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The "Bailout" will pass:

Discussion in 'Political Discussion' started by Run DMC, Sep 29, 2008.

  1. Run DMC

    Run DMC Rookie

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    I'm watching the vote right now. This bill will pass even though the great majority of the American people do not want it. Democracy? My ass!
  2. Run DMC

    Run DMC Rookie

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    My faith in democracy has been restored. Good job by the republican house members!
  3. Real World

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    Looks like it's a loser as of right now.
  4. weswelker#83

    weswelker#83 Rookie

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  5. BelichickFan

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    Right, the majority of Americans don't want it - but they're also clueless about the repercussions. I guess we'll find out now . . . .
  6. Run DMC

    Run DMC Rookie

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    Don't believe the hype BF. Recessions are inevitable, we will survive this. Putting it off only makes things worse in the long run.
  7. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    Maybe the hype is overblown - I'm not saying it's not. What I am saying, though, is opinion polls are useless as those giving the opinion have no clue about macro economics. It's like Belichick calling plays based on a Gillette Stadium vote; the people think they know but they don't.
  8. shmessy

    shmessy Maude Staff Member PatsFans.com Supporter

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    I would put my faith in the veracity of your forecasts, however your last one 17 minutes ago sucked an egg.
    Last edited: Sep 29, 2008
  9. maverick4

    maverick4 Banned

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    Good job, the first sane responsible move in YEARS.

    A bailout would just give the remaining rich time to get out, before it all collapsed for good.

    You all have to understand a major recession is inevitable, the question is do you want to put it off and suffer way more pain, or take less pain right now.
  10. Real World

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    I agree with your reasoning 100%. A poll is useless if people don't fully understand what the issue is. If what I've been reading is correct, then a failure to pass some for of legislation that provides some cash to the banking system, then a run could occur. If that happens, then we could be in some very serious trouble. The ramifications of multiple bank failures, could be catostrophic. Let's hope the dangers have been overblown.
  11. Run DMC

    Run DMC Rookie

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    Well I have to admit sometimes I am too cynical.:eek: I still say Dow 7500 will happen and life will go on. I think the message sent today by Americans is "eff you Wall St", and I must say I like it, although my portfolio doesn't.
    Last edited: Sep 29, 2008
  12. Real World

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    So if their is a run on banks as a result of the House's failure to pass a bailout plan, that'll only hurt the rich right? :rolleyes:
  13. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    I think the message sent by Congress is "eff you Americans". I guess we'll see who's right :D
  14. mr3putt

    mr3putt Rookie

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    Congress is taking a huge risk here.

    TBills the only safe haven....check your banks fiscal status on the FDIC website. You only have $100k worth of protection.....maybe.

    Some say the FDIC could not cover a major run on the banks.

    Right now we are in uncharted territory.

    Damn these elections!!!!!!!
  15. shmessy

    shmessy Maude Staff Member PatsFans.com Supporter

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    I agree with RW. The folks who voted against this have got to show the American people that they care about folks' economic welfare as much as they care about ideology.

    I would hope that they care just as much for the former as they do of the latter.
  16. Run DMC

    Run DMC Rookie

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    The Fed will continue to print it's funny money and flood the markets with it. Alot of businesses will go under and that is ok. New ones will come along and replace the old. You cannot stop the economic cycle.
  17. maverick4

    maverick4 Banned

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    You still don't get it, do you? Despite everything that's happened the past year you are still in denial.

    The run on banks is happening no matter what. The bailout would have made things EVEN WORSE later on, if you can even fathom that.
  18. Run DMC

    Run DMC Rookie

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    Just read WAMU CEO who has been in the position for 3 weeks, is walking away with $18 mill. pay package due to takeover. Soemthing is wrong with this system and people are FED UP!!!!
  19. Real World

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    Please. When was the last time you offered anything informative to back up your hysteria about any of the doomsday posts you make, on the variety of topics you obsess about? You don't even know what the bailout proposal is, does, or is meant to do. You have no clue what the repurcusions would be to yourself, if the dangers of no policy passing are true. The problem with most people is that they see the world through their own two eyes, and on through the eyes of reality.


