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Originally posted by SteveR
Are you kidding me? Are you really so unaware that this is not about you, this is about the entire economy, civilization as we know it. Your viewpoints are founded in nothing more than a total ignorance of how your country works. Same as most here. This is not about bank accounts, this is about EVERYTHING.
Man, you just get funnier and funnier. You need to understand that you can't anthropomorphise institutional banks into the equation, as a necessity of life.
Originally posted by SteveR
The anger and whining will not solve anyone's problems. The People need to understand we are all a part of the symbiotic whole.
Tell me, how long has this financial system been responsible for the way we survive as Humans. Did you know that the reason why Zimbabwe is so screwed is due to the IMF and World Bank. Oops.....I bet you didn't know that. You funny little Bank Munch-kin you.
Without the financial systems, they'll be wishing they were in Zimbabwe. Some don't even know who is to blame - "NWO Zionists" has to be the most amusing explanation I've heard yet! But it is indicative of the ignorance and lack of education among them.
One hundred years after the South African Company comes the International Monetary Fund (IMF) and the World Bank to Zimbabwe. As the economy in Zimbabwe stagnated in 1990, the government turned to the IMF and the World Bank and adopted structural adjustment plans. This has put Zimbabwe on a chaotic road downwards. During the first year of implementation of the structural adjustment plan(s), gross domestic product, which had been growing at over 4 percent a year, increased by only 1 percent in 1991. Industrial production, which had been rising nearly 6 percent per year, fell back to 2 percent.
Zimbabwe had always been a surplus maize producer with stockpiles of more than 1 million tons to tide the country over drought years. (Jean Duval, April 20, 2000, from the "In Defense of Marxism" website.) After implementing the structural adjustment plan(s) of the World Bank -- which forced the government of Zimbabwe to sell its stockpiles of maize to make a profit so as to pay IMF and World Bank debt -- Zimbabwe now has to import maize to feed its destitute population.
The IMF and World Bank structural adjustment plan(s) have precipitated food shortages in Zimbabwe, for which the ZANU-PF government is being blamed. These food shortages (read: famine) are part of the excuses used by the U.S. and EU to sanction Zimbabwe. Furthermore, the IMF and World Bank structural adjustment plan(s) devastated the economy of the South African country of Zimbabwe.
The Treasury plan (even in its current version agreed with Congress) is very poorly conceived and does not contain many of the key elements of a sound and efficient and fair rescue plan
It is a disgrace that no professional economist was consulted by Congress or invited to present his/her views at the Congressional hearings on the Treasury rescue plan.
The Treasury plan is a disgrace: a bailout of reckless bankers, lenders and investors that provides little direct debt relief to borrowers and financially stressed households and that will come at a very high cost to the US taxpayer. And the plan does nothing to resolve the severe stress in money markets and