Well, the Senate just approved the revised bailout package. Back to the House - let's hope they don't fumble the ball again...
Senate Expands Bailout Package
- Thread starter B_starinvestor
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I'd be shocked. It's got enough pork to make everyone happy, and it's political suicide to ditch it again and tank the market one more.
The House didn't 'fumble the ball.' What they did was react to an overwhelming outcry by their constituents not to pass it. Reports say that phone calls to many house members were running 200 to 1 against passage.
The original bill was a nightmare. It sought to turn over 750 billion $ to one man, Henry Paulson, to hand out AS HE PLEASED, TO WHOMEVER HE PLEASED. No restrictions whatever. And with Paulson an ex-president of one of the affected banking conglomerates, you can guess what form that would take. It would be the final insult from this insane administration.
The Senate bill is quite different and makes a lot more sense.
There are provisions such as a board, not a single person, to carefully handle disbursements. As a senator, Obama listed four conditions he insisted should be included, including the one above, and urges a yes vote.
Now maybe the House will re-pattern their bill after the Senate one. Then it should be approved.
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Bullshit. Those provisions were written by the Republicans. The bill was supposed to be bipartisan, because nobody wants to take sole credit for it. The GOP backed out in an attempt to hang the albatross on the Democrat's necks, so they could blame them.
Political bullshit. Both parties were pieces of shit, and it's incredibly naive to think that the house decided for the first time ever to listen to their constituents. Everyone knew the bill was going to get passed in some way shape or form.
Agreed. The 200/1 is laughable. There are still too many ornaments on this Christmas Tree, but its packaged better than Monday's slopply joe.
I'm still not sure about this thing being passed, even if it is all new and improved. I think wall street needs to go bust, and we all need to just suck it up and scrape thru this tooth and nail. This country needs to wake up, and pull its head out of its ass! Life is more than having new shiney expensive things and living well beyond your means.
Wall Street is already 'bust.' This package is about you and me; everybody. This isn't a windstorm where we all sing KUMBAYA and help one another pick up branches. This is the vitality of our economy, and each of us working.
It will get worse if the package doesn't pass. I promise. I wish you the best in finding something; but I regretfully submit that it will be infinitely more difficult if this rescue plan isn't approved.
What would make you believe that? Think of 10 people you know, and think of how many of them need credit in their lives.
You're wrong.
Seriously....how often do you see me and Starinvestor agreeing on anything? That should tell you something.
Ok....both of you.........please (peacefully lol) explain why you think it will get better or worse. Right now I'm leaning towards letting the economy go to total shit, and us rebuilding it back up from scratch.
Convince me why I should change my mind, or why I shouldn't.
I say all of this jokingly in a sense....but very truthfully. I was against the original bailout, and I don't quite know what to say about this one, so help me, and others, to better understand each of your viewpoints
Yeah, well I get from you and star investor a bunch of platitudes, I have explained my position time and time again, and read plenty of articles to the contrary.
Somebody on here posted a letter signed by hundreds of prominent economists, urging against the bail out.
How often do you see me and faceking agreeing? It doesn't mean shit.
I totally agree.
We may not be at the breaking point yet. Maybe we can still put off the inevitable and create more credit when there is no real assets for another 100 years.
But eventually this pyramid scheme is goign to break.
And I want to see it break in my lifetime.
Cause I am going to dance in the ashes.
B_VinylBoy
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I've lived a comfortable life without credit for the last 5+ years. Part of it is voluntary, the other is due to being in a slow state of financial repair after the dot com crash. Being able to pay for the things you need outright is a good thing.
- VeeP,
Personally, I can think of far more people who are leveraged to the hilt and living way beyond their means... they only "need" it because they've become accustomed to getting it. The bailout treats the symptom, not the disease.
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