Bush bailout for Dummies

[Al]

Somebody is going to oversea this project. Will GWB get the position or will it more likely be some of his buds?

fool me once, shame on you, fool me twice.... eh...um... you can't get fooled again

[Al]

Don't mind my ramblings' date=' everything will be OK. [/quote']

 

Yep, of course. Everything will be fine soon.

 

 

PS: I have just decided to cancel my Christmas trip to LOS. Instead I will use the money to speed up to repay some loans.

You'll never know...

 

Too bad. I am waiting for Dubya to give me another $600 tax rebate so I can go spend it here like I did last time.

[Al]

Its all bullshit. This will be an excuse for our government to do all kinds of things.

 

These 'crisis' will ALWAYS happen because of the fundamental, endemic and systematic problems with the government. EVERYTHING stems from it. Wall Street, Main Street, etc. It all comes from that. If that isn't fixed, these issues won't ever be as big as as they are or will be averted.

 

I'm sorry, I can't believe a government (collectively both parties) that has gotten it wrong every time and now think they have the solutionj right. The ones that got it wrong are telling us they will fix it.

 

New blood is needed. Blood from neither party or ideology. If from either party, those with integrity.

 

 

Elliot Spitzer died for your sins anybody?

 

Realistically that won't happen as long as the USA system does not have proportional representation. That makes it hard to have anything other than a 2 party systems. You might have a few people elected that aren't GOP or Dems, but that's all. The problem is, if you had proportional representation, the new parties would all be dedicated to stuff like PETA or some shit like that.

 

Aside, the biggest villains in this mess are the people in private sector, the big Wall St. wizards. They know when they are gaming the system and don't care about the consequences. So is it too much to ask for people in the government to have integrety when the people in the private sector of the financial industry have none? You know if you got them to go after the Wall Street dudes, people would be squawking that "American is the land of taxation and regulation".

 

The ideology "to get it down to the size where we can drown it in the bathtub." doesn't work. Katrina proved it. Now this.

 

[Steve]

I still think the bailout is total bullshit. For the life of me I don't understand why the people that have failed us, lied to us, gotten it wrong are now the people we believe.

 

The same politicians that looked us in the eye and said Iraq has WMDs, this and that. After 911 we spent billions bailing out airlines that were gonna go bust anyway.

 

We have this need to want to believe the government despite being lied to repeatedly, to keep believing them.

 

We're all like that wife who's been cheated on but is in denial. The same wife that catches her husband in the act and he says 'are you going to believe me or your lying eyes'.

 

Rogueyam got it wrong. The long legged pimp isn't Obama its the U.S. government led by his party and we're all its bitches for buying all this bullshit and Rogueyam is his 'bottom bitch' (that's main bitch RY but I think you know that already).

 

If it all didn't make me chuckle out cynicism, I'd cry. lol.

 

 

[rogueyam]

I agree that the proposed bailout is bullshit but that's the only part of your post that's sensible.

[Bangkoktraveler]

I still think the bailout is total bullshit. For the life of me I don't understand why the people that have failed us, lied to us, gotten it wrong are now the people we believe.

 

The same politicians that looked us in the eye and said Iraq has WMDs, this and that. After 911 we spent billions bailing out airlines that were gonna go bust anyway.

 

We have this need to want to believe the government despite being lied to repeatedly, to keep believing them.

 

We're all like that wife who's been cheated on but is in denial. The same wife that catches her husband in the act and he says 'are you going to believe me or your lying eyes'.

 

Rogueyam got it wrong. The long legged pimp isn't Obama its the U.S. government led by his party and we're all its bitches for buying all this bullshit and Rogueyam is his 'bottom bitch' (that's main bitch RY but I think you know that already).

 

If it all didn't make me chuckle out cynicism, I'd cry. lol.

 

 

You summed it up very well CT!

[Tiger Moth]

So, why not let the house of cards fall.

 

A depression again, bread lines, terrible conditions.. then, order will be restored.

 

The US has lost its competitive position in the global marketplace but continues to try to use "credit cards", isn't that what the bailout is essentially, to try to maintain a standard of living that is no longer viable.

 

There are retired GM workers, people with no education and no skills, receving $100,000 a year in pay and benefits.

 

Being desparte, the UAW has conceded that new hirs will only receive approx. 5,000 bhat a day vs older workers receiving approx. 10,000 bhat a day.

