SuperEconomics

[JL77]

Interested to hear everyone's thoughts on the failed bailout plan, largest single day point loss in Dow history, etc.

Are you happy the plan didn't pass? Would you prefer the government allow our economy to act like a true free market system instead of trying to save the irresponsible banksters?

Or would you rather get a bailout pushed through to start rebuilding confidence and hopefully go up from here?

[kunk75]

i am limited in my understanding of the way this works, but my biggest issue was with what seemed like an arbitrary number (700 billion) and the fact that it seemed more a cosmetic fix to boost confidence. also think it was geared to ibankers and not sure how it would help traditional banks.

[azn8oi]

All I know is that I'm very glad not to be back home in LA right now and getting ready to graduate and wanting to buy anything involving credit....

PHEW.

oh yeah, and I honestly expect to come back home to the pre-stages of a Civil War (5.5)

[sidneylo]

Money is debt.

[kunk75]

^in a nutshell, yes. he's right. but voters want quick fixes. like ny sports fans.

*** l AM NOT A PAUL-ITE ***

ticytEUvVhQ

I won't pretend I understand what's going on, but this explanation seems to make sense. Can someone poke some holes in it for me?

[sybaritical]

Thing that gets me here is, the British government ineffectually nationalised the B&B bank today using taxpayers money without the merest hint of a vote and proportionally, it's a bigger financial deal than your $700bn bail out.

[alterion]

IMO a few points, from a serious financial non-expert

1. the world economy is fucked, the level of "junk debt" being leveraged by the major corporations exceeds the total GDP of the entire world...$700bn won't save the situation.

2. What you will never hear mention of in he american press is who the banks owe the money too, if you are in debt that means you need to pay someone, banks gave out shit loans to homeowners and put themselves in debt, but then levaged this money and sold it off , there is no less money in the system now than before, its just that the countries with productive assets are now utilising the position of power they have over western democracies, chavez wasn't worried about the venesuelan economy last week at the UN was he - because the venesuelan econmy is doing just fine comparitivly, Russia and China have the west bent over here and the west can do nothing to stop them

3. Thh way western governments have responded is entierly political, if they disenfranchise the home owners that took out the shitty loans they face losing the next elections because millions of people end up without good housing, in addition wall street resististance deregualtion without reward is so pracsisted and well funded that it becomes essentially meaniingless to attempt to punish the banks. Thus governments have elected to increase national debt to buy out the lonas and rely on long term property trends to bail them out. But there is no clear idea of how this is going to work, or even if it will work with western coutries becoming preportionatly less wealthy.

[skistar]

I'm glad it didn't pass as it was submitted for the vote today. While I obviously don't have solid numbers everything I've read has said that even from since last week major changes have been made to take a huge burdon off the taxpayers (us if you're in the states). I think that this initial vote not passing will make many of the people ammending the bill flex on the terms and details to make it more appealing to the general public in hopes for the next modified version to be passed. In the long run, it will be better for taxpayers as they continue working on it knowing it won't pass how it was originally presented.

/hopefully :/

[ExileOnMainSt]

this is not the first time a bailout has happened

remember that whole thing with the nikki index in the 80s? holy fuck, now that was bad

[billy.]

^in a nutshell, yes. he's right. but voters want quick fixes. like ny sports fans.

STOP BUYING POINT GUARDS.

GET A BIG MAN.

[ProfMonnitoff]

quick answer: ron paul is dumb as fuck. hope this helps

[polishmike]

i'm glad it didn't pass and yes, ron paul is dumb but he is right in that video.

[ProfMonnitoff]

so have any american posters gotten robbed for eggs and milk yet?

[ProfMonnitoff]

oh paul you crazy diamond, one day the gold standard will reign again <3

[Guest Phrost]

superfuture doesn't cry over spilt milk unless it lands on jawns

[ProfMonnitoff]

if any of yall copped the silver selvedge dior jawns maybe now its time for yall to extract that selvedge and trade for food stamps? team ramen cant live on if the demand for ramen skyrockets!!!

[Servo2000]

The New American Homeless: finally a use for all that "Quality" and "Life Long" clothing you were buying.

[larssss]

i wonder how much this american "crisis" will effect canada. we're each others biggest trading partners, i've always been told that if america goes down canada is coming down with it.

get your shit together america, we are counting on you.

[mrip]

get your shit together canada, we are moving to you

[headcoat]

i wonder how much this american "crisis" will effect canada. we're each others biggest trading partners, i've always been told that if america goes down canada is coming down with it.

get your shit together america, we are counting on you.

Its not an American crisis. Everything is interconnected in this free-trade global economy, and it will all topple from Wall Street down. This shit is worse than you can ever imagine and it is the single greatest disaster of our lifetimes. Times are bad ahead, get ready.

[jayrock]

earn more, save more, don't hold debt

[kunk75]

if by dumb you mean the only reasonable voice in dc then i agree.

i'm glad it didn't pass and yes, ron paul is dumb but he is right in that video.

[kunk75]

my wife owed 5k on a credit card. i offered to settle it with the cc company for 1700. they bit. when cc companies bend over we are in trouble.

[headcoat]

my wife owed 5k on a credit card. i offered to settle it with the cc company for 1700. they bit. when cc companies bend over we are in trouble.

was this today? How did the negotiations go? I should do this for some of my old hospital debts.

[kunk75]

^yeah this morning. negotiated down my student loans this month too. 40k to 33k.

[salaryman]

what kind of tactics do you use Kunk?

[kunk75]

whining and crying. in fairness i had gone nearly 8 years without a late payment as did the wife, so i think they saw it more as an anomaly that i'd been late.also, i had a huge tax bill to pay so i had a solid reason and debt (fed income tax) that didn't leave me much wiggle room. i was never one to complain but by calling and calmy explaining and not being combative but still essentially moaning and begging, you can get a lot done.

[salaryman]

was just wondering because in school I was taught two basic methods

1) like you said, go in with a solid record and beg--give a decent sob story and they are like to cut at least a little off. beg proficiently and persistently and they will cut a good chunk off.

2) go in armed and informed, tell them how you plan to switch cards because other companies have better APR rates, etc. tell them they should cut your rates and up your limit and they will usually bow to your demands. This obviously works more with credit card companies than lending agencies.

Again, like you said, if you have a good record of payment you have a lot more bargaining power.

[broneck]

get your shit together canada, we are moving to you

go to alberta. we need you there. tim horton's pays $25/hr.

[broneck]

also, i really don't understand how pumping $700bn back into an economy that just shit the bed so horrendously without seriously understanding the ramifications of doing so will help anyone...

additionally, go to www.thecomedynetwork.com and check out Jon Stewarts Sept. 23/08 interview with Bill Clinton. Fuck I love that guy.