700 billion bailout fails

[dantama]

Wow, I wish I was packing around as much information in my head as glwilson :)

I know 1/100th of what he appears to know, but ever since I was 17, when I got my first motorcycle loan and the loan officer explained interest, I've avoided debt. She told me that those who understand interest, receive it; and those who don't, pay it. Then she explained how paying extra goes straight to principal. Starting with that loan, I always paid a little extra each month, and hated paying interest.

With some health problems I've had this year, I'm not doing so well financially and I have $1,500 credit card debt. That's the most I've ever had and I hate it. I've ridden my bike the least by a long shot this summer, less than any time in the past ten years. I have a hard time dumping $20 into my gas tank when I have debt on my credit card. It's been a bummer.

I have always been fiscally responsible since that talk with the loan officer at 17. We own both of our cars, and my motorcycle. But $1,500 in credit card debt put a real crimp in my summer.

I don't know how this financial mess that the country is in will effect me, but I hope wise decisions in the past will help us weather it.
Maybe we'll go live with wolfman and eat his food :)

[formikec]

Hadn't planted a garden in several years. Since I have 6 acres, this year, I planted two. Canned some beans, ate some fresh zuchinni, maters, squash, cukes, and beans. Next year, there will be more.

People in this country have forgotten how to feed and cloth themselves. We used to grow our own food, have our own livestock, and make our own clothes. That is what will cause anarchy in this country, when people realize they can't just go down to McDonald's or Walmart and satisfy their hunger, wants, and needs. The strong will know what to do, the weak will resort to crime.

Even if we get past this problem with the banks and economy, lets be realistic. Our government has spent us into oblivion. Think the USSR, cause the collapse of that country is the same path we are on. Don't be surprised if some states (I am betting the first will be Texas) decide to succede from the Union in our lifetimes. Just as the USSR collapsed from massive spending, welfare, and communism/socialism, so will this country because we have become a country of people who don't know how to take care of themselves and want the government to take care of us while our national debt skyrockets.

This isn't going away with 700B, 1.5TR, or more. It would only go away if the government would get out of every person and company's life, disband almost all of the regulatory agencies, scrap millions of laws on the books, and default on the national debt.

It's bigger than banks, bigger than mortgages, bigger than real estate...

[blowndodge]

glwilson was pointing out that there are massive amounts of market "disequilibrium".

Banks don't have money for short term loans to keep small business afloat. Inflated home prices far and away exceeding intrinsic value that someday will be back in "equlibrium" This is a big big market dis-quilibrium.

More mortgages are due to be reset soon "ARM" that is only going to make it worse.

Home speculators, gov't intervention to get banks to loan money to inpoverished areas, politicians, real estate appraisers, loan brokers, the list of guilty parties is extensive.

[lw]

Originally Posted by naugaman

Is anyone old enough to remember the farm bailout? The dairy bailout?

The Savings & Loan bailout. . .

[cactusjack]

I'm no economics guru, although I did take a couple of economics classes in college and enjoyed them immensely.

I look at it this way...

It was elected officials that put us in this mess - are they really the people that should be trying to get us out of it? Most of the elected folks in D.C. couldn't run a hot dog cart and make it successful. If they were any good at business, they'd be in the private sector instead of thinking of new and creative ways to relieve us of our money.

CJ FOR PRESIDENT!!

[chainsaw]

Headline in the Dallas Morning News today.. 1.1 Trillion Dollar Loss For Stock Market.
Hope none of you got a big bite taken.

[unwind2]

Originally Posted by cactusjack

I'm no economics guru, although I did take a couple of economics classes in college and enjoyed them immensely.

I look at it this way...

It was elected officials that put us in this mess - are they really the people that should be trying to get us out of it? Most of the elected folks in D.C. couldn't run a hot dog cart and make it successful. If they were any good at business, they'd be in the private sector instead of thinking of new and creative ways to relieve us of our money.

+1

[unwind2]

Originally Posted by wolfman

I say let the chips lay where they fall. I don't care if we go into a massive recession. I'm mormon, I have stockpiles of food and ammo. Governments will fall and anarchies will rise brothers and sisters!

We could all come out there and start a Nomad commune and pool our resources?

[scion0]

Originally Posted by "CHAINSAW"

Headline in the Dallas Morning News today.. 1.1 Trillion Dollar Loss For Stock Market.
Hope none of you got a big bite taken.

A friend of ours may take a huge hit on her retirement funds/401k.

[dantama]

GL or anyone else.

One of the arguments I keep hearing for the bailout is that the companies are too big to let fail.

How does that fit in with monopolies? I remember ma bell getting broken up into smaller companies so that it wouldn't be such a monopoly. If a phone company wasn't allowed to be so large, how did the companies in question get so big that they can't be allowed to fail?

My 401k is pathetic but it did drop from 12,000 to 11,000 yesterday

[cactusjack]

One thing's for sure, things are going to get worse before they get better. Keep your head and a$$ down and try not to get shot.

I think they should enlist the aid of private sector people like Warren Buffet and form a commission of people who understand business and know how turn things around and let them work out a plan. If left in the hands of the government, it's only going to screw things up worse.

[phenrichs]

Originally Posted by Dan Lund

I don't have enough knowledge in economics to know what is best. But I didn't like the idea of tax payers bailing out poor business decisions.

I'm hoping some of you who know more about such things will do some explaining.

F**k em. Let em burn. I will gladly put up my tax dollars to help pay for the bailout AFTER all the rich corporate assholes give back their multi-million dollar bonuses.
I saw an interview with one of those bank CEOs and he was asked if the stakeholders had a problem with the fact that while his company lost 23 million last year he pocketed 16 million.

CROOKS! and now the bailout promises to steal more of our money.

[phenrichs]

Sorry, I think I got a little carried away there. I get a little sensitive about my money.