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Senate passes $300 billion housing rescue bill

Discussion in 'Political Discussion' started by MrBigglesWorth, Jul 26, 2008.

  1. MrBigglesWorth

    MrBigglesWorth Veteran Starter w/Big Long Term Deal

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    Well I guess I should have overspent and not managed my money well.

    So a third of a trillion dollars.

    How many trillion is the national debt now?

    Doesn't creating money out of no where water down existing money and cause inflation?



     
  2. maverick4

    maverick4 Banned

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    Super Depression, t-minus 5 years.
     
  3. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    Bailing people out of foreclosure is the stupidest thing we've done in the fed's effort to stave off recession. You know, just letting the recession happen is probably the best thing we can do. We can't go on forever without recession, I just don't see what the big deal is.

    So instead, we just dig the deficit hole deeper and try to convince ourselves it will help. Has our government just become plain dumb?

    And....yes Biggles, increasing the federal deficit will increase inflation and drive interest rates up.
     
    Last edited: Jul 28, 2008
  4. Real World

    Real World Moderator Staff Member

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    This truly might be the most irresponsible bill I've ever seen passed in my lifetime.
     
  5. Bigdogx

    Bigdogx On the Game Day Roster

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    Actually that would be the one bailing out these banks that were to greedy and stupid enough to lend money to these people. Funny how it only get's placed on the people, lets not forget the morons who ok'ed all of these arm loans.
     
  6. Real World

    Real World Moderator Staff Member

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    While I might agree with you personally, with respect to where the blame goes, and about bailing out banks, I completely disagree with you about the bank bail out being more egregious. The economic damage from the financial district failing would be far more severe (and far reaching) than individual people having their homes foreclosed on. My point isn't about blame, it's about economic sensibility. Bailing out homeowners who can't afford their homes, and basically never will, because of their income versus cost structure, is fiscal insanity. Lending a financial institution the capital to stay afloat through rough times can be logically argued as good business, even though I personally dislike it. When a bank goes under, it affects individuals who are employed by, borrowed from, invested in, or having holdings with said institution. There failure affects everyone affiliated regardless of their guilt. Letting a home owner fail doesn't carry the same far reaching ramifications.
     
  7. STFarmy

    STFarmy In the Starting Line-Up

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    Good point. We're so spoiled in this country, that we forget about stuff like this. It's a natural cycle, all economies experience it at some point.
     
    Last edited: Jul 28, 2008
  8. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    As we were saying months ago, they need to let the foreclosures happen so that people who never could afford the house can go back to renting and prices can drop to open up the market to new buyers who are priced out. The government won't let the free market work. No wonder the stock market can't recover.
     
  9. MrBigglesWorth

    MrBigglesWorth Veteran Starter w/Big Long Term Deal

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    Very good point. It's like if you maxed out your credit card then the credit card company extended your credit card limit more. You'll never stop spending.
     

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