Congrats Retards... now you'll learn the basics of Macro Economics the hard way
 

yesterday the stock market plummeted over 700 points and the bailout plan wasn't passed. and why? because at the heart of the matter is 300 million simple minded idiots in this country think that a bank that loaned them money to buy a house that they couldn't afford to begin with is just a greedy business man that doesn't need to be helped and has taken advantage of them in some way. meanwhile... your 401k, investments, businesses, small businesses, your job and the whole fucking economy is seriously on the verge of going up in flames because everyone's a fucking victim in this pathetic place with someone else to blame and no one wants to accept responsibility for anything.

NEWFLASH DIPSHITS.... everything about your life and your ability to make a living or invest or start a new business or make more money is tied directly and indirectly to the health of the economy and investor confidence in the financial markets.

your retarded ideas about the situation, the blame, the cause, about Bush or anything else do not change the desperate need for something to be done to slow the crash to protect YOU.

how can you simplistic retards not understand that this situation can have a massive impact on every facet of everyone's life if things completely go south?

oh... that's right... i know... because you spent the last 8 years listening to how Bush caused everything, how greed is the problem.. how failed economic policy is the problem and how the "enemy" making your life difficult is some guy in a gold plated Lear jet orbiting Monaco getting is cock sucked by teenage strippers and how more social programs and higher taxes will fix everything.

guess what?! Bush didn't tell lenders how to loan money... he didn't tell institutional investors what types of loans and loan packages to buy... and I didn't hear ANY objections to how loans were being made when they were being made.

anyone care to list all the government programs that require shitty loans to be made? of course not... that wouldn't really help your argument much now would it? afterall, its about corporate greed right?

so where the fuck where all you fucking morons when half retarded, drug addicted strippers were buying 500K homes for no money down? complaining? fuck no. most were asking "holy shit... how do i do that"

were you the ones saying "hey man... this is going to end badly"? no... you weren't.

when you got your home refinanced or when you were buying property you couldn't afford were you bitching that you were a victim? nope! were you complaining about the "failed economic policies of the Bush Administration"??? no. you were happy as hell and were busy waiving your flag and singing "god bless America" like a fucking moron

this once great place founded on the very ideas of individuals striking out and building a better life for themselves and their own, working harder, working more and reaping the rewards has been replaced with a bunch of backwards idiots who spend the better part of their day trying to decide which restaurant to sue for making them fat and which video game made their child shoot 16 school kids in the face with a shotgun.

for the sake of the world, someone needs to start putting something in the water to sterilize anyone in this country that makes less than 6 figures a year.

it's time to start over. it's time to start culling the gene pool. it's time to start thinking about the greater good.

A lot of those banks put people into this, by offering, and SELLING them on the idea that THEY COULD afford a bigger loan.

Lots of people like me, will get pre qualified, so that I know where I stand with the bank.

So you are saying that they banks did nothing bad? They told people making 35k a year that they COULD afford a 300k home.

lets hope someone doesn't tell you that you can fly and walk through fire.

EVERYONE FUCKED UP. PEOPLE FUCKED UP. BANKS FUCKED UP.

at the end of the day, YOU are responsible for the contracts you sign and for the financial obligations you have. not the lender. no one forced ANYONE to max themselves out and to borrow more money than they could afford.

I love when people who clearly don't understand a subject bloviate about how everyone else does not understand.

You keep missing something here.

I dont know what bank you use, by my bank is in the practice of HELPING me make money, and not lose it. That way, they stay in business.

If I go into the bank, and ask to be pre qualified for a home loan, I have to turn in the same amount of docs as if I were ready to sign. They then do the numbers and tell me I can afford X amount for a home. That gives me the market to start looking in.

On of the reasons this happened, is because the banks started telling people to take the Variable. It was sooooo much lower than the fixed, and they could afford a bigger home. How do you think you would have felt if you went into the bank and they said it to you.

People got excited, but the banks and the mortgage companies were pushing saying that they could afford more because the rates were low and would stay that way for some time.

No, I dont put all the blame on the banks. I do put some of the blame on the people, But I dont think bailing out Fanny and Freddy is the right thing either. They made their bed. The ceo was taking home how much? What is the overhead just to run that day to day of that building. They lived the high life, and now they pay the price.

But if you bail them out, they go right back to what they were doing.

And why do the people have to bail out the rest of the lenders . How many actual mortgages were done to get these lending people into this trouble. I for one only know 1 person who bought during this time. So that means that all the other 99 people I know have to bail them out???

