Senate backs bail-out plan

[typhoeus]

http://money.cnn.com/2008/10/01/news/economy/senate_rescuebill2/index.htm?cnn=yes

http://www.usatoday.com/money/economy/2008-10-01-washington-bailout-wrap-Wednesday_N.htm

Oh joy.  Let's bail out the businesses that screwed up, and here's an even better idea: Let's do that by having the US government buy those troubled assets, with money borrowed from some other country.  I mean, they're happy to bail us out, right?  That way, I can get taxed even more, along with the rest of my generation.  Hey look, Obama voted for something!

Obviously, I'm pretty ticked about our government getting more billions in debt.  Our only hope is that the House will stand their ground, but probably not.  Any other opinions on this?  Go ahead, vent.  Tell me if you think I'm wrong, just don't flame.  At least, not too much.

[patio]

This is not a Political Forum...the last 2 or 3 discussioms along this line have produced less than favorable results...

The above is only my opinion and not to be mis-construed as a general train of thought,

[BC_Programmer]

In this case, I'd be curious to hear how people can rationalize such an obvious act of fascism.

[typhoeus]

Now the house has backed it.  Run in fear, hide in caves, and flee across borders, for economic collapse is close now, just around the corner.  I urge all to horde food, gas, and ammunition.

Ok, so I may have over-reacted, but it still sucks.

[kpac]

IMO, America is the world's financial backbone, and when it breaks, everything else is paralysed.

[BC_Programmer]

IMO, America is the world's financial backbone, and when it breaks, everything else is paralysed.

Actually, when it breaks, the world will be in turmoil for a short period, and then some other country will come to the fore.

[Aegis]

The businesses screwed up because the government has spent the last thirty years or so pretty much deregulating just about everything.  The businesses fail to properly regulate themselves.

I don't blame ya for being torqued, Ty...but it's been allowed to go too far, and they know it, so now they have to do something.

[typhoeus]

I was talking about businesses who offered people mortages when they knew those people most likely weren't going to be able to pay them off.  But perhaps you're right.  After all, what's another few hundred billion now?  I'm just sad me and my generation will have to pay for it.

I just got a phone ad about voting republican because, it said, the next president can appoint 3 more court justices.  It made me think: There is no chance for a third party this election.  There's too many people rallying to one big side or the other. 

[BC_Programmer]

"They" of course in this case being the taxpayers...

[typhoeus]

Which "they" are you referring to?

[BC_Programmer]

Which "they" are you referring to?

sorry you posted right before me

this one:

... so now they have to do something.

[evilfantasy]

Actually "they" (the government) encouraged the high risk loans. There are a lot of people at fault here. I just wonder why everyones credit can't get paid off also. That would be fair and would do a lot for the economy.

[Aegis]

My "they" was the government which allowed all this to happen.

Yes, loans were given to people who never had the means to pay them back, but what I don't hear people talk about were the loans given to people who could afford them at the time, but then lost the good-paying jobs which allowed them to make the payments.

[evilfantasy]

Thats what I was getting at. Freddy and fanny are getting bailed out. What about John Q. Public? Nothing.....

[typhoeus]

My "they" was the government which allowed all this to happen.

Yes, loans were given to people who never had the means to pay them back, but what I don't hear people talk about were the loans given to people who could afford them at the time, but then lost the good-paying jobs which allowed them to make the payments.

Believe me, I know about that.  We were lucky we had everything payed off when my father got layed off by a corporation whose stupid leadership got a golden parachute. 

I do feel sorry for people who had jobs, then lost them and can't afford payments.  On the other hand, some of them were acting stupid by living paycheck-to-paycheck when they could've been saving money away which would've allowed them to make those payments for awhile.  But really, you shouldn't be making payments on much, except perhaps your house or car.  And just because you have a good job doesn't mean you should get a big house, just an adequate one will do.

What about John Q. Public?

He has had his money and a lot of rights taken away.  More are being taken away all the time.  And he sits idly by, like a frog in water that is getting constantly hotter.  A person may be smart, but people are stupid.  He is slowly losing his voice.

[BC_Programmer]

My "they" was the government which allowed all this to happen.

I know- I was merely digging one deeper- the government, after all, get's the money to pay for this bail-out from tax dollars.

[street1 (RIP)]

We are lucky in Georgia we can crossover vote.I am Republican.

I vote for John McCain,then I vote for John Barrow.

Although John Barrow is a Democrat he voted 'NO' on the stupid and
embarrassing bailout so,I will vote for him November 4th.

I can't believe 85% of the population was against the bailout and
those fools still voted it in.

I am one very angry voter!!!

[Aegis]

I've been angry since the dot-com crash of the early 2000's.  That's when our economy started its long slide downward.