Why register? ...To Enhance Your Experience
+ Reply to Thread
Page 1 of 29 123411 ... LastLast
Results 1 to 20 of 580
  1. #1
    MembersZone Subscriber
    Join Date
    Jan 2006
    Posts
    2,439

    Default The Economic Bailout

    Whats the American thing to do?

    Let the market crash and let the banks go bankrupt, or bail them out?

    Wouldn't the Free Market System (Capitalism) demand that we let the banks fail?

    Would it be Socialism or even Communism to bail the banks out and use our money to keep them afloat?

    Discuss....
    "They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." -- Benjamin Franklin


  2. #2
    MembersZone Subscriber
    Join Date
    Jul 1999
    Location
    Flanders, NJ
    Posts
    13,537

    Default

    Yes. And that is far better off in the long run than dumping what will end up being over a trillion dollars into the bailout. Our great grand children will still be paying for

    Many financial institutions will find out that there is a lot of money to be made right now. There is plenty of capital out there. It will take a couple of sound institutions with guts to start lending it. That will stabilize the situation.

    BTW, it doesn't matter to me one tiny little bit whose fault this is. There is blood on a whole lot of people's hands; public and private, liberal and conservative, rich and poor.
    PROUD, HONORED AND HUMBLED RECIPIENT OF THE PURPLE HYDRANT AWARD - 10/2007.

  3. #3
    Forum Member scfire86's Avatar
    Join Date
    Jun 2004
    Location
    HB
    Posts
    9,974

    Default

    Quote Originally Posted by GeorgeWendtCFI View Post
    BTW, it doesn't matter to me one tiny little bit whose fault this is. There is blood on a whole lot of people's hands; public and private, liberal and conservative, rich and poor.
    George. Mark this day in your calendar and circle in RED. I couldn't agree with you more.

    If Americans want someone to blame, they only need look in the mirror.
    Politics is like driving. To go forward select "D", to go backward select "R."

  4. #4
    Forum Member
    Join Date
    May 2008
    Location
    Stamford, CT
    Posts
    411

    Default

    Quote Originally Posted by scfire86 View Post
    George. Mark this day in your calendar and circle in RED. I couldn't agree with you more.

    If Americans want someone to blame, they only need look in the mirror.
    Well then it's a banner day all around. I can't believe I'm saying this but I actually wholeheartedly agree with you as well SC !!

    Will wonders never cease.


    Cogs

  5. #5
    Forum Member DaSharkie's Avatar
    Join Date
    Jun 2000
    Posts
    4,713

    Default

    Quote Originally Posted by scfire86 View Post
    If Americans want someone to blame, they only need look in the mirror.
    Yet you only blame the Republicans in Congress and Bush for it other threads. So which one is it?


    I am not saying you are wrong. Quite the contrary, you are spot on! We got loans without income verification, lying on applications, interest only and ARM with Ballooon mortgages for ridiculously overpriced homes all over the nation, given by banks and lenders that knew the houses were overvalued and people could not afford them in the long run. There was an article in the Boston Herald last week about how the director of finance in the Commonwealth of Massachusetts told banks 11 years ago (1997 for the mathematically challenged/sleep deprived) that this was bad and banks would fail.

    Congress knew about it 5 years ago and did nothing. Bush knew about it 5 years ago and did nothing. Unbelievable that now these scumbag, twit, useless, moronic, half-wit politicians are trying to act like they are shocked that it happened so quickly and "there was no warning."

    Politicians lie as soon as the lips are open.
    "Too many people spend money they haven't earned, to buy things they don't want, to impress people they don't like." Will Rogers

    The borrower is slave to the lender. Proverbs 22:7 - Debt free since 10/5/2009.

    "No man's life, liberty, or property are safe while the legislature is in session." - New York Judge Gideon Tucker

    "As Americans we must always remember that we all have a common enemy, an enemy that is dangerous, powerful and relentless. I refer, of course, to the federal government." - Dave Barry

    www.daveramsey.com www.clarkhoward.com www.heritage.org

  6. #6
    MembersZone Subscriber
    Join Date
    Jul 1999
    Location
    Flanders, NJ
    Posts
    13,537

    Default

    Quote Originally Posted by scfire86 View Post
    George. Mark this day in your calendar and circle in RED. I couldn't agree with you more.

