$700 billion bailout bill just got rejected!

[Hitman932]

Except for the fact it will cripple new and existing small businesses that need to borrow money to make money.

Hey! here is an idea!

If you want to start a new business you should actually have some ****in money instead of borrowing it all.

[Spare Moody]

...He could be right, but he's also pretty ****ing old and senile nowadays. The fear is that more and more banks and financial institutions will fail and the consumer will lose confidence completely. You will then have a serious run on the banks, people will pull their investment funds, and all hell will really really break loose.

If you leave it alone the market may corect itself eventually. The bailout wasn't guaranteed to work anyway and it should have been structured differently. Look for serious revisions and a new plan to come through in the next week or so.

...BTW, all of Euro's talking **** and getting a laugh can go ahead and laugh while you can. What happens to us will eventually happen to you and in fact it already is.

but if the fear is that more banks will fail then why would we block a $700 billion bail? i understand that confidence would be a lot worse if they fail AFTER the aid vs. failing on their own but to me it makes more sense to focus on getting this resolved pronto.

i am looking forward to the new plan though. another week in delay is no big deal, especially since it will probably mean the difference of a plan that works vs. a plan that doesn't. i'm just afraid that they'll do nothing at all...

[Jim Jeffries]

but if the fear is that more banks will fail then why would we block a $700 billion bail? i understand that confidence would be a lot worse if they fail AFTER the aid vs. failing on their own but to me it makes more sense to focus on getting this resolved pronto.

i am looking forward to the new plan though. another week in delay is no big deal, especially since it will probably mean the difference of a plan that works vs. a plan that doesn't. i'm just afraid that they'll do nothing at all...

Well we have a two day recess due to Rosh Hashanah, but after that they should be able to start working on a better bill. Maybe even one that doesn't cost 700 billion dollars.

[Spare Moody]

Anybody with a lot of money in investment (buffett) will support the buyout whether it is right thing to do or not because quite simply they are losing money as the market takes a ****.

bull****. Buffet has billions regardless. and don't say he just wants more billions. the guy pledged away 90% of it to charity. hell, he still drives a 2001 sedan with a license plate that says "THRIFTY" so it's highly irrational to say his opinions are biased on his own personal greed.

i would say his opinions on the stock market make sense because his opinions on the stock market have made him more money from it than any other person in history.

Hey! here is an idea!

If you want to start a new business you should actually have some ****in money instead of borrowing it all.

there are no business loans that give you 100% funding and never have been. all require extensive scrutinizing as well as $$$ in the backing. the defaulting loans that kickstarted this were not business loans either.

sure you could eliminate small business funding...........then watch our economy tank even further when there's a fraction of the availability for businesses to start, employ people, and circulate money around.

[Hitman932]

but if the fear is that more banks will fail then why would we block a $700 billion bail? i understand that confidence would be a lot worse if they fail AFTER the aid vs. failing on their own but to me it makes more sense to focus on getting this resolved pronto.
.

1. 700 billion for what exactly? "For the banks" seems a little vague for so much money. The people have spoken and the people who "represent" them have decided to listen to the voters 5 weeks before an election. The message to GW Bush and WaMu "Go **** yourselves"

Why would they do/say any differently?

2. Ultimately allowing these banks to fail and refusing the bail out is the only way to restore the faith of the average citizen in our banking system.

If i open a restaurant tomorrow in a ****ty location with a ****ty loan and treat my customers like **** and go out of business who is gonna pay me back?


If the government wants to give away money they should take that 700 billion and send out a check for 10,000 dollars to every adult in the country.

[BrooklynBomber]

Look, in reality, this crisis is yet another scare a la SARS, Bird Flu, or whatever else they were coming up to keep the people in check.
Will the average Joe Schmoe be affected by this crisis? Not much, as for rich folk, they might all as well ****ing die.

[JoartCC]

Well we have a two day recess due to Rosh Hashanah, but after that they should be able to start working on a better bill. Maybe even one that doesn't cost 700 billion dollars.

Vote for McCain...

Im sure he can find better ways of surpassing Bush when it comes to goverment bankruptcy.

Personally I want the puppet McCain to win and let America suffer another Lehman...

Maybe then Americans will learn...

Maybe not.

[Hitman932]

bull****. Buffet has billions regardless. and don't say he just wants more billions. the guy pledged away 90% of it to charity. hell, he still drives a 2001 sedan with a license plate that says "THRIFTY" so it's highly irrational to say his opinions are biased on his own personal greed.

Did I say he wants more Billions? No

Did I say Warren Buffett was stupid or greedy? No

Is Warren Buffett losing billions right now? YES.

Does Warren Buffet want to lose billions more? NO

And spare me the details about Buffett, I know all the all about how thrifty he is. It's not relevant to the discussion.

You're basically saying Buffett doesen't care about losing money because he has so much of it. Now that is laughable.


Berk-A stock was down $1,600 per share today alone, I'm sure Buffett doesen't mind. Nor does he mind that shares are down almost $18,000 per share since this time last year. Right.

I'd also point out that these are excellent investments. There is nothing fundamentally wrong with them and that is why Buffett cannot stand to seem them lose. Fundamentally of course he favors the bailout simply because the investment industry is the lifeblood for everything, especially his charitable donations. I gurantee you that if you let Warren go over the whole 700 billion with a fine toothed comb he would come back and say it could be done for significantly less.

[Spare Moody]

1. 700 billion for what exactly? "For the banks" seems a little vague for so much money. The people have spoken and the people who "represent" them have decided to listen to the voters 5 weeks before an election. The message to GW Bush and WaMu "Go **** yourselves"

Why would they do/say any differently?

2. Ultimately allowing these banks to fail and refusing the bail out is the only way to restore the faith of the average citizen in our banking system.

If i open a restaurant tomorrow in a ****ty location with a ****ty loan and treat my customers like **** and go out of business who is gonna pay me back?


If the government wants to give away money they should take that 700 billion and send out a check for 10,000 dollars to every adult in the country.

naw, i agree that on one hand, it sets a poor example towards faith in our banking system. but, on the other hand, something hasta be done to immediately prevent our entire financial structure from collapsing. we're not just talking about a small restaurant here.

and i agree that the best policy has traditionally been to allow the economy to bounce back naturally. but the economy only saw something this catastrophic ONCE before and it crippled us for a pretty long time (if WW2 hadn't started, it may have been a lot longer). so i just don't know if we're really in the best position to be saying to simply let it alone because we're now in a global economy and a 2nd great depression has potential of collapsing us for generations to come.

i'm not disagreeing on the decision process at all. it was voted against so be it. and, believe me, i would rather see a less expensive alternative. but i have no idea what that could be so at this point it's just a matter of hoping that our government does...

[Nicky_Hatton]

Is it right that we privitise profits, and socialise debts?

Of Course not, but like we have a choice at the moment!