WHAT IF NO "BAIL OUT" GETS PASSED?

[Partial]

I am very saddened by this whole thing because my parents are in their 50s and keep seeing their retirements get cut in half by the shitty economy. When you're 30 its one thing since you have plenty of time to build it back up. Not when you're 55.

[Tyrone Bigguns]

I am very saddened by this whole thing because my parents are in their 50s and keep seeing their retirements get cut in half by the shitty economy. When you're 30 its one thing since you have plenty of time to build it back up. Not when you're 55.

Retirement is a 20th century concept. I see no reason they can't work until near death. Unless they are just lazy.

[Freak Out]

This deal needed to fail...it was garbage from the get go and Paulson made sure it really had no chance by insulting all of us. Give me 700 billion or else? Fuck off.

[Tyrone Bigguns]

This deal needed to fail...it was garbage from the get go and Paulson made sure it really had no chance by insulting all of us. Give me 700 billion or else? Fuck off.

I just can't believe it...not from the guy with 90 or so million still in stock at Goldman Sachs.

Guess that half a billion isn't going as far as it use to.

[Partial]

Bobble can you sum up what events led to the build-up of the mortgage crisis? I gotta pwn some newbs.

[HowardRoark]

I honestly don't think very many people are going to endure much hardship, and if it does turn out that way, it will NOT be a natural consequence, but DELIBERATE RETRIBUTION from these Wall Street pigs who got right up to the trough, only to find that the goodies they had been promised weren't there.

Pigs is pigs. What about all the people who just needed to have their own McMansion too? Greed and culpability is everywhere.

I think symbiotic is the word.

[retailguy]

hey! whats wrong with my house. :P

[texaspackerbacker]

I honestly don't think very many people are going to endure much hardship, and if it does turn out that way, it will NOT be a natural consequence, but DELIBERATE RETRIBUTION from these Wall Street pigs who got right up to the trough, only to find that the goodies they had been promised weren't there.

Pigs is pigs. What about all the people who just needed to have their own McMansion too? Greed and culpability is everywhere.

I think symbiotic is the word.

Howard, that's a little thing called "THE AMERICAN DREAM" that you're pissing all over. I would have expected better from somebody who occasionally acts like a conservative.

This thing didn't pass because a whole lot of Congressmen--some of them even Democrats, but the great majority Republican, got a whole lot of phone calls and emails from constituents telling them to ignore the elitists and media types, and side with the people. Fortunately, a majority of them did.

The ONLY way we will have any harm to regular normal people from this is if there is SPITE--collusion on the part of financial bigwigs who got jilted by the politicians to tie up credit--when such would NOT happen in the normal course of things.

[Tyrone Bigguns]

I honestly don't think very many people are going to endure much hardship, and if it does turn out that way, it will NOT be a natural consequence, but DELIBERATE RETRIBUTION from these Wall Street pigs who got right up to the trough, only to find that the goodies they had been promised weren't there.

Pigs is pigs. What about all the people who just needed to have their own McMansion too? Greed and culpability is everywhere.

I think symbiotic is the word.

Howard, for once i'm in complete agreement.

It is beyond imaginable how my upper middle class parents raised 3 children in a 2000 square foot house. It was positively dickensian for me...i had to share a bathroom with my brother.

And, my mom had to schlep us around in a car. Can you imagine that...no escalade or hummer. My god, the woman suffered tremendously.

[texaspackerbacker]

I shoulda known it was too good to be true, Tyrone, that you'd be on the right side for once--the side of the people.

[Tyrone Bigguns]

I shoulda known it was too good to be true, Tyrone, that you'd be on the right side for once--the side of the people.

Say what?

[hoosier]

I shoulda known it was too good to be true, Tyrone, that you'd be on the right side for once--the side of the people.

Say what?

Don't you see, that house = the American dream. How dare you disparage its obnoxious and portentious presence with your "when I was your age I walked fifty miles to school through two feet of snow" stories.

[bobblehead]

Deregulation of the banking industry has now led to an unprecedented intervention of the government into the banking industry. Perhaps some day we'll learn that when you deregulate financial markets, the scoundrels move in. But it's not the scoundrels who pay.

Actually the REGULATING of loans to people who couldn't pay them in the name of compassion is the problem...the deregulation that enabled said regulation was a "fix" to the problem. Deregulating is the way to go if you can stomach the pain that will occur sometimes in the path to an overall better market.

[bobblehead]

I love how each side says that the other is being partisan. The more things change...

I think by definition it takes both sides to be partisan...if one side caves it would become bipartisan.

[bobblehead]

Time to do nothing and let the free market do what it is supposed to do. ( long post/rant coming.. .you've been warned )

Ah, America... no faith at all in our own system... We always tout capitalism as being so awesome when things are good, but run and hide behind socialism when things go bad.

SOME companies will fail. They *should* they gambled and gambled big... so big that they want you to bail them out. WHY!?

Tell me how letting these banks fail will make Taco Bell stop selling food. Will it make Apple stop selling iPhones? Will it make Coal mines and Copper producers and Farmers and finished goods manufacturers fail? Absolutely not.

This problem only exists because of the made up numbers and made up portfolio loan packages that these banks have been selling to investment firms finally got soooo weak in their loan quality that they can't possibly stand up to the ridiculous numbers they said they would earn them. So of course no one's going to buy and they're stuck holding the banana.

Does that make the loans themselves worthless? NO. I just means they're going to lose money.

Well guess freaking what... one company's loss is another company's gain. That's the goddamn freemarket. Not one single one of these megabanks that have failed so far failed for wrong reasons. They *all* deserve to fail.

Why won't this cause further chaos for miiddle class america? Think about it... aren't you seeing foreclosures in your neighborhoods? Were you getting nervous that they seemed to be too many of them? Well, there's this magical point where there *are* too many of them.. and then something magical happens... the good fairy of the free market comes down and *bing* the supply drives the price down low enough that people with money to invest say "holy fuck... you've got a 2000 sq ft house in a middle class neighborhood going for $36K?"

and *gasp* the prices slowly drive back up to equilibrium. Now be keen and understand that the price may not go back to where it was before, but that's not because of anything bad.. that's because the price was way over inflated in the first fucking place.

The reason everyone is upset at all of this is that the POWER of this money is shifting. All the hedge fund managers and people who make a living at driving up false expectations are getting what they deserve and all the backers are crying in a corner because they know that someone ELSE will be buying up all these failed assets for pennies on the dollar because THEY were to greedy and thought their little magic could go on forever.

damn...not bad...except that this "panic" has caused the credit markets (high end mainly...the kind that create jobs) to freeze. We do need moderate intervention to regrease the gears, but in the process those that screwed up must be allowed to fail and go bankrupt so that new more efficient models can emerge.