$700 Billion Bail Out

[Dawg]

What is your view point on the $700 billion bail out plan? According to Fox News, it failed. I still would like to know what everyone else thinks about it.

I am kind of torn in the middle on this. 50/50 if you will. Really don't know what it would have caused and am afraid of what it failing is going to cause.

[crazylegz70]

I am with you on this one, I am really not for sure which way to go....I dont like the idea of it, but the consequences could be worse...

[bigfoot22]

I just have to vent a little bit.I don't see the Gov. bailing out these financial institutions with tax payers money,but something has to happen.stock market's down and If terrorists hit now(GOD FORBID)the country would go under.The CEO's of these companies are still getting huge bonouses.My question is where was the FED's when all this started?It just pisses me off to see the blue collar man suffer like we do.I'm already stocking up on ammo.:eek:

[Leo]

In short, the banks that need bailing out were forced to by government regulation approve loans guaranteed by Freddie Mac and Fannie Mae. When those guarantees were proved to be worthless, these guys started squealing for their money.

They are not wrong. They got ripped off. In spite of what many think of as an undeserved bailout, this is not reality.

These guys were sued to approve more risky loans and made guarantees (by government supported entities) that were not honored if the loans were defaulted on. They have a right to squeal for a bailout. That's the truth.

Watch the video, (while you still can) on the Freddie Mac and Fannie Mae scandal. The other video on the economic crisis has already been yanked.

[oldksnarc]

My post from another thread:

We're where we're at with the financial crisis because....

Not enough people of low-income and people of color were benefiting from the American Dream of owning their own home. So, in 1995, Clinton signed into law a revision of the Community Reinvestment Act - originally signed into law by Jimmy Carter in 1977 - and which required lenders to lower their lending standards. The result: the housing market which had been keeping pace with the natural course of inflation began to sky-rocket because of all the money out there for home loans. New homes were built to take advantage of the housing rush. Existing home prices went thru the roof.

You can only blow a bubble up so much before it bursts.

In 2003, President Bush asked for a regulatory overhaul of the lending and housing markets, specifically Fannie Mae and Freddie Mac. Democrats blocked that effort.

In 2005, McCain warned of a mortgage collapse and co-sponsored a housing regulatory act which the Democrats again blocked. And, again in 2007. Now we, the taxpayers, are faced with at least a 700 billion dollar bail-out of the industry. How much more will they need? How much will other industries need who were adversely affected by the crash of the housing market?

Osama and the Democrats are engaged in Socialism/Communism. It doesn't matter if you worked for it or not. It is solely about the re-distribution of wealth. Osama has surrounded himself with "advisors" who are the same people who created the crisis we face today and is willing to say anything he has to to get elected because he knows the average American is too misinformed and too lazy to check the information for themselves and will vote for the one who looks and sounds the best in the 15-second sound-byte.

----------------------------

Now, after the "rescue plan" failed, Pelosi and the other Democrats are blaming the failed Bush economic policy as the reason for the need of the "rescue plan" and that Republicans are responsible for blocking the vote for the rescue plan - failing to mention that 40% (95) Democrats didn't vote for the bill themselves. But, it's Bush and the Republicans who are responsible for everything.

I have mixed feelings about it - but, I am mostly glad the plan failed. I am not glad for those whose retirement and savings have taken a hit - me included.

But, the falling stock market is a result of many stocks that were based on the housing and mortgage lender markets. For the last 20 years the costs of housing has gone thru the roof because of all the free and easy mortgages. Now that that Democratic program has failed the stocks are adjusting back to reality after having been based so long on "pie in the sky."

It is going down as a way of self-correction. However, I don't think it will collapse because there are too many other industries that will keep it from collapsing.

[crazylegz70]

My post from another thread:

Osama and the Democrats are engaged in Socialism/Communism. It doesn't matter if you worked for it or not. It is solely about the re-distribution of wealth. Osama has surrounded himself with "advisors" who are the same people who created the crisis we face today and is willing to say anything he has to to get elected because he knows the average American is too misinformed and too lazy to check the information for themselves and will vote for the one who looks and sounds the best in the 15-second sound-byte.

Quote]

So instead of just making a reasonable point and stating facts we still feel the need to slander people. Why not refer to him as Mr. Obama or just plain Barack, one day you will hear him referred to as Mr. President....

