Do you think the govn’t should give Wall Street the $700b?

@Stupid 178307 wrote:

Is he nuts?!? Did he just not see Wachovia disappear overnight?!?

By the way, I hope Dominique is FOR the bailout plan. Dom, you just said “If you have money set aside, one good idea is to invest in real estate in a while.” That’s exactly what the Treasury was trying to do. If you see it as opportunity – you also should agree that taxpayers can make money out of this.

I thought I heard Citibank absorbed Wachovia? I could be wrong, I have only had the news running while working and just catch snippets…

Actually, I haven’t posted an opinion as to whether I am pro or con bailout because I am not so sure. What really bothers me is what I have been harping on for years now – the national debt. Let’s face it, the county is bankrupt already, the debt is way too high.

A bailout would have to come with additional sound fiscal policies, like instead of increasing the debt by billions every day, start paying it down.

It’s time to tighten the belts either way. Yes, recovery always entails huge opportunity for some. But the collapse of wallstreet is a drop in the bucket compared to the problems the country has, if we had no national debt we could do the bailout with smiles on our faces. It would hardly be an issue. The country’s economic system is fine, we just allowed politicians to squander money we don’t have for too many years.

I don’t know why people think the budget of a country is any different from their own. It’s the same. The US government got itself into the same mess as the people who bought houses they can’t afford with credit they can’t pay back.

A sound fiscal policy has no or little debt, and it has reserves to do such things as bailouts. Just like in your own budget, you want some money in the bank in case you lose your flow of income.

What we need is a sound fiscal policy along with a bailout. If we can’t manage that, we can’t have a bailout either. We’ll just be one step closer to complete collapse anyways.

First off wallstreeet is not going to collapse if they do not hand over 7Billion, the freeze right now is because they are waiting for a free ride on a bail out rather than taking the losses they deserve. 700 Billion to wallstreet is a single digit percent.

Make them responsible for the risks they take or they will continue to make things like this happen over and over again.

Do I believe we should let the markets totally go off and see a lot of bankrupt companies? no, but there are much better ways than writing a blank check for 700 billion. Now we have the auto industy being bailed out for 25 billion because of union promises of the past and the we are invincible mentality. They call it a loan but its unsecured, so it is a bail out.

Markets will adjust, the global market will adjust. Living on fake money only goes so far, and when its discovered they were taking real profits from fake money they can kiss my ass on a bailout.

Everyone is borrowing to much money! Like I said we can’t just keep throwing money at the problem.

I agree that we have go to get that national debt down and fast. Adding another $700 Billion to that number only drag us further into financial ruin.

Yes folks will lose value in stuff like 401k’s, but correct me if I’m wrong, their initial investment is SAFE right. That money is NOT tied up in this crap. They just lose the extra that was contributed.

@GamTrak 178323 wrote:

Yes folks will lose value in stuff like 401k’s, but correct me if I’m wrong, their initial investment is SAFE right. That money is NOT tied up in this crap. They just lose the extra that was contributed.

Well depending on how a 401k is invested the entire amount is at risk, there is no seperation of any dollars as protected or not.

@allfreechips 178326 wrote:

Well depending on how a 401k is invested the entire amount is at risk, there is no seperation of any dollars as protected or not.

So it goes back to KNOWING how your money is invested. Not all 401k’s are at risk, unless it’s filled with company stock or risky intruments.

I think the word is Responsibility, seems to have been lost with lenders, borrowers and washington.

On a side note im up for opening the Social Security Exchange as a lender, nows the time to make some serious cash.

@allfreechips 178329 wrote:

I think the word is Responsibility, seems to have been lost with lenders, borrowers and washington.

On a side note im up for opening the Social Security Exchange as a lender, nows the time to make some serious cash.

Obama just called his dems and made suggestions like raising the FDIC limit to $250K which is a good thing. There are also other tools available, but I don’t have the exact terms right, but they are there and being looked at.

Hey the Dow is up by 264. Isn’t it going the wrong way? I though we would be looking at it going down today. What’s up with that?

Raising the FDIC is just going to raise the amount the banks have to pay into it lol, far from a the saving grace of the bill.

The percentage of middle-class families who keep their money under the mattres is very small. Most middle-class folks have their money at Wall Street and I am sure many of them changed their mind when they lost 10% of their wealth in just 3 hours.

Letting the markets work this out by themselves through bancruptcies is a bad idea in general. If the roof of your house is leaking – you don’t tear down your house and rebuid it to solve the leaking roof problem. The 700b plan was putting a bucket under the drip. Temporary short term solution, but a mandatory step before fixing the roof.

Hey the Dow is up by 264. Isn’t it going the wrong way? I though we would be looking at it going down today. What’s up with that?

Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell came out and promissed a plan by the end of the week. Investors are banking on a bailout again.