..here rather than just being a sarcastic prick. Let me see if you can convince me I'm wrong.

Explain to me how giving $700B to a small group of people eliminates the cause and prevents it from happening again?
Explain to me how creating MORE money out of thin air (one of the causes of the problem) is the path to the solution.

Its like sprinkling glitter a malignant tumor.
I'm sorry, but chemotherapy hurts...

Yes but I'm assuming THEY have a better understanding of financial preparedness than Johnny Lunchpail. Most people can't even stick to an annual budget let alone manage 20 - 40 years of outstanding liability yet the banks still said what the hell...

Who is worse the junkie or the crack dealer?

Then the banks got their friends at the rating agencies to slap a AAA rating on those high-risk mortgage back securities.

Lets not mention speculative housing bubbles and deregulation lobbyist. Banks/Investment firms are almost entirely to blame for this.

Oh Shit. Johnny Lunchpail lost his house???


Damn sad to hear.

uhm... it doesn't, it won't and that's not the purpose of the stopping the bleeding

this money exists. its not created out of thin air. it is money already set aside for this type of problem

300 million Americans got loans for houses in the past few years? Are you American? I guess you are one of those 300 million retards then. By the way I don't have a loan form a bank for a house I can't afford so nice generalization you're making.

Yes let's bail the bank out for making bad business decisions like loan money for houses they KNEW the people they gave the loans to couldn't afford. That's the American way. If you start a business you can keep that business going no matter how inept you are at running it because the government will bail you out. Where is the motivation for the bank not to do this again if they re bailed out? I mean in 15 years everyone will have forgotten about this and they can fuck up again because they know every time they do the government will bail them out.

Nothing is gong down in flames chicken little. It only will if retards like YOU panic instead of chilling out. The Dow didn't lose 778 point yesterday because the economy suddenly changed from Friday to Monday. It went down because fucking pussy assed retards ran around screaming "Oh my god! Oh my god! the world is ending! panic! panic! panic!"

I think I should have just stuck with my first post. It said it all.

Considering the fucking mess they are in you might want to re-think that.

Good thread pleasurepays.

Finally someone with half a clue. Many of the simpletons on this board need to go read their history books .. specifically the Great Depression. Food and essentials shortages weren't because we lacked the ability to produce food, they were because nobody could get a fucking start because there was no money to make that start. The total lack of work and jobs was because there were no new businesses starting up because you can't just create one out of thin air unless you had the capital to get it going (not many people did).

It pisses people off to have a bail out, fair enough its their own stupid fault for being greedy, but many of you have no clue what the potential downside of things could be, and how drastic the consequences might end up being.

Yeah when I say banks, I mean all of those guys, Not just the bank on the corner. I know it goes higher up than that.

no its not.. they'll either print it or borrow more from some other country

there is no 700B set aside for a rainy day

we're 11Trillion in debt already :(

fuck you and your insults. Oh ok you and pleasurepays aren't simpletons just everyone else on this board. You're not even from the US. So fuck off. You don't know shit about the Great Depression in the US. My grandaprents lived through it. Go fuck a kanagroo in the ass or something.

While we're at it.. throw the FED in there with their riidiculous low interest setting policies. All this cheap money is probably what causes these bubbles in the first place. To much money chasing a limited amount of assets.

while i think most people can agree some form of help is needed, the current plan on the table takes a 700B blank check and puts it right in the hands of the people who caused this, with little or no oversight and transparency. once they have the money, whose to say the same things wont continue?

the plan doesnt need to be rushed, but it does need to be timely. its not like if it doesnt get passed this week, we're all going broke. they just need to come up with a better plan of action that #1, shuts down all the bs, and #2, provides transparency, like I don't know, creating an ETF with all the public assetts and allowing this to trade on the free markets, so theres good people attempting to do a good job, full transparency since it will be subject to all the same rules and disclosures, and also it may raise private capital thus lowering the burden on the taxpayers. thats a real solution, not just forking over cash.

think about the downside of this being the wrong course of action, or 700B evaporating in thin air due to mismanagement... that, too, is a real possibility, so i dont blame people for voting it down. i just think we dont need to rush some halfway thought out plan or at least consider all the potential options. how often does rushing things thru actually work well? never.

And you're calling everyone else retarded? Sorry the Fed wil either have to print more money which will devalue the dollar which is BAD by the way or they'll have to go borrow it form China or some other country which is also bad.

