I'm happy the bailout failed! This is what should have been the plan...
 

I'm happy the bailout plan didn't pass Congress. Why give a single penny to greedy financial institutions and to the good old boy circle from this bailout. If they want the people of the US to accept any type of bailout the money should go directly to taxpayers to use to payoff their mortgages and free up all those bad loans the financial institutions gave out. I don't see what is the difference between giving the money to the families with bad mortgages and giving the money directly to the financial institutions. It still accomplishes the same thing, which is frees up the bad loans and money so financial institutions can start lending again. Can anyone explain the difference to me???

The only difference I see is that if it goes directly to the financial institutions the institutions and the good old boy circle benefit, if it goes directly to the taxpayers with bad loans they can't benefit.

I find it interesting that the majority of the public think they know enough about international and national finance, the effects of both leaving alone and bailing out and all the facts to be able to make an informed opinion on the subject :2 cents:

i know for a fact not doing a bailout would be bad for the economy, but approving a bailout that benefits those people that started the mess and for the "broclub" to benefit isn't any better even though it may help the economy.

let's face it. when this large amount of money is up for grabs politicians will always find a way to be influenced so they can get certain people in their circles to benefit from it. most of the time taxpayer money doesn't get used in the best ways because it's like free money to the government and politicians who pass these bills.

Why the fuck should people with mortgages let alone bad ones get tax money? I did not bother to run out and get any loans I could not afford. I also know many people who did not get such loans and remained renters instead of rushing in and trying to buy some house they could not afford.

Either way the responsible people would end up fucked, oddly these same responsible people are often the ones with money in the market, savings accounts, retirement accounts, bonds, CD's, etc.

the system is fucked up
it's always been fucked up
it will always be fucked up

i'm saying if a bailout plan had to be passed i would rather want the money going directly to the taxpayers with the bad loans instead of to the financial institutions that gave the bad loans. :2 cents:

a last resort thing.....

Personally unless it was fraudulent predatory lending, fuck em.
I also seem to recall many mortgage companies (independent ones) that were gung ho about getting people into houses. They were not tied to banks and often were the ones fixing paperwork to make things look better than they were so when they shopped the paper to banks the banks were not being given the correct information. Funny how all these companies have gone poof into the night and just about forgotten about yet the banks get all the blame.

I find it interesting that you believe a person who is losing all their money would keep
their mouth shut because they are not "qualified" to give an opinion about their own
money.

...AGREED! :thumbsup

appearantly the "experts" on wall street don't know too much since they are the ones that caused this mess.

Have a mortgage or bunch of debt?

I never mentioned wall street and don't deny there are obviously huge fuckups been made. However, for 99.9% of this board to think they have even half a clue about how best to resolve the situation is at best absurd.

First of all...If the money goes to the people who need to pay off the mortgages they foolishly rushed into what makes you think that they will put that money towards their outstanding mortgages? They wouldn't be in this situation if they made good financial decisions from the beginning.

Secondly...you seem so passionate about helping the people who are in bad standing with their mortgages...why? If you're money goes to them, they get a "free" on your dime. Why is this a better use of your money than the corporations, who yes abuse the money, but directly add value to the economy on large scale levels *COUGH* CREDIT *COUGH*

Additionally let's not forget this isn't actually a bail out, rather a very discounted repurchase of these highly volatile and risky assets. Although ideas are still going to be thrown around the basics of the plan is to buy the securities at 60 cents on the dollar. The big companies still post huge losses but are still able to function.

Lastly, it has been pushed and pushed...the plan (although no definate plan now) is designed (hence the 60 cents on a dollar) to eventually return a profit to tax payers. Yes, the corporations get a big hand and are being saved from going under - but this is necessary for our economy.

Stop with the hippy "make the big corporations pay!" bull shit. We can't function without them. Imagine how successfull your life would be at this point with NO credit system in place...this means no credit cards, no mortgages, no small business loans, no bar tabs!

You plan is amazing if you are an uneducated Dipshit, but thanks for showing us you sixth grade education Sir Jethro......

The difference is that it's not enough money to help individual loans significantly. ~$3.5k isn't going to bail any out of a bad loan. It might give a 1-2 month bandaid but thats all... The banks are still left with a shitload of debt. Either that or it's just giving Joe Dirt $3k to spend on a plasma tv. And frankly these people don't deserve the handout any more than the wall street fatcats on $50M golden parachutes, there were ignorant and greedy. If you believe it'll work, why didn't the stimulous cheque already get them out of their situation?

It's better to prevent a credit freeze by going to the banks directly. (With a shit ton of oversight.) What I don't understand is how people get so "us vs them" when it comes to this stuff and start thinking it's for the "broclub" without understanding it's for their benefit. You give money out and it'll feel unfair to someone. Think about the poor guys who were smart with their money and are down on "safe" market investments and are getting 1% on their savings accounts because of reckless people.

the feds still went through with the bail out. read bloomburg

!!!! :thumbsup

If the bailout plan had included help for those poor slobs facing foreclosure (i.e. help in the form of loan restructuring, bankruptcy reform, etc) and not just cash for the fat cats, I'd be all for it.

That's what the democrats wanted in the first place but the republicans talked them out of it....... before voting against the plan anyway.

If you're going to bail out the fat cats you should maybe look into preventing regular people from being thrown out onto the street as well.

Besides, it's not like we need a shitload of newly foreclosed houses on the market right now :2 cents:

That says it all.

Any of ya read the actual Bail Out plan?
It is available online and it is a total joke. Basically it br4eaks down to handing billions of dollars to a few guys that lost money. A FEW! Like only 3 or 4 guys all of whom have track records at failing in the Financial industry!

Sorry... I do not believe in rewarding failure.

Well said. :thumbsup

got a link to it??

lol...someone have a "you fail" image?......i'm a college graduate, in fact two college degrees, and a bunch of computer certs from Microsoft, Cisco, and the likes...:2 cents:

now i'm not saying i'm a financial or economics expert and i don't know the details of how the economy works, but this is what they should be explaining on the news broadcasts. Bush or one of his financial advisors needs to make a live press conference and explain exactly who gets the money, what is it going to be used for, etc...... all we here on the news is "the sky is falling" speeches and officials saying we need you to pass this legislation without us explaining to you where the fuck all that money is going to...just trust us!

the public already doesn't trust the current administration because of all the bullshit they fed us the last couple of years which were complete lies. without making us understand the details of the bailout plan i don't think most people want it to pass.

pics or it didn't happen!

Someway the goverment needs to put in money into the banks, the banking sector needs money to work. Right now its like a car with no gas.

I don't think Bush actually understands the situation any better than the average guy on the street. He's just covering his ass to push the trouble on to the next sucker.

My problem with this. For those too young to remember, but back in the 80's we had the S&L( that's savings and loan ) scandal and the American people had to bail them out and we were told it was necessary. Now here we are 20 years later same shit, different day. So what is the motivation for them to not fuck up again if we bail them out? There isn't any. In 20 years when this is forgotten they can fuck up and they KNOW the American tax payer will bail them out because we had ALWAYS did. You don't change behavior by rewarding the same bad behavior.

They say if there is no bail out credit will be tight. We maybe that's good. It seems being too generous with credit is what caused this whole damned thing in the first place. The sky is not falling unles you make it fall. It's that simple. Ride this thing out. The people pushing this bailout are idiots have no REAL plan. They admit the $700 billion number came out of thin air and not based on any actual data. If people would stop panicking everything will be ok.

i'm glad your happy