BleepingComputer.com: Can Someone Explain Whats Going On With The Economy And The Banks And What Will Fix It?

I think when one accepts the mediocrity of society in general, the tendency for humans if given a chance to sink into greed, the fact that death is part of living and none gets out alive, then one can begin to look at world events and not fall into a puddle of mush. It's all cyclic, read your history books. There will always be all these things we fear. Find how not to fear them.

Sure I was pretty steamed over this whole wall street thing, and it takes me some time to put it into perspective. I try not to be so attached to the outcome so that I can enjoy the life that goes on around me.

Oh yes, and kill the undeserving.

Well I read the stock market lost 1.3 trillion yesterday when it dropped like 700 points the most in 20 years.
What do you guys think about the failed buyout plan?

They have gained most of that Back I think Wall Street went up nearly 500 Points Today, If this Bail-Out Plan doesn't come through then it isn't Good at all for the US Economy, the US will be in massive Trouble Financially either way because as I said all the Government are doing is taking the Debt of the Banks and turning it to National Debt for them to Pay off, I don't know what they are trying to achieve but not helping you at all.

I'll not say much more because I don't know if the US Government will try to push it through again as unlikely as it may seem but George Bush is trying to put it through again, I don't think it will go through because around 90 of his own Democrats refused it before what makes him think they will change there minds.

Should add on while US National Debt is rising the UK Government think they can Decrease ours by £60 Billion or $120 Billion by March, So £10 Billion A Month to put us back under the 40% GDP Safe Mark for Debt.

Something that I found is interesting a National Debt Clock for the US - http://zfacts.com/p/461.html

Supposedly your National Debt is increasing by $1 Million about every 80 Seconds or $2.56 Billion a Day on Average for a Year now

That Link is a bit out of Date here is a more Updated One - http://www.brillig.com/debt_clock/

This post has been edited by woodyblade: 30 September 2008 - 05:14 PM

[quote]George Bush is trying to put it through again, I don't think it will go through because around 90 of his own Democrats refused[/quote]

Just for the sake of accuracy, George Bush is a Republican, and it is the Republicans who largely failed to support the plan. He has no Democrats.

Just for a little more accuracy, the plan was "supposedly" put together by both Dems and Repubs, 12 of the Dems who put it together voted against it... Why?

[quote name='Wildabeast' post='961982' date='Oct 1 2008, 01:17 AM']Just for a little more accuracy, the plan was "supposedly" put together by both Dems and Repubs, 12 of the Dems who put it together voted against it... Why? [/quote]

A lot of the constituents of some of theses Senators and Congressmen have made it clear that if they vote in favor of any bailout, they'll be looking for new jobs at the next election.

The people that have no interest in these banking corporations - the majority of American taxpayers - should not have their tax dollars spent on getting these megacorps out of the trouble that they got themselves into in the first place.

[quote name='groovicus' post='961794' date='Oct 1 2008, 12:31 AM'][quote]George Bush is trying to put it through again, I don't think it will go through because around 90 of his own Democrats refused[/quote]

Just for the sake of accuracy, George Bush is a Republican, and it is the Republicans who largely failed to support the plan. He has no Democrats.
[/quote]

Thanks for the Heads up on that American Politics aren't my best subject. I think I read it was over a 100 Republicans who voted against the Bail-Out.

[quote]12 of the Dems who put it together voted against it... Why?[/quote]

I have not had tie to compare the original proposal with the one that was ultimately voted on, but my understanding is that Democrats added provisions to extend coverage to other bad debts, such as credit cards, student loans, etc. I remember reading it on MSN, but I can not find the article that it was in, and not that MSN is the most unbiased place for getting one's news. If this is true, it would explain why so many Democrats rallied behind the bill, and so many Republicans opposed it.

Like I said, I have not read the proposal as it was voted on, so I am not sure.

So woodyblade you think making our dollar worth nothing is a good idea?
I say let it do what its going to do on its own or give the Americans 200,000 per person over 18. If we all had that money we could pay off our debts and help the economy. If they give it to the banks they are the only ones gaining anything.

[quote name='cowsgonemadd3' post='962859' date='Oct 2 2008, 02:37 PM']If they give it to the banks they are the only ones gaining anything.[/quote]
As I understand it, the financial crisis has caused credit markets to freeze, because banks sitting on mountains of bad debt (ninja loans) are reluctant to lend money. Subsequently, individuals and businesses won't have access to credit/loans. This will cause a significant slow-down in economic activity. So by giving the $700 billion to the banks (buying the bad debt), they hope to free up the credit markets and prevent a severe economic slow-down.

So it's not only the banks who will gain anything. By freeing up the credit markets and avoiding (or reducing) an recession, everybody gains.

In theory at least

I heard today that the bill that was shot down had a bunch of stuff added to it, big surprise, one of the items was that the group ACORN would get 20% of the money that was paid back. Who the heck are they?!! Well it turns out they are some group, that Obama use to work for, that is under investigation for voter fraud. Something about registering college students and letting them vote as soon as they are registered via absentee voting. So I guess these kids can vote at school, then go back to thier home state and vote again. I'm a registered Democrat and that's embarassing...

I wonder if that was taken out of the bill the Senate passed today....

Seeing as this the Speak Easy Forum, I sincerely hope noone is Offended by my quite Blunt Comments?

The Roman Empire used to use the Eagle as a Symbol? One of their Caesars, Nero, played a Fiddle whilst Rome Burned? Sound like now? Nero had no support from the Senate? Looking like some thing similar?

Rome, like many World Super Powers was destroyed by Internal Forces, not External.

America is looking straight down the Gun Barrel to join Rome and all the rest.

The latest Offer to the Senate just compounds the Problem, not even a quick fix, yet the World hovers on what to do?

Something to consider? What if China and all other Countries that are heavily invested in America, called in their Debts? America would have a Big Problem?

Edit? A quick look at the involvement of Aussie Companies for one Example, will soon show that not only Americans are involved here. Check out other Countries involved?

This post has been edited by Abacus 7: 02 October 2008 - 03:37 AM

[quote name='Abacus 7' post='962928' date='Oct 2 2008, 04:25 AM']Seeing as this the Speak Easy Forum, I sincerely hope noone is Offended by my quite Blunt Comments?[/quote]

The improper use of capital letters is offensive. But not the comments.

[quote name='MattV' post='962993' date='Oct 2 2008, 09:05 PM'][quote name='Abacus 7' post='962928' date='Oct 2 2008, 04:25 AM']Seeing as this the Speak Easy Forum, I sincerely hope noone is Offended by my quite Blunt Comments?[/quote]

The improper use of capital letters is offensive. But not the comments.
[/quote]

Sorry about that, Mate!

China needs us and they know it. We buy more stuff than any other country in the world from them. I doubt they will ever "call in" their debt.

Still I say give the money to the people and not the banks.