This Just In! The Bailout Doesn't Pass!
Filed under: PolitikThe Bush-pushed bailout has failed to get enough votes in the House to approve it.
Lawmakers in Washington now have to start from scratch and attempt to re-do it.
Expecting a defeat, the Dow fell 700 points in anticipation on Monday.
Discuss.
Posted: September 29, 2008 at 2:15 pm
BUSH IS THE WORST THING THAT EVER HAPPENED TO AMERICA…….AND ALL U ASSES THAT VOTED FOR HIM DESERVE TO BE BANISHED WITH HIM……
Re: SparklingBerry – BECAUSE WHEN THOSE MORTGAGES WERE TAKEN OUT THEY WEREN'T ANYWHERE NEAR AS HIGH AS THEY ARE NOW.
THE HOME-OWNERS WHO GOT SCREWED ARE THE ONES WHO STARTED BY PAYING SAY, $500 PER MONTH BUT SIX MONTHS DOWN THE LINE THEIR MONTHLY PAYMENTS WENT UP TO 4 TIMES THAT AMOUNT.
Re: caseytraverse – You have lost your liberal mind if thats what you seriously think. Bill Clinton was only worried about where he kept his cigar!
Re: The Warden – AMEN!!
GOOD! Leave our tax dollars alone!
Ok everyone…please put your head between your heads and assume the crash position - the Democrats in charge have chosen to give America the hardest landing possible.
There's no where to run. Good Lord.
HA HA HA!
LOVES IT.
I am personally grateful for such fine folks like Ron Paul for voting NO to this bailout.
I didn't want to put 5,000 dollars of my own money to help pay for stupid decisions by the fat cats on Wall Street.
Let them suffer!
CAMPAIGNFORLIBERTY.ORG!
RON PAUL 2008!!!!
Re: Genghis Khan – That is a little harsh….but unfortunatly pretty damn accurate.
Re: StacyMacyPacy – YAY! Someone who actually has their facts straight. Kudos to you, StacyMacyPacy!
I don't support just giving out, what is it, 700 billion dollars? I understand that the financial market is in a crisis, but there's got to be some other alternative. Could the government LOAN that money and once the market picks up (let's hope), then the loans could be paid back?? Or maybe the government needs to put regulations on how the money can be spent, what has to be done for the average American citizen, etc… I don't think people realize how bad things can get if this isn't solved. Our economy is tanking. Something needs to be done ASAP, BUT I also think we should hold these CEOs accountable, banks, etc…
Re: Genghis Khan – Re: Genghis Khan –
People could once afford their mortages untill the economy fell and loss of jobs and buisnesses. Thats why people cant pay them.
Woo Hoo! Awesome…. .thank god for the house republican blocked it……
And yesterday Obama claimed he was the driving force behind the bailout package being voted today:
90+ dems voted no. Obama/Pelosi failed.
Re: Cybele –
You really should re-learn economics!
Everything you typed here was wrong!!!!
Re: JERMAINE – Lol. The Democrats don't even NEED the Republicans to pass this bill. Explain THAT. Why aren't they passing it, huh?
Re: HOT4COOK – ROFLMAO. Nope. She's too busy watching Russia =P
This is NOTHING but scare tactics people!!!!! They want you to want this because if you FEAR for your own financial means….you'll give them the damn blank check that they want! FEAR makes us do CRAZY things…..don't let this scare you the only ones who should be scared are the CEO's of these company's who have 40 some LEER JETS….WTF?!?!? and won't be able to spend spend spend on OUR dollar! Of course Bush is trying to pass this before he leaves the white house….one more favor for his good buddies!
I just read this…what do you guys think about this?
Thrifty household spending in France means the economy grows more slowly, but it also means that it slows down more moderately, too. In France, it's nearly impossible to spend money you don't have.
French credit cards are essentially debit cards, so there's no need to cut them up when you want that new Chanel bag, and banks aren't keen on providing a home loan unless you have 20 percent down, and the mortgage payments make up no more than 30 percent of your income. As a result many French homeowners buy their first property at a later age; and compared to the UK, where 70 percent own property, 57 percent of the French own a piece of earth. As you can imagine, this also means France has not seen a subprime housing meltdown.