    If Americans want someone to blame, they only need look in the mirror.
    The friggin' morons in Congress and the Bush Administration ought to feel very fotunate that we are not same form of government that most European nations have. A "vote of no confidence" is definitely in order.
    PROUD, HONORED AND HUMBLED RECIPIENT OF THE PURPLE HYDRANT AWARD - 10/2007.

  7. #7
    Forum Member ThNozzleman's Avatar
    Join Date
    Jun 2002
    Location
    Jefferson City, TN
    Posts
    4,334

    Default

    Let them eat cake!

  8. #8
    Forum Member scfire86's Avatar
    Join Date
    Jun 2004
    Location
    HB
    Posts
    9,974

    Default

    Quote Originally Posted by DaSharkie View Post
    Yet you only blame the Republicans in Congress and Bush for it other threads. So which one is it?
    Republicans of course. This was a silly question even for you fishboy.
    Politics is like driving. To go forward select "D", to go backward select "R."

  9. #9
    Forum Member SFD_E73_RET's Avatar
    Join Date
    Jun 2006
    Location
    KC area
    Posts
    299

    Default

    Christ, pay attention. No matter what your wrong views are, here are some facts. Sorry to confuse you liberals with facts.

    http://www.youtube.com/watch?v=63siCHvuGFg

  10. #10
    MembersZone Subscriber
    Join Date
    May 2000
    Location
    SW MO
    Posts
    4,249

    Default

    Quote Originally Posted by GeorgeWendtCFI View Post
    Yes. And that is far better off in the long run than dumping what will end up being over a trillion dollars into the bailout. Our great grand children will still be paying for

    Many financial institutions will find out that there is a lot of money to be made right now. There is plenty of capital out there. It will take a couple of sound institutions with guts to start lending it. That will stabilize the situation.

    BTW, it doesn't matter to me one tiny little bit whose fault this is. There is blood on a whole lot of people's hands; public and private, liberal and conservative, rich and poor.
    I couldn't agree with you more.

  11. #11
    Forum Member scfire86's Avatar
    Join Date
    Jun 2004
    Location
    HB
    Posts
    9,974

    Default

    Quote Originally Posted by MurphysFireKC View Post
    Christ, pay attention. No matter what your wrong views are, here are some facts. Sorry to confuse you liberals with facts.

    http://www.youtube.com/watch?v=63siCHvuGFg
    Once again the party of personal responsibility is doing its very best to blame someone else.

    Remind us of who was in control of Congress when McCain was pushing those reforms for FM/FM?

    Inquiring minds want to know.
    Politics is like driving. To go forward select "D", to go backward select "R."

  12. #12
    Forum Member DaSharkie's Avatar
    Join Date
    Jun 2000
    Posts
    4,713

    Default

    Quote Originally Posted by scfire86 View Post
    Republicans of course. This was a silly question even for you fishboy.
    Yet even in this thread you have contradicted yourself. Twice. So make up your mind.

    Either individual citizens are to blame for it, or Republicans are to blame for it.

    Since you have contradicted yourself yet again with this brilliant and insulting post, please state which one.

    Quote Originally Posted by scfire86 View Post
    Once again the party of personal responsibility is doing its very best to blame someone else.

    Remind us of who was in control of Congress when McCain was pushing those reforms for FM/FM?
    Yet wasn't it the propped up, attempted hero of the day Barney Frank (a Democrat) stood up 2 years ago saying that Fannie and Freddie were in no danger of failing. And 5 years ago, when Bush pathetically gave in, Barney Frank and many others stopped an attempt to reign in Fannie/Freddie's lending which was seen even then as poor and dangerous.

    So, like everyone but you has been saying - BOTH PARTIES ARE RESPONSIBLE. Your continued attempts at playing stupid are not becoming of a person that is intelligent.
    "Too many people spend money they haven't earned, to buy things they don't want, to impress people they don't like." Will Rogers

    The borrower is slave to the lender. Proverbs 22:7 - Debt free since 10/5/2009.

