Thursday September 25, 2008 Talkback Question:
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Photo by Tony the MisfitHow do you feel about the proposed $700 billion dollar government bailout for Wall Street?
I want to know what you think about it. Feel free to share your thoughts (without profanity please). If you are new here, feel free to subscribe to SingleGuyMoney.
I think the 700 BILLION dollar bail out is ridiculous.
I support the notion put forward by Dave Ramsey. Check it out here: http://is.gd/33uN
I think it sucks. It will cost each and every taxpayer $5000, even though they say the government will get it back eventually. Yeah, right. Just like they gave our money back after the S&L fiasco and bailout.
Is anyone surprised that they are bailing out their friends, who all made mega millions on this btw, right before they leave? No one, I'm sure.
There have to be criminal charges, and I mean against every single person who was complicit in this, from the CEO's to the stock speculators to the mortgage brokers...ALL OF THEM! They've admitted they knew what they were doing, but they were making so much money, they didn't care. They should have and could have said NO to the overseas investors, but they were GREEDY! They are all walking away with hordes of cash, and they need to be forced to give some of it back to the people they took it from.
This is the most destructive and evil administration in the WORLD. They knew what was happening, and they too should be prosecuted. Aren't they there to protect us? Not this time...they were there to hurt us, to rape the economy and walk away laughing, with their arms around their Saudi and Chinese buddies.
The Bailout is horrible. I do not want to pay $5000 for it.
No thanks.
It is ridiculous. Maybe there is no other options at this point, but why should people who have nothing to do with this mess ending up paying for it? I agreed with frugal wench, there should be criminal charges against CEOs and stock speculators.
Oh now we want to say "I had nothing to do with this...so I should not be punished"..Ok, well maybe not directly, but yes we all were dancing at the money party when we took out a loan, bought a fund, sold a stock...oh yes...now we want to draw a line...where was the line when we were riding high on that bull market? Everyboddy wanted in then...and so they let you in...at your own risk...and ..we took it. I don't like the fact we have been irresponsible and the acts of some have now put the whole in a bad spot...but come on...the boat is sinking...can we stop the finger pointing long enough to get to shore for a proper burning at the stake...
I was thinking maybe if we took all the millionares in the U.S. that we have...including the CEO's of some of these large co.'s pay 1 million dollars to this bailout fund. And have them pay 1 million each-maybe giving us a boost...
jj..I think you would have significantly less buy in for that plan than the Paulson plan :-) But that's an interesting idea
I truly do not think the government has thought this through. Yes they've been in meetings for how many days and how many hours and probably heard plenty of testimony from all these great experts, but do they think that this will just erase all of the problems America's economy is facing? Probably not. Will this more than likely create even more problems? Probably. It may not surface until a couple months down the road. I just don't understand how or why we need to bail out these companies. Didn't they screw up in the first place? Isn't this all part of the business cycle? And isn't capitalism a Darwinian type of market? Survival of fittest? Well these companies are obviously not strong enough because they took too many large risks and failed. I sure as hell don't want my tax money going towards companies that messed up. But the government hears from the companies that if they don't fix their errors, the country will sink into a great recession and people will lose jobs, etc. While that will all be terrible, and I am not condoning that this should happen, I just don't see how this plan will fix everything and suddenly within a day, everything will be back to where it was before. This has been inevitable for some time now but the government has been trying to prevent it from happening that now the crash is going to be even bigger than it would've been. Sorry for such a long ramble, I just think this whole thing sucks a big one.
@livelaughlove32 There is a deeper problem not being exposed by the media and that is a plan is needed because our credit markets are frozen and in our fractional banking system that is a very bad thing as we run on credit.
Consider the 10.00 bill you have, it is only money because we say it is money but really it is just an IOU. So as crazy as this sounds all we do is pass IOU's around and call that cash.
Thus we need something that will thaw the market and get things moving again, something that will allow the sub-prime loans to be considered worth something so they can be sold, etc.
I really like the plan Dave Ramsey laid out here, check it out. http://is.gd/33uN
Awful.... when we make risky bets and lose our shirts where is Uncle Sam? But when the rich do, there goes Uncle same taking his own shirt off to cover them.