September 29, 2008
-
$700 Billion
It looks like the government is about to bailout Wall Street.
(The above photo is not meant to endorse Wall Street).
It will cost $700 billion. Here is the link: Link
Do you think that your tax dollars should go towards bailing out Wall Street?
Comments (157)
Yes, no, yes, no!
You know… stocks are a gamble… but at the same time… ouch…
No. I actually want your economy to go down.
Shopping!
Yes, it should. We are all screwed if we let them go under!
if this doesnt happen. We will end up in another great depression. I dont think people realize how extremely important this is.
I think this is ok because they should end up making money on the plan.
I don’t think 700 billion is needed. I think we should give them a much smaller amount to begin with and see how it goes.
I’m not really supportive of a bail out but eh….whatever.
I’m not rich enough to buy Congress so…my opinion doesn’t matter.
I hope all who vote for it get their ass kicked when they go up for reelection.
No suh.
yes. we don’t need a repeat of the 1930′s.
@fugu62 - We SHOULD end up making money but what if we don’t?
It will take some time to get money back because our economy is still going to suck even with the bail out.
I HOPE we make money off of this but if we don’t, I won’t be surprised.
i think congress is a bunch of incompetent, greedy assholes !
Are you going to put what your entries are not endorsing up from now on?
I wish I could make money for myself and then give my friends 700 Billion of it. I’m sure they’d share.
absolutely NOT
We are only prolonging the inevitable downturn of the economy, and making it FAR worse than it has to be. Our money is already in the process of becoming worthless, printing more money and keeping interests rates artificially low is only going to stimulate MORE malinvestment.
oh, and welcome to the United Socialist States of America.
-A government big enough to give us everything is a government big enough to take it all away.
The bailout is a risk… its not a guarantee that it will save the economy.
I don’t know anymore. No, yes, no…
Sadly, it’s something that needs to be done………. worse things will happen if we let our banks and financial system go under….basically, it’s our generation that will have to pay for this, we’ll probably have to work untill we are 80, work 2 jobs to be able to save for retirement and pay for the essentials of modern day life.
commenting isn’t endorsing your blog, either LOL.
Well, like I told dh it isn’t that simple. We can choose not to bail it out (theoretically) and then we’d be worse off cause there wouldn’t BE an economy.
So, it sucks, but it’s like fixing up your mil’s house: either ou pay to fix it, or move her in with you, which is worse? Kwim?
@droptop11 - Agreed. They don’t care about the average American. I’m sure their pockets will be fatter if they vote for this bail out so they could care less if we’re upset about the bail out, as long as it’s “business as usual” in Washington.
No!
No! If they were to split up the money used to bail out Wall street among taxpayers, can you imagine how much money we would each recieve? Think about it!
I don’t think we should bail out wall street.
I have no idea.
They keep talking about the “taxpayers” getting an equity stake in this arrangement. That’s a euphamism for govt ownership. And that’s the definition of Socialism. We’ve been heading this way for years. We’re now officially there: The United Socialist States of America. And we didn’t even have to wait for Obama to do it to us….
exactly where is this money coming from?
are we paying this 700 billion dollars?
is the goverement paying this 700 billion dollars?
are they printing 700 billion dollars?
because none of these options are exactly thriving with money.
we’ll keep on spending till we screw ourselves over.
They should just cut the gas prices down. That’s the real reason everything is deflating on us. Higher gas = higher prices for everything. Lower gas means we can avoid the next depression.
So simple.
it’s a terrible plan, but we might as well try something so that when everything goes to hell we can at least say we tried.
It’s important to realize that this is not a bale out of wall street, despite the propaganda, but an infusion of wealth into a set of banks to keep the companies from failing. Companies in which you probably have stock and companies where lots of regular blameless people work. This doesn’t help OR hurt the executives in charge. They’re gonna be just as fine and just as rich as they always were whether or not this bill is passed.
Of course there ARE better plans out there, plans that don’t involve the tax payers or which provide more advantage to the tax payers, but it’s too late to get them implemented and nobody would agree to them. So we’re going to try this. It’s inevitable. It was inevitable since it was first proposed. Politicians are way too afraid of losing their own personal fortunes to fail to vote for it for one thing. People like things easy, and wishful thinking drives the legislature.