While the French indulge in good wine, food, and sinful cigarettes, at least they don't treat themselves to hefty credit card debt and unrealistic mortgages. Do you think Americans and Brits should borrow some of the French economic je ne sais quoi, or is the extreme slowdown worth past and future growth?
I think the government is also doing a really shitty job at explaining how this is and will be affecting taxpayers. I want to know if I am going to have to pay my hard-earned money for this bailout… Ugh….this is so frustrating. Is ANYTHING going right in America these days!?!?!?!
Re: ***PRINCESS*** – Noooo, actually that is only for a few. Most borrowed loan amounts they KNEW they could not pay back or even qualify for under "normal" regulations. But under Clinton's administration, he signed into legislation what is called "sub-prime loans" which means you didn't even have to have a job to get a home loan. We are in this mess because of Clinton's "give everyone things for free" leg and then the banks running with it, and then the American people taking out loans they could not afford to pay back and knowing it…
anyone on here ever listen to coast to coast am radio?!?!? VERY informative…try it!
Re: JERMAINE – stop your yelling mister
Re: Screamdevl – Bush and McCain had nothing to do with this you potato head. This bail out was written by Dumbocrats as well as Republicans and the President said he would sign it. Bush had nothing to do with this. He can only approve it while you are stupid
Re: *MissLeia* – And Kudos back to you
Re: The Warden – i know that……i'm just saying if the democrats wanted to get anything passed that the president vetos……the democrats need 2/3 to get it passed……im just saying its not the republicans fault, sounds like the democrats didn't like it as well….."helping" people by giving them exactly what they need is a very democrat move……and now i found out that 92 democrats did vote against it….more than what i thought, thank god they grew some brains
Listen dumbasses - the banks need bailing out somehow, because guess what? All the banks lend $$$ to each other ALL THE TIME.
The banks don't have money to lend to anyone now - including businesses , farmers (to buy fertilzer or equipment to produce food)….meaning ANY business in the USA that uses pretty much ANY bank will be affected. They may not be able to make PAYROLL to their employees. If farmers can't produce enough food, food prices go up.
If companies can't use banks to do their day-to-day business, YOUR company might go out of business and YOU might find yourself out of a job.
So this bailout is NOT just to save the asses of the CEOs. This bailout is to prevent the total collapse of the entire economy. Be very afraid.
Besides - THE GOVERNMENT was going to have a HUGE stake in the assets of these banks when they are bailed out; MEANING, that once things rebound, the government would then REAP the profits of the rebound, thus paying back taxpayers on their investment.
DUH.
Re: Uker – point taken….but seriously…equality for all??…..you do realize that utopia is an imaginary place
the DOW did drop to 705 ish but is now hovering around 500. The vote is not over but currently does not have enough votes to pass. They are keeping it open in an attempt to scrounge up votes but it seems like they may actually lose votes. The stock market, specifically banks etc are getting screwed.
They are not approving the bill because the general population of America is dumb and think "I don't want to help the big wigs make more money by bailing them out" but what people don't understand is that those big wigs keep America growing by investing in businesses and there success ultimately leads to the average American doing better. The congress is not voting because America is calling them and saying you better not vote for it as well as the fact that they would be basically signing a blank check to the Fed Reserve. They will not start from scratch, they will just make amendments to the current bill specifically focusing on regulating the money that goes out so no CEO who screwed up the company get paid and so that the American Taxpayer will get money if these companies do well.
Perez=wrong
discuss
I am an independent voter and even I know that THE DEMS ARE IN THE MAJORITY AND STILL COULDN'T PASS THIS STUPID BILL. SOME OF THE REPUBLICANS WERE GOING TO GRUDGINGLY PASS IT BUT CHANGED THEIR MINDS BECAUSE OF IDIOT PELOSI'S SPEECH….SHE IS JUST PLAIN WACKY AND OBVIOUSLY IS ONLY THINKING OF HER PARTY AND NOT THE COUNTRY. ALSO, WHAT IS HER AND OBAMA'S INVOLVEMENT IN ACORN? I MADE MY DECISION…I VOTING MCCAIN!!!!!!!!
