b) No, I cannot say "projection" - English is my second language. |
| Posted by: General_Comment 2008-09-19 18:30 |
| #21 Please prove me right, General_Comment. Besides, if Barbara is doing domestic chores, she won't have time to arrange for a third popcorn machine and supplies, which are really needed as the U.S. and Canadian elections approach. |
| Posted by: trailing wife 2008-09-19 18:30 |
| #20 Honey, how can I be angry when I'm laughing at you? Can you say "projection"? |
| Posted by: Barbara Skolaut 2008-09-19 18:25 |
| #19 Barb, you are not a slave - merely an angry woman. |
| Posted by: General_Comment 2008-09-19 18:19 |
| #18 It time to decide if we are a capitalist or a socialist economy. This middle step of paying for the losses while the earnings slip away is destroying the middle class. Letting the S* hit the fan would be bad, but if they would just leave it alone the problem will correct itself in 18 months. |
| Posted by: flash91 2008-09-19 18:18 |
| #17 "Some of our best posters charged in roaringly obnoxious, and stayed to learn and teach." Judging by his pathetic "me man, you slave" response, tw, I suspect he can't do either. |
| Posted by: Barbara Skolaut 2008-09-19 18:15 |
| #16 General_Comment has much improved I think, Barbara. I was a bit obnoxious about his Ovaltine comment yesterday, and he remained calm and reasonable. Some of our best posters charged in roaringly obnoxious, and stayed to learn and teach. |
| Posted by: trailing wife 2008-09-19 18:08 |
| #15 Barb, why don't you just shut up. go wash dishes or something . . . . |
| Posted by: General_Comment 2008-09-19 17:59 |
| #14 I see General Nuisance is here again. *Yawn.* Hard getting good help, eh, Pootie? |
| Posted by: Barbara Skolaut 2008-09-19 17:51 |
| #13 So whose going to jail over this? {Crickets} Thought so. |
| Posted by: DMFD 2008-09-19 17:51 |
| #12 Heh, state socialism through government buyout of the major corps. [Looking Backward (1888)] |
| Posted by: Procopius2k 2008-09-19 17:34 |
| #11 It was a rhetorical question . . . |
| Posted by: General_Comment 2008-09-19 17:32 |
| #10 Ya got a mirror? |
| Posted by: tu3031 2008-09-19 17:30 |
| #9 WTF, who is going to pay for all of this? |
| Posted by: General_Comment 2008-09-19 17:29 |
| #8 My feeling is $2T or more. |
| Posted by: Zhang Fei 2008-09-19 16:46 |
| #7 I'd like to point out that there are still good odds that the $1T will not be enough. And if it isn't, then there is still a grand potential for an international credit collapse. Otherwise, let me note that already there is a "slow bank run" in progress around the US. People are quietly withdrawing cash from bank accounts, solely to have cash on hand. It would not be a bad idea to have a few thousand in cash at home or in a safe place outside of a financial institution. Just for six months. If things have improved by then, you will just be out a literally couple dollars in interest. |
| Posted by: Anonymoose 2008-09-19 16:46 |
| #6 Freddie Mac and Fannie Mae sold mortgages to third parties such as pension plans, corporations such as Merrill Lynch, etc. and insurance companies such as AIG. Many of these mortgages were subprime, i.e. to say risky. |
| Posted by: JohnQC 2008-09-19 16:32 |
| #5 Your right Steve. Bailout is preferable to failure. I wonder if we are only seeing the tip of the iceberg or are we beginning to head out of this thing. There is a lot of credit card debt out there also. |
| Posted by: JohnQC 2008-09-19 16:28 |
| #4 The bailout may be as much as $1 trillion if all the worst case scenarios come true. But -- 1) it won't be paid out all at once. 2) some of it comes back if the Fed liquidates assets, even if they do so at ten cents on the dollar. 3) stabilizing the markets saves us from a bigger disaster. When the government bailed out Chrysler, it made a profit. When the government bailed out the S & L's (remember that mess?), the losses weren't nearly as great as predicted. I don't like bailouts, but I like economic meltdowns a lot less. The right thing to do is get in front and lead, and that's what the Fed and the Treasury Dept are doing. |
| Posted by: Steve White 2008-09-19 15:51 |
| #3 $1,000,000,000,000! Our total Gross Domestic Product is $16,830,100, 000,000. This bailout is a little over 6% of our GDP. That is astounding. Washington vote buying schemes, give away programs, and social engineering programs are going to break this country! |
| Posted by: JohnQC 2008-09-19 15:38 |
| #2 Americans aren't nearly outraged enough over this . These guys have made hundreds of billions of dollars in the biggest swindle of all times and now they are going to go running off to the Cayman Islands to retire while we pump a Trillion dollars of tax money into the industry to make it barely solvent. We've been sold out boys. Who is going to hold these persons responsible? Nobody. What will prevent them from doing it again? Nothing. |
| Posted by: bigjim-ky 2008-09-19 15:20 |
| #1 Since the people are providing the money for these bailed out failed organizations, it seems like we are the owners to a large extent. Do we get any benefits for our money? When are we going to get term limits for our Congress critters so they aren't in Washington long enough to become corrupt and steal anything? |
| Posted by: JohnQC 2008-09-19 15:19 |