The cheesy thing is that the compromises that were “fought” for are all just window dressing BS, not a lot of changes. And some of the changes actually make it less likely the bill will work since it’s an opt in system and the changes make it so institutions might not bother to opt in. Making it a waste of everyone’s damn time. And the scary thing really is how much of the power of the purse Congress is surrendering to the Presidency in any case. But at least they did put SOME controls in place.
What’s more important is what we do next after this bill. Hopefully we’ll start putting some of these thieves into court and on trial and hopefullyy seize their wealth and throw them in jail for a long time. Then we need much better smarter regulation.
What else are you going to do?
I’m not really sure. Maybe I need to look into that.
FUCK NO.
@CrazyXBeautifulXDisaster - What do you think *caused* the great depression in the first place? If you said crooked government and corrupt businessmen working together, then you’d be right. And now you’re supporting more of the same.
Well that works out to almost $2300 a person (if it were to be taxed evenly across the board, hypothetically) according to the 2008 census. That is a tall bill indeed. Your financial crisis no doubt impacts us in a host of ways, but the question doesn’t apply to me since I won’t be footing the bill.
Yeah.
Hell No!
I think it’s time for Americans to quit living like little pansie-asses and get a good shot of reality. Phil Gramm was dead on when he said “We have sort of become a nation of whiners,”. You wouldn’t believe the changes in peoples priorities. This is only the first step, in the wrong direction…
@justfinethanku - dito
I keep on hearing about this Wall Street drama…I have no idea what “crashing” means in the stock market world. I couldn’t even get my head around the stock market on NeoPets…hmm…I wonder if that site is still around…
Either way 700bil is a shitload of money. Could they not have given less? And is any of it Australian tax dollars, cos if it is I’m going to be rather pissed off.
@haloed - Not so simple.
The thing you have to remember is you’re not just bailing out Wall Street, you are bailing out everyone affected (normal people like you and me, ultimately) by Wall Street.
I feel like it’s lose/lose at this point. I am not for the bailout on a personal matter – I’m all about responsibility. I don’t believe we should necessarily be bailing ANYONE out – all of us (individuals, corporations, etc.) should learn from our mistakes. But that’s because I’m an evil Capitalist who would like the government to stay out of my life and let me handle my own. I am so very anti-socialism, and that’s where we’re headed, I think.
$700 billion is less than our annual trade deficit. it is a pittance. absolutely, yes.
I could do with some of that money. Even a million would tide me over till times get better, and I would spend it in ways that would help the economy.
@The_Imagination - tax-payers. for years and years to come will pay for this.
@haloed - right, tell them just to hit a switch that changes the international fuel prices only for americans.
@The_Imagination - It will just make our deficit even bigger…which creates even bigger problems.
::shakes head::
Everyone, you should really get on the ball and contact your “representatives.” I already have. There is no time for waiting.
no way. i resent paying for bad decisions by others. more than anything i resent the morons who were dumb enough not to read the fine print on their unreal mortgages and the manner of executing the deregulation process that led to unreal mortgages being offered. the economy will continue on it’s cycle with or without this expensive plan. idiots! ugh!
additionally i think that people would be wise to examine this issue a tad deeper than the superficial info. the “bail-out” is really code name for china owns us and we need to keep them from exercising this power. check out the largest monetary backers of freddie and fannie.
I wish I lived closer to Washington D.C. or could afford a plane ticket to go there because I would be protesting! You’d be surprised at what a mass uprising could go.
The government should be afraid of their people, not the other way around.
We can certainly kick these MFers out of office come election day. They will regret voting for this BS.
@stargazerlillikat - The morons had help though, someone had to approve giving them that morthgage.
I know there were instances where things were faked but many mortgage companies knew exactly what they were doing.
On 60 minutes last night, some emails from some guys on Wall Street two years ago basically showed that they KNEW this was going to happen. This was well planned.
@Color_me_Karma - Well with the government stimulus checks, MOST people spent it on gas. I don’t really feel like retrieving the link but if you want me to, I have no problem doing so.
I know that money could certainly help me out and I’d spend it intelligently.
