non-partisan feelings on bailout

#26
#26
MontereyVol said:
This is the best example of why I want congress to take their time on this. Wait a couple of months and in the meantime fix the source of the problems. Rushing into something this large really worries me and I believe you are watching the US government becoming French.

Let's not rush to blow $700 billion - MSN Money
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Throughout our history we've had major government initiatives to avert crises. The distinction is they are one-time interventions versus systemic government involvement. (The Manhattan Project for example) To me, the downside of taking action is less than the downside of waiting it out. The asset buy most likely will turn out to be a small net loss at most. Waiting further stalls a solution and the longer term consequences are pretty dire in terms of extended recession. Either way, it's not rosy.

Waiting is an option of course but I have little faith that waiting will produce a more effective solution given Congress' propensity to muddle any bill.

My bet is with quick action over letting Congress create some bloated, Franken-economy "solution".

The Fed/Treasury plan seems the best of a series of bad options.
 
#27
#27
I've read that it's popularity is declining. Many people have called their representatives/complained and that some are wary to vote for it's approval.

At this point, I am leaning against it. At first I approved of it, but as I read a little more and listened to various commentary I began to think it's a bad idea. At least to rush into it if nothing else. This is a panic reaction. Probably not very well thought out.

If it ends up being some form of bailout, I'd prefer something similiar to what was proposed by another senator(can't rememeber who). The guy that said how about 150 billion now, with the consideration of more later if they show improvement.

On a side note....can anyone explain why a provision like this would be included in the bailout:

Sec. 8. Review.

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
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FOXNews.com - RAW DATA: Text of Financial Crisis Legislation - Politics | Republican Party | Democratic Party | Political Spectrum
 
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#28
#28
MontereyVol said:
As I watch some of my investments tank and others do ok, I can say I am somehwhat breaking even right now. I want to know what everyone here thinks of the bailout and I don't give a damn about Obama or McCain.

My thoughts on this are we need to have an attitude shift in this country away from self entitlement and get back to how we lived as an average family, fiscally in the 50's. To do this I believe we should not pass this bailout package in any form and let the free market work itself out.

We should enact oversight back to what it was.
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Its not a bailout... Think of it as a stuck bike chain and without the "bailout" that chain doesnt move, the bike comes to slow stop, then the kid falls off.
 
#29
#29
VolsNSkinsFan said:
Its not a bailout... Think of it as a stuck bike chain and without the "bailout" that chain doesnt move, the bike comes to slow stop, then the kid falls off.
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Make as simple as you want. It still a gamble, they don't know if the 700B will work or not.

What if it doesn't?
 
#30
#30
No to bailout. Yes to accountability.

Washington is taking our money to cover their financial butts. Without the buyout we will see the old guard die a slow death and the birth of a new wealthy class.
 
#31
#31
"Gentlemen, I have had men watching you for a long time, and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out."
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can you name the president who said this?
 
#32
#32
We have all been had in this situation. I so want to just let these banks fail. It is rewarding bad decisions, which I am convinced will lead to more.

The analogy of my son calling from jail and me going to pick him up instead of letting him spend the night in jail to learn his lesson comes up. Sure I love him, but a little tough love is needed when he really acts up.
 
#34
#34
rjd970 said:
We have all been had in this situation. I so want to just let these banks fail. It is rewarding bad decisions, which I am convinced will lead to more.

The analogy of my son calling from jail and me going to pick him up instead of letting him spend the night in jail to learn his lesson comes up. Sure I love him, but a little tough love is needed when he really acts up.
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who, having made a bad decision, is being rewarded in this case?
 
#40
#40
I feel worse about it now than in the beginning. Government to fix something they created, I doubt that works out too well.
 
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