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Is USA financially done if bailout passes?

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  1. kasilof kasilof is offline

    Northridge, CA
    United States

    Posts: 864
    Joined: Jun 06

    Oct 1st, 2008 (10/1/2008 6:01am)

    I argue yes. Furthermore the senate bill adds additional tax cuts to it.

    All this will do is allow banks to keep their 20X leverage and allow the fed to continue with below market rate loans. If you have money in the bank you are presently losing money via inflation. It is extremely bad to save in today's times. GM could easily have a pool of money they loan to people to buy their trucks and cars. They do not need banks. The only think banks are needed for is large loans for houses and businesses. However, most businesses except when extremely small should expand from within.

    If a bank goes bankrupt, the ones that hold debt in the bank now own the assets. The home assets of a banks are valuable.

    How to protect your assets. I suggest commodities, swiss franc, knone, or any currency where the government runs a balanced budget. I also suggest stocks in areas that can increase prices or areas where currency is solid.

    If the government offers 2% loans I suggest you get that money and find a place to invest where you can earn 5-6% return with little risk.
  2. OGPokerman OGPokerman is offline

    La Quinta, CA
    United States

    Posts: 6,921
    Joined: Jul 05

    Oct 1st, 2008 (10/1/2008 7:07am) in reply to kasilof

    ok so spit some of us dummies some plain english...correct me

    Gov buys all debt up and takes over house loans at a low price. So if im already forclosed on my loan, does the gov put me back in my home? I dont think so. And who buys the loan back? How does it all supposovely work?

    Seems to me all the slimmey kunning bastards are giving the scumbags a free ticket and who started all the loaning? The governement right? So now everyone effs up and the government gets to buy the homes real cheap and then resell them? Who are they selling them too?

    How does the gov buying all the houses help us? Seems rigged like they planned it since they started the damn shit...of course we would forcluse when mortgage jumps up after three years...duhhhh

    And then the stock martket...explain what is exactly happening there. I am an ideot and know nothing.

    IN ENGLISH!! pretend im a ten years old...

    Hey, this is your thread...so deliver the info...

    tks
     
  3. darkpoker12 darkpoker12 is offline

    Irvine, CA
    United States

    Posts: 13,530
    Joined: Jan 07

    Oct 1st, 2008 (10/1/2008 7:52am) in reply to kasilof

    I highly disagree with this. Whether you like it or not we need this bailout. It kills me to see that most people think that this is just a bailout for wallstreet and fat cats when in fact it affects us all. imo if the FDIC raised their protection limits to 1 million instead of the measley 100k ( soon to be 250) there would be alot less panic and we would not be in this situation. It leads back to part of the reason we got into this mess which is the accounting gaap. The whole idea that if you buy a house at 1 million but it goes down to 700k before the end of the year and that you have to write it as a 300k loss because of the gaap rules is retarded. Everyone knows that land and real estate is always up and down. I remember a case where 2 people were fighting to get rid of this land that was hurting them by sueing each other, but before the case was finished the land went up like crazy and all of a sudden they had to change to sue each other to keep the land. Anyway I got offtopic, overall if we had more fdic coverage and maybe the discount rate lowered we would be fine.

    anyway its 4 50 am got off track but overall your idea of losing money to inflation I disagree.

    F Obama, F GAAP rules, F democrats making this political and not passing it
  4. wagewar wagewar is offline

    United States

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    Joined: Feb 06

    Oct 1st, 2008 (10/1/2008 7:52am) in reply to OGPokerman

    I'm opposed to the bailout. This is nothing more than another step in the direction of Socializing the financial system. Socialism in America? No, thank you. The morons that pushed forward the subprime loans that caused this should pay for it; NOT the American tax payers. The scum on Wall Street and Washington that pushed for these high-risk loans should pay. Barney Frank, GFY! Charles Schummer, GFY! Henry Paulson, GFY! My God, and now we have the Marxist clown, Obama, waiting in the wings to take over this country. The next four years in America is looking more and more like the former USSR.
  5. shopping trolly shopping trolly is offline

    New Zealand

    Posts: 253
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    Oct 1st, 2008 (10/1/2008 8:17am) in reply to kasilof

    Most banks in New Zealand have savings accounts with 7-7.5%
  6. bwbw80 bwbw80 is offline

    Conway, AR
    United States

    Posts: 668
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    Oct 1st, 2008 (10/1/2008 8:20am) in reply to darkpoker12

    You realize that more Repbulicans voted against the bill than Democrats, right?
  7. kasilof kasilof is offline

    Northridge, CA
    United States

    Posts: 864
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    Oct 1st, 2008 (10/1/2008 8:41am) in reply to darkpoker12

    The reason for the price fluctuations is that the fed dicks around with interest rates. If the fed were abolished, long-term interest rates would be determined by the market creating much more stable prices. Generally the fed is pro-right wing. Meaning when deficit explodes they fail to raise interest rates correctly.

    If we get rid of the fed, and we will probably eventually return to balanced budgets. Because it would become obvious to the voter running deficits is just another tax.
    Thread Starter
  8. wowswift wowswift is offline Fold to cash, skeet to win.