    "No man's life, liberty, or property are safe while the legislature is in session." - New York Judge Gideon Tucker

    "As Americans we must always remember that we all have a common enemy, an enemy that is dangerous, powerful and relentless. I refer, of course, to the federal government." - Dave Barry

    www.daveramsey.com www.clarkhoward.com www.heritage.org

  13. #13
    Forum Member DaSharkie's Avatar
    Join Date
    Jun 2000
    Posts
    4,713

    Default

    Quote Originally Posted by MurphysFireKC View Post
    Christ, pay attention. No matter what your wrong views are, here are some facts. Sorry to confuse you liberals with facts.

    http://www.youtube.com/watch?v=63siCHvuGFg
    You just waste your time, his ideiological devotion blocks his ability to see facts. So no Democrat/Liberal is responsible for anything, unless it is good. Ever. Right scfire86?
    "Too many people spend money they haven't earned, to buy things they don't want, to impress people they don't like." Will Rogers

    The borrower is slave to the lender. Proverbs 22:7 - Debt free since 10/5/2009.

    "No man's life, liberty, or property are safe while the legislature is in session." - New York Judge Gideon Tucker

    "As Americans we must always remember that we all have a common enemy, an enemy that is dangerous, powerful and relentless. I refer, of course, to the federal government." - Dave Barry

    www.daveramsey.com www.clarkhoward.com www.heritage.org

  14. #14
    Banned
    Join Date
    Jan 2008
    Posts
    8,677

    Default

    Good question. One I don't really have an answer for. Circle this day in blue - as a know-it-all I always have an answer.

    But seriously. On one hand I say let the fools who ran the businesses into the ground go down with the ship. They should also be looking into the shoddy practices to determine if laws were broken. I understand that in some case books were inflated as the top execs got bonuses based on the performance. They should not only pay restitution by bailing out some mortgages in foreclosure but they should see jail time as well. We started this nonsense when we bailed out Chrysler in 1979. If we let these shady businesses fold the good ones will still be there to carry us on. It also sends the message top these CEOs that they are responsible.

    On the other hand, that sucking sound you hear is taking the rest of us down along with them. The situation is so bad that there is no money to be lent to businesses for expansion which will create jobs. It is difficult to get loans for things like cars. One of the fellows I work with has a girlfriend with a credit score around 700. She is unable to get a car loan. Of course I don't know all the details here either. The point being if money dries up for new car loans, then there will be fewer cars sold meaning people become unemployed in Detroit (as well as the rest of the auto industry).

    For sure America has become addicted to credit. I need that new big shiny boat and I need it now. Can't wait. So the American people are just as much to blame.

    And let's not leave the government out of this too. They forced banks to take loans in some of the poorest neighborhoods going. I was speaking to a guy who sells real estate and is from the Big City of New York. He told me that ion the city the banks had red zones. Those were places were they didn't take mortgages becuase the record of repayment in those zones was terrible. It seems that most of the zones were made up primarily of minorities. So they were discriminating had to give out those loans.

    Perhaps the right answer is for the government to buy up the mortgages that are going under and rewrite them so they are affordable. At the same time provide a great deal of oversight to the homeowner being bailed out. For instance, you go into the program, you don't take out any loans without approval. Your credit cards, you lose them and they go into the mortgage. Next, evaluate the good banks. Make sure they have enough capital so they can make business loans. Thus keeping the economy going. Thirdly, put a cap on the amount of debt any one person can have. Start at 35%. Then year by year lower this until it reaches a final number of 20%. This applies to business as well consumers.

    Honestly, there is no simple yes or no answer to this question.

    I did hear one thing that Bush saw this coming about 2 or 3 years ago, but he and the congress didn't act on it. I don't have a source and I don't vouch for the validity of it.

  15. #15
    Forum Member scfire86's Avatar
    Join Date
    Jun 2004
    Location
    HB
    Posts
    9,974

    Default

    Quote Originally Posted by DaSharkie View Post
    Yet even in this thread you have contradicted yourself. Twice. So make up your mind.

    Either individual citizens are to blame for it, or Republicans are to blame for it.

    Since you have contradicted yourself yet again with this brilliant and insulting post, please state which one.
    I said it to jerk your chain. Quite easy since I sank that hook down to your stomach. And predictable as sunrise, you bit and bit hard.
    Politics is like driving. To go forward select "D", to go backward select "R."

  16. #16
    Forum Member scfire86's Avatar
    Join Date
    Jun 2004
    Location
    HB
    Posts
    9,974

    Default

    This writer sums up the reasons for voting against the bailout in its current form.

