NO Too 700 Billion...

It doesn't just hit the well off and people who bought houses they couldn't afford can't take all the blame.

Over here when Lehman Bros went bust, okay some people were cheering the fat cats being out of a job, but there were a lot more secretaries, post boys and people trying to earn a normal living also suddenly without a job and without any pay for the last month they'd worked. They've also lost all their retirement money.

That's got to hurt.

As for house prices, I have no idea about what's going on in the states, but where I live the prices are so ridiculously high that you have to just accept the asking price. If you want to rent, you'll be shelling out about $1200 + bills to live in a dingy studio flat. It makes sense to get a house if you can, as rent and mortgages aren't that much different.

Now the problem is that those fat cats (and secretaries) won't spent money because they haven't got any. So luxury goods, and spending on christmas presents will go down. So people in the department stores will lose their jobs because they don't need as many. Soon it will hit the whole community.

By bailing us out it's a tough one - people in jobs will have to pay more taxes in the long run, but if that saves 100,000 people going out of a job it's not that much to ask - share the problem and fewer people suffer.

But most people will probably think it doesn't affect them and have no sympathy, until that is they find that they're also out of a job, and of course can't get a new one because no one is hiring.

And no one will care.

My biggest problem with this out-of-space plan is how it is presented as the only alternative to economical doomsday, regardless of its consequences on the dollar in the long run. Not only that, but how insisting they were to get the blank check, no questions asked.

You know what, truth be told, this thing can wait a week or a month, if it means moving on with an actual sound plan that will minimize the damages now as well as those to come. In Canada we're all too good at patching problems instead of solving them, with the consequences that come with it. This plan here, that's all it is, and I hope you guys don't fall for it as well.

I was thinking about making a post like this but I am glad it got shot down. I only have one stock that barely went over even. So what has Wall Street done for me? Nothing. I'm not going to bail out the rich. These are the people who selfishly wont put up the money to make a new Tex game.

Best argument yet!

-Fred

Well I emptied everything I had in the Stock Market, like a lot of other people... I feel like I could fund a new Tex Game... Anyone else do the same???
Gonna wait for a lot of stuff to bottom out and then I plan to buy low... There are going to be a lot of Stocks very cheap in the near future...

Seems like every time a Government Official makes a statement the stock market slumps... A Lot of people have lost more than half of their retirement and whatnot or worse... I don't see the Government bailing them out...

HA! We all take our money out of stocks, etc. and invest it in Big Finish to do a Tex game.

That would create hype and be the feel good story of the year for the gaming industry.

Gotta get out while there is still profit to be made though... I saw some Financial Advisers on the news telling people to stick with it... Some Stocks are dropping at double digits every day, but they are trying to tell people to stick with it... True there are some Stocks that are climbing in all this mess, like Gold, I've made some money off of Gold Stock, but right now the ones making money are few and if you don't know what you're looking at or doing it isn't advisable to tinker around with it right now... Either get a trustful broker or get out while you can...

Concerning Subprime loans a lot of folks want to hate\blame\flame those who purchased these loans and caused this mess. Well the problem is that for lots of folks who would have purchased 30 year traditional loans where by default forced into these type of loans. As the market encouraged these type of loans banks began to shift their offers so that people who had good but not great credit often found banks who only wanted to lend if they choose subprime. On top of all this you see thousands and thousands of familes who are getting squeezed by rising Energy\Food\Service costs. So you see familes who could previously afford their homes two years ago now unable to make budget. So its not all folks who purchased something they shouldnt have, its lots of normal folks getting squeezed by more than just a tight mortage that caused this mess.

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I hear you on that... I've watched a couple of houses in my neighborhood go under and those people I knew... They weren't the kind to bite off more than they could chew... Inflation hit this economy hard and pretty much all at once...