I can’t say that for the majority of other people in this country…
I mean if the government wants to really help ME the tax payer out, just give me a cool million and I’d be good. =]
Something has to be done (though I don’t like it much myself, but here we go right?). We could split it among taxpayers, but what if they get us in this situation again? A big problem that caused all this was that people were over spending, not being able to pay off loans and mortgages and so the banks had to take them and try to sell these places off and yet know one wanted them. Honestly, I don’t know if I could trust taxpayers to do the right thing with that money, so I’m torn on that proposition. And gas is NOT the main issue here ::rolls eyes:: if you were paying attention you’d see they have been going down (and would’ve been down even more had the hurricane not hit Texas so hard) so quit complaining we have other issues at hand here.
The whole thing makes me nervous and so it should. I wish there was a more…fail safe and fairer way to get banks lending to eachother again and what not. Sure we’ll be bailing out others in need aside from the people responsible…but I wish we could do it where we’d could bail out ONLY those affected who had nothing to do with this massive failure.
hahahaha,,, tax the rich to give to the rich,,,, hahahahahaha
well,, thats the way its always been,,,
proud to be an american,,, i think the last american died some 50 odd years ago….
@haloed - Riiight…it’s THAT easy to lower gas prices?
If we all stopped driving for a few days…the demand would go down and thus so would gas prices.
The only real way to get gas prices low is to lower demand.
I’d much rather the government invest money in public transportation which will reduce the demand on gas….and lower prices.
Eventually the price will go up and we need to be ready for it.
@nephyo - I doubt the bastards who got us into this mess will see a jail cell. I’d much rather take a firing squad to them and collect the insurance money…but that’s just my personal opinion…
Not the prettiest option in the world, but it does look like something needs to be done and this is one of the few options available. I was initially oppossed to the bailout, but the more I read on it and read about the reasoning behind it (and the need for it), the more I become convinced something needs to be done.
Some reading on the issue:
Economist article- I want your money
NY Times article- Cash For Trash
I have links to a few other articles on my most recent post on my site if anyone is further interested in the issue.
@venomous_poison - I THINK they are giving them 100 billion to begin with….and then if they need more money they have to get it approved and all this BS but I’m sure the process won’t be that hard, despite their words.
I think 100 billion is too much. It just doesn’t seem right to give all this money to people who were irresponsible with their OWN companies….and then we give them TAX PAYER money to fool around with.
Oh shit.
I truly hope this works but if it doesn’t…I will not be surprised.
and none of this would solve any economic problem,,, to have a working economy,,, first you need an economy,,,
aint it about time to wake up and put the coffee on???
cant smell it till it starts brewing,,,
disclaimer,,, i myself dont drink coffee.
@FemmeMrbd08 - - 10 cents is too much….. (to give walstreet,,,) uh,,, if a business cant make money,,, then its a failed business,,,
@whataboutbahb - yea,, something needs to be done,,, stand back and let nature run its course,,,, when will yall learn,,,,things will work out ,,,,, just quit interfering,,,, i mean,,, duh,,,,,,
(The above photo is not meant to endorse Wall Street).
I’m so glad that you clarified that. I would have been very offended if you hadn’t.
@mejicojohn - ”when will yall learn”
I’m usually of the opinion the government should involve itself in the market as little as possible. This is a situation where you have economists from many schools of thought convinced that the economy is stuck in a down spiral cycle. Letting nature take it’s course is not a good option if that’s the case, at least not if your an american or if you have money in investments over here.
“just quit interfering,,,, i mean,,, duh,,,,,,”
What it seems like you are doing is applying an ideology and then just following it blindly no matter the specific circumstance. There are writers for CATO and the economist who are examples of being able to step outside an ideology in certain instances when the situation seems to call for a different approach.
Dan, I don’t know how you can support the Wall Street lifestyle like that. Stop shoving finance down our throats.
i think it’s one of them, “damned if we do, damned if we don’t” situations. the former president of WaMu got about $13 million for 3 weeks worth of work? people say these “golden parachutes” are tied to performance… the company got bought out and this dude collected $13 million?! it’s just nuts, and i hope the next step we take is a smart one.