    •The taxpayers will not only bail out U.S. companies, but also foreign ones
    •Million-dollar-a-month CEO salaries will continue
    •The five-member oversight board will include three Bush appointees
    •Few home owners will be saved from foreclosure
    •There are no guarantees that the treasury will get warrants commensurate with its investment
    •There is no regulatory reform in the bill

    He argues that there is no need to panic. A good bill in a week's time is a lot better than a bad bill right now. I couldn't agree more.
    Politics is like driving. To go forward select "D", to go backward select "R."

  17. #17
    MembersZone Subscriber
    Join Date
    Jul 1999
    Location
    Flanders, NJ
    Posts
    13,537

    Default

    TIME TO PANIC!!!!!!!!!!!!

    Oh. Wait a minute. As of 10:30 AM, the Dow is up 250 points. Never mind.
    PROUD, HONORED AND HUMBLED RECIPIENT OF THE PURPLE HYDRANT AWARD - 10/2007.

  18. #18
    Forum Member DaSharkie's Avatar
    Join Date
    Jun 2000
    Posts
    4,713

    Default

    Quote Originally Posted by scfire86 View Post
    I said it to jerk your chain. Quite easy since I sank that hook down to your stomach. And predictable as sunrise, you bit and bit hard.
    Considering the one-dimentionality you will have to excuse me your greatness if I cannot pick up on your sarcasm since I have never, ever seen you say anything bad about any Democrat or Liberal and you constantly contradict yourself - even within the same thread.

    Explain to me how I should be psychic and read your mind and intent. Especially while using your same tired line of blaming only one group of people and not rarely responding to my questions.
    "Too many people spend money they haven't earned, to buy things they don't want, to impress people they don't like." Will Rogers

    The borrower is slave to the lender. Proverbs 22:7 - Debt free since 10/5/2009.

    "No man's life, liberty, or property are safe while the legislature is in session." - New York Judge Gideon Tucker

    "As Americans we must always remember that we all have a common enemy, an enemy that is dangerous, powerful and relentless. I refer, of course, to the federal government." - Dave Barry

    www.daveramsey.com www.clarkhoward.com www.heritage.org

  19. #19
    Forum Member DaSharkie's Avatar
    Join Date
    Jun 2000
    Posts
    4,713

    Default

    Quote Originally Posted by scfire86 View Post
    This writer sums up the reasons for voting against the bailout in its current form.

    •The taxpayers will not only bail out U.S. companies, but also foreign ones
    •Million-dollar-a-month CEO salaries will continue
    •The five-member oversight board will include three Bush appointees
    •Few home owners will be saved from foreclosure
    •There are no guarantees that the treasury will get warrants commensurate with its investment
    •There is no regulatory reform in the bill

    He argues that there is no need to panic. A good bill in a week's time is a lot better than a bad bill right now. I couldn't agree more.
    How about no bill for any company. No need for one. No homeowner should be saved from their own financial ineptitudes if you will not bail out the companies that were inept in their own financial matters.
    "Too many people spend money they haven't earned, to buy things they don't want, to impress people they don't like." Will Rogers

    The borrower is slave to the lender. Proverbs 22:7 - Debt free since 10/5/2009.

    "No man's life, liberty, or property are safe while the legislature is in session." - New York Judge Gideon Tucker

    "As Americans we must always remember that we all have a common enemy, an enemy that is dangerous, powerful and relentless. I refer, of course, to the federal government." - Dave Barry

    www.daveramsey.com www.clarkhoward.com www.heritage.org

  20. #20
    Forum Member scfire86's Avatar
    Join Date
    Jun 2004
    Location
    HB
    Posts
    9,974

    Default

    Quote Originally Posted by DaSharkie View Post
    Explain to me how I should be psychic and read your mind and intent. Especially while using your same tired line of blaming only one group of people and not rarely responding to my questions.
    You haven't sat at many morning pass alongs, have you?
    Politics is like driving. To go forward select "D", to go backward select "R."

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Economic crisis and 08 AFG?
    By FF2426 in forum Federal FIRE ACT Grants & Funding
    Replies: 4
    Last Post: 09-29-2008, 11:47 PM
  2. Economic Stimulus
    By Hexxus in forum The Off Duty Forums
    Replies: 45
    Last Post: 05-11-2008, 10:44 PM
  3. Kerry & Edwards Economic Plan
    By StoveBolt in forum The Off Duty Forums
    Replies: 182
    Last Post: 09-23-2004, 09:56 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts