Bailout plan

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I'm here at work, living below the poverty line as always, but no one seems to be worried about the issues going on with the economy.No one here at work is concerned. My mom is, but for the most part no one I talk to is. Do people not realize what's going on? It's the next great depression and people are carrying on like it's 1995. What will it take to concern the "average American?" It will have to hit home, I guess.I know these issues will barely affect me either way, since I'm a social worker, but geez. Time for people to wake up and smell recession.

Well, I just read the Bailout Plan failed through the house. Which I admit I am shocked, I honestly thought it was going to pass. Not sure whether to be happy or concerned since I was rather torn about the plan to begin with.

I honestly don't know enough about such high finance, or the plan itself, to comment one way or the other but that's never stopped me.

All I think I know, is that if you don't bail their asses out the credit markets will dry up and as many businesses run off of credit that's not good. It would likely dry up buyers for products and development of new competitive products required to keep a company vital.

Then if you do bail their asses out, the value of the dollar will fall further, with encoring that much national debt, thus driving up the price of commodities and the ability of the average American to spend our way out this economic downturn. So if the dollar doesn't go as far, will being able to borrow cash be any great tool.

I only know enough to know that I don't know shit.

I'm scared. Scared enough to move to Canada.

Me too.

If the economy is truly global how would Canada fair much better. Aren't cash markets like oil markets, global?

I'm a little surprised at that. It's my impression that there is an unusually high degree of public concern about all this. And people certainly are aware of how disasterous the economy is. Most people don't understand high finance, but they seem to be starting to finally understand how much we've all been fucked over by the big money managers as they've profited from the years of conservative policies of deregulation and the decades long trend of the transfer of wealth from the middle to the upper class that conservative policies have promoted.Apparently the phones are ringing off the hook at the offices of senators and representatives with people registering 200 to 300 to 1 against this bailout, at least as it was proposed. This country is heading into deep, deep shit. But there are a few positives- first in that the public is finally standing up to the limitless transfer of wealth to the wealthy: and secondly, in that the congress has finally stopped rubber stamping every thing Bush asks for.

Whatever happens, the US dollar won't go as far, because it's been living on unsustainable credit. The bailout plan at least gave a chance for a soft landing, and a chance that the world wouldn't suffer a depression. A depression is now looking increasingly likely, as banks are losing confidence in lending and in each other and are putting their money into Treasury securities.

I know world economies would be affected, but not as much as they were in the great depression, I don't think. Australia in particular suffered a great deal for decades after black Tuesday, 1929. This is pretty scary, but some are calling today "Black Monday" due to the DOW plummeting so low in 10 minutes. I hope there are no dust bowls headed this way.

the ripples in the pond are affecting us too. Our finacial market is more regulated so we don't have this crazy credit crisis but our banks are invested in yours. Our economy is primarily commodity based wich buffers us a bit BUT a global exonomic crisis affects the demand for our commodities.We are also in the middle of an election campagn (Steven Harper likes America so much that he coppies everything they do lol)  Quote: I'm scared. Scared enough to move to Canada. I'll leave the door open and the lights on

Hello from Canada! Our stock market just crashed a freaking kajillion points!

I've seen a lot of differing opinions on whether or not the plan to bail anyone out is good at all. I've read some about how having no bailout plan would be good since it would deflate a lot of over-inflation, and I also have read (from quite a few sources) that the plan that was not passed had a lot of negative aspects to it. I think those with good credit will not have to worry as much, but those with bad will.

$700 billion from American taxpayers.. I thought that was scary.

huh?

Russel Crowe said something last night on Leno that I thought was rather interesting. Basically he said instead of spending $700 Billion dollars to help the economy, how about give everyone in America $1 million dollars, that's a lot less than $700 Billion and would surely boost the economy.Granted it has flaws lol, but i thought the concept was pretty interesting hehe.

i like his theory.

Originally Posted By: NtroducingMyselfRussel Crowe said something last night on Leno that I thought was rather interesting. Basically he said instead of spending $700 Billion dollars to help the economy, how about give everyone in America $1 million dollars, that's a lot less than $700 Billion and would surely boost the economy.Granted it has flaws lol, but i thought the concept was pretty interesting hehe. Funny thing is, I agree with him. Maybe not the amount, but why not give it to the people to help them weather the storm? And to the bottomless pit for all those idiots who got us into this mess in the first place. The government. A little bit the present one, but mostly the Clinton administration. They wrote the law that forced banks and lenders into the sub-prime loan business. And such laws are always much more difficult to do away with (or fix) once they've been put into place. And the financial officers of Fannie Mae and Freddy Mac who walked away prior to this debacle with millions? They work for Obama now. Go figure.I'm sick of corporate welfare...it only postpones the inevitable, making the ending even worse. ("Soft-landing" my ass.) If we can weather this, we'll come back out the other side smarter and wiser, and much less likely to repeat such mistakes in the future.

That's about the smartest thing Russell Crow has said.

Yeah but if every one had a million dollars then we would ALL have a million dollars, so would that in turn make having a million, like having a nickel?

Originally Posted By: NtroducingMyselfRussel Crowe said something last night on Leno that I thought was rather interesting. Basically he said instead of spending $700 Billion dollars to help the economy, how about give everyone in America $1 million dollars, that's a lot less than $700 Billion and would surely boost the economy.Granted it has flaws lol, but i thought the concept was pretty interesting hehe. Russell Crowe should go back to Australia and learn basic math.I don't like the bailout plan. I'm glad it failed. I'm not in favor of rewarding people for corruption and stupidity, and encouraging more corruption and stupidity. I agree with this guy: bankruptcy, not bailout