@FemmeMrbd08 - anyone who sat half-awake in high-school economics knew this was going to happen. but i do include the deregulation process that opened the door for these unreal mortgages on my list because this was a typical speculation endeavor; trick those who don’t know better, and who won’t seek to inform themselves, tie-up a small fortune from them and make sure it is untouchable. that aside, personal responsibility on the consumers part is essential because why would any company be concerned with our well-being? read the fine print, no matter what!
There is not really a choice, is there? I hope it will work.
Nope.
Absolutely NOT!!
Why doesn’t the government see something wrong with forcing the responsible people to bail out the irresponsible people?
Why are we rewarding people who make bad decisions?! (Just in case you haven’t noticed, this makes me mad)
@Mcon - What a dumb thing to say, this crisis influences the whole world.
This post is boring. You need to do some more posts on dung.
@stargazerlillikat - I’m Canadian, why do I give a flying rat’s ass about America’s fuel? Do you all not see that the issue with the “war” is what is heightening tax prices, with all the gas companies taking HUGE markups when they do not need to?
People saying that we need to use less for the price to go down, the opposite will happen, the price will go up so that when people do fill, it will cost them what they want to fill their pockets.
What many of you Americans *don’t* realize is that your government, your economy, is negatively affecting the world.
Try as I might, I cannot comprehend what exactly this means or what they are doing, or how it will help. Someone care to explain it to me?
I don’t understand how taking money from people who don’t have any is going to be beneficial to the economy? Isn’t it up to those broke people to go and spend that money in order for our economy to thrive?
Also, with Bush’s history of bad decision making, shouldn’t we be doing the exact opposite of anything he’s endorsing? I just can’t help but think that this is probably one of the many last hurrah’s Bush and company are going to have to make sure him and his buddies wallets are nice and full.
@beachblondie711 -
Good starting place.
@whataboutbahb - hahaha,,, if you want to change something,,, you change it before it gets away from you,,,
i myself can step outside an ideology. but i cant bring the dead back to life,,,
maybe its high time we bailed out those people who went under when the wagon wheel went obsolete,,, or,,, maybe theres some manufacturers in china that could use a boost,,, i know there are none here,,,
your economists,,, listen to them if you want to,,, hahahahaha,,, printing what ,,, altho the designated printers are doing it legally,,,, amounts to counterfit money,,, is in other instances,,, and should be in all instances,,, illegal,,, giving away the peoples money,,,, should be a capital offense,,,, id be up to collecting a vote count for the bailout,,, for the hangmans needs.
699,999,999,999 bottles of beer on the wall . . . . . . .
@whataboutbahb - Thank you, I appreciate it.
@mejicojohn - No offense, but this comment is mostly incoherent. I don’t think I can have a discussion with you since your thoughts seem to be closer to ramblings then connected ideas that contain an overall main point.
I’ll end with this- You seem to have expressed classic liberal thoughts in your comments on this post and in others in the past. If that is the case, please read up at what some of the people at Cato or the Economist (two organizations well-known to be generally classic liberal in thought) are saying, you might change your mind. (Though if your opinion is that “our economy is dead already so what’s the point?”, then i guess there really is no need for you to read up more on the issue or try to further this conversation along).
being in the banking/lending industry i doubt the average american has any idea of just how badly needed this bailout is. things are far worse than you realize. it’s gotten to a point where the government had no choice BUT to bail these institutions out. the alternative is 1929ish horror but in a modern world, something we cannot afford to have happen. our tax dollars are not lost with this…we have become investors and actually stand to make money on it. though at this point, that is far from my mind…what’s important is that this correction hits bottom and begins an upward trend. again…the alternative would be unspeakable ~ jack
@whataboutbahb - at last,, hahahahaha,,, i knew we could agree on something,,, there is no need for me to read up on it,,,
i do ramble on,,, maybe even similar to our leaders,,, and if its a complicated issue,,, which this one really is not,,, i kind of have to circle in on the bullseye,,, but i do try to use small words,,,
and my sources,,, i dont go to outside sources for information,,, i either know the answer or i dont,,, and if i have just an opinion,,, i usually state it is an opinion…
bailing out businesses,,, is not in the interests of anyone,,, except the failing business,,, banks as a whole are not failing,,,,
that alone should tell you something,,,, and insurance companies,,, hahahahahahaha,,, insurance companies have historically had more money than banks ever dreamed of,,,
come on dude,,,,, bail them out? hahahahahaha,,, they have failed,,,,,
@jackisarockstar - hahahaha,,, banking,,, lending,,, is not an industry,,, hahahahahahaha,,,,
seek reputable employment,,,
id offer some suggestions,,, but i cant think of any,,, guess youll have to make one (business),,, thats what i normally do.
