Thread: Stop the Bailout

Why am I not surprised Sonny Bono's widow supported it?

Congress has finally done something right!

Dow closes down 777 points, or 7%. Biggest point drop in history.
Nasdaq closes down 199 points, or 9%
S&P 500 closes down 106 points at almost 9%, and fell as much as 15% in after hours trading.

Things look really ugly right now, but this is the medicine that the economy needs. The process of de-leveraging always hurts, but it is necessary to bring the economy back to a point where people do not have to struggle to get by. Banks are leveraged as high as 40:1, basically meaning they owe 40 times more money than they have assets. This has allowed the price of assets to far exceed their real values, and is long overdue for a correction.

If the bailout passed, we may have avoided the worst, allowing the economy to limp on, but we would've been faced with a decade of zero growth and high inflation, only to end up facing an even worse situation in ten years. It's better to bite the bullet now, and come out of this mess in a few years with a clean balance sheet. Not to mention this is a huge blow to the globalist bankers who fund multiculturalism.

Congress is going to go back now and try to get some kind of bill that will pass, so we have to keep the pressure on them. It's not over yet.

Its quite amazing to watch a whole Congress-full of fantasizes
blabbering about spending $700 billion dollars that doesn't exist.

The Congress is currently $400 billion dollars in the hole for this year's budget. If this insane bill had passed, the government would have to borrow the money. $700 billion plus $400 billion is $1.1 trillion dollars. Is it conceivable that any American does not know what will happen to the buying power of the dollar if the government dumps $1.1 trillion dollars of "printing press" money into the economy? The inflationary effect would be totally devastating. It would not be a flood of money, rather more like a huge tidal wave of money. The amount could go as high as $2 trillion dollars. If this much money, issued in excess of real production, is dumped into our economy during only a one year period, the value of the dollar will, quite obviously, drop to almost nothing. We would be facing gasoline at $20 per gallon and a loaf of bread at $10 and becoming worse.

The plan is not designed or intended to save our economy or to bail out any so-called failing banks. This largely fabricated "crisis" is a pretext by our government to destroy our economy while pretending to be saving it. Eventually ticks will overwhelm a dog and kill it.

The "failing banks" is largely a myth. Wachovia was gobbled up by another big bank so Wachovia couldn't be too bad off!! Its an excuse being used by the traitors that run our government to ruin our economy to create the chaos that will precede an ultimate goal of martial law and a totalitarian dictatorship.

The folks who knew of Ron Paul during the Republican run-up and didn't vote for him should be kicking themselves now - it would have been a push-over!
Unfortunately, the main-stream media marginalized his campaign and 90% of the people I speak to about Ron Paul are STILL clueless - so sad.

He uses a little thing called "common sense" my father told me about long ago...

Originally Posted by Brother Jeeter

Gugi,

I wasn't doing anything risky and I wasn't playing fast and loose with the books at any of these places.
So I am not inclined to pony up several thousand dollars to save the bacon of 'them what was.'

Of course, that's my stance as well, what I am trying to say is that figuring out who should go to jail and who shouldn't is rather tricky.

Originally Posted by Seraphim

I think it is ENTIRELY their job to evaluate the loan before purchasing it! "Hmmm, $500k house, 45k income, yeah I'll buy that mortgage, it's money in the bank!"

Yes, their job is to evaluate the loan, and there were people who wanted to buy it after it's repackaged. Obviously whoever evaluated the risk did a pretty bad job at it, but again may be they didn't. The data that was used to calculate the risk on these bad mortgages turned out to be completely unrelated to the actual policies which were evaluated later on. I fail to see how it's my fault to buy a lot of small pieces of junk and then resell it as one big piece of junk, when there are people starving for big pieces of junk and a lot of people that have the small pieces of it, and both sides really want me to provide the aggregation link between them. It is just not that easy to prove a guilt.

Had the banks had to hold the loans for 30 years, I bet they would not have given out the high risk ones. They did it only because the next month they would sell them to somebody else.

Heh heh heh

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