Anyone else that was FOR the bailout want to admit with me that we were WRONG?

I still think it was a sound idea in theory.

But facts are facts. And the people who said "the government is gonna screw this up" were absolutely RIGHT!

Now what?

 

Thanks for admitting the mistake in trusting the government.

I wouldn't trust the government to manage all of my personal finances, so why do we want them to do it with basically our entire economy?

Why is my money bailing out companies who are still going to pay out millions to their execs in bonuses when my household income is less than $80k/year? Makes absolutely no sense.....And I agree with Mia that if the goddamn auto industry wants a handout then they need to provide a solution to the oil nightmare....

As to what to do now, well the damage is done but we need to stop ourselves from continuing to make it worse. Let the free markets work and let shitty companies die. I'd rather go broke that way than the government stealing my money and giving it to people who lie, cheat, and steal from the poor to make their millions....

Note: I was against the bailout from the beginning. Followed Ron Paul through the entire mess to see how many Congressmen he could convince to NOT vote for it.....

 

It was more certain what would happen if the government did nothing. We done saw that happen in the late 20s and early 30s when the fed sat by and watched one bank after another fall. It doesn't mean that we would have been in another depression, but doing nothing would make the severity more certain and many do believe that a depression was a real possibility and that another depression has probably been taken off the table. But still we don't know what's going to happen.

 

many congressman have, its time to fess up. The FDIC had the power to do a bailout without the treasury. The difference there was rules and they had to pay it back. Instead of forgiving the debt they gave them hard cash from the taxpayers pockets. Dont expect any help for the debt and inflation that has been passed down.

News Source

 

There are so many like you who believe the Fed didn't create the Great Depression along with this current mess.

The Fed is completely responsible for this current so-called "crisis" in the financial markets.

Yet, instead of holding them accountable, people want to give them MORE control over the economy.

Yes, it is a real recipe for success.

 

The first 350 billion installment of the bailout is almost gone. The FDIC is pushing for a $24 billion plan to help struggling homeowners, the auto industry want $25 billio and big city mayors are now asking for a piece of the pie to help them meet pensions.

The bailout money is running out quick. What's next?

 

I was against it, but I figure it's easier to ride the horse the direction it's going, so I just got accepted for a $1.3 billion grant for my Texas Wildlife Preservation Fund. The plan is to spend most of it on strippers and bourbon, but it's possible I might also waste a little of it.

 

I'm all for it. How do I get on the Rob Jones for President bandwagon

 

What's even more ridiculous are all these other businesses legally reclassifying portions of their coporations as BANKS just so they can get federal money.

And they're doing it openly and plainly. American Express is the latest. Not even trying to hide the fact that they are just trying to get money... WTF?

 

The Government bailouts don't work. The UK went ito steep decline trying to bailout the private sector until Margret Thatcher lead a turn-around.

 

Shades of Tug McGraw, after he got a big raise. "what are you doing with the money Tug, was the question!!!

I'm investing 90% in drugs alcohol and women and blowing the last 10%.

What has happened so far?

The bank Libor rate became unfrozen and banks are lending to one another.

Paulson has completely changed direction. He isn't going to buy up bad real estate assets, hold em for a while and resell em.

Now he is going to try and strengthen the consumer side of banking.

The banks are hoarding money, continuing to spend big time and looking for acquisitions. Meanwhile, consumers have cut back drastically hurting all businesses. Credit terms are severely tightened. Everyone with poor credit has to toe the line. People with good credit and cash can buy devalued assets.

The financial institutions continue to spend big time....word is out that huge bonuses and deferred compensation will be paid out on Wall Street and within AIG. Meanwhile the common man is hurting. State and local employees are being told to take furloughs....while Wall Street makes big money.

The first part of the bailout hasn't worked immediately.

There continue to be enormous problems coming down the pike. Once one or more of the big 3 American auto companies goes down it takes with it hundreds of thousands of jobs across the country, including its own employees plus those that support that particular business in a myriad of ways, from parts suppliers to dealerships to trucks and delivery.

There are no quick fixes. Its a vicious downward spiral for the time being. I'm still going to wait and see.

