US agrees to Wall Street bail-out!

US agrees to Wall Street bail-out! (Click Link to Watch Video of Announcement)

news.bbc.co.uk

Both US parties in Congress have reached agreement on the outline of a $700bn (£380bn) bail-out plan to revive the financial sector.

Details of the package were not immediately available but it is expected to include limits on executives' pay as well as oversight requirements.

The benchmark Dow Jones index has risen sharply on the news, adding 3%, to 11,128.7.

(visit the link for the full news article)

Those in favor of the deal have argued that:

* The deal would boost global financial stability
* Increase investor confidence
* Prevent a global slowdown
* Encourage banks to lend to each other, and beat the credit crunch.

Those with reservations have said the bail-out would:

* Cost the taxpayer too much money
* Benefit bosses of firms who have taken huge risks
* Increase state debt
* Give too much power to the US Treasury.

Related AboveTopSecret.com Discussion Threads:
Bailout Plan to Cost $6K Per Taxpayer!!! Is It Worth It?!
Frightening!!!!!! (Draft Bailout Bill)

[edit on 25-9-2008 by baseball101]

Looks like it's gonna happen ... they've reached an agreement and the bill should be getting passed here shortly .... looks like were gonna be paying for the economies mistakes.... i really hope this at least does something for our economy at least makes it stop heading downhill or something... if it doesn't then we're pretty much screwed. I really don't like the fact though that we have to pay for it ... if it pays off it won't be as bad ... but if it doesn't then ya it would probably set the nation in an uproar and probably put the country into chaos because the people would lose trust in their government i believe

news.bbc.co.uk
(visit the link for the full news article)

Looks to me like Bush's bed-time stories of the boogie man worked on congress again... Sleep tight little angels!

The people already lost trust in the government.

[edit on 25-9-2008 by mecheng]

Please note that while most of the market has rallied on this news, Washington Mutual / WAMU (Symbol WM) has plunged 30%.

I've been calling this since September 18th

If you bank at Washington Mutual, please take my advance warning and take some, a large portion, or all of your money out of the bank. SOMEONE is determined to drive this company into the ground, today is a perfect example of it.

This bnak will be gone by October 15th. Don't say I didn't warn you.

I would've preferred if we just let them all collapse. We could've built a new economy out of the ashes of what once was, but no.

Congress has a plan

Lawmakers have reached agreement on a bipartisan counterproposal to the Bush administration's $700 billion financial bailout plan. Both parties and both houses agreed Thursday to a set of principles on revisions to the rescue plan, which calls for the Treasury Department to buy up bad mortgage securities from banks in an effort to get them to lend again.

money.cnn.com...

reply to post by mecheng


ha i agree with you on the first part ... but on the second not everyone has technically lost trust in their governments there are many many people who are blind to what is going and probably could care less if it doesn't directly effect them so they have no reason to distrust the government and there are lots of people ... but back on topic i just wonder how long it'll be til it takes effect

reply to post by Yarcofin


We'll just bail them out too. Which bank will be next to pick from the US money tree?

If/when the bill becomes law...

the USA will officially be a fascist government when the Gov't gets the warrents/preferred shares/corporate bonds, & the restricted execuitive pay limits which the TARP (Troubled Asset Relief Program) says it requires
for the monies to be 'lent'[past tense of lend?] to the financial firms Fed chairman Bernanke says get awarded the monies.

Lets see if the Fed/Treasury 'shakedown' of the Administration & Congress
actully gets put into law...or if the debate & fine points continues until the Congress recesses in the fall.


the stock market is going loopy on the rumor...

reply to post by Yarcofin


if your money is covered by the FDIC, you won't have a problem. if you have more than the $100k, you should bring the balance down to the protected level but it should be noted that WAMU might be the first bailout candidate or it might wind up being sold to citigroup (the most recent rumor I have heard)

Originally posted by angrysniper
I would've preferred if we just let them all collapse. We could've built a new economy out of the ashes of what once was, but no.

Though the thought of this is scary, I must wholeheartedly agree. They want to institute a one world currency. The UN started touting this the other day and even Bernanke was hinting at it the day before yesterday. Sounds VERY fishy. Let it collapse and their little scheme would fall through. Then we can let Congress control our finances instead of a private bank that pays ZERO interest and has its OWN interest in mind.

Let's use some real logic instead of the scary stuff that has no basis...

There are my opinions, feel free to chime in...

First off it's rather obvious that the current president isn't smart enough to enforce the law of the United States and the boys on wall street knew that and used it to their advantage.

Wall Street isn't the only group to take advantage of an idiot in the whitehouse, look at Enron, all of the scandals in the utility markets,etc.

So Wall Street goes overboard, there are no checks and balances, and they go so far in excess that they take down the entire economy of the United States which really means the entire economy of the world.

Remember that Wall Street is also the same group of geniuses that wanted to have free flowing immigration into this country by those who contribute little to nothing to the wealth of the country and actually take away from the countries wealth.

If this country does go bankrupt, the current government will not be in the ruling class, those who own our assets, the Chinese, will be the ruling class and they will be scrubing toilets.