The stock market is going to crash again on October 7 or 8th! It will happen because they want the dollar to fail to usher in the North American Union with Ameros as the currency!
This American Idiot and his corporate firends have ruined the entire world economy! We feel so THANKFUL in Europe…believe me!
Re: misskeli – #116
That would be great if the Government had anything to do with lending money…. Too bad the Federal Reserve is in control of that….we are already in DEBT up to our eyeballs with EVERY dollar that they make…we have been SCREWED from the beginning letting the Federal Reserve have control of the Dollar Bill!!!!
Re: stacestace –
G'vt paying us back!!
LOL
LOL
LOL
LOL
That was the funniest joke I have ever heard!!!!
LOL
LOL
LOL
LOL
Anyways I searched online to see how many homes enter foreclosures and about 2.5 million homes a year in the US. Think about it if 7 billion is divided by 2.5 million that means those 2.5 million homes would have to be priced at 2.8 million each. So how many people's homes are worth 2.5 million? I mean if you can afford a house at that price you are not poor or broke and when they hit broke they live in nicer homes than many of us do. So imagine if we all got a break on our mortgage… eg our interest would go down and our time to pay out the mortgage is decreased. At least the banks would get money. Not as much as they want but at least they might be making some profit. Imagine all those 30 year loans, that's what is wrong. Just because they want to make a huge profit, but it ended up that they went or about to become broke. I guess people would have more money for food and groceries and even buy a second home if the mortgages weren't so outrageous and they are the ones getting the break. I think is time for the average American to get something not just the 300 dollars that were given to us.
WE'RE SCREWED..PLAIN AND SIMPLE. The worse this gets, the better Obama's chances are at winning. Trickle Down economic's don't work…plain and simple.
I can't believe they pulled it off. You can thank the extremely partisan speech given by Nancy Pelosi just before the vote for sending Republicans over the edge. They had this thing wrapped up before Pelosi opened her mouth. I never thought I would say this but - Thanks Madam Speaker. Thank you very much.
Re: JERMAINE – yes, we are officially in the middle of a $$ shitstorm…..nobody will be able to claim they fixed this one…..only way either one can win on this issue is whomever has the balls to serve the most heads up on a platter and let us feast on accountability
Re: Screamdevl – Good!! This news makes me happy. I am in the banking industry and I still think it is a stupid idea!!! Why the hell are poor people paying for rich peoples problems? Go to hell BUSH and MCCAIN!
______________________________________________________________
Just for the record the Republicans voted AGAINST the bail out…..the Liberals voted over 60% for it
Re: e-rock – GET OF OF SEN. OBAMA… HE DID NOT CAUSE THE SITUATION WE ARE IN NOW.. IT IS THE FAULT OF THE LAST 8 YEARS OF LEADERSHIP BY THE REPUBLICAN PARTIES "BOY WONDER" PRESIDENT GEORGE W. BUSH! YOU DON'T HAVE TO BELIEVE IN SEN. OBAMA, BUT I DO. AT LEAST HIS HEART IN THE RIGHT PLACE. SEN. McCAIN IS GROSSLY ILLITERATE WHEN IT COMES TO OUR NATIONS "ECONOMIC CRISIS". BELIEVE ME.. I DON'T LIKE THE FACT THAT MY TAX DOLLAS ARE GOING TOWARDS A "BAIL OUT" OF GREEDY WALL STREET RATS WHOM HAVE REAKED HAVOC ON THE MARKET. BUT AT THIS POINT… THE BUSH ADMINISTRATION( WITH THE FULL SUPPORT OF SEN. McCAIN) HAVE DE-REGULATED WALL STREET AND ARE THE CAUSE OF WALL STREET RATS BEING ABLE TO "RUN-A-MUCK" WITH OUR ECONOMY. NOW ARE BACKS ARE UP AGAINST THE WALL & WE HAVE NO CHOSE BUT TO USE OUR TAX DOLLARS… TO TRY TO "BEGAN" THE PROCESS OF CORRECTING WHAT BUSH & HIS PARTY HAS ALLOWED TO HAPPEN. PEOPLE DON'T BE CONFUSED. SEN. McCAIN HAS SAT IN THE SENATE LONGER THEN I HAVE BEEN ALIVE, AND ALLOWED THIS TO HAPPEN. IT'S HISTORICAL THAT THE REPUBLICAN PARTY IN THE HOUSE IS NOW FIGHTING AGAINST A BILL THAT WAS PURPOSED BY THEIR OWN LEADER, G.W. BUSH.
