Government says, "All your banks are belong to US." (was Freddie and Fannie thread)
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House of Reps? Who needs 'em? The Federal Reserve just tossed $630 billion into the economy anyways
http://www.bloomberg.com/apps/news?pid=20601087&sid=a9MTZEgukPLY&refer=home
http://www.bloomberg.com/apps/news?pid=20601087&sid=a9MTZEgukPLY&refer=home
Keef
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Is it possible that the bug was put in the system by someone who thought the were fixing a problem, but instead incited consequences that wouldn't be realized for years to come? Seems to me like a capitalist system would operate just fine according to supply and demand. But when someone sees a problem that isn't actually a problem--hey let's give poor people free money they can't pay back--then they fix the fake problem. There's your bug. Now we're suffering unforeseen consequences of fake solution to a fake problem. And it was because someone was being nice. I like how the laws in this country don't give any provisions for courtesy. The road to hell is paved with good intentions, etc.
But then again you have to wonder if it's even possible to modify a system unnaturally. Maybe America has changed and is on its way to a communist revolution...
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- nk4e
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Ahh, leave it to The Daily Mash to inject humour into it all (Slight language warning)
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^^^Classic!
I wonder how this is all going to pan out?
What would a reasonable bail-out amount or plan be... more money like some banks contend... or less, like the politicians are asking for?
RE: doctor question... it might make more sense if we consider those doctors as selling billions of dollars worth of narcotics to druggies without once asking how they were going to pay for them or what they were going to use them for.
Doesn't directly address the banks that are going under... but it helps, anyway.
I wonder how this is all going to pan out?
What would a reasonable bail-out amount or plan be... more money like some banks contend... or less, like the politicians are asking for?
RE: doctor question... it might make more sense if we consider those doctors as selling billions of dollars worth of narcotics to druggies without once asking how they were going to pay for them or what they were going to use them for.
Doesn't directly address the banks that are going under... but it helps, anyway.
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- YSSMAN
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Maybe if we called it a "rescue" more people would like it?
Its hard to say what the better option would be. Not being completely in-tune with economics, I don't have good answers. Unfortunately I'm on a bit of a "pick/choose" status with what the GOP and DNC folks have been talking about.
...I should find out what my Congressman says about it...
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- FoolKiller1979
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Although I applaud the attempts to resolve this crisis with a bilateral/non-partisan approach, I can't help but wonder what damage this debacle is doing to the Republican party, with 2/3rds of the party failing to support the President (although arguably it is the President who is failing to tow the party line)... perhaps it is very fortuitous timing that this is happening now and not 3 years ago... or in 6 months time (well, it might very well still be happening then...) but in terms of revealing GWB as a lame duck president, it has been devastating.
In many regards, however, it is heartening to see that even the President cannot simply muster blind support in the blinking of an eye...
edit: And look, more doctor analogies
http://www.guardian.co.uk/commentisfree/2008/oct/01/useconomy.congress
In many regards, however, it is heartening to see that even the President cannot simply muster blind support in the blinking of an eye...
A case in point... GWB continually refers to the package as a "rescue plan", not a bail-out...Foolkiller
edit: And look, more doctor analogies
http://www.guardian.co.uk/commentisfree/2008/oct/01/useconomy.congress
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Although I applaud the attempts to resolve this crisis with a bilateral/non-partisan approach, I can't help but wonder what damage this debacle is doing to the Republican party, with 2/3rds of the party failing to support the President (although arguably it is the President who is failing to tow the party line)... perhaps it is very fortuitous timing that this is happening now and not 3 years ago... or in 6 months time (well, it might very well still be happening then...) but in terms of revealing GWB as a lame duck president, it has been devastating.
In many regards, however, it is heartening to see that even the President cannot simply muster blind support in the blinking of an eye...
A case in point... GWB continually refers to the package as a "rescue plan", not a bail-out...
edit: And look, more doctor analogies
http://www.guardian.co.uk/commentisfree/2008/oct/01/useconomy.congress
I counter your Stiglitz: http://blog.mises.org/archives/008539.asp
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Right. "Rescue Plan" is the official term. Bailout is a media created term, that just happens to better define it.
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*bump* The House Votes for $810B "Rescue Plan"
Read about it here on Politico
Interesting to note that Speaker Pelosi just noted that it would have been nice if "we had a better bill," something that has been said by many representatives in both houses, all of which is usually followed up by the phrase "something had to be done."
The issue now is whether or not this will un-freeze the credit markets, which is beginning to cause big issues companies both big and small.
Read about it here on Politico
Interesting to note that Speaker Pelosi just noted that it would have been nice if "we had a better bill," something that has been said by many representatives in both houses, all of which is usually followed up by the phrase "something had to be done."
The issue now is whether or not this will un-freeze the credit markets, which is beginning to cause big issues companies both big and small.
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Historic bailout bill passes Congress; Bush signs
and the url say http://news.yahoo.com/s/ap/financial_meltdown
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Looks like the "rescue plan" drowned the victim.
Market Ticker sums it all up quite well:
"Thanks, Jackoffs."
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For that matter, the rest of the world is still unconvinced that we "fixed" this big problem that we created. Markets globally are falling, earlier the Brazillians were down 15%, we're trading down by more than 5%, and Europe as well as Asia didn't fare well either (down 8%).
I've heard we're looking at two years before were anything close to "in the clear." Hooray.
I've heard we're looking at two years before were anything close to "in the clear." Hooray.
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Danoff
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I don't know how anyone who buys a house isn't be aware of the "side affects". It's spelled out in the contract you sign for the loan. You even have to sign something acknowledging that your house might lose value. If you're that careless with that much money, you deserve to get spanked.
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Now the Pope has chimed in on the credit crunch, too... perhaps you could call it a "prophet warning"? 
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Now the Pope has chimed in on the credit crunch, too... perhaps you could call it a "prophet warning"?
The Pope
he said yesterday ....from his gilt-leaf palace
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The Pope is right. However, your Archbishop of Canterbury isn't. The bible constantly calls for honest weights and measures. So to compare our banking system to a house on sand is a pretty good analogy. I'm assuming the word of God is an honest system of measures, which, indeed, is the only way to have a solid foundation.