So being so far overboard that the Chinese are calling their loans due at the end of the government fiscal year, that's next Wednesday, the government realizes they don't have the money to pay off the Chinese government... Remember the U.S. Federal Government Fiscal year ends this coming Wednesday...

Our current president, the genius he his, along with his buddy Paulson, figure out they need 700 billion in the next year or so to pay off these loans but don't have it.

President is told by Paulson and Cheney to get it from the American people..

President tells us last night on TV he needs our help because he and his buddies have been partying so hard the last 8 years on our wealth that he can't pay the bills. His stupid war is still going on and the black budgets have run the country into the ground which is exactly what Osama Bin Laden said they would do, so in effect he may win the war because of the stupidity of his enemy and we the people will suffer because of this.

Congress is also asleep at the wheel, to busy ordering whores and liquor/drugs to pay attention to what is really going on that they now see what they have done and know they have to pay off the Chinese government or else they will be owned by the Chinese here soon.
Remember there is honor among thieves and that is why Congress and the current Federal Government are not interested in protecting the citizens of this country..

The American people bail themselves out from the ruling elite again and it proves once more that the Ivy league educated morons can't find their arses with both hands and makes you wonder why these people pay to go to Ivy league schools that provide them so little education and why they are so dumb...

There is no mass roundup of civilians, that's just stupid stuff by paranoids

There is no illuminati or great plan by the Rockefellers to rule the earth, why would there be when David Rockefeller will be dead from old age soon anyway and all of his money won't save his sorry arse nor make him live any longer..

All of the boys in D.C. are trying to cover their arse and the Republican party is trying to save itself since it's their party that destroyed the worlds economy.

IMHO George W. Bush will go down in history as the dumbest ruler in the worlds history, along with being perhaps the most dishonest.

The next president will never be successful because of the mess caused by his predecessor.

[edit on 25-9-2008 by GrndLkNatv]

reply to post by Crakeur


Which sucks because what I am seeing is the breaking of the monopoly rule left and right for the 'best interest' of the economy. These massive institutions are becoming even bigger. They are starting to look like the AT&T of old.

But it's for the best interest of this country and the world right?

Originally posted by angrysniper
I would've preferred if we just let them all collapse. We could've built a new economy out of the ashes of what once was, but no.

You have to remember that everything is invested in this. Look at your military budget for overseas, it is so big. Not including iraq and athganistan, why do you still have troops in western europe????? Why????

You don't get it.. The big institutions don't have enough customers around to keep them that way.. Even with this bailout it's only a matter of time before they fail! Who is going to pay these idiots the next time? Nobody as the general public doesn't have the money and they don't want the trash products these companies sell anyway? Anyone here for poissoned milk products?

Ok, so we bail out the thieves for now. I can deal with this stupid step- Just leave us the hell alone- I dont want to see the MILITARY in the streets, i want my freedom of speech, i want to travel freely, i want food available, i want things to stay the same- even IF it means paying huge taxes the rest of our lives.

I just dont want any talk about police state, i want a new president, i want a NEW ADMINISTRATION, now, i know that they are both corrupt, but we have no choice but to pay the thieves,,, who by the way, the majority of them are having input in fixing this mess. Hows that for sticking the knife in twice?????

They are all millionares, as BUSH did not want to take away their golden parachutes. These folks screwed us.

NOW, if things continue the way they are, and there is no releif, and the thugs got away on top of that, they are going to see a freaking
revolution like they have never seen before.

Screw me once, shame on you.
Screw me twice, shame on me.

They better follow thru and fix this mess NOW.

im just wondering is this bill the bill that gives paulson the power to not be checked by the government?

reply to post by angrysniper


I'm with you there, when the dominos started to fall I kept hoping our do nothing "leaders" would continue to be engaged hopelessly in gridlock. Let a primative barter system replace it and slowly rebuild the economy under an entirely new system. Ah well, one can dream cant he?

Are they millionaires or are they so stupid they just screwed themselves?

First off the normal citizen of this country has nothing anymore, no savings, no home, a car on a loan, etc. So when the value of the dollar deflates to 0, he/she still has what they had before, nothing.


The rich are the ones with the cash, this bailout, causes the entire world to deflate it's value, in essence deflating the value of the assets held by those who caused the mess and those who are getting the bailout which means they are so stupid they are screwing themselves..

Interesting isn't it... So Bill Gates might have 58 billion dollars but as of today, that 58 billion is only worth about 40 billion compared to yesterday and as this goes along, he will be worth less and less... In fact it will come to the point where it would be cheaper for him to wipe his arse with 10 dollar bills than pay for a roll of toilet paper... Idiots....

BTW the real reason the world is going broke, the governments that is, is because people are bartering more and more because the taxes are so high they can't afford to do it the right way.. Heck my brother traded a snowmobile for granite counter tops the other day, everyone is doing it, it's the right way to fight back..

[edit on 25-9-2008 by GrndLkNatv]

reply to post by dgtempe


Ya know what DG, I agree with you WHOLEHEARTEDLY, and I need to say that before I respond to what you've said.

The reality is, that to your "they better fix this mess NOW" statement, honestly we've gotten to the point where they respond with "OR WHAT?"... seriously it's an "OR WHAT B__CH?" type mentality....revolt? Surely you realize that they consider this to be laughable...im as disenchanted as you though


AB1