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***US financial crisis/bail-out master thread***

Whether McCain or Obama becomes the next president, both of them are going to have to raise taxes. 8(
 
paulson_404402a.jpg
 
Finder said:
Whether McCain or Obama becomes the next president, both of them are going to have to raise taxes. 8(
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unless, radical idea......we just cut spending
 
foodisgood said:
unless, radical idea......we just cut spending
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But that would make too much sense! We've got wars to perpetuate.
 
Changed said:
Good news! Even republicans are making us pay out our asses for taxes (to bailout failed financial institutions).

Can't wait for Obama to boost them up a bit more next year!
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this is such a great post.

this entire disaster happened on the republicans' watch and, even thought they are the party of "not-spending" they're spending $700B more of our money and the record of the republican's candidate to next be president on this issue is abysmal...

and still you find a way to use this news to bash obama?

alasdair
 
alasdairm said:
this is such a great post.

this entire disaster happened on the republicans' watch and, even thought they are the party of "not-spending" they're spending $700B more of our money and the record of the republican's candidate to next be president on this issue is abysmal...

and still you find a way to use this news to bash obama?

alasdair
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I guess you missed this part:
Changed said:
Good news! Even republicans are making us pay out our asses for taxes
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Oh, and, on second thought, we aren't going to support the bailout! http://www.cnn.com/2008/POLITICS/09/25/campaign.wrap/index.html

Let's hope they don't change their minds again!
 
WTF... I think this is just another Bush created crisis to get MORE money from the people. Think about it. Treasury Secretary Henry Paulson joined Goldman Sachs in 1974 and stayed with them until 2006, and when he left he was the CEO. He has close ties to the financial and political elite in China.

Hmmm... so we Americans moved all of our factories to China? Oh, and investment banks paid for it? This gutted America's ability to produce things of value and we became of a nation of consumers driving ourselves into debt. This whole crisis was to be expected. The way the economy was set up was a scam that robbed Americans by literally to driving the wealth OUT of America. Now these banks sold usurious mortgages to people with poor credit. Sky high adjustable interest rates were used by these banks to basically take advantage of poor people. Of course people can't pay mortgages if their manufacturing job was moved to china especially when interest rates are a whopping [IMO criminal] 22%.

Henry Paulson knew what he was doing when he and his other Investment Bank CEOs set up the financial system this way. They are getting rich off this and the majority of Americans are about to get very poor.

Now, these same criminals want us to give them a $700 billion blank check. We are witnessing the collapse of America as we know it.

I only pray that Americans are smart enough to vote for Obama.
 
^ blank check indeed:
Sec. 8. Review: Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
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it's (almost) incredible.

alasdair
 
As a general point: this sucks for you guys. But the alternative (inaction, let market take its course) is worse. You tried that once, it was called the Great Depression. That's why we bail out banks now. (As I say, it sucks and i'd like to see the Dems succeed on issues like executive compensation and the govt taking equity in these firms).

chicpeona: true(ish) - but don't consumers have to take some responsibility? Can't afford to go into debt? Don't! Can't afford a mortgage? Rent! (I don't have time to look it up now, but US interest rates are pretty low by historic, world standards, AFAIK. I remember the 80s and interest rates of 18-20%).

(Also, investment banks don't give out mortgages, they don't deal direct with consumers. GS wasn't doing all this sub-prime lending. Though in the last week we've seen Goldman and Morgan Stanley change status, so they will be doing mortgage lending, I would guess).
 
According to stories on Drudge, it looks like the republicans are now opposing a bailout.
I have a lot of mixed feelings on this issue. In principle, I think that wreckless corporations should be allowed to fail. In reality, that could have disasterous consequences and it might not be practical to let that happen.
 
Referring to this as a bailout of "Wall Street" is a bit silly because Wall Street is essentially gone now. The model of an independent investment bank no longer exists and a substantial portion of the industry is unemployed.
 
Infinite Jest said:
As a general point: this sucks for you guys. But the alternative (inaction, let market take its course) is worse. You tried that once, it was called the Great Depression. That's why we bail out banks now. (As I say, it sucks and i'd like to see the Dems succeed on issues like executive compensation and the govt taking equity in these firms).

chicpeona: true(ish) - but don't consumers have to take some responsibility? Can't afford to go into debt? Don't! Can't afford a mortgage? Rent! (I don't have time to look it up now, but US interest rates are pretty low by historic, world standards, AFAIK. I remember the 80s and interest rates of 18-20%).

(Also, investment banks don't give out mortgages, they don't deal direct with consumers. GS wasn't doing all this sub-prime lending. Though in the last week we've seen Goldman and Morgan Stanley change status, so they will be doing mortgage lending, I would guess).
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the fact is that it will be bad if we let the market rn its course now, but there is no way to fix it at this point. All we are doing is delaying the inevitable and aking it s that when it does collapse it will just worse
 
I'm sick of all this "what if/preemptive strike" bullshit we've been hearing for the last 8 years. The whole thing STINKS of commercial/political shenanigans. Watching this exploitative, toxic system crumble would make my day :D
 
^^ i almost wish for it to fail as well, if it didn't have any effect on me and my family personally. but we've been trying to buy a house now for several months and after getting approved the first time and not finding a home within the 90 day timeframe, all this crap went down during that time and now we are finding ourselves SOL trying to find someone to lend to us.

i want corporations to fail but again, it unfortunately affects everything in this country, the way it was designed to, i'm presuming. :\
 
Hey all.
I was thinking that instead of having tens of threads on this for each new development, we should try to keep it all here. In the interim, I will figure out what kind of merge/culling would be most comprehensible.
 
ebola? said:
What is needed to fix this in the long term would be a severe recession, possibly a depression. Will anyone stomach that?
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If it were your job at stake, would you be able to stomach it? I'm not directing that at you specifically, but to anyone who feels that nothing should be done.
 
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