 

When you consider that a Thai construction worker receives about 150 baht a day, you might notice more than a slight disparity. I exepect it is less, but, how much does and uneducated, unskilled worker in China receive?

 

So, let's bring about the reality that actually already exists, most American workers are vastly overpaid in a global economy and their expectations are outdated. Let's face reality now rather than later.

 

If you happen to be Bill Gates with 800's in verbal and math College Boards, a guy who said every time he took a test it seemed it had been written with him in mind (since he knew all the answers), a guy who also had a great competitive streak and was very flexible when it came to ethics, if you happened to be Bill Gates, you would have become wealthy and succeeded in any society.

 

But, the average American citizen, living the "American Dream", its over, get real, face reality!!

 

Forget the bailout, the longer reality is postponed the worse it will be!!

[..]

I liked this "summary for idiots" from an email from a friend of mine. Dunno if he wrote it or got is somewhere, so I can't attribute it to anyone.

 

[color:purple]This plan probably will unclog the pipes of the financial system and get the banks back to lending like it's 2004. But it doesn't mean it's fair.

 

Let me pose an analogy. Let's say I buy and sell Beanie Babies. I sit in front gift shops early in the morning, waiting for them to open so I can be first to snatch up the little critters. I have a buddy who works at Hallmark who gives me good deal on the most coveted ones. I turn around and sell them for 100% markup, and they sell like hotcakes. I'm making hand over fist.

 

I'm making so much money that I don't know what to do with it. I start to lend some of my money out to my classmates so they can buy snacks during study hall. They pay me back the next day, but with a little fee tacked on. I'm making more money. Yea me.

 

But then people figure out that Beanie Babies are just pieces of cloth stuffed with plastic beads and cheap cotton. Prices plummet. I've placed all the ads in several different Beanie Baby magazines, and no one is calling. I sunk all my funds into a big lot of the fancy bears to celebrate the death of Princess Di, thinking I could just keep selling them for twice as much I paid. But no one's willing to pay what I paid, let alone my asking price. No one's buying them, period.

 

So what should happen at this point? I made a bad bet, thinking that in this new economy every household will want their own collection of precious little beanies. But it was all a fad, a bubble.

 

Typically one might expect that my new collection of Princess Di Beanie Babies, now worth nothing more than the material they are made from, would be turned into chew toys for my dog. But here's the rub; how are my classmates going to buy snacks during study hall? I don't have any money to lend; I blew it all on worthless beanie babies.

 

Here's where the Fed steps in. We can't have a frozen banking system! Who will buy snacks, even if they have to incur a little debt to get some? So they buy the Beanie Babies from me. Maybe not at my initial asking price, but certainly a lot more than what they're worth. I offload the bean bags to them, and they fork over the cash. I'm back in business! Now I have money to lend to my buddies. Yea me again. What to do the excess cash now? Hmmm... I heard Pokemon cards were selling well...

 

Spike's right; if we give the banking industry $700 billion in exchange for their big stupid pile of Beanie Babies, they will have money to lend. And we will have Beanie Babies. Yea us.[/color]

 

This isn't about the system. Someone's getting rich off of this, and that was the plan all along.

 

Cheers,

SD

[Faustian]

I would say it is about maintaining a system in which many people have gotten rich. Bush's buddies/supporters/financiers/etc. It certainly isn't a plan that's directly going to benefit the average man.

 

I guess the justification will be it props up the ailing economy, which in turns keeps mr average in work, as the ripple effect would be that all sectors of the economy would go into recession. My only concern is whether this is a temporary fix?

 

The economy was built on debt and borrowing. Consumer driven. Bush openly espoused such a plan, which is where he does need to take responsibility.

 

The consumer still doesn't have any money and is in serious debt. House prices are still falling. Negative equity will still be widespread. Inflation is still on the rise. Liquidity will still be minimal. The economy is still stagnant. Banks will still be cautious over lending.

 

So this plan, whilst it addresses the current crisis, seems to be a debt management exercise, whilst the fundamentals are still seemingly dire.

 

The economy was built on debt. It is still built on debt (even more of it!). So what's really changed? Will there be a reoccurrence of this crisis? It certainly looks fragile to me, but then I'm not an expert. Maybe someone with greater knowledge than I can explain.

[CTO]

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There are retired GM workers, people with no education and no skills, receving $100,000 a year in pay and benefits. >>

 

Got a link to that?