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View Poll Results: Do you think the govn't should give Wall Street the $700b?

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  • Yes

    9 32.14%
  • No

    19 67.86%
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  1. #1
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    Default Do you think the govn't should give Wall Street the $700b?

    I would like to hear from US and Non-US members on this.

    What are your thoughts on the government bailing out Wall Street at the expense of Main Street.

    Are there any better plans or alternatives to get the crisis resolved?
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  3. #2
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    That money should be divided up amongst all people with a mortgage! Then there would be no more mortgage defaults. And the taxpayers would essentially be giving themselves a loan instead of bailing out a bunch of rich
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    This is a serious situtation that could have very catastrophic consequences on the economy.
    Credit lending has effectively stopped. No student loans, car loans, mortage loans or creditcards. In addition many companies temporarily borrow money to meet payroll.

    It is quite possible that if this happens you will go to the ATM and there won't be any money in it. As I said before it may be wise to keep some cash on hand.

    They have no choice but to give the 700 billion to avoid a cascading effect where the whole economy shuts down. However, I really do not want these assholes to get their bonuses. I think that's what pisses most people off the most.

    I wrote about this very problem in 2004 on my blog.
    http://webbahsblog.blogspot.com/2004_11_01_archive.html
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  5. #4
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    I'm not really convenced that the private sector can't take care of this issue.

    Not all of us need credit or depend on an employer or even have kids. Sure it will be bad for some folks as it relates to payroll, etc, but I think Wall Street needs to dig themselves out of this hole and folks need not see credit as the cure all for everyday living expenses.

    My mom just signed a deal where she got thousands of dollars as a loan yesterday so it's a matter of what TYPE of credit you are looking to get.

    This is a wake up call for many that are in over thier heads in credit as well as the investors that did not look in to what the hell they were investing in, but only looking to make a quick buck.

    Unfortunatly, there will be a lot of folks that are going to be negatively affected, but we can't just keep printing money or our dollar will be worthless sooner than later.
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    That money should be divided up amongst all people with a mortgage!
    I vote no.
    I want someone to pay my mortgage too! Most of these people where trying to live beyond their means so why should tax payers pay them for being stupid? And investing in wallstreet stocks is like gambling, sometime you lose. That the chance you take, even if you get cheated. There's no guarantees in life. Just my opinion since you asked.
    I have to say though if they use the money to free up the banks so they can make SMART loans then thats another thing, and any profits would have to go to the tax payers.
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    While not finalized yet, I don't believe the final product will be Mainstreet bailing out Wallstreet.

    It sort of started out that way when the Bush Administration presented it, and that notion has stuck in the minds of many people.
    That's why so many are up in arms right now.
    Actually we all are!

    This is typical Bush procedure.

    We go to WAR half cocked, and then find out it could have been avoided.
    Now it what it is, we can't just pack up and leave, so we have to deal with Bush's mistakes.

    Same thing on this bailout.
    It could have been avoided, but now we are stuck between a rock and a hard place.
    The bailout is bad, however, the alternative is probably worse.

    In the end, this won't STRICTLY be a Bailout of Wallstreet, but an attempt to rescue Mainstreet and Wallstreet simultaneously.
    Yes, it is a ****ty situation that could have, and should have been avoided, but I think we have to do it.

    In my world, it won't matter much. Like you say, not everyone is in dire straights, however, this bailout will stop 10,000 forclosures a day, and allow many of them to keep their homes and renegotiate their mortgages.
    That WOULD have a huge positive impact on Mainstreet, but you see, you have to bailout Wallstreet too so the money is there to re-work all of these mortgages and have a decent chance of recouping the money.

    If you let Wallstreet go down and wait until after the facts to take action, then there will be no chance to recover the 700 billion. We will still have to spend it after the economy is complete TOAST, but it will mainly be like putting a bandaid on butcher knife wound.
    Doing it now provides a pretty fair chance that we would get at least 2/3rds of it back.

    So, in the interests of the WHOLE, we should reluctantly support this, and MORE IMPORTANTLY, make damn sure they put the regulations in place so this can NEVER happen again.
    JMO, of course, and I respect all opposing views since there are no guarantees either way!
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  9. #7
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    Very good points CPA and I do agree with you that something has to been done.

    The folks that should get a break are the ones that can afford to pay their mortgage if it's reworked so they can stay in their homes. The investors, CEO and folks like Paulson (who got a $29m bonus while at Lehman) need to be on thier own and figure it out.

    I'm just thinking that scaring folks into a panic and asking us to 'throw more money' at the problem is not the answer and will cause us more problems in the long run.

    The government has never been able to run anything effeciently and I don't think they will start now.

    For the first time in my life I agreed with John Boehner and the other house republicans that just did not sign over the money and is looking for other options where the banks take on more of a burden in this crisis!
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    For the first time in my life I agreed with John Boehner and the other house republicans that just did not sign over the money and is looking for other options where the banks take on more of a burden in this crisis!
    That could be a whole thread by itself! LMAO

    This bailout is perceived as a Republican created problem, eventhough that's probably not 100% the case.
    Even still, this is an election year, and some them are up for re-election on both sides.

    Because of the crappy job Bush has done for 8 years, and now adding this mess to the fold right before an election,.... the Republicans that are up for re-election, and were ALREADY vulnerable might have been putting on a show for their voters.

    It certainly crosses my mind because the Democrats had all the safeguards they said they wanted in the bill before the House Republicans revolted after getting a bazillion emails and phone calls from their constiuents telling them NOT to Vote for a Bailout, PERIOD! LOL

    As usual, Politics are more important than just doing the RIGHT thing!
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  12. #9
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    Quote Originally Posted by GamTrak View Post
    I'm not really convenced that the private sector can't take care of this issue.
    The government is a last resort not a first resort. they go to the private sector first, apparently the private sector felt it was too risky.
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  13. #10
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    Quote Originally Posted by slotplayer View Post
    The government is a last resort not a first resort. they go to the private sector first, apparently the private sector felt it was too risky.
    Well if the house republicans have thier way the private sector will get involved and they also feel that the banks will have to pay into an insurance fund so it's not a done deal that Main Street is going to foot this crap just yet.

    Edit: I also wanted to say that if they do the bailout there are NO guarantee that things will not continue to crash and I still say that the private sector better understand that they need to step up and help out as well because THEY will be affected by this also. We all are in this and we all need to give a little to get out of it.

    While I know that other countries should not have to do anything, but they may want to remember that THEY will also be affected by this.

    We give up $700b today and then they come back and ask for a TRILLION more then what?
    Last edited by GamTrak; 09-27-2008 at 06:26 PM.
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