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  • Bailout passes, market crashes farther.

    So the thing has survived, congress has once again kneeled before the all powerful bankers, and the market closes lower today than than it did last monday. Not a peep from any major news source about the coincidence, and instead the VP debate is all the rage.
    Thoughts?

    http://www.marketwatch.com/tools/marketsummary/

  • #2
    Re: Bailout passes, market crashes farther.

    It appears to me that the media is the cause for all of this, making the situation worse by preying on our fear. IMHO, the bail-out came too late and I don't we even needed it.




    "Certainly, being bombarded with 105 millimeter shells is bad. But the knowledge that you've armed your enemy thus, with your sloth and your ineptitude, unfolds in the heart like a poison." Tycho from Penny Arcade in reference to the nuke in MW2

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    • #3
      Re: Bailout passes, market crashes farther.

      It's interesting. Theres a lot of whining in the media about how impossible it is to get credit these days with the banks in the toilets. Makes me remember a time when credit was something you got when you earned it, had a good standing and kept your finances in order- not this crap where having 200 dollars and a job will get you a mortgage on a 200k house. All of this economic failure is borne from our own stupidity and want for excess.

      On the upside, it is making my rent cheaper, so I'd be just as happy if it kept tanking.

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      • #4
        Re: Bailout passes, market crashes farther.

        It raised 300 points then when the bailout was singed i think i dropped 150 pionts. It will help the investors in the long run though. i pretty sure
        -Craz3y-


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        • #5
          Re: Bailout passes, market crashes farther.

          My personal finances haven't been impacted at all by the crisis, and the business I work at is the type that gets stronger when everything else is getting weaker. So my only worry is for the long-term health of the economy, and on that scale the bailout seems more harmful than helpful.

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          • #6
            Re: Bailout passes, market crashes farther.

            Originally posted by Kerostasis View Post
            So my only worry is for the long-term health of the economy, and on that scale the bailout seems more harmful than helpful.
            I'm right there with you. Now we'll just get more of the same, because big companies know that they'll be bailed out.

            My retirement account has taken a hit, but I've got a decade or so for it to build back up before I'll be tapping it, so long term is my only worry, too.
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            • #7
              Re: Bailout passes, market crashes farther.

              Originally posted by Kerostasis View Post
              So my only worry is for the long-term health of the economy, and on that scale the bailout seems more harmful than helpful.
              Originally posted by CingularDuality View Post
              I'm right there with you. Now we'll just get more of the same, because big companies know that they'll be bailed out.
              Long term health? The only thing we have to go by is history and that tells us we will probably be just fine.

              And how do we know that we will get more of the same? True, if financing rules are not changed we will. Companies, and those that run them, are, on the whole, greedy and will do whatever it takes to make as much money in the short term. Even if it means destroying the economy or forcing the government into a position where they "have to do something".

              Even if we just let it ride and the whole thing collapses what makes you think that they would learn from that?

              Greed is the given. Need rules and enough oversight so that the effects of greed can be minimized or headed off before getting to a crisis situation.
              Iím not racists, I have republican friends. Radio show host.
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              • #8
                Re: Bailout passes, market crashes farther.

                On the flip side, I know people who have found it impossible to get credit due to this situation. One guy I know has impeccable credit and went to his bank, and two others, and couldn't get a loan to finish a home improvement project.

                I think people would be singing a different tune if this were let go for a couple more weeks and credit completely froze. Then we'd here, "Why didn't Congress step in and stop this!! I can't use my credit card!"
                "No bastard ever won a war by dying for his country.
                He won it by making the other poor dumb bastard die for his country."

                - Attributed to General George Patton, Jr.

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                • #9
                  Re: Bailout passes, market crashes farther.

                  Originally posted by Evo<^|SiNz|^> View Post
                  On the flip side, I know people who have found it impossible to get credit due to this situation. One guy I know has impeccable credit and went to his bank, and two others, and couldn't get a loan to finish a home improvement project.
                  A loan for a home improvement? I assume, then, that these loans were to be home equity loans?

                  Banks are losing their shirts on these loans right now. With falling home prices, many people no longer have any equity in their home - or at least they have less than they think. Banks have been cutting back on home equity loans for a year now. The "Home ATM" is closed.
                  Last edited by Nikolas; 10-04-2008, 01:17 PM.
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                  • #10
                    Re: Bailout passes, market crashes farther.

                    Well crashing is all relative. If you make wooden arrows or deliever rum you are golden...but the other 99% of us Americans are screwed for the next 15 or more years....awesome
                    that sounds like a good idea trooper.
                    -Vulcan

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                    • #11
                      Re: Bailout passes, market crashes farther.

                      Originally posted by Trooper View Post
                      Well crashing is all relative. If you make wooden arrows or deliever rum you are golden...but the other 99% of us Americans are screwed for the next 15 or more years....awesome
                      So you think the excise tax on arrows for boy scouts should be $.39, while the arrows themselves only cost $.30? The notion that the extension of tax credits are somehow "pork" is not just a stretch, it's a flat out lie.
                      "No bastard ever won a war by dying for his country.
                      He won it by making the other poor dumb bastard die for his country."

                      - Attributed to General George Patton, Jr.

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                      • #12
                        Re: Bailout passes, market crashes farther.

                        No i think its completely crap that the people we voted into office are trading favors for votes. If they are going to do that why not make it something everyone can use right now, like a tax break on heating fuel.
                        that sounds like a good idea trooper.
                        -Vulcan

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                        • #13
                          Re: Bailout passes, market crashes farther.

                          I just heard an ad on the radio trying to get people to finance a mattress. A freakin' mattress. What's the equity in that worth? It doesn't sound like we've run out of credit yet.

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                          • #14
                            Re: Bailout passes, market crashes farther.

                            Originally posted by RandomGuy View Post
                            I just heard an ad on the radio trying to get people to finance a mattress. A freakin' mattress. What's the equity in that worth? It doesn't sound like we've run out of credit yet.
                            That's because the dollar is so weak and prices are so over-inflated relative to payrolls that the only way in the USA you're able to buy ANYTHING is through finance.

                            To me, the REAL problem is cost vs. reward in this country. Instead of paying us a decent salary they pay us the same and throw us financing whilst charging too much money. All because we were too dumb to come up with innovative goods/services to be competitive in the global markets and our wealthiest 5% thought it necessary to abandon the country.

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                            • #15
                              Re: Bailout passes, market crashes farther.

                              Uhhh...

                              If my family cannot afford something, we simply don't get it.

                              I guess the rest of America puts it on finance...
                              Skud


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