@mejicojohn - i’ve gone through and read all your posts regarding this…and i’ve come to the conclusion you’re ignorance is astonishing. no one is saying that we shouldn’t have let this happen to begin with, but we are past that. what’s important now is correcting it. now i work in the financial arena and have a damn site better grasp on the workings and failures of our economy and how it applies to the average american than most. from lending for construction to money markets, this problem in the home mortgage sector has sprouted tentacles which have wrapped themselves into secondary markets and are causing havoc beyond the average person’s knowledge. now couple that with oil prices and we have a serious problem no one could have foreseen. this is one issue you can’t just ignore and hope it will work out itself over time. what we are currently going through is a hundred year event…not since the days of hoover have things gone awry this badly. please educate yourself a bit more and i believe you will find that this solution (while not being the best conceived) is our only option at this point. ~ jack
yes because i live in ny and it will help us. no because why should i pay for it?
Nope
it’s not so much of a bailout for wall street as it is gigantic re-fi and a restabilization for the loans that a certain type of people took.
these types of people are the ones that actually take the time to budget their expenses, balance their checkbooks, and don’t try to live too far beyond their means.
Why should we reward those fat rich stinking CEOs who ran their companies into the ground? I say hell no we shouldn’t help pay for some other idiots retarded mistakes!
If only I knew more about the topic, I don’t really feel qualified to answer this question. But, in my opinion, they should do what the can to prevent a repeat of the Depression. That would not be good. If that means a little bit of sacrificing from my tax money, so be it.
Absolutely not.
Wall street should never have gotten itself into this mess, but they were too greedy to use their heads. Securitized mortgages should never have been allowed by regulators. Mortgage lenders should have seen the bubble burst coming a mile away. Sub prime loans, come on!
So why do they get bailed out but ma and pop with three kids lose their homes because they cannot afford the payments anymore?
I hear the CEO of Fanny Mae got a $70 million severance package. Is that true?
Why not give the each family in America $10,000 dollar credits to use for paying their mortgages, or buying a home?
What will the government get for its $700 billion? There better be some good oversite on this, or it will turn out to be a huge waste of money like Huricane Katrina.
@QwiXilver - $13 million?! WHAT?!
Uhm. I vote that he, along with all the other jokes that helped this along, should start a fund so that THEY can pay for it. Jeeze.
This is why I don’t play stock market.
Absolutely not.
What’s so important about the Wall street? Why not spend $700 Billion on another street? I’d like to see a $700 Billion Sesame Street.
I don’t think we have a choice. It is either bailout or another depression when the stock market crashes. For me, I think I choose the bailout route. Thanks!
Well.. this is a.. damned if we do and damned if we don’t, thing.
If we do, they will probably collapse again within a few more years, and we’ve essentially taught them that they can just rely on us for bailing out when they fuck up.
If we don’t.. things start collapsing right here, right now.
My decision would be to grant it.. but also attach extreme stipulations to this bailout, so that they get it in their heads that it’s not ok to be a pantywaist board of directors and let the chips fall where they may in respect to the management of your companies.
And also so that the debt is reversed, as it should be, to where it’s understood beyond all controversy and enforced, that these financial institutions owe that money back.
This is what we get for letting corporate structures party and do what they want without legal guideline, any penalty, any stipulation or terms. This is not the fault of government, because they aren’t the one’s who have created the collapse
. This is the fault of private institutions who are now begging for a handout.. that we so happen to not have many alternatives to giving.
Not today, they aren’t.
They’ve been used for worse things.
@haloed -I’m Canadian, why do I give a flying rat’s ass about America’s fuel? Do you all not see that the issue with the “war” is what is heightening tax prices, with all the gas companies taking HUGE markups when they do not need to?
well i hit the reply to your comment that reads as follows: “They should just cut the gas prices down. That’s the real reason everything is deflating on us. Higher gas = higher prices for everything. Lower gas means we can avoid the next depression.
