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| Polotics, yay!; $700 billion, and you. | |
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| Topic Started: Oct 3 2008, 02:11 AM (138 Views) | |
| SpartanSinister | Oct 3 2008, 02:11 AM Post #1 |
Specialist
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So, I don't know if everyone is aware of the whole $700 billion bailout bill, but if not I'll clue you in. A bunch of banks made some stupid loans, and now the people they loaned to can't pay them back so they're getting screwed and losing money. The bill wants to spend $700 billion to pay the banks all the loans back for those people in debt to restore the banks and hopefully the economy. The Senate has already pass the bill once, and it got denied by the The House of Representatives. The Senate passed it once again today, and the House gets to vote again I think Monday. Now there is, as you might expect, a lot of heat coming from the American citizens about their tax money going to bail out the retards on Wall Street, rather than more important things. So I'm curious about everyone's opinions on this. Do you think they should pass it, why or why not? Feel free to throw in your opinions about the overall presidential debate if you like. I myself support McCain and Palin. Palin rocked the VP Debates tonight. Incoming heated debates! (This might get worse than our discussion over CoD Perks) 
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| Rocky2000 | Oct 3 2008, 02:23 AM Post #2 |
Spectre of iG
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Well, not living in the States I can't really give any true perspective... but giving everyone a clean slate to start over wouldn't hurt.... but wouldn't that 700 BILLION dollars reduce the economy more so, and/or rise inflation, thus making things more expensive? It just sounds too good to be true. If the bill is in the process of being passed, then wouldn't that send the average citizen on a spending spree? |
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| SpartanSinister | Oct 3 2008, 03:31 AM Post #3 |
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Specialist
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Good points, but I'm not sure on the specifics. It makes sense, but the bill is actually 450 something pages, so there's probably dates and what not that specify those types of things.
Edited by SpartanSinister, Oct 3 2008, 11:10 AM.
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| Rocky2000 | Oct 3 2008, 07:26 AM Post #4 |
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Spectre of iG
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And I was thinking.... What if family A owes $25,000 in debt, and Family B owes $4,000?.... how would they even that out? Per say, wouldn't it make more sense to get people that owe more than the average amount of money in honest debt, like say through mortgages or car loans as opposed to personal effects like Visa or Mastercard purchases? Like what seperates "I just lost $18,000 at the Casino...... where's my money?"from " I can't put food on the table anymore... help."?? There's got to be some kind of bar that has to set for this to work smoothly.... if they just get everyone back to zero, it would be AWESOME, don't get me wrong... but what's stopping it from happening again? .... hope it all works out though... Edited by Rocky2000, Oct 3 2008, 07:27 AM.
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Check out my blog at www.WoahRandom.com | |
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| SpartanSinister | Oct 3 2008, 11:09 AM Post #5 |
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Specialist
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Well, once again 450 some odd pages clarifying those things, but the reason for the bill is to restore the banks' money, not get people out of debt. If the banks had money I don't think anyone would hear anything about this. So, they're doing this to give the banks a second chance pretty much, because them having money is apparently more important than us having money. |
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| SpartanZypher | Oct 3 2008, 04:26 PM Post #6 |
Vanguard
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Right, it's not about the people who owe the banks, it's about the banks themselves. The people would still have those loans to the banks. So like was said before, it's the banks fault things ended up this way, and the USA citizens shouldn't have to pay for their mistakes. |
 
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| SpartanSinister | Oct 4 2008, 01:38 AM Post #7 |
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Well, the House passed the bill today, it's in full effect. Brace yourselves, and get ready for an economic depression, chaos, GTA life-style, and someone meet me at the internet cafe with plenty of guns, rocket launchers, and molotovs. I'll bring body armor. Much appreciated. |
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| thornes70 | Oct 4 2008, 01:52 AM Post #8 |
Hooch Tester
