$700B Plan Voted Down, DOW Drops 778

[Wander]

http://www.msnbc.msn.com/id/26884523/?GT1=43001

[Gerry]

I cannot believe how bad our economy is. I wouldn't be surprised if we were going into another Great Depression soon.

[BlueRose]

Finally! They did something right! And we most certainly are not going into another Great Depression. But one thing about this whole ordeal is how Democrats keep repeating the same "anything goes/no regulation" thing over and over. No regulation? Where have they been?

[jbb1236]

The fact that people are still spending money, will prevent anything that severe from happening. Money might get tighter for some people, but nothing as bad as the Great Depression. The biggest reason that the Great Depression was so bad was people got scared and stopped spending money all together. I don't think that is going to happen here in America anytime soon, not with all the people out there who spend there money rather lavishly. This decline has more to do with a bunch of idiots in the banking industry giving loans to people who were less than worthy then saying, opps we need help cause these people defaulted, and now we are 700 billion in the hole.

OK the president's stupid ass is givin all this damn money to these companies that r goin bankruptso they can stay in business, well if theyre goin bankrupt they must not be gettin any money so y should the tax payers be givin them any money? Bush is a stupid monkey faced dumb ass!

[BlueRose]

Originally Posted by jbb1236

This decline has more to do with a bunch of idiots in the banking industry giving loans to people who were less than worthy then saying, opps we need help cause these people defaulted, and now we are 700 billion in the hole.

Ah, but who are the real idiots: the bankers who offered the loans, or the politicians who pressured said bankers to offer the loans?

[Jeimuzu]

To do that, they'd have had to increase the national debt threshold from $10.6t to $11.3t. The government can't. They really can't.

Let's just put that into context:

The entire fortune of the world's richest man (Warren Buffett), including stocks and shares and such, is $62b.

$000 062 000 000 000
The bailout:
$000 700 000 000 000
National debt:
$010 600 000 000 000

It's be like borrowing money from me, for crying out loud. They just don't have the cash!

[jbb1236]

Originally Posted by BlueRose

Ah, but who are the real idiots: the bankers who offered the loans, or the politicians who pressured said bankers to offer the loans?

The bankers, we are all given the choice. Had the bankers said, no I don't want to take that kind of risk, this mess would be a lot smaller

[Derek the Wolf]

Ugh... I hate this wonderful economy. Hopefully by the time I'm outta college it'll be picking up again.

[Nodnarb]

While I don't really know much about economics, some people who do have convinced me that in the long-term, not doing the bailout would be best. Still, there really is no "good" option.

With stocks going down, my mom lost several thousand dollars just today

[Chaz]

http://www.babylontoday.com/national_debt_clock.htm

Doesnt need words

I know, this sucks. I was so disappointed when it was shot down in Congress.

[Swamp56]

Giving tax payers money to the corporations that started this issue is just plain wrong >8(

Our taxes would rise ridiculously, and we're just putting off the real issue until later....I'm glad it was turned down.

But ya, I got screwed today in stocks.

[Steam Giant]

Thank GOD they didn't pass that! As a congressman from my state said, they came up with the idea too quickly, haven't done enough research yet, and really only intended it to prevent an immediate reaction on wall street, not to actually fix the issues causing this. There were also no guidelines as to how to actually get the money. And in the meantime, if they did do this, the higher ups of those companies would simply continue to collect their enormous paychecks and run business as usual.

Besides, where do we draw the line? At what point can the government deem one company to be too big to go under, and another company not big enough? I guess nobody concluded that there'd be a conflict of interests involved with the fact that many politicians would have ties to companies that could potentially be considered as "too big to go under." Come on, people!

Anyway, none of that matters anymore, because two thirds of the republican voters, and 40% of the democrats, found the wisdom to say no to this atrocity of an idea. Whether they did so out of principle, common sense, or the desire to be reelected (which also played a huge role here) doesn't matter - it failed. Good. Now let's fix the problem already!

[Jeimuzu]

The owners of those banks get massive severance packages if they get fired. Like, tens of millions of dollars. And we wonder why they've got no money? The higher ups there spend most of their time agreeing to a sort of legal equivalent of embezzlement.

On a lighter note, does anyone else find John Boehner's name quite funny? Just think how that name is clearly meant to be pronounced. Add this to the fact he looks like a slightly more orange Bergerac, and I just can't take the man seriously.

;]

[Janvier]

Originally Posted by Jeimuzu

National debt:
$010 600 000 000 000

I'm officially richer than the USA

Originally Posted by Midnight Angel

I know, this sucks. I was so disappointed when it was shot down in Congress.

Why?

[beckyg]

I have mixed feelings about it. I think it was rushed through too fast. There need to be consequences and repercussions to this so we don't find ourselves in the same sinking boat again. The politicians need to quit playing the "blame game" and work together to come up with a good solution.

[Jeimuzu]

Originally Posted by Janvier

I'm officially richer than the USA

So am I. And I'm about £20 000 in debt. In fact, as a whole, they'd have been better off asking EC for money than the US Government. We've got more than they do.

[Janvier]

Originally Posted by beckyg

The politicians need to quit playing the "blame game" and work together to come up with a good solution.

I blame Martin for the economic crisis of the US

[Tim]

Originally Posted by beckyg

I have mixed feelings about it. I think it was rushed through too fast. There need to be consequences and repercussions to this so we don't find ourselves in the same sinking boat again. The politicians need to quit playing the "blame game" and work together to come up with a good solution.

Wow, I feel the same way o.O;

Wasn't quite sure how to sum up how I felt about the whole bailout bill :S