well now this should be interesting. no point in buckling your seat belt since the roller coaster just derailed....
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$700 billion bailout bill just got rejected!
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Originally posted by Stephen Fry View PostHow will this affect the US economy? I've not really followed it.
it sounds nice and fair and of course there IS potential for the economy, and the banks, to recover. but there's now potential of a much greater disaster that could surpass the Great Depression.
a lot of these large banks (Washington Mutual, Wachovia, Lehman) were taken over by other larger banks who haven't taken as bad of a beating (Bank of America, JP/Chase, Citi).
my question is how many of these huge banks were counting on the bailout to help relieve them in the acquisition? will this disease spread to our largest financial institutions now? if so, we're screwed beyond screwed.
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Originally posted by Cptn. Howdy View Posti'm not really sure but the potential of complete disaster is definitely on the verge. granted, the main opposition towards this bill is people saying to leave the banks alone, let them suffer, and the economy will naturally rebound.
it sounds nice and fair and of course there IS potential for the economy, and the banks, to recover. but there's now potential of a much greater disaster that could surpass the Great Depression.
a lot of these large banks (Washington Mutual, Wachovia, Lehman) were taken over by other larger banks who haven't taken as bad of a beating (Bank of America, JP/Chase, Citi).
my question is how many of these huge banks were counting on the bailout to help relieve them in the acquisition? will this disease spread to our largest financial institutions now? if so, we're screwed beyond screwed.
Everyone who lost a house and ****. It's only fair.
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