So simple.”
my response was sarcastic but clearly that did not transfer.
People saying that we need to use less for the price to go down, the opposite will happen, the price will go up so that when people do fill, it will cost them what they want to fill their pockets.
i never said this.
What many of you Americans *don’t* realize is that your government, your economy, is negatively affecting the world.
i am afraid that in this instance you are doing what is called preaching to the choir. as in no shit sherlock, i know this. i read about and have a stake in numerous international markets.
additionally “america” cannot just dictate the price of fuel as it is an international organization that sets world base price and then additional mark ups follow from individual providers. american taxes are a multi-faceted issue that have far more to do with public infrastructure than the war and while the war (which i might add i in no way have supported, ever) does impact taxes it is less direct than your simple answer.
I don’t think i’ll help. We’re sinking this ship and trying to plug it with some clay.
gov’t bailout plan = FAIL
Actually, they voted no.
The DOW is down 600 points.
There is no right answer here. It’s just unfortunate that corrupt corporations are making our lives harder while they stay wealthy.
No way.
That kind of gets rid of the meaning of freedom, don’t you think? I don’t have the freedom to deny the careless wealthy business class of our country my hard earned money. Dumb.
Hmm . . . they’ve been taking our taxes for a long time . . . it’s about time they do something useful with them . . .
No worries, Dan. The bailout was just vetoed!
fuck no!
I read somewhere that Warren Buffet says he’d do it if he had $700 Billion because it will make so much money in the long run. *shrugs*
Yup, was just going to say… it looks like the question is now irrelevant.
The economy is going to suck no matter what.
no
Who knows anymore? This entire damn mess is so convoluted.
No, but we seem to bail out everyone and everything else, so this isn’t any different!
Regardless of what happens I do not envy the next president. Troubled economy, unpopular military actions, fraying foreign ties, inflation, gas troubles … I really hope McCain and Obama are up for the task.
That being said, with as much national debt as we already have and as many times as we have bailed out things like airlines and banks, I begin to wonder about the free market system and how effective it is at policing itself. Personally I don’t think bailing them out is a good idea. It makes me wonder if Walmart suddenly went bankrupt if it would jeopardize enough jobs and economic stimulation to bail them out as well.
What do you mean bailout?
Is Wall St in trouble?
Haha I love the disclaimer after the photo, nearly made my day.
Sometimes I think these people in the government just make some of the craziest decisions. But I think it’s just they see a picture we’re not seeing, or maybe it’s just that they have thugs pressing on them to make the “right” decision.
@stargazerlillikat - Now how many high schools have economic classes? lol.
I know mine didn’t. I did take economics in 7th grade though but we certainly didn’t talk about this.
A natural disaster yes, people need help. Unwisely managing your money or the companies money is a self made disaster.That person or company is responible…thats life, deal with it! If you gamble on something, be willing to take a loss when you lose. There are losers and winners at everything. Reward those who lose and you lose the incentive to be the best. Reward mistakes then people won’t care if they make mistakes, their mistakes won’t hurt them.
Well, I don’t want to be in a depression…
I don’t think its a good idea. I personally think it will put the economy in worse condition than it already is by takng money that isn’t there to begin with. Because if we had it, we wouldn’t be in debt already.
Time to try something new.
But what, I don’t know.
I don’t worry about it much. But then again I work for the government so my job is more recession proof than most.
$700 billion bailout plan = Bush administration’s last ditch attempt to fuck us up even more lol
I don’t know much about this.
We are not going to be able to prevent a repeat of the 1930s. This stupid helpless attitude of the voter and the politician’s pandering to it makes me a little ill.
If you vote for me, I will keep your little Timmy from dying of leukemia, I will save wall street, end war and bring about the second coming of Christ, amenkthxbai
700 billion all to Wall Street, which is failing? Aren’t we already at a deficit? what about all the billions of people who don’t have any money to invest on Wall Street anyway, because they are barely feeding their children, having enough gas to get to work, have energy bills too high too pay, and doctor bills they can’t pay – all hard-working Americans? Who’s going to help them?
the depression is coming either way since the economic policies of the past several years have squeezed all but the very rich to the breaking point and someday soon we will have to pay for the choices that have been made. with the bailout, the taxpayers foot the bill. without, we STILL do. more & more people have been forced to use their financial “safety nets” just to meet obligations they have hear & now. unless you have a LOT of cash on hand to insulate yourself for the very rough ride ahead, you had better brace for impact!
