PSX5Central
Non Gaming Discussions => Off-Topic => Topic started by: GmanJoe on September 29, 2008, 11:23:48 AM
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Aww shucks. I was about to borrow $100K equity loan on my home (which is fully paid).
Wonder if the banks will have enough guts to give me credit.
OH...WATCH THE VIDEO I POSTED: Money is Debt
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What video?
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http://www.psx2central.com/forums/showthread.php?t=40698
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you liar, there be no video
edit: Oh.
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Hello Mr. Off Topic: We have a forum called "Current Events and Political Debate," in case you were not aware.
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Don\'t bail em out. Let the market correct itself.
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Hmmm...i don\'t know what to think...the market lost over a trillion dollars yesterday. That is definitely going to impact some folks...i think they should\'ve passed the bill..people are saying don\'t bail them out, but what happens when this situation causes the company you work for to lay you off? Then i\'m sure people would have second thoughts. As long as people are not being affected by it, people will say resist it,..but as soon as it affects their life, then people will start crying over it.
And it seems that a certain amount of republicans that was going to support the bill, changed their mind at the last minute because of a speech nancy pelosi stated? At a time in which the economy is on the brink of collapse these people would rather have the economy fail than help the country... pathetic. And i realize that there are people from both sides that do not want this bill, but i think they need to do something...i don\'t think they should wait until companies start laying folks off because there\'s no money being circulating in the economy,..it\'ll be far too late by then.
But some have stated that there is no real crisis and that the markets are fine, and i disagree...there\'s a serious problem with the economy and these big financial firms falling off the map is a cause for concern....i\'ve heard that this bill is not greatest, but it\'s a whole lot better than what was originally presented...and my thing is that i strongly felt that it should have some type of documentation for the folks facing foreclosure due to those sub-prime loans.
Yes, people should have known better, but the banks are responsible here as well, let them take a hit on the interest and allow these folks to finish payin\' off those loans at a rate they can afford..
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Pelosi should have kept her mouth shut. It was a stupid speech to give right before a vote. Some leadership eh? Barney "the Fag" Frank should keep his mouth shut too since this is mostly his doing.
The market should be allowed to correct itself. That is what capitalism is.
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How\'d they come up with 700 billion figure? Was that just thrown in out of kneejerk reaction?
Any economists in agreement with this number?
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How\'d they come up with 700 billion figure? Was that just thrown in out of kneejerk reaction?
Any economists in agreement with this number?
It was a random number. Idiots.
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I agree with Giga... no bailout
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I am taking a beating with my retirement on this, but no way should the government bail them out.
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If we let the market fix itself... what are we looking at? No more loans? Homeless people? Banks crashing? Just curious about what\'s ahead if we do nothing.
I\'m not excited about spending $700 billion of tax payer money to help people who took out loans they couldn\'t afford and the banks that were stupid enough to dish it out, if that\'s what\'s causing this. But what are the ramifications?
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we are long overdue for a market correction...(especially the housing market). Only problem is we\'ve bouyed the economy for quite a while now on credit and now that credit has dried up.. the correction is going to be pretty severe.
My 401K is in the tank too... but I\'m young enough that I\'m not too worried. I figure I\'m buying while everything is on "sale". The market will pick up within the next 5 years and my return will be quite handsome in another 10 years or so (I hope).
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I reduced my 401k from 10% to 5%.
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we are long overdue for a market correction...(especially the housing market). Only problem is we\'ve bouyed the economy for quite a while now on credit and now that credit has dried up.. the correction is going to be pretty severe.
My 401K is in the tank too... but I\'m young enough that I\'m not too worried. I figure I\'m buying while everything is on "sale". The market will pick up within the next 5 years and my return will be quite handsome in another 10 years or so (I hope).
That is a good outlook. I am thinking the same thing.
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I reduced my 401k from 10% to 5%.
I am in the same situation as everyone else on my 401K, but I think that reaction is the opposite of what you want to do. You should be maximizing your contribution and buying right now (if you can afford it).
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Had that thought as well. Buy low, as they say. I just picked up 401k papers today to continue contributing to my existing plan from my last job...
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Don\'t bail em out. Let the market correct itself.
Absolutely could not agree more. This shit happened because of flaws in the way people were doing things, and people being stupid and greedy. Let them learn their lesson. It\'ll correct itself.
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I am in the same situation as everyone else on my 401K, but I think that reaction is the opposite of what you want to do. You should be maximizing your contribution and buying right now (if you can afford it).
Well, I reduced it before this fiasco. I just bought a new house. Need more liquid assets to get a few things added like blinds, home theater seating and projector, Big Green Egg grill (the best of the best for grilling/bbq\'ing).
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The Panic of 1873
1) Followed a period of post Civil War economic overexpansion
2) The Black Friday panic of 1869
3) The Chicago fire of 1871
4) The outbreak of equine influenza in 1872
5) The demonetization of silver in 1873
VS.