OBAMA 08'
Re: SparklingBerry – When the legislation was signed, by Clinton, it allowed any and everyone one to get a loan with NO risk of their own, they did not have to put any money down, that sent consumers into a buying frenzy thus driving up the price of homes because sellers are seeing they are getting multiple offers so why would a seller take an offer for what the house is actually worth rather the an offer that is $50,000 more or whatever then the asking price. The seller took the highest bidder, thus causing the buyer to need more money and getting it under the "sub-prime loan." The buyer did not have to put anything down, they could get 100% financing and didn't even need to prove they had a job…so these people (note these people were the poor/middle class American's who got these loans) have been living in homes they knew they could not afford but because of the type of loan, they did it anyways hoping that somehow down the line they would get a job, or make more money or etc…if not then they would just walk away, they lost no money but the rest of America is here today…no one can get loan, banks have stopped giving them, homes can't sell for what they are worth because no one is buying them.
Re: StacyMacyPacy – I ALMOST RESPONED TO U IN AWAY THAT IS NOT IN LINE OF WHO I AM AS A CHRISTIAN… DO YOUR REASEARCH… THERE ARE DEMOCRATS WHO ARE HESITANT ABOUT CERTAIN ASPECTS OF A BILL WHICH HAS IT'S FOUNDATION FROM THE "BUSH" ADMINISTRATION. 95 DEMS VOTED NO! BUT REPUBLICAN'S WENT AGAINST THEIR OWN PRESIDENT BECAUSE THEY BECAME UPSET AT THE HOUSE SPEAKERS SPEECH. THEY LET THEIR EMOTIONS GET THE BEST OF THEM. THATS WHY THEY VOTED AGAINST THIS BILL. POINT BLANK! YOU DO YOUR RESEARCH!
Re: JERMAINE – You must have read me wrong… how on earth can I BLAME Obama??? I didn't say that. I don't trust him is what I said. On one hand you have these Yuppy greedy bastard CEOs on Wall Street Raping the American dollar….On the other hand you have people living off of the gov't in assisted living, making cash on the side and Raping the American dollar….we're fucked on all sides. Welfare system is a joke because of the people who abuse it, and the corporate side is a joke because of the people who abuse it. It's all bull shit. Everything has been abused, by all types of people. Sickening.
if nancy pelosi kept her mouth shut until after the vote… then it would've been fine. Obviously these republicans were butt ass hurt from what she said. its funny, these politicians blame wall street or consumers for the problem. but isn't the ELECTED officials (that is SUPPOSED to REPRESENT THE PEOPLE), that accepted all these campaign contributions from these corrupted CEOs? Obama or McCain can't do shit right now. All they are is a symbol. I say, if you aren't satisfied with your government, REPLACE YOUR INCUMBENT OFFICIAL!
THE DOW-JONES DROPPED TO AN ALL TIME LOW OF -725.51 POINTS. THE LOWEST IN HISTORY. WE CAN CONGRATULATE GEORGE W. BUSH AND HIS PARTY FOR OUR "ECONOMY" REPEATING HISTORY.. OUR GENERATIONS VERSION OF "THE GREAT DEPRESSION"
Re: mamajud – IM SORRY.. I DIDN'T MEAN TO YELL.LOL
Re: mamajud – I ABSOLUTELY AGREE WITH YOU.. BUT ACCOUNTABILITY SHOULD START FROM GEORGE W. BUSH ON DOWN. YOU KNOW WE MAY NOT ALWAYS AGREE ON OUR POLITICS, BUT IM GLAD WE CAN TALK, AND KINDA VENT TO EACH OTHER:)
Just wait until the company you (or people you know )work for can't make payroll due to the credit freeze. Either you will be broke or your friends will be hitting you up for cash because they are. The bill should have been passed.