Wall Street fall down, go boom.
I really don’t think we should be bailing people out for their flagrant stupidity, but on the other hand, there are a lot of people out there who couldn’t make it through a massive depression if everything hit the fan. I’m not crazy about the idea, but I don’t know enough to really say one way or the other.
I honestly don’t want to pay for their screw-ups but if the government doesn’t bail them out – then we’re all screwed. more so than we are now.
I think tax dollars should go towards college education!!
….Maybe thats because I’m sick of tuition increases every semester.
NO!!
Stupid congress didn’t pass it and now they’re out of the building for a few days. In my opinion, congress doesn’t do squat. I swear I’m moving to Canada.
NO! Tax dollars should not pay for corporate bail outs…. when people mess up they pay the consequences… like them learn
smh…
HELLLLLLLLLLLL NO!
no
@FemmeMrbd08 - economics and government are required to matriculate in california. at least when i graduated!
Unfortunately, we have very little say in where our tax dollars go.
I’m infinitely happy the plan didn’t go through.
People who overspend go bankrupt. Their credit is ruined for several years– usually their whole lifetime. Why should we treat businesses that overspend any differently?
The reason why the law considers businesses entities in things like lawsuits is to treat the business like a self-perpetuating organism, which businesses tend to become when they become large corporations. A flourishing business doesn’t concern itself with stock holders or employees, it flourishes for the sole benefit TO flourish. If a business doesn’t grow…. the business simply didn’t cut it in society. Like in real life to ANY organism, it dies.
Period.
If a business can’t perpetuate itself, it NEEDS to die, so that another can rise to take its place. Economics is based on Nature, and it should stay that way. If it’s not good enough, let it dissolve.
I don’t understand how taxing people to death to bail out a failing business can help people who are already struggling to survive in this crappy economy. As it is, you can’t find a job. Jobs that require Doctorates are getting slim. Cuts are coming from the top of corporate ladders, so people with Master’s degrees are settling for jobs that those with BA’s should be doing. BA holders, in turn are looking farther down the food chain for jobs. That leaves people who would normally be working at McDonalds out of a job. (See? THAT’s the part of “trickle-down” economics that is true! The rest is kinda bullshit)
So… why should people who are already either jobless or are settling for less be paying to bail out failing businesses? I’m excited it was voted down. Gods/Goddesses bless the House for bullying politicians on voting “no” on this cock-and-bull. Finally, some sense.
Of course… once election season is over, they’ll turn into dipshits again, mark my words.
This is all scray confusing business… just have to wait and see what happens, right? If they fuck us all over too badly, we can rally together, and steal all the money back hahah, oh wait, who knows if our own gov. might even bomb their own people
were all fucked
i’m torn between yes and no. i don’t think 700 billion should be given, but i do think we should help out some. uggh. i don’t know. glad it’s not up to me!
I think all of you should email your congressmen and tell them exactly how you feel. Tell them that if they go through with the deal you will fire them. It’s just not the best way they could solve that problem.
@Aiyoku_Angel - ”Of course… once election season is over, they’ll turn into dipshits again, mark my words.”
::nods:: I think they’re dipshits now anyway………..
@soul_survivor - Calling is also effective even though you can’t shout at them…just they’re little page or whatever.
hell no, it won’t do it no good. It’ll only fix the problem for a very short period of time. Why not split that up between all of us so that we can go spend it on the economy?!
they better not bail them out.
Are some of you daft? This isn’t about wall st. This is about holding everyone accountable. Everyone has a hand in this mess. This includes the vast majority of americans who live in debt. This means credit card debt as well in addition to mortgage debt. If you’ve bitten off more then you can chew, who’s fault is it?
It’s yours. You want to talk about real greed and being irresponsible? How about not being able to manage YOUR OWN finances. If people were able to do that, then they wouldn’t be in this mess would they? Those people are just as greedy as the executives. After all, they need that big house and the high quality of living ..even if they can’t afford it.
Wall St is just a scape goat for those not willing to take on the responsibility for their own actions.
