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With no clear direction on how our money was to be spent, and no plan on correcting the issue not only did we cough up 850 billion of OUR money, the world economy is in a free for all sell off.
Knee jerk reaction by congress to throw a band aid at a major issue seems to be working as great as I predicted. Stocks world wide in a sell off, they will adjust over time but the 850 billion wont make a dent or difference in all this, just hurts the American taxpayers as usual.
Ill be dammed if I don’t see politicians, Federal reserve employees, Mortgage brokers and bankers along with the Wall Street boys all end up living off my tax money in Prison.
This was MY fear. I did not think that they took the time to figure out the best solution to this crisis and now let’s see how long before they ask for 1 TRILLION more.
Like I said before, throwing money at the problem is NOT the answer.
MUST see video on the reasons behind the financial mess
eeek. i don’t like the idea of ‘government rescue’ and ‘free market’ in the same thread.
@bleuze 179576 wrote:
MUST see video on the reasons behind the financial mess
So I guess Fannie Mae home owners are responsible for the current financial crisis and the $850 Billion Bail out then? What about all of the folks that reviewed these applications, but approved them anyway? Those are the GREEDY idiots responsible, NOT the people that took a loan in good faith, but was screwed over by badly written loans.
Fannie Mae was the leading participant in the U.S. secondary mortgage market, which serves to provide liquidity to mortgage originators, to enable mortgage companies, savings and loans, commercial banks, credit unions, and state and local housing finance agencies have funds to lend to home buyers.
IMO Blaming one particular group is having ‘tunnel vision’ on the real problem and does not help provide a SOLUTION.
It will be intersting to watch the congressional hearings in this case when some of them are just as guilty for letting us get here in the first place. I’m keeping an eye on who made what money and when they got it.
@allfreechips 179406 wrote:
With no clear direction on how our money was to be spent, and no plan on correcting the issue not only did we cough up 850 billion of OUR money, the world economy is in a free for all sell off.
the actual reason behind the sell off lies in the fact that these billions wont be given out for another month or so, and that it won’t be enough. too many people were speculating on risky markets to keep their profits up. no risk, no glory they say. but now the time has come to pay for unreasonable risk. besides, the world economy is so interwined with this mess that US is pulling everyone else with them. but it will level out in a year or so…i hope
what does surprise me is that the dollar is strengthening (and i’m all for it). if it collapses then we are all doomed. and the subprime crisis will seem like a piece of cake in comparison to dollar falling.
I hope that Paulson knows what he’s doing since he is the one being trusted to take care of this mess.
Meet The New Boss: Office of Financial Stability Head Is A Rocket Scientist!
Remember the days when people described a smart person as a “rocket scientist” and downplayed the intellectual difficulties of a task by saying “it’s not rocket science”?
It seems that Hank Paulson does. The guy he appointed to run the newly created Office of Financial Stability—which will administer the huge bailout fund signed into law last week—is a former rocket scientist. Neel Kashkari, who is only 35 years old, got his start as an aerospace engineer at TRW, where he worked on little things like James Webb Space Telescope for NASA.
Read about – The Office of Financial StabilityThe Office of Financial Stability is a new unit of the United States Treasury created by the Emergency Economic Stabilization Act of 2008 to operate the Troubled Assets Relief Program.[1] On October 6, 2008, it was announced that Neel Kashkari, a former executive at Goldman Sachs, would be the head of the Office of Financial Stability.