Re: JERMAINE – Well good to see that you refrained your speech due to your Christian values, more people should be like that…now work on your pic. That's all I'm going to say because I've read your other post and you just don't get it and it doesn't matter what I say you still won't. Good luck to you and God Bless!
Re: Melburry18 – Anyways I made a mathematical mistake 700 billion divided by 2.5 foreclosed homes is 280 million per foreclosed home….. anyways with that I can probably buy me 100 homes for 280 each and my house is 95,000 so i could buy me about 280 homes
My Rep voted no - He has my vote next time around.
90 Democrats voted no. I bet the majority of them are up for re-election this year.
Re: JERMAINE – Foolish talk. Accountabilty starts with the people that created this mess…Clinton and the Dem's back in 1995 signing into legislation "Sub-prime Loans." Google it! The Bush administration tried to open their eyes to correct it and everytime it was voted down by the Dem's in Congress…it's all out there for you to see, just take some time to research it instead of listening to anyone on the news, left, right, it doesn't matter, do the research yourself if you want to know the truth or just continue to be a sheep and follow the Obama clan.
we are all so fucked…
may as well
drown ourselves in meaningless crap
on Perez
Re: amylala –
I agree. Time for a haiku:
Time for a haiku….
"Our economy
Is going down the shitter
Time to read Perez"
Re: JERMAINE – lol……..don't forget though, clinton handed bush a recession
Re: StacyMacyPacy – You seem like a smart person, too bad you don't practice what you preach and actually DO YOUR HOMEWORK. My point was that when Clinton left office he reversed Regan's debt of 995 billion dollars to a surplus of 236 billion in the year 2000. Bush immediately reversed Clintons policy which was OBVIOUSLY working (236 billion surplus compared to a debt of 995 billion, you do the math) and gave out 630 billion dollars of tax cuts to the top 1% income owners (leaving out 99% of the population, which I believe includes you and I). In the first year alone Bush was president he blew through Clinton's surplus of 236 billion. The 2004 deficit reached 415 billion, which was an all time record.
My point was that before Bush became president we were at a surplus and are economy seemed to be headed up up up. With in the first year Bush completely reversed that, hence the finical crisis we are witnessing.
Chew on that.
Re: e-rock – NO, IM SORRY IF I OFFENDED YOU IN ANYWAY. BUT IM SIMPLY DIS-AGREEING WITH YOU… THE WELFARE SYSTEM DOESN'T HELP THOSE WHO REALLY NEED IT. YES THERE ARE THOSE WHOM HAVE AND DO ABUSE IT. BUT THE WELFARE DOLLARS LOST, ARE PENNYS COMPARED TO WHAT WALL STREET HAS DONE TO ALL OF US. I BELIEVE IN SEN. OBAMA, AND I THINK HIS CORE VALUES ARE WHAT WE NEED TO MOVE FORWARD AS A NATION. I THINK THAT AMERICA NEEDS TO NOW FOCUS ON AMERICA. THE BUSH ADMIN. & THE REPUBLICAN PARTY HAS FAR TO LONG DIVERTED OUR ATTENTION TO INTERNATIONAL ISSUES THAT DON'T AFFECT THE DAY TO DAY LIVES OF US, "THE AMERICAN TAX PAYER". WE HAVE SPENT BILLIONS OF OUR DOLLARS ON A WAR THAT WE SHOULD HAVE NEVER WENT INTO. THANK GOD FOR GEN.David Howell Petraeus WHOM HAS GREATLY HELPED THAT BUSH ADM. DISASTER. AND NOW WE ARE ON THE EVE OF A SERIOUS SHOW-DOWN BETWEEN US AND RUSSIA. NOT TO MENTION THE REAL THREAT OF TERRORISM IN AFGHANISTAN, THE UGLY ISSUE OF N. KOREA, AND IRAN. AND CHINA IS "NOT" A HUGE FAN OF THE AMERICAN PEOPLE,"US". YET WE OWE THEM $TRILLIONS… NOW WE ARE HERE AT HOME AND THIS "ECONOMIC CRISIS" HAS NOW BECOME A DOMINO EFFECT ON EVERY ASPECT OF OUR LIVES HERE AT HOME. AND NOW WE HAVE NO OPTIONS BUT TO "BAIL OUT" WALL STREET BECAUSE THE REIGNING POWER FOR THE PAST 8 YEARS TURNED A "BLING EYE" TO THE WALL STREET RATS.