Notice yesterday when no deal was struck the dollar actually went UP in value and the price of oil went DOWN? Here's clue, a strong dollar is GOOD for the economy and lower oil prices means lower gas prices which means American spending less on fuel and more on other things which helps the economy. Also means lower costs to ship goods to stores which means lower prices on things like food and just about everything thing else. Once again putting even more money in the pockets of Americans. Somehow this is perceived as "bad"

The FED already borrows 1 billion from China.

that is absolutely 100% totally and completely false.

there is a substantial oversight process included in the bill and a committee to oversee the process.

its not a "700 billion blank check" but rather payments that come as contingencies are met

Please enlighten me on where the fed cmae up with this $700 billion figure. I know, but I'm currious if you do.

Funny that my grandparents and my parents lived through it here too, and it was just as bad if not worse than in the US. If you think the US situation doesn't affect us just as much then you really have your head in the sand, and are probably one of those Americans who think Australia is also part of Europe ... right ? ;)

Just because many of us aren't from the US doesn't mean we don't take a keen interest in what the world's largest economy is doing. It hits us directly, and unlike you we actually take an interest in the rest of the world, especially a country in which we have so much invested.

Ehhhmmm... "The Great Depression" was a WORLDWIDE economic downturn, where some areas where hit more than others. Just like World War I - that was called "The Great War", until the 2nd world war.

as far as i know, for the most part it was an arbitrary number based on the scope of the problem and the needs of institutions and what will shape domestic and global perception in the financial markets and create a sense that something is meaningful is being done and that the bleeding will stop and that the government has the will and fortitude to stop it... but i'm sure you know all the details that no one else does. afterall.. .why wouldn't you? you call yourself "gator" and as well all know, all great thinking and all great minds are associated with the name "gator".

Are you high?

the original proposal was that the money come from a fund (i can't remember the name and don't really care enough to look) that has existed for 50 plus years, exactly for these types of situations

am i high?

no.

I have only one thing to say.


The Community Reinvestment Act of 1977.


.

Yes it was but you wern't calling your fellow Ausies retards you were calling AMERICAN retards now weren't you? And we are talking about the AMERICAN financial crisis. So LOGICALLY one would assume when you bring up the great depression you would be referring to the AMERICAN part of it. If not them you're just a fucking retard. And frankly none of give a shit if some Aussies were homeles in the 1930's.

Japan's markets nose dived today because of the bailout news, Russia's markets have been halted and Europe has been bailing out their own banks. Why? The US.

What the US does or does not do affects the rest of the world, and vice versa. Therefore people are allowed to have an opinion and an interest.

Translation.

"I am a dumbass"

Yes yes the world is full of retards that panic instead of chilling. So America should base all it's actions because of how the world will react? WTF.

Exactly :thumbsup

WRONG. They said it's not based on any actual data they just wanted a really big number. Their actual words.

WTF does my username have to do with anything? Is that the best you've got? My nickname on here is "gator" so therefor your point is right? Yeah nice logic tard.

yes, of course its included in the bill, but who is on the committee, how often will they meet (from what ive read, a staggering once a month), what are the details - better yet, can you show me one piece of information about any assett this money is going to be used for, what the fair market value is, and what the taxpayers will pay for it? probably not, right?

of course theres an oversight committee in the bill, instead of looking at it like a theory on a piece of paper, think about the pragmatism of it (and by it, i mean politicians and government officials in business). do you think there is a chance they can advance their own personal interests ahead of the publics interests? i think we all can agree, absolutely yes. the only real way to bring true disclosure and to oversight is to package it in a financial vehicle that can be freely traded on the markets imo. thats when the price of this instrument will rise up and down as real and true information comes to light. you lie, and you go to jail, and theres a way to really see what is going on, vs relying on politicians to regulate, with little or no real true disclosure.

i find it interesting how bush is trying to rush this thru right before he leaves office, this guy hasnt rushed to do anything in his time, and the plan favors goldman via paulson who is an industry insider, formerly of goldman. im not saying its all malcontent, im saying this plan blows ass, and we need to come up with a better way to forward the money to them, and make sure the taxpayers are really protected and will see the benefits.

Agreed, I tried telling this basic thing to people on a mainstream board and they just don't get it. they are all stuck in me me me thinking that it won't effect them. Ha, things are gonna get very rough because of these kinds of twits.

I agree that this is a world issue but dont start name calling. It does not help anyone.