[wtnhunt]

So instead of just making a reasonable point and stating facts we still feel the need to slander people. Why not refer to him as Mr. Obama or just plain Barack, one day you will hear him referred to as Mr. President....

Really makes no difference what you choose to call him Lance, the point remains and there have indeed been facts posted. Over and over again there have been facts posted with non biased sites to verify them.

You can choose to ignore those facts, or accept them and make a decision based on what you hear from the media hype or make a more educated decision by verifying them and further researching. Your decision.

[stevebeilgard]

i choose knowledge, and with that knowledge will not vote for obama.

[nativetexan]

i choose knowledge, and with that knowledge will not vote for obama.

same here...

[Gator]

i choose knowledge, and with that knowledge will not vote for obama.

same here...

I will admit that I am not very knowledgeable on alot of political aspects, that is why I come here. And due to that, and the respect I have for 99.99% of the people on these forums, of who share many of the same beliefs that I do, I shall follow their lead when casting my vote come Nov 4th.

PS, Politics is just to much for my stresssed out brain to handle at this moment:o:o:(

[Ravin R10 man]

It all boils down to greed, and power. Demacrats have played Robin Hood and it has backfired. Now with an election coming they blame someone else who they actually should have listened to!

The tough part is alot of innocent people will go down because of the fallout. Either way we go here it's not going to be easy.

[crazylegz70]

Really makes no difference what you choose to call him Lance, the point remains and there have indeed been facts posted. Over and over again there have been facts posted with non biased sites to verify them.

You can choose to ignore those facts, or accept them and make a decision based on what you hear from the media hype or make a more educated decision by verifying them and further researching. Your decision.

I Hate to tell you WTN, but for every fact that you can give me negative about Barack Obama, I can give you a negative one about John McCain. Its a never-ending debate that will go no where. I dont listen to the media to base my decision.

Here is why I have decided to vote the way I am:

I am against the war COMPLETELY...

I have seen our economy suffer because of the choices of our current administration. (Which you will blame on Clinton)

I do not have faith in what another republican president can do.

I dont care for the temper that John McCain has when he is questioned?

I dont want a 100 year war...(Which McCain already said that we should stay there as long as it took...)

I want to see a better america without war even if it means my taxes jumping by 10 additional percent.

My gun rights will NEVER be taken away no matter what any of you say. I can post videos on this also if you would like. I dont believe that ANYONE except the militia should have semi-automatic rifles. I also am a firm believer that if you put guns in the hands of mentally derranged wife beaters our situation with gun control will get BAD.

The number only defenses by any hard core republican that I have every talked to has basically called democratic representatives...Gun abolishing baby killers and we all know that isnt the truth....come on now guys.

[Dawg]

Ok fellas this thread is beginning to get hijacked. I wasn't asking who you are going to vote for, there is another thread for that. I am asking your view on the bail out plan, not Obama or McCain.

[crazylegz70]

I still am not sure, I think without it, we are even worse off, but apparently I dont check facts, so I am going to wait and see what msnbc says and then I will report back tomorrow evening....

[wtnhunt]

Ok fellas this thread is beginning to get hijacked. I wasn't asking who you are going to vote for, there is another thread for that. I am asking your view on the bail out plan, not Obama or McCain.

Sorry about that hogdawg. Guess I could do some cleaning up, apparently any political debate has the potential for issues outside the topic to come up, when that happens seems replies to those replies often occur. I agree though we do need to get back on topic.

The bailout did fail. Far as where I stand, I think a plan of some sort is necessary, however I think there needs to be some serious investigations.

[nativetexan]

Sorry about that hogdawg. Guess I could do some cleaning up, apparently any political debate has the potential for issues outside the topic to come up, when that happens seems replies to those replies often occur. I agree though we do need to get back on topic.

The bailout did fail. Far as where I stand, I think a plan of some sort is necessary, however I think there needs to be some serious investigations.

That's my thing too. I hate that it has to be done, but as you can see the fallout has effected markets far beyond stateside. Who do I blame? I blame those in charge of these banks. Not the government. I most certainly hope that those responsible will not get away with their deeds. Especially with a 20 million dollar severance package.

