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The BailOUT bill, what do you guys think? + rant

Discussion in 'Members' Lounge' started by Domi31, Sep 30, 2008.

  1. Domi31

    Domi31 Member

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    So as you know it failed on Monday, and Congress decided to take time off for a Jewish holiday, but will be back on Thurs. I got my money on the bill passing before the week is up, if it get to a vote, because of the market free fall (DJ -777pts). But should it pass?

    ***Rant***
    Shit is real confusing, I hate to see the Wall-Street "free market" people begging for Gov' money. Kind of Ironic. But I hate to see banks struggle, because then you will see them not loan out money, meaning no more borrowing (increasing our debt is the american way).
    With us not able to borrow money freely, how is this going to effect us? I know that my fathers landscaping business would not be able to get loans for additional equipment. Not only that but most of our big install projects are from people borrowing money from the bank; like most home upgrades.

    So I do hope it gets to pass, but then agian it might just be overly hyped by CEO's and Wall-Street investors, trying to save their ass, and scaring us.

    Why could'nt we get a Bailout for all of the people who lossed their houses. I know that they are partly to blame, because they got in houses they could not afford. So bad decision on their part. But these huge firms bought and sold mortgage back securitys. So bad decision on them. Why do the firms get the tax money?
     
  2. cjvictoria

    cjvictoria New Member

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    what you just typed there is almost exactly my stance on the topic.

    1. its fucking clear as mud
    2. why does wall street deserve it more?
    3. why dont they look at other methods to boost the economy?
     
  3. xj0hnx

    xj0hnx I wanna be sedated VIP

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    I was "pre-approved" for a home loan a couple months ago, went yesterday, and aside from a very slightly higher interest rate, still good to go. It isn't like there's no loans. Borrowing outside ones means is how we got into this mess, and from what we talked about yesterday, as long as you're borrowing within your means you should still be fine. It might not be as easy, but I believe the market will correct itself, and be fine. It's going to take some time, but it isn't going to be nearly as bad as if we created another 700 billion dollars from nothing.
     
  4. nootrac22

    nootrac22 Well-Known Member VIP

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    I'm against the bail out. Economic darwinism FTW
     
  5. Briansol

    Briansol Admins Admin VIP

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    IMO, let it all fail.

    it's capitalism at it's finest.


    Sure, it may be harder to get a loan, but it will actually encourage people to SAVE UP for things they want instead of just buying them because someone will just give them money.


    While I haven't seen the 100-odd pages of the bill, I too probably would have voted no to the bill if i were in office.



    If anything, this is PERFECT time for 2 or 3 big shot investors to form a bank, and make some serious coin off lending.
     
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  6. Domi31

    Domi31 Member

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    You prob have good credit, for the ones with bad credit good luck, I think your fucked. My dumb ass never established my credit when I was younger, big mistake, my little credit basicly = to bad credit, tried to pay every thing cash which is good, but am looking for a house in the next 3 years. So I got to get something going. I have a student loan coming through thats Gov. back locked in at 6.8% (woot). Hope to get it paid off and establish a good line of credit, so I get in a house.

    Either way, come push to shove it will pass, if the markets take another tank like Monday. It does seem like a slap in the face, that the (upto) $700 billion could of been spent on something else. But then again, we really dont have $700 billion to spend to begin with in the first place:ph34r:

    I do think there will be a credit crunch coming still. Figure with just large Firms not able to rasie capital by selling stock, corp. bonds etc. That can equal to loss of more jobs which is not going to help the economy.
    Given time the market will correct themselves, but if you are close to retirment age, this has to be scary.
     
  7. Korax

    Korax New Member

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    I work in the Car buisness. I work at a Honda/Toyota/Hyundai dealer and buisness has been very up all this year even with gas prices. I mean, we still sell alot of new Trucks and SUVs even with gas prices. This month has been fucking terrible. People ARE NOT HAVING A HARD TIME GETTING LOANS!!!. I wish the media/wall street would stop saying people can't god damn it.
     
  8. Domi31

    Domi31 Member

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    huh? Bite your tongue, this is un-american.

    yeah maybe this will be just a good lesson learned
     
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  9. Korax

    Korax New Member

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    No, technically we don't have $700billion to spend, but when they just make the money up out of thin air we do, and we get more inflation. Either way it will be a better alternative to a full collapse if that's what it will come down to.
     
  10. Briansol

    Briansol Admins Admin VIP

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    no, being a lazy sloth and expecting handouts and 'big daddy' to save you is un-american.
     
    Last edited: Sep 30, 2008
  11. reckedracing

    reckedracing TTIWWOP VIP

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    i strongly agree on both counts
     
  12. Airjockie

    Airjockie Watanabe Whore!!!

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  13. Airjockie

    Airjockie Watanabe Whore!!!

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  14. reikoshea

    reikoshea HS Troll...And Mod Moderator VIP

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    Id say more, but everyone here seems to fall inline with my view point so im gonna shutup.
     
  15. Drake

    Drake Well-Known Member VIP

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    The reason for the rebound has to do with people snatching up stocks that where at rock bottom prices. It will dive back down here shortly.
     
  16. Briansol

    Briansol Admins Admin VIP

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    241 +
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    i made $367 today. :)





    didn't see what i lost total though yesterday haha.

    i actually spent some money in the market yesterday.
    6.2% on that money :)
    not bad for a days work.


    I wish i had a 25-30k bank roll to play with. I would so quit my job and day trade for a living.
     
  17. |Chaz|

    |Chaz| Well-Known Member VIP

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    x2
     
  18. phyregod

    phyregod !!YTINASNI

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    Glad I've been doing Dave Ramsey's dirty work.

    Cash ftw.
     
  19. xj0hnx

    xj0hnx I wanna be sedated VIP

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    No, not at all, I am actually in about the same boat, no real credit, my score just happens to be right above the line. I've made it 37 years with only a Best Buy card, and a Mastercard I used once. Never had a home/car loan, and only had a couple signature loans that I paid off immediately. It's all about borrowing within your means. If you make 35,000 a year, you shouldn't be able to borrow $120,000, more like 75,000-80,000. The interest on a 120,000 home loan would be ridiculous. I did some figures and on a 30 year loan, I would be paying more towards interest for the first 253 months than towards the principle. Lower monthly payments might sound nice, that is until you realize that at 30 years you have paid almost triple what you borrowed, but people don't think like that. Borrow within your means, borrow within your means, borrow within your means.
     
    Last edited: Sep 30, 2008
  20. |Chaz|

    |Chaz| Well-Known Member VIP

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    I should start building credit one of these days. I'm still on just my debit card and obviously cash. I think the whole idea of borrowing money is stupid. If you can't afford it, don't buy it. I think the only reason you should ever borrow money is for a house.
     
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