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Thread: People are pouring out into the streets...

  1. #17
    rattler's Avatar
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    BTW guys aint my idea......copy and pasted it from another forum.........am to drugged up to bother checking the math.........besideds the $85 billion suggested up there is far short of what the feds are talking about which is $700 billion
    cervid serial killer
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  2. #18
    War. War never changes. Est's Avatar
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    Rattler, better recheck your math. 85,000,000,000 devided by 200,000,000 = 425, not 425,000.
    I heard about this. It's been floating around, and I'm not sure if someone really doesn't know how to divide, or if we have a rather intelligent troll (or perhaps someone pointing out the hysteria.)
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  3. #19
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    ..the bail out just holds it of a few more years and makes the bottom we are going to hit that much farther away and the pain from when we hit it that much worse........
    That is my feeling as well, this stunt will only be like playing Russian roulette with the looming economic disaster. How much will it cost next time, and the next, and the time after that? On the up side, perhaps we'll eventually all be billionaires (as they are in Uganda) where their money is neigh worthless. Where three billion dollars (in their money) scores you a can of beans and few pieces of fruit.

    My feeling on the "sudden loss of credit" which is so feared will be a very good thing. People have been living "high on the hog" and well above their actual means for at least a decade now. I myself have a few charged up credit cards but at least my home (condo) is paid for and I can groove on that, and worry only about paying off my visas which don't add up to more than half my yearly salary (I could pay them off rather quickly if I made a concerted effort and stopped buying all the books!). But I've watched my aunt go hog wild with the home refinancing scams, buying a new SUV every year or so, all the "happy suburban home" toys. Every kid gets a snowmobile, jetskis, an RV, etc. to raise her little American idol family and they are going to be royally devastated (emotionally) without access to massive amounts of liquid credit (i.e. "invisible cash") as I suspect are many, many Americans. But this hard rap on our psyche will perhaps teach people the value of self restraint and willpower again.

  4. #20
    Lover of Mountains nightsky's Avatar
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    To add a little food for thought on the bailout, and the additional inflation and even what some analysts are calling 'hyperinflation' that will result.

    Hyperinflation refers to an extreme rate of inflation in which the general price level of goods and services—usually measured by the Consumer Price Index (CPI) rises very rapidly. Prices rise so fast that consumers become convinced they will keep rising and try to buy as much as possible today to beat tomorrow’s expected higher prices. Consumers try to spend their money quickly; producers often hoard their goods because they expect to receive higher prices later. Hyperinflation tends to feed on itself, becoming more and more severe. Hyperinflation can destroy an economy because money ceases to perform its traditional functions as medium of exchange, unit of account and store of value. If hyperinflation persists, people lose confidence in their currency and look for alternative currencies—using more stable currencies issued by other countries. The end result is often monetary collapse and social and political unrest. A very low rate of inflation, on the other hand, is conducive to economic growth.

    We could be on the verge of a 'paradigm shift' here in the ol' US of A. Imagine a loaf of bread costing $10 or more. Unless one is rich, even common items could become prohibitively expensive. So what's worse, a depression, and the correction that it forces and the resulting return to basics that follows, or hyper-inflation? Pick your poison I guess.

  5. #21
    rattler's Avatar
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    whats funny is for the most part this whole thing hasnt hurt where i live......why? cause the local banks are a lil more cautious in lending money which is why ive got a mortgage i can afford though there are plenty of places locally where i could have paid 4 times as much......havent heard of any more foreclosures than 10 years ago

    this happened cause banks started getting really loose in their lending habits.....they did not go through the effort of actually seeing if the borrowers could pay back long term.....it actually would have worked fine if the housing bubble hadnt burst cause those who couldnt afford it could just sell their homes and their **** was covered.....this happened cause Fanny Mae and Freddy Mac were giving lots of money to low income families so they could buy a house when they really couldnt afford it....anytime those in congress cried out that the bubble was going to burst(Ron Paul did in 2002, McCain did in 2005, Bush tried to push forth more oversight on these two programs 17 times this year alone) they were met with cries or racism and elitism and money kept being given to ppl it shouldnt have been........it was flat out stupid......

    AIG aint broke, its just got all its liquid assets tied up in property and businesses it cant sell at the moment like they could 10 years ago.....they own tons of property and business interests worth mega bucks.....they just cant sell much of anything to meet their liquid capitol needs

    if you or i lended money to a friend to help him buy a house or if i paid cash for a $300,000 house that 6 months later was only worth $200,000 everyone here would be telling me tough luck that will teach yah ..........but the feds do it then expect us to foot the bill for their stupidity.....
    cervid serial killer
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  6. #22

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    My grandpa,who was a banker got out of giving out loans since he barely made it since he was honest while everyone else made much more money by pelting off loans to people who can't afford them. He did banking for 30 years but he kept away from loans since he knew that they couldn't afford them. Now multiply the unethical(the banks rules/qualifications?) bankers,the thought of commissions times millions that's what happened(I hope I am somewhat right )
    That is/was a root problem,people don't/didn't give a rip about their clients(generally not always) and give them loans they can't afford. The economy degraded from bad wall street practices,the people who had the loans suffered the banks suffered then everything turned to crap.
    I know,it's an over simplification of what happen but that is what I saw what happened.

  7. #23
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    Im really torn on all of this..

    First, ideally I think the government should just stay out of it..
    if banks fail due to their own greed and stupidity, they DESERVE to fail and should fail..

    but..if its true that things will get much worse *without* a bailout, which is probably true, then I think the govt should do something...but what exactly? thats the big question of course..

    In an ideal world, the government should NOT regulate business..capitalism should be allowed to run on its own and govt should stay out of it..

    but! a thought that came to me in the last few days..
    people (in a "humans in general" sense) are naturally greedy and corrupt..
    thats where this whole mess started..plain old fashioned greed, must get more money more money more money..so people cant be TRUSTED to do the right thing if left alone!
    if government *doesnt* regulate, then the system will run out of control and collapse due to basic human greed and dishonesty..which is exactly what happened and caused all this.

    Of course, the government (both partys) is ALSO clueless and corrupt and cant be trusted to run anything..so having the government attempt to regulate the economy and regulate business is a case of "the inmates running the asylum"..

    IMO, like Rome, the American empire is due for a collapse..probably not in our lifetimes, but soon..within 100-200 years I think our country will completely collapse and we will be invaded by China..

    its sad..but I think its already too late to prevent it..
    our entire economy for decades has not been based on reality..
    our government has been spending WAYYYY more than it earns..
    eventually the world is going to come to collect the debt, and we wont be able to pay it..
    this can only continue for so long..the bailout, if it happens, will only be a band-aid on a gushing wound..no one is willing to address the REAL problems! politicans, as always, only tell us what we want to hear..

    im so glad my wife and I dont have any kids, I wouldnt want to subject them to the future..we only have 40-50 more years to worry about!

    Scot

  8. #24
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    Scot, you're creeping dangerously close to escaping the ideas we've been conditioned to believe in this country... before long you'll be totally "free"! lol!

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