@whataboutbahb - and i see,, for the first time in their lives,,, the house of representatives have used reason instead of greed for a decision,,,
hahahahahaha,,, the bailout appears to be dead,,,,, now,, bury the suckers,,, well all be better off for it.
i see some people here agree with me,,, and reason,,, maybe most,,, a lot of comments to sift thru,,, we can all breath a sigh of relief,,,, they should still be fired tho,,,, hahahahahahahaha,,, at least all who endorsed it.
@gumby_smirks - uh,,, most were tricked into risky loans,,, you dont know much about credit,,,, do you… i myself dont partake of credit,,,,
credit is a losing proposition for all,,, at last,,,, in the beginning it was only the common folk,,,
always nice to see some scam artists take a fall,,,, never trust anyone wearing a tie,,,, i thought that was old news,,,,
credit itself creates exhorbant prices,,, do the math,,, if you cant pay for it,,, dont buy it,,, when all people do that,,, the dollar will be worth more,,, things will be priced within reason,,, with our friendly loan sharks out there,,, hahahahaha,,, no
@FemmeMrbd08 - 100bil is still an absurd amount of money for people who made their own mistakes. Thanks for clearing it up for me
@lovesporks - some say that fdr prolonged the depression by his social engineering. he was a socialist by any imagination.
@mejicojohn - they sure were tricked into it. all these gimmicky products. greenspan has praised wall st. for creating all these products so that everyone can partake in the system. greenspan did more to bring this mess on that anyone. well maybe not but yeah. he sure did help.
@venomous_poison - I think it’s an absurd amount of money as well.
This sucks! Their lost is my lost, money wise.
they should bail me out… hahaha..
can i have another one of those economic stimulus checks?
Thanks!
Whether it is right or wrong, and whether we want it to happen or not is out of our control. In fact, no matter who you vote for in November, either candidate is putting that plan in action as a senator.
Like any financial trouble before, someone will walk away benefitting greatly from the misfortune of many. If we do bail out the big institutions, some guy who had screwed it up to begin with will walk out with a nice severence package under his hat, and that will have to be an acceptable loss for the benefit of everyone not losing their shirts.
If you are going to get mad at someone who doesn’t work for their money, you are going to have a very long list.
fuck no. i am not responsible for other people’s mistakes.
If there is no Wall Street, will we all die?….surely no..it should back to the basic
@gumby_smirks - i agree. wall street is just a reflection. you can’t fix the reflection when the object being reflected is butt ugly.
and the plan was shot down so the issue is delayed at best.
We don’t need another great depression.
The government got us out of it then, so they might as well try again.
*Sigh* Sad people who don’t understand money…
We have no choice but to bail out Wall Street. At the current rate, we’re well on our way to another Great Depression, possibly on a global scale.
Remember, government spending is what got us out of the Great Depression.
@iluvsimcity - @ArphaxadHunter - Whoa. We just basically said the same thing, a few minutes apart. Freaky.
Heck no.
The bill wasn’t passed so investment bankers are now throwing themselves in front of trains to avoid the complete abomination that is the US economy. I don’t blame them. Imagine what gas costs in NY right now. I’m in Georgia and I can’t even find a gas station with gas PERIOD, so finding it for $4.40 with a two hour wait in line is pretty damn good to me.
If anyone on this site was one of the assholes in the 90′s that decided buying four houses at once to rent it out for a profit was a good idea, FUCK YOU. You fucked us all. It’s all your fault. Follow the wise actions of the investment bankers, you fucking cunt rags.
AND I MEAN THAT.
No, all the wall street people who’s all responsible should pay it with their fat pension/retirement/severance/savings plan. Why am I paying for their greed?
What happened to Wall Street?
It’s nice to know that when somebody else’s stocks go bad, we have to pay for it.
Yes,although it sure is expensive but yes,without them it is not good.
The government does not have too much of a choice in this because the collapse of Wall Street will have deeper complication on US economy. And, the damage is not limited to that of US only given how connected the entire global economy is. The figure might seem overly jerked up, but frankly, i think the losses they incurred might be worse than what was reported. Still, we all know that’s not the end of the crisis even if the bail goes through.
When did you have to start explaining your photo choices?