    Please tell me how the bailout would make things "EVEN WORSE" later on? I'm curious.
  20. Real World

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    putt, I despise the idea of a bailout. It makes my blood boil. However, if the people I talk to are correct, then something has to be passed. What you say about the FDIC is 100% correct. People I know have been moving funds into more stable institutions, and have advised us here to do the same. There is a genuine fear of some major players going under. Imagine the company, or any company, losing everything but $100k. The FDIC only covers, and I checked with our CPA, $100k per individual, or entity. It does not cover by account number. That means Joe Blow/ACME Inc, even if he/it has 7 different accounts with $100k in them, will only be covered for $100k total. Imagine how many people & business' who are innocent in this mess, would be hurt by a systematic failure? People who are flashing the finger because they are emotionally upset with a bailout, could lose their jobs, and some of them don't realize that.

    You described it best. It's unchartered territory. It could be totally overblown (which I hope), or it could be genuinely bad. We don't know. My concern is a run on banks, which would mean that innocent people, and business' get fukced, and lose everything. I hope that's not the case either way.
  21. BelichickFan

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    Here's your Congressmen :

    ""We're all worried about losing our jobs," Rep. Paul Ryan, R-Wis., declared in an impassioned speech in support of the bill before the vote. "Most of us say, 'I want this thing to pass, but I want you to vote for it—not me.'"

    They wanted it to pass - meaning they though it was for the good - but they didn't want to vote for it. Even though there's more Republicans up for re-election this time I hope every Congressman gets voted out. They're supposed to be there to do what they think it right, not to worry about "losing their jobs".
  22. shmessy

    shmessy Maude Staff Member PatsFans.com Supporter

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    $100k per individual per bank.

    You can have $700k in 7 banks.

    Plus, it's $200k if it is a joint account.
  23. maverick4

    maverick4 Banned

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    RealWorld, put your money where your mouth is, or shut up about being in denial.

    Put all of your wealth in the American market right now if you think I have been writing about fiction the past year, and you have faith in this economy.
  24. weswelker#83

    weswelker#83 Rookie

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    You are the only guy who asked for the bill to pass , hey you changed the vest now !!!

    Where were you all this time ? :rolleyes:
  25. mr3putt

    mr3putt Rookie

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    That's assuming the FDIC has the funds to cover the potential bleeding of cash from all of the banks still left.

    Some part of me would like to think that this vote was based upon legitimate and thoughtful concerns. The realist in me simply concludes this whole exercize is nothing but posturing in an election year (see Pelosi and Boehner).

    Yet another example of our elected representation failing to put effective action ahead of partisan politics

    Shamefull :mad:
  26. Real World

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    Exactly. You need to keep it in separate banks, if your bank (here in MA) is not a DIF member. Someone had told me that each bank account was insured up to $100k, but that's not the case. It's each individual/entity, in each bank. Here in MA most banks pay into the Depositors Insurance Fund. If your assets are in one of those, then you're in good hands, since those banks cover everything the FDIC doesn't. That's where people I know are moving their money.
  27. Real World

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    You sound more and more like a mental midgit, the more you post. So how about answering the question MMav?

    So if their is a run on banks as a result of the House's failure to pass a bailout plan, that'll only hurt the rich right?
  28. Run DMC

    Run DMC Rookie

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    Wouldn't you rather have $700bill available to the FDIC rather than trying to foist up over-inflated home values?
  29. BelichickFan

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    :confused:

    I wanted it to pass last week and I wanted it to pass today. No clue what you're talking about.
  30. Real World

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    Personally, I'd rather have niether. Obviously I'm not privy to what the language is in the proposed bill, but I think a well written bill would make reluctant sense to me. If the bill is designed to prop up RE prices, and save some retard who has a $500k mortgage, on a $40k a year salary, while also giving free money to Wall St. then forget it. I'd never, ever approve of that. I despise the very thought of handing money to Wall St, but if what I'm hearign could result, is accurate, then I'd reluctantly support a loan of sorts, with massive restrictions attached. Again, none of us are in the meeting rooms, and none of us genuinely know if the fears are as legitmate as people say.

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