Seems fitting that a biography of Teddy Roosevelt was on the History channel at 6 a.m. this morning...We need another TR.

[Dawg]

Sorry about that hogdawg. Guess I could do some cleaning up, apparently any political debate has the potential for issues outside the topic to come up, when that happens seems replies to those replies often occur. I agree though we do need to get back on topic.

The bailout did fail. Far as where I stand, I think a plan of some sort is necessary, however I think there needs to be some serious investigations.

Yea, you're right, that's why I wanted to cut it off before it got too far off topic.

Bottom line is, the economy needs help. How that help is offered is the concern. Is the $700B bailout the way to go??? I believe that's a question that can only be answered by allowing it and that is where my concern is. Like being between a rock and a hard spot. Only time will tell.

[EKYhunter]

I am glad that it failed. This bailout is pure socialism, no two ways about it. Tax payers should not be forced to clean up others messes. This market will correct itself, and eventually home values, stocks values, and other indicators will rise. It will be difficult, but we can do it! I listen to Dave Ramsey quiet a bit and he was also against the bailout big time. If you know who Dave Ramsey is, that should tell you something. Having said that, I do think a bill will pass later this week, most likely Thursday or Friday.

Off topic just a second. Why is it that all we and the politicians want to do is throw the blame somewhere else? I mean come on, it's the fault of all of them!!!!! I am so tired of this partisan crap! Some of the Republicans were saying they didn't vote for the bill because of what pelosi said. Talk about a bunch cry babies! And the Democrats said well we voted for it but the Republicans didn't! I am a McCain supporter but I think he pulled a stunt last week and it back fired. He wanted to look presidential but couldn't get the votes with his party to pass the billl. What we really need to get rid of all of Washington and start over!!!!

[whitetailhunter32210]

the bill did not necessarily fail, They are meeting again thursday to revise the bill and then vote on it again. The stock market fell more than ever before because of it. but the stock market dropped substantually before they even voted because everyone was running scared. Its the whole cry wolf thing. The democrats and republicans need to come together and look at an option that will be best for the country and quit fighting the other parties ideas, expecially when it comes to this much money that will effect this many people

[oldksnarc]

The bail-out failed as it should have. I have my retirement in the stock market too so hate to see it fall. Down 777 points yesterday and back up 301 today last I looked. It'll keep coming back.

The market won't fail. I see it as a correction because it was soaring high because a lot of it was based on mortgages on houses that were over-priced. A direct cause and effect of the Community Reinvestment Act which required home loans regardless of the buyers ability to pay it back. Even welfare and subsidy income was considered bonafide income.

The down-side to the market is that some who are involved and/or control it may use their power to keep it down to teach us a lesson. But, they can afford to lose only so muchbefore they start hurting too. They can't keep it down too long otherwise we won't/can't borrow and they won't make money.

As for CrazyLegs willing to let his taxes go up 10% - grab your hat. Just 10% would be a blessing.

[Rhino]

What is your view point on the $700 billion bail out plan? According to Fox News, it failed. I still would like to know what everyone else thinks about it.

I am kind of torn in the middle on this. 50/50 if you will. Really don't know what it would have caused and am afraid of what it failing is going to cause.

Ordinarily I don't come in here because I swore off of arguing about politics a long time ago but here's my $0.02 on a bailout plan. Who is to blame doesn't matter right now, just where are we if some sort of bailout doesn't happen?

Well you better start stashing your cash. Say goodbye to anything outside your "need to survive" living expenses and start building up cash.

We will see a loss in confidence in the future, in the financial system, and in America as a whole.

Businesses will cancel investments and overseas firms will make other plans. They probably are already are doing that. Think about how many businesses are dependent on one another to create income from sales. Loss of income means tightening the belt or closing the doors. That in effect will equate to loss of jobs possibly as bad as any time seen since the great depression. The least affected businesses wil be utility companies. All others will suffer.

$1.3 trillon was wipped off the American stock market yesterday. That was just yesterday too. About 25% to 30% of that was ordinary American's retirement plans money in mutual funds, etc. through their 401K's and IRA's.

That said...if this fails again get a hold of the only thing you can control...your budget and hopefully you'll have enough money stashed away to weather the storm if you don't already.

Gone Hunting.