US Government bailing out Wall Street

PB Forum :: Social / Political Issues
US Government bailing out Wall Street
  • Previous Page
Author Message
flag marty660
Posted: Sep 25, 2008 at 18:12 Quote
http://www.cbc.ca/money/story/2008/09/25/bailout.html
http://www.nytimes.com/2008/09/26/business/26bush.html?_r=1&hp&oref=slogin


Guys this stuff is absolutely nuts. My understanding is, the government has ignored the people for years, saying "Free market reins, you just made bad decisions." Now the stock market's crashed and the government's bailing out the rich people, because now they're having the same problem.

Is this right? Are the rich more important then the rest of the people to keep a strong economy? If the bailout's necsesary, should the government help out the people losing their homes too?

I think the whole situation is screwed up beyond immediate hope. Bush is quoted as saying stuff like "The economy is in trouble," which is a first for him, admitting something's wrong.

I think my second question holds true. The USA needs its businesselite to remain competitive for its economy to remain strong. However, there's no point having a strong economy if you've got hundreds of thousands without homes and in the gutter because of greedy banks, who took advantage of them (the people). So they need to bailout both party's, basically.

Certainly this screws everything up now though. Because they don't have enough money to bailout everyone.

Ideas? Opinions? Arguments?
flag jonlake
Posted: Sep 25, 2008 at 18:27 Quote
the little guy is always gonna get stepped on.

politicians for the most part are gready scumbags who have no interest outside of their wallets.

we are always getting f*cked over, a huge chunk of your income is gobbled up by the government, and in addition, every time your get or spend money your being taxed, where getting f*cked at both ends.

but our moneys going to such usefull things, like politicians lavish 5 star meals and hotels, limos, and first class fights, to argue with other greedy bastards.

im not surprised to hear where in deep shit, its only get shoveled on us more and more, to keep the "elite few" comfortable.
flag cdavis
Posted: Sep 25, 2008 at 18:29 Quote
In the words of Mr.West

"George Bush doesn't care about black people"
flag AqueousBeef
Posted: Sep 25, 2008 at 18:34 Quote
Neither deserve it. The rich f*cked up, let 'em burn. The poor f*cked up too, but didn't know any better. Doesn't mean they should be helped. They borrowed a bunch of money and bought houses with no way of paying for them. That being said, a huge part of why the rich are f*cked is because they invested in the poor so full circle, it's the poor's fault
flag bonfire
Posted: Sep 25, 2008 at 18:39 Quote
They are supporting the stock market. The stock market is a very crucial part of any country's economy, sure the rich folk may benefit from it, but the country as a whole will also benefit.

If you noticed what Warren Buffet did, put 5 billion into that huge bank that went bankrupt, oh the irony. He is savings one of the oldest and biggest banks in the states. Which will add some stability to the economy.
flag gibson19
Posted: Sep 25, 2008 at 18:42 Quote
AqueousBeef wrote:
Neither deserve it. The rich f*cked up, let 'em burn. The poor f*cked up too, but didn't know any better. Doesn't mean they should be helped. They borrowed a bunch of money and bought houses with no way of paying for them. That being said, a huge part of why the rich are f*cked is because they invested in the poor so full circle, it's the poor's fault


I actually agree with you on this... The rich people in these businesses were getting greedy and the poor people were being stupid...

The governments all to blame for this one... a while back they encouraged lending companies to give out loans and mortgages for people who had no equity or assets and so people thought they would gain equity on their houses or whatever but then the housing market hit a slump (which is a natural cycle of economics) and then they couldn't afford their payments anymore... Couple that with the rich pocketing a bunch of money and now were at present day


I don't think the government should get involved... after all they basically created this mess.... I don't like the idea of my tax dollars going to help keep these greedy businesses afloat... That being said if we don't help them out our economy could be completely shot...
flag jonlake
Posted: Sep 25, 2008 at 18:50 Quote
clearly a new system needs to be implemented, or else all your gonna get is more inflation, and more dirt poor people.

as usual rich get richer and poor get poorer.
flag marty660
Posted: Sep 25, 2008 at 19:07 Quote
gibson19 wrote:
I don't think the government should get involved... after all they basically created this mess....

Gibson I'm holding this too you.
flag gibson19
Posted: Sep 25, 2008 at 19:39 Quote
marty660 wrote:
gibson19 wrote:
I don't think the government should get involved... after all they basically created this mess....

Gibson I'm holding this too you.

In what respect... The government screws a lot up...
flag AqueousBeef
Posted: Sep 25, 2008 at 19:40 Quote
Economists from both the left, right, and moderate arenas all agree that the bailout is a bad idea. "CITE YOUR SOURCE N00B!!!1!"
I got that from NPB (national public radio). Wall Street is all over it though (I wonder why)
flag marty660
Posted: Sep 25, 2008 at 19:43 Quote
gibson19 wrote:
marty660 wrote:
gibson19 wrote:
I don't think the government should get involved... after all they basically created this mess....

Gibson I'm holding this too you.

