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The "bailout" isn't 10 percent of the amount of money needed to fix the problem, and a real fix is simply not in the cards. It's very doubtful that if passed, that the "bailout" would have had any significant positive effect. It would be much more sensible to give that money to deserving families and to extend unemployment benefits than simply pitch it down a rat hole with no guarantees.
We're going to pay the piper, regardless.
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Doing nothing is simply not an option. There must be an amicable solution to resolving this mess. I don't want to see the Great Depression happen all over again. Which is very possible with the instability in the financial markets.
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Doing nothing is exactly what is going to happen, even if another 700 billion dollars is pitched at the solution.
Lost in the news today that the fed acted on its own with other central banks and pitched in 650 billion today. Obviously to very little effect.
The fact is due to criminal inattention the problem was allowed to grow to such proportions that it's simply too big to tackle. We have the options of throwing money at the problem, and failing--which has gone on for a year now--or quitting throwing money at the problem, and failing.
The comes a point where it simply doen't make sense to pitch good money after bad. We are looking at a 10's of trillions of dollars problems. The number is simply unquantifiable, but it's much much more than the public understands.
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Too bad American companies don't do this:
http://www.workforce.com/section/00/arti.../71/62.php
How it pans out remains to be seen. But the investment and commitment to the community are commendable.
A Taiwanese friend who long ago took American citizenship told me her biggest fear is that China will step in and bail us out...under the condition that we hoist the Chinese flag above the Stars and Stripes at the White House. Another creative way to mortgage America's future.
Tim
A superior man is modest in his speech, but exceeds in his actions--Confucius
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quote:
Originally posted by JWFITZ
Doing nothing is exactly what is going to happen, even if another 700 billion dollars is pitched at the solution.
Well, if that is the case...welcome to the Great Depression Part Deux
Bottom line if the banks further curtail their lending its going to
strangle the economy to the point it dies. Main Street and business will be unable to get any credit ultimately and it will kill the economy.
Any link to the 650 billion loan being offered by the Federal Reserve and other central banks. I didn't see anything when I checked google news. I only saw that a bunch of central banks in Europe ponied up 20 billion to shore up a bank in the Netherlands today.
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It was on Reuters first thing this morning, and came out before the vote failed, which I thought was pretty telling. I'll see if I can find a link.
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Punafsh.....ACTUALLY THE "RUMOR" GOING AROUND IS CHINA WOULD BAIL THE U.S. OUT IF THE U.S. TURNED OVER HAWAII TO CHINA!
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and on a lighter note from one of my friends:
Merill Lynch will join Bank of America. Look at these mergers:
Maybe I shouldn't give you some of these, but here goes: Investment tips for 2008 for all of you with any money left, be aware of the next expected mergers so that you can get in on the ground floor and make some BIG bucks.
Watch for these consolidations in 2008.
1.) Hale Business Systems, Mary Kay Cosmetics, Fuller Brush, and W. R. Grace Co. Will merge and become: Hale, Mary, Fuller, Grace.
2.) PolyGram Records, Warner Bros., and Zesta Crackers join forces and become: Poly, Warner Cracker.
3.) 3M will merge with Goodyear and become:
MMMGood.
4. Zippo Manufacturing, Audi Motors, Dofasco, and Dakota Mining will merge and become: ZipAudiDoDa
5. FedEx is expected to join its competitor, UPS, and become: FedUP.
6. Fairchild Electronics and Honeywell Computers will become: Fairwell Honeychild.
7. Grey Poupon and Docker Pants are expected to become: PouponPants.
8. Knotts Berry Farm and the National Organization of Women will become: Knott NOW!
And finally
9. Victoria 's Secret and Smith &Wesson will merge under the new name: TittyTittyBang Bang
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Link to what the Federal Reserve is doing.
http://online.wsj.com/article/SB122273357337588389.html
My guess is House or Senate will bow to " big money players" and after a few face saving changes pass a new bail out bill later this week.
I am not smart enough to know what is best for the country. Just hoping they do the right thing.
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Here's an interesting opinion by Michael Moore that cuts to the chase.