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Here's the short, short version of the bailout: It's all about credit and the mortgage crisis the US has been faced with. We're talking more than just credit cards - many small businesses actually get regular loans from banks to pay their peeps; if the banks can not (or will not) loan any money - biz can't pay their peeps. Peeps can't pay their bills, including mortgages. it's a lot more complicated than that (it always is), but that'll give you a bit to ponder.  Another issue is that - due to easing up on trading guidelines, ie speculation (the biz of trading stock you don't actually own, kind of like betting it'll go up or down, which effects the market because it appears on paper there are shortages, or the opposite in some cases, which causes the prices of things to go up, like gasoline). Banks and lending institutions bought 'bundles' of other bank's loans in hopes of then turning around and selling them again, for profit ("Look at all the interest you will get if you buy this now!"). Because there have been so many layoffs - people can't pay their mortgages... which in turn makes the bundled loans about worthless. Now, the US gov. is gonna buy them worthless pieces of paper, and then have a stake in whichever biz they bought them from, or whatever has been worked out. It's a pile of crap, imo. I said no, because apparently it's a HUGE DEAL the US has to do or we'll bring down the world's economy! ...yet it didn't stop them from tacking on a bunch of pork projects... Like a cool million for toy friggin arrows. I shit you not... Yep, we got some bright bulbs in the US congress... |
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| Vyise | Oct 4 2008, 02:35 AM Post #9 |
Active Member
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Ok here it is in the best way i can put it. It's the banks fault. What happens in I go to the bank and say hey i need a $120K house loan. The bank say you know what we can give you a $200K loan you can afford that trust us!So you are all fuck you im getting me a nice house.Well the bank takes that piece of paper saying that you will pay $200K by what ever date and sells it to a investing firm. Thay take it and put it in the stockmarket.Well then 5 years later intrest rates go up and you cant pay our bill so the bank forcloses.Well your house isnt worth as much as it was so they only get $150K out of it witch they cant pay to the investment firm. So thers $50K worth of stock that is worthless that they cant pay for witch causes the market to fall. That just one person and they sell the mortgages in $10Mill bundles so that about 2.5 mill not being paid. So the bail out plan is going to pay off the investment firms all the money the bank owes them because they told you that you could afford more so they could make more money. You still have to pay off all your bills but it will make the intrest rates go down so it will be posable to do. All this is caused because they bank 10 years ago would be like you can just afford 100K for a house. Now they go no you can afford more so they make more money when you really can't. Edited by Vyise, Oct 4 2008, 02:55 AM.
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| SpartanSinister | Oct 4 2008, 03:01 AM Post #10 |
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Specialist
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Yea, it's all a load of crap, and we get sucked into this stuff unwillingly. It's not right. But oddly enough the gas prices here have dropped 50-60 cents in the past month. They're around $2.97 and were bouncing between $3.50-70 last month. What a crazy economy we have. So, who do you guys think won the VP Debates, if you watched them? Biden and Palin both did great, but Biden kept saying Obama didn't do this or that when there is video evidence that he did. And for the lack of experience with public speaking that Palin has she did outstanding. Cool as a cucumber the entire time, and even knocked some jokes on Biden. "Say it ain't so Joe." Aha. |
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| thornes70 | Oct 4 2008, 03:21 AM Post #11 |
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Hooch Tester
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Gas prices dropped in '04 before the election, too. Some might say it's a conspiracy! 
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| Vyise | Oct 4 2008, 08:16 AM Post #12 |
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Active Member
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I don't care it's below 3 bucks im happy 
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| thornes70 | Oct 4 2008, 12:11 PM Post #13 |
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Hooch Tester
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LOL isn't it sad that we see a sign saying (at least where I live) gas: $3.75 and we think that's a GOOD deal?  I want me a hydrogen car. NOW DAMMIT! |
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| SpartanZypher | Oct 4 2008, 06:00 PM Post #14 |
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Vanguard
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As soon as they can find a cheap fast way of producing Hydrogen, you will. Until then, you're stuck with gasoline. Hmm, I wonder, if we do make the switch to Hydrogen, the saying "I'm going to go gas up my car" doesn't really apply anymore. So what will we say, "I'm going to water my car?" |
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| thornes70 | Oct 5 2008, 02:10 AM Post #15 |
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Hooch Tester
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Actually, they have found a few ways to produce cheap and fast hydrogen, it's the cars that we don't have yet. But they are working on it! http://www.nytimes.com/2007/12/09/automobiles/autoreviews/09HONDA.html |
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