In what respect... The government screws a lot up...

No you've just been such a hard line bush supporter for so long, and I remember one time you said something about the economy being fine.
flag marty660
Posted: Sep 25, 2008 at 19:49 Quote
AqueousBeef wrote:
Economists from both the left, right, and moderate arenas all agree that the bailout is a bad idea. "CITE YOUR SOURCE N00B!!!1!"
I got that from NPB (national public radio). Wall Street is all over it though (I wonder why)

Yeah basically.
I think that if they're not going to bail out the people, which is who the government is supposed to represent, even just a little bail out, then they shouldn't be bailing out wall street - it doesn't seem right at all for a bunch of rich pricks.

And like you said, it seems the bailout is a bad idea anyways. $700 billion or whatever they're sending is alot of money, and it's not really going to do much good, plus it's with "no strings attached."
flag gibson19
Posted: Sep 25, 2008 at 19:55 Quote
marty660 wrote:
gibson19 wrote:
marty660 wrote:


Gibson I'm holding this too you.

In what respect... The government screws a lot up...

No you've just been such a hard line bush supporter for so long, and I remember one time you said something about the economy being fine.

I'm not a bush supporter so much as I am a bush defender... I'm just sick of him being blamed for everything thats wrong in the world... I understand that people have good reason to be pissed at him but soo many people live in complete ignorance and they hate bush just cause its the popular thing to do... "uggghhh my sisters dying... its bush's fault!!"... I've honestly heard that... I hope they were joking...

I'm actually supervised that's how I come off... I really don't like government getting involved in much at all... They are good at fighting off enemies (or at least they were)... I like privatized health care, I like privatized investments, and I like making my own decisions where charity money goes... I don't like paying for serial killers to rot in prison, I don't like paying for crack addicts to collect welfare and I don't like paying some of the bullshit subsidies the government gets involved in

ps... I don't think I ever said the economy was fine... rather that it was not in a recession... but damn close to it... Initially the major problems with the economy were housing values which usually fluctuate over time anyways...

pps... Regarding the bail out... heres an interesting quote I heard "Our financial system is like a 747 flying around with all four of our engines on fire. The bailout effort will not stop us from landing hard, but without it, we may simply drop out of the sky."
flag AqueousBeef
Posted: Sep 25, 2008 at 19:55 Quote
marty660 wrote:
AqueousBeef wrote:
Economists from both the left, right, and moderate arenas all agree that the bailout is a bad idea. "CITE YOUR SOURCE N00B!!!1!"
I got that from NPB (national public radio). Wall Street is all over it though (I wonder why)

Yeah basically.
I think that if they're not going to bail out the people, which is who the government is supposed to represent, even just a little bail out, then they shouldn't be bailing out wall street - it doesn't seem right at all for a bunch of rich pricks.

And like you said, it seems the bailout is a bad idea anyways. $700 billion or whatever they're sending is alot of money, and it's not really going to do much good, plus it's with "no strings attached."
It's an arbitrary number created by Ben Bernanke (say that name 10 times fast). I'm not kidding. It's completely arbitrary. It's supposed to bolster confidence and make it so the banks start lending to each other again. Worst idea ever. Just let them take care of themselves. Buffett gave 5 billion out of his pocket to Goldman Sachs. The other investors are sure to follow
flag mikewoods
O+
Posted: Sep 25, 2008 at 20:25 Quote
Actually it is not "with no strings attached" and that is why it is taking so long for this plan to go through. They had initially asked for a "no strings attached" plan which they had no chance of getting; all the stuff going on right now is the strings being attached and it is bogging down the process of pushing it through quickly. I agree that there needs to be transperancy and oversight but congress has to get this done quick or there will be a complete lack of confidence in the system. The problem now is everyone is doing their political posturing to keep the votes and most of the shit they are bickering about has nothing to do with the original plan. I saw one bring congress"woman" ask "what will this plan do to help the female and minority business owners." To me that question was completly irrelevant to the topic at hand.

The other problem is so many American tax payers think this 700 billion is being pissed away. The fact is this 700 billion will be used to buy distressed assets at a discount from the various bank; a fews years down the road when everything is back to "normal" these assets will be sold and probably at a discount. This is an investment and not an expense. Don't forget the US tax payer now has a 79.9% equity stake in AIG and is earning close to 12% on the loan, thats a damn good investment even if it is called "a bailout."

Furthermore, Buffett invested in Goldman Sachs and they were not bankrupt contrary to what the previous poster had said. Im not saying that alot of rich people have not been made rich of of the loans that are now bad but if you F*ck you to the $700 billion dollar deal poor people and rich people are going to lose alot of money. Keep in mind the vast majority of your Grand Parents are living of their pensions which are probably invested in the market, how would you feel if they lost all their money and had to come live with you at your expense?

All we need now if for McCain to leave Washington so the true politicians can get this plan through without his political grand standing getting in the way.
  • Previous Page

 


Copyright © 2000 - 2024. Pinkbike.com. All rights reserved.
dv65 0.012127
Mobile Version of Website