Sub-Prime Crisis of 2008
1) Follows a period of post World War 2 economic overexpansion
2) The Tech-Bubble Burst of 1999
3) September 11, 2001
4) Inflated gas pricing
5) ??? THE BAILOUT BILL ???
^^^I found this at some random site...the comparison is interesting.
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Here\'s some of the the stuff or "pork" that was added to the 700 billion bailout, which actually added another 150 billion,...republicans did not like the first bill the dems sent to them, so they loaded up on the pork and now it gets approved,....and it seriously has me questioning how much of a crisis that we are actually in....everybody was saying that if we don\'t do something quick everything will fall,....now that we have a bill with something for everybody, all is well?...i smell bulls**t of the highest order brewing.....there are some good things in it, but there are also ALOT of things that are not neccessary....here\'s a small of some of the things they added to the new bill...which puts it at about 850 billion by the way...
Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and the Virgin Islands.
Sec. 309. Extension of economic development credit for American Samoa.
Sec. 312. Deduction allowable with respect to income attributable to domestic production activities in Puerto Rico.
Sec. 314. Indian employment credit.
Sec. 317. Seven-year cost recovery period for motorsports racing track facility.
Sec. 321. Enhanced deduction for qualified computer contributions.
Sec. 324. Extension of enhanced charitable deduction for contributions of book inventory.
Sec. 325. Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds.
Sec. 401. Permanent authority for undercover operations.
Sec. 402. Permanent authority for disclosure of information relating to terrorist activities.
Sec. 502. Provisions related to film and television productions.
Sec. 503. Exemption from excise tax for certain wooden arrows designed for use by children.
Sec. 504. Income averaging for amounts received in connection with the Exxon Valdez litigation.
Sec. 505. Certain farming business machinery and equipment treated as 5-year property.
Subtitle B—Paul Wellstone and Pete Domenici Mental Health Parity and
Addiction Equity Act of 2008
Sec. 511. Short title.
Sec. 512. Mental health parity
There\'s far more other stuff that they added that deals with renewable energy and i kinda agree with some of those policies, but here? just look at some of the stuff they want added....an absolute waste.....s**t like this just makes me believe that bush & co. were conjuriing up scare and fear tactics just to save wallst. Both parties should feel ashamed for how they proceeded during this crisis if there was truly one....politicians are afraid to sign on this bill fearing that if it doesn\'t work, they\'ll be blamed for it, yet they want to take credit for it at the same time if it does works,..both sides are playing games.
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Here\'s some of the the stuff or "pork" that was added to the 700 billion bailout, which actually added another 150 billion,...republicans did not like the first bill the dems sent to them, so they loaded up on the pork and now it gets approved,....and it seriously has me questioning how much of a crisis that we are actually in....everybody was saying that if we don\'t do something quick everything will fall,....now that we have a bill with something for everybody, all is well?...i smell bulls**t of the highest order brewing.....there are some good things in it, but there are also ALOT of things that are not neccessary....here\'s a small of some of the things they added to the new bill...which puts it at about 850 billion by the way...
Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and the Virgin Islands.
Sec. 309. Extension of economic development credit for American Samoa.
Sec. 312. Deduction allowable with respect to income attributable to domestic production activities in Puerto Rico.
Sec. 314. Indian employment credit.
Sec. 317. Seven-year cost recovery period for motorsports racing track facility.
Sec. 321. Enhanced deduction for qualified computer contributions.
Sec. 324. Extension of enhanced charitable deduction for contributions of book inventory.
Sec. 325. Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds.
Sec. 401. Permanent authority for undercover operations.
Sec. 402. Permanent authority for disclosure of information relating to terrorist activities.
Sec. 502. Provisions related to film and television productions.
Sec. 503. Exemption from excise tax for certain wooden arrows designed for use by children.
Sec. 504. Income averaging for amounts received in connection with the Exxon Valdez litigation.
Sec. 505. Certain farming business machinery and equipment treated as 5-year property.
Subtitle B—Paul Wellstone and Pete Domenici Mental Health Parity and
Addiction Equity Act of 2008
Sec. 511. Short title.
Sec. 512. Mental health parity
There\'s far more other stuff that they added that deals with renewable energy and i kinda agree with some of those policies, but here? just look at some of the stuff they want added....an absolute waste.....s**t like this just makes me believe that bush & co. were conjuriing up scare and fear tactics just to save wallst. Both parties should feel ashamed for how they proceeded during this crisis if there was truly one....politicians are afraid to sign on this bill fearing that if it doesn\'t work, they\'ll be blamed for it, yet they want to take credit for it at the same time if it does works,..both sides are playing games.
Both McCain and Obama voted for this crappy bill. WTF? Our government sucks. Now California is wanting 7 billion... Once the government starts handing out money everyone wants some. Big government = bad.
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Fuck those that squander opportunity and resources. Someone else will come along to replace them. Unfortunately, with these large institutions, it will be the Arabs and the Chinese. :(