Re: StacyMacyPacy – WOW.. DON'T HATE ON MY LOOKS BABY GIRL. YOU ARE BEYOND CLUELESS.. YOU ARE FUELED BY HATE, AND YOU ARE DISGUSTING. A STAIN ON WESTERN SOCIETY. OH AND WE ALL KNOW WHY U DON'T POST YOUR PIC.LOL.. WHEN THE MARKETS RECOVER.. PLEASE INVEST INTO THAT FACE LIFT. MUCH LOVE.
Re: caseytraverse – Casey you are totally right.
Re: ***PRINCESS*** – You are out to lunch. Businesses need access to credit so they can make PAYROLL. Like, everyday, average Joe American's payroll.
Not to mention pay bills that keep the company Joe American works at from going out of business.
This is exactly why something has got to give Vote people we dont need another dumbass mofo in the fuckin white House!
Re: mamajud – IT'S COOL, BUT CLINTON, HANDED BUSH A SURPLUS BUDDY.
you republicans think you're so smart but you like to ignore the fact that your party FUCKED OVER AMERICA BIG TIME. i don't know what kind of idiots thought it would be okay for Bush to run a second term in the office. His fuck ups are going to take years and probably more than 1 president to fix unfortunately.
Re: Love Muffin – I couldn't agree more. If you are not registered to vote.. do it! This is one of the most important elections ever and we NEED every possible vote! Get registered so you can get up and VOTE!
Listen people, we needed that bail out. Yhea the banks gave a lot of people money that really should not have been borrowing. Okay, that’s done. Now if the banks have no money there will be no short term loans, (small companies use them to cover payroll on a slow week/month. If they can’t cover the payroll LAYOFFS), banks can’t lend to each other, you will have to have excellent credit to buy that new car or TV or home improvements. If no money is moving, us over here on “Main Street” will stop spending. I already have stopped shopping at the Mall or Ross/Marshalls. We have been buying at the Goodwill and buying food on the almost expired rack. More businesses will close and then more job loss.
Re: pixiegirl – I'm sorry, but I disagree with you. This is a lesson that business, politicians, and the average American need to learn. Painful, yes… but necessary. If the government really wants to do some good they can take 700 BILLION DOLLARS and spend it on healthcare or jobs creation programs. If you're going to screw me and then make me pay you for the privilege, at least don't use the money to bail out failed economic policy. (And DON'T read that as failed Bush policy, because unilaterally, ALL politicians are to blame.)
Re: JERMAINE – …..and a skeleton crew of an military…and apparently years of faulty intelligence
Bush has fucked up America more in 8 years than any previous president in 100 years. All you that voted for him….FUCK OFF! Now we are all screwed…THANKS A LOT! Assholes!
Re: JERMAINE – I hear you. I just wasn't blaming Obama for the failed bailout, that's all. Though the welfare issue may seem as pennies compared to wall st. , the abuse of our tax dollars on both issues causes a lot of resentment between Americans. Everyone says we are so united, but I haven't seen that since the Towers fell. I don't like war and I think that technology has advanced so much that now it is an option thrown on the table at the first sign of trouble instead of being an absolute last resort. If we weren't so advanced in our weapons and you had to meet on a battlefield and physically defend freedom with our bear hands, we may not be so quick to go to war. But, we live in 2008 and that's not our reality. It's such a mess. But I'd rather have someone who was on that field, than someone who went to college and looks good in a suit. I don't doubt that Obama as a person is a good man, he's just not who I think can lead this country to prosperity. Sorry. Thanks for being respectful
Re: ChrisInKy – Actually, everything here I typed is true. Seriously. If you don't think so, then start studying facts instead of listening to the media or what Perez says. He is entertaining about celebrities but knows fuck-all about politics and the economy.