    Posts: 22,304
    Joined: May 05

    Oct 1st, 2008 (10/1/2008 9:13am) in reply to wagewar

     
    Originally Posted by wagewar View Post

    I'm opposed to the bailout. This is nothing more than another step in the direction of Socializing the financial system. Socialism in America? No, thank you. The morons that pushed forward the subprime loans that caused this should pay for it; NOT the American tax payers. The scum on Wall Street and Washington that pushed for these high-risk loans should pay. Barney Frank, GFY! Charles Schummer, GFY! Henry Paulson, GFY! My God, and now we have the Marxist clown, Obama, waiting in the wings to take over this country. The next four years in America is looking more and more like the former USSR.

    you don't think that you're going to feel it if they don't pass it? so when your credit cards start lowering your limits and causing your FICO score to go down, then you might lose your job (dunno where you work just being general) then where will you be? If they do or don't pass it, everyone is going to feel it somewhere. You would be naive not to think so. But I don't rly care, since I will hunt for food :)
  9. dolphin13 dolphin13 is offline OT Vice MVP

    Chicago, IL
    United States

    Posts: 23,740
    Joined: Jan 07

    Oct 1st, 2008 (10/1/2008 9:17am) in reply to darkpoker12

     
    Originally Posted by darkpoker12 View Post

    I highly disagree with this. Whether you like it or not we need this bailout. It kills me to see that most people think that this is just a bailout for wallstreet and fat cats when in fact it affects us all. imo if the FDIC raised their protection limits to 1 million instead of the measley 100k ( soon to be 250) there would be alot less panic and we would not be in this situation. It leads back to part of the reason we got into this mess which is the accounting gaap. The whole idea that if you buy a house at 1 million but it goes down to 700k before the end of the year and that you have to write it as a 300k loss because of the gaap rules is retarded. Everyone knows that land and real estate is always up and down. I remember a case where 2 people were fighting to get rid of this land that was hurting them by sueing each other, but before the case was finished the land went up like crazy and all of a sudden they had to change to sue each other to keep the land. Anyway I got offtopic, overall if we had more fdic coverage and maybe the discount rate lowered we would be fine.

    anyway its 4 50 am got off track but overall your idea of losing money to inflation I disagree.

    F Obama, F GAAP rules, F democrats making this political and not passing it

    seriously what are you smoking?

    60 percent of Democrats in the House voterd for the bill.
    33 percent of Republicans in the house voted for this bill.
  10. markeckert2000 markeckert2000 is offline

    San Gabriel, CA
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    Oct 1st, 2008 (10/1/2008 9:19am) in reply to bwbw80

     
    Originally Posted by bwbw80 View Post

    You realize that more Repbulicans voted against the bill than Democrats, right?

    This is correct.

    Also, almost all of those who opposed the bill just happen to be up for re-election this year.
  11. norcaljeff norcaljeff is offline 2010 OT Thread Kill Leader

    San Francisco, CA
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    Oct 1st, 2008 (10/1/2008 10:53am) in reply to kasilof

    doooooomed! lol
  12. dolphin13 dolphin13 is offline OT Vice MVP

    Chicago, IL
    United States

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    Oct 1st, 2008 (10/1/2008 10:56am) in reply to norcaljeff

    what kind of work do you do norcal? Are you self empoyed or do you have a full-time 9-5 job?
  13. norcaljeff norcaljeff is offline 2010 OT Thread Kill Leader

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    Oct 1st, 2008 (10/1/2008 11:00am) in reply to dolphin13

    what possible difference could it make?
  14. gosalukis83 gosalukis83 is offline

    Murphysboro, IL
    United States

    Posts: 4,852
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    Oct 1st, 2008 (10/1/2008 11:01am) in reply to darkpoker12

     
    Originally Posted by darkpoker12 View Post

    I highly disagree with this. Whether you like it or not we need this bailout. It kills me to see that most people think that this is just a bailout for wallstreet and fat cats when in fact it affects us all. imo if the FDIC raised their protection limits to 1 million instead of the measley 100k ( soon to be 250) there would be alot less panic and we would not be in this situation. It leads back to part of the reason we got into this mess which is the accounting gaap. The whole idea that if you buy a house at 1 million but it goes down to 700k before the end of the year and that you have to write it as a 300k loss because of the gaap rules is retarded. Everyone knows that land and real estate is always up and down. I remember a case where 2 people were fighting to get rid of this land that was hurting them by sueing each other, but before the case was finished the land went up like crazy and all of a sudden they had to change to sue each other to keep the land. Anyway I got offtopic, overall if we had more fdic coverage and maybe the discount rate lowered we would be fine.

    anyway its 4 50 am got off track but overall your idea of losing money to inflation I disagree.

    F Obama, F GAAP rules, F democrats making this political and not passing it

    looooooooooooooooooool @ the FDIC being the answer!!!!!!

    The FDIC doesnt even have CLOSE to enough money to cover all the insured already. Imagine raising it to 1 million. Guess what happens then?? We have to print more fucking money and decrease the value of the dollar even more and raise inflation.

    NOT a good idea IMO
  15. dolphin13 dolphin13 is offline OT Vice MVP

    Chicago, IL
    United States

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    Oct 1st, 2008 (10/1/2008 11:02am) in reply to norcaljeff

    I'm just curious. What you do for a living?
  16. norcaljeff norcaljeff is offline 2010 OT Thread Kill Leader

    San Francisco, CA
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    Oct 1st, 2008 (10/1/2008 11:03am) in reply to dolphin13

    I do work, son!
  17. TNT916 TNT916 is offline

    Reno, NV
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    Oct 1st, 2008 (10/1/2008 11:04am) in reply to kasilof

    The bailout failed.
  18. scgolfer scgolfer is offline honey let's go

    Peoria, AZ
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    Oct 1st, 2008 (10/1/2008 11:07am) in reply to TNT916

     
    Originally Posted by TNT916 View Post

    The bailout failed.

    Not very smart people.

    BTW IHSP = I Hate Stupid People
     
  19. dolphin13 dolphin13 is offline OT Vice MVP

    Chicago, IL
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    Oct 1st, 2008 (10/1/2008 11:07am) in reply to norcaljeff

    I'm just curious what type of work

    If you don't want to answer just say I refuse to answer
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