I'd think with any further bailout money I'd put a premium on keeping people working.

Meanwhile the auto industry is an ugly weed that is going to hurt the country any way you look at it. Right now old labor rules put lots of money into health care benefits for a huge number of retired folks and their families. That is going to have to face a change.....more problems.

I lived through the commercial real estate depression of the early 1990's. Basically everything stopped in the industry. Meanwhile the rest of the nation was riding a slow evolving tech boom primarily on the backs of the telecom industry. We don't have an industry that is carrying the nation right now.

Meanwhile, Rob once you get your money....I like my Jack with coke....and I want a seat in the first row.

 

I think the current situation is similiar to what started in 73-75 recession and worked it way into the 80-82 severe recession. At the least we are going to see negative GDP for 4 consecutive quarters and possibly all of 2009 will be negative. Unemployment will be double digit by the end of 2009.

The bailouts are going to cause some 'crazy' inflation down the road.

On top of all that we have a real estate crash.

I would stay out of the stock market. Bailouts can wipeout stock holder equity. Alcoa was down around $9 a share. Looks like a good buy. The oil sector also looks interesting.

Interesting that Wall Mart profits are up 10%

There's still money out there but it's scary to think what may happen 12 months from now.

 

Yeah... tell me about it... the mid 80's real estate fiasco was the precursor. Three guesses what I was doing during that time. Remenber the RTC? The 90's was of course interesting to watch, cause the dotcom boom turned average kids into wealthy kids... then the bust of the late 90's reversed the trend. I was handling receivership some funds when that hit (I do a lotta weird stuff for the courts here)... and I had to liquidate the fella's Fidelity accounts cause they were hemmorhaging money almost as fast as his lawyers were stealing the rest. Ugly times come n go.

I'm a jack n coke guy too (all else is just alcohol). FYI... the good lap dancers will be in the back (as will I). Presidential hopefuls have to be discreet.

 

as a damn good liberal I'm all for bailout money for the environment.

I'm gettin in early and reserving a seat in the back. Better buy a lot of Jack.

My lap is well prepared to wait out the up and coming downturn!!!!!

 

The bailout money is almost gone.

We are going to need another trillion real fast

 

That or a great Republican idea to save us all..... Don't know about you but I'm waiting.

 

Both houses of Congress ihas been controlled by the democrats since 2006.

The Democrats took control of the US Senate in 2001

http://archives.cnn.com/2001/ALLPOLITICS/06/06/senate.power.switch.02/

 

Really?

Is that why the Democrats would like to use some of the TARP funding for the automotive industry but are unable to because even after the last election they still don't have enough majority to just do whatever they want to?

Don't keep making the same mindless statement over and over again. It's not going to make sense no matter how many times you say it.... Make a point please.

 

The auto industry (GM, Ford) needs to go Ch 11 so they can restructure and get the auto unions off their backs. Or they can just go away I am sure Honda and Toyota, who are fine by the way, would love that. Throwing some money their way will do nothing.

 

I'm torn by this. I think we lose wealth with a overwhelming loss of manufacturing capability. The nation is way big. There need to be manufacturing jobs for the large population. Auto manufacturing is a bellweather huge employer. Its not just GM, Ford, Chrysler and the foreign manufactureres. Its the parts manufacturers also.

US auto manufacturers have been on a long term downward cycle with regard to market share within the US, losing market share every year. They need a huge change. Going bankrupt might do the trick. It allows the auto manufacturers to redo union rules, and rid itself of costly insurance costs that the Japanese manufacturers in the US don't pay.

The US manufacturers need to redo plans and be able to compete on the economy basis w/ Asian manufacturers.

I guess I'd reluctantly agree with you Smatts.

Obama has already played his cards about Detroit. He wants a bailout. He has the Michigan governor on his economic team.

If he is going with an auto bailout he needs to do so w/ economic restructuring that enables them to compete.

He's gonna give em money and the dem majority is going with it.

With that cash I'd like to see them move the health care costs out of the auto manufacturers, see em move into different vehicles, and slash costs.

Aside from the politics...which I think is gonna move into an auto bailout...I'd have to agree with you, Smatts.