Re: JERMAINE – So much for your Christian ways…if I was searching for God, you would of just sent me the other direction because why would anyone want to be a part of Christianity if you are, how is anything you said to me Christian…you are setting a bad example by what you say to people. Don't claim to be a Christian unless you act like one. In reference to you picture I wasn't saying anything about the way you look but rather that why would a Christian post a pic of himself naked…or at least wanting people to think you are. I know sex sells in Hollywood but as Christians we are to be above Hollywood and set good examples. I wonder if God is thinking that that's OK for believers to post a half naked pics of themselves on the web. I'm thinking no. You have no idea what I look like so your comment on getting face lift is well, sad, for you, that you would treat a sister in Christ that way; yes I am a Christian and your words while they may hurt someone who isn't doesn't phase me, if anything I'll just say a little prayer that God will forgive you for your cruel words, we are all sinners and make mistakes, thanks the Lord we are saved by grace, no hard feelings. Blessing to you!
Re: ChrisInKy – By the way, based on your photo, you look to be about 15 years old. Ok… maybe 20 at most. I HIGHLY doubt you have had more than maybe 1 class on economics. At most two… probably an intro class on micro econ and macro econ. Did you know that there is an entire INDUSTRY which exists to do nothing else buy buy and sell debt? I'm not talking about small time shit, but I am talking about millions and billions worth which is done at the very highest levels of WORLD banks that would look on an organization like Citibank as small potatoes. Were you aware of that? I would be surprised if you were because most aren't.
Here are some facts for you: Around 1997 (I forget the exact year), Bill Clinton repealed some legislation that had been in place since President Franklin D Roosevelt put it into place to help with the Great Depression back in the early 1930s. The result was an explosion of mortgages and other loans practically given to anyone who asked whether they could afford it or not. This got out of control. THIS is the reason why we are so screwed right now. It has very little to do with Wall Street. The bail out would have helped to stabilize our economy until the pendulum swang back and things were better.
Now then… if you STILL think I don't know what I am talking about. Please state SPECIFICALLY what it is and I will educate you. If you can't do that, I will assume that you are just blowing hot air.
I am an unemployed accountant in Los Angeles in the process of getting her CPA with years of experience and I cannot get a job anywhere. I have been unemployed since last tax season. Hardly anyone is hiring in the financial services market. KPMG just laid off 70 people. The hiring managers are telling me that two years ago I could have worked anywhere I wanted to in Los Angeles. Perez or anyone else that needs any kind of tax work done, please contact me. I have worked in all areas of tax except sales/use. The financial services market has never been hit like this before. We are all going to be affected by the banks poor decisions.
Re: caseytraverse – You need to look deeper than the surface. In actuality, many things that happened in both the Clinton and Bush administrations were started in the previous administration. For example, whether you would like to believe it or not, policy that was put into place during the Reagan administration largely helped to bring about the reduced deficit in the Clinton administration.
Think of it this way, if you lived in a house and carefully planted several flower beds to be pleasing to the eye and then moved out of the house. The next person who lived in that house would be there when the flowers bloomed and made their yard look so gorgeous. Even though that person watered the flowers, they aren't 100% responsible for the beauty of the flowers.
Ok, I'm a full on democrat and everything, but I know all these people are against this, but people are suffering RIGHT HERE and RIGHT NOW, we need someone who can fix it NOW.
Re: Cybele – I like your example, that's how is all works in a nutshell, kudos
Ummm. Perezito…you mean Bush AND Democrat-pushed, right? Just left that last little bit off there. I know it couldn't have been on purpose…
No one knows shit about anything. No one, not even me.