tjamz;238132 wrote:
If the congress cannot get this figured out and work out a deal, I hope you all like soup and don't mind standing in line to get it.....

As long as it is alphabet soup I am set.

darkelvis;238050 wrote:
The largest bank failure in united states history just happend...

http://news.yahoo.com/s/nm/20080926/ts_nm/us_washingtonmutual_jpmorgan_news

"Washington Mutual Inc was closed by the U.S. government in by far the largest failure of a U.S. bank, and its banking assets were sold to JPMorgan Chase & Co for $1.9 billion. "

"Washington Mutual has about $307 billion of assets and $188 billion of deposits, regulators said."

the economy will be fine my ass....

discuss.

According to a few of my friends (who are accountants and one is an economist)

This may have actually helped divert a depression. The rest is up to congress. They NEED to get a bailout package together or honestly, your ATM/Credit Cards will not work in a few days. They need to set up regulation (again) to ensure this doesn't happen again along with the bailout. From my sources, there is a 10% chance Washington will actually make money on this bailout and in a worst case scenario, would really only stand to lose about 3 to 6 billion in the long term.

Credit will become incredibly hard to get going forward with only qualified people getting decent rates on anything.

Credit cards will have realistic limits on them again and their interest rates will likely be 15%+ for most people.

Cars will cost 10% to finance.

Home mortgages will be in the 8 to 9% range as well.

Savings accounts will actually pay 4 to 5% interest or more, encouraging saving instead of spending.

I'm guessing we will see things go to about where they were in the early 80's when Reagan first took office.

Hopefully we can get the gov't to follow suit and stop deficit spending as that will be needed to strengthen the US dollar again.

If the congress cannot get this figured out and work out a deal, I hope you all like soup and don't mind standing in line to get it.....

P.S. You have waaaaay too much time on your hands lol

tjamz;238071 wrote:
WHAT??? That's not what you said 2 years ago in this thread: http://fargostreet.com/forums/showpost.php?p=126724&postcount=22

Yes...we agree...we can thank the Bush administration for that....

OMG thats great...waiting for Torbs response.

reshalghoul;238075 wrote:
$85,000,000,000 divided by 200,000,000 is $425 <u>NOT</u> $425,000.

ehh...you are right...I didn't check the math, just posted the email as I got it.

Subject: FW: My Bailout Plan?

-I like it....nice and simple!

AN Idea worth considering.

I'm against the $85 BILLION bailout of AIG. Instead, I'm in favor of
giving $85,000,000,000 to
America in a "We Deserve It" dividend. To
make the math simple, let's assume there are 200,000,000 bona fide
U.S.
citizens, aged 18+.

Our population is about 301 million counting every man, woman and child.
So, 200,000,000 might be a fair stab at adults 18 and up. Now, divide
200 million, 18+ adults into $85 billion - that equals $425,000.00 each!
Yes, my plan is to give that $425,000 to every adult as a "We Deserve
It" dividend.

Of course, it would NOT be tax free. So, let's assume a tax rate of
30%. Everyone would pay $127,500.00 in taxes. That sends $25.5 billion
right back to Uncle Sam! It also means that every adult 18+ has
$297,500.00 in their pocket. A husband and wife would have $595,000.00!

What would you do with $297,500.00 to $595,000.00?

•   Pay off your mortgage - housing crisis solved.
  

•   Repay college loans - what a great boost to new grads.
  

•   Put away money for college - it'll really be there.
  

•   Save in a bank - create money to loan to entrepreneurs.
  

•   Buy a new car - create jobs .
  

•   Invest in the market - capital drives growth.
  

•   Pay for your parent's medical insurance - health care improves.
  

•   Enable deadbeat parents to come clean - or else.
  

Remember this is for every adult
U.S. citizen, 18 and older (including
the folks who lost their jobs at Lehmann Brothers and every other
company that is cutting back) and of course, for those serving in our
Armed Forces.

If we're going to re-distribute wealth let's really do it! Instead of
Trickling out a puny $1,000.00 "economic incentive".

If we're going to do an $85 billion bailout, let's bail out every adult
U.S. citizen!

As for AIG - liquidate it.

•   Sell off its parts.
  

•   Let American General go back to being American General.
  

•   Sell off the real estate.
  

•   Let the private sector bargain hunters cut it up and clean it
    up.
  

We deserve the money and AIG doesn't. Sure it's a crazy idea, but can
you imagine the coast-to-coast block party?!

How do you spell Economic Boom? W-e D-e-s-e-r-v-e I-t
d-i-v-i-d-e-n-d! I trust my fellow adult Americans to know how to use
the $85 Billion "We Deserve It" dividend more than do the
'geniuses' at AIG or in
Washington , D.C. .

And remember, my plan only really costs $59.5 billion because $25.5
billion is returned instantly in taxes to Uncle Sam. Good idea? I
think so.

torbs;238056 wrote:
The Economy has been slowly going down the shitter ever since we started having a deficit, period...Does this really surprise anybody?

WHAT??? That's not what you said 2 years ago in this thread: http://fargostreet.com/forums/showpost.php?p=126724&postcount=22

torbs;126724 wrote:
Also, I'm pretty sure that the market is absolutly BOOMING...<u>and I think we can thank the Bush admin. for that</u>...even after going way down after 9/11 the market is at an all time high. What do you have to say about that Chuck? (I know i dont even have to ask but i'm really curious what negative thing you have to say about a good market:))

Yes...we agree...we can thank the Bush administration for that....

torbs;238056 wrote:
The Economy has been slowly going down the shitter ever since we started having a deficit, period...Does this really surprise anybody?

I say let the banks fail...Let the markets decide what to do. The federal gov't shouldn't be bailing out banks/wall street for taking chances with taxpayer dollars. All the bailout is doing is creating another bubble, which will then be burst...For God's sake let the bubble burst already instead of 'slowly trying to deflate it.'

I'd rather have the banks fail and have my dollar still be worth something...All they are gonna do to pay for the bailouts is print it...Goodbye dollar value...

agreed

Something very bad is going to have to happen before things get better..... and i say Let R Buck right now

+1

darkelvis;238065 wrote:
something tells me this will end up in RYM with a people throwing around blame, useless name calling, and pointless posts

Probably. It's all Obama's fault.

Anyway, if this extra money is not withdrawn from circulation in a relatively short time, like a few weeks, the US may experience a commodities price boom not seen since the devaluation of the dollar in t
he early 1930s.

Alternatively if this money is withdrawn now, you can count on a stock market crash."
http://www.federalreserve.gov/releases/h41/Current/

Got inflation?