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davidd · 09-26-2008, 03:07 AM

The original question should have been asked, "How bad will it get with the bailout".

The bailout should not and most likely will not happen.

1. We do not have the money.
2. This is a bailout to the banks.

We should have accepted the recession after the tech explosion and the 9/11 attacks. Greenspan lowered rates to 1% and created another bubble... the real estate bubble. Add to this there were massive warning signs in 2005 with FreddieMac/FannieMae that were ignored by Congress... another opportunity missed.

We need pain to make Wall Street learn that there is risk and the US taxpayers will not bail them out every time they fuck up. If we try to "buy" our way out of this recession then we are not letting the forces of the market work... and merely delaying the pain.

I have been faxing all week and lighting up my Senator and Congresswhore. As have many other Americans... the bill, in its original form, will never pass. I wish they would do the prudent thing: nothing

-dd

p.s. JP Morgan just scraped together 1.9B for WaMu. There is a ton of money in the sidelines... If the banks and investment houses need money badly they can do what all entities do that have "shit credit" - pay a premium for the money. Bank CD rates at 10% would flood money into the banks... currently at a high of 4.25% they are not accurately pricing risk and the public/investors are not buying. As to the bad paper they are holding... that is their problem. Suffer the losses on the mal-investment just like I have to when I make a shitty investment.

09-26-2008, 03:07 AM
davidd Confirmed User Industry Role: Join Date: Jul 2003 Posts: 1,076	The original question should have been asked, "How bad will it get with the bailout". The bailout should not and most likely will not happen. 1. We do not have the money. 2. This is a bailout to the banks. We should have accepted the recession after the tech explosion and the 9/11 attacks. Greenspan lowered rates to 1% and created another bubble... the real estate bubble. Add to this there were massive warning signs in 2005 with FreddieMac/FannieMae that were ignored by Congress... another opportunity missed. We need pain to make Wall Street learn that there is risk and the US taxpayers will not bail them out every time they fuck up. If we try to "buy" our way out of this recession then we are not letting the forces of the market work... and merely delaying the pain. I have been faxing all week and lighting up my Senator and Congresswhore. As have many other Americans... the bill, in its original form, will never pass. I wish they would do the prudent thing: nothing -dd p.s. JP Morgan just scraped together 1.9B for WaMu. There is a ton of money in the sidelines... If the banks and investment houses need money badly they can do what all entities do that have "shit credit" - pay a premium for the money. Bank CD rates at 10% would flood money into the banks... currently at a high of 4.25% they are not accurately pricing risk and the public/investors are not buying. As to the bad paper they are holding... that is their problem. Suffer the losses on the mal-investment just like I have to when I make a shitty investment. Last edited by davidd; 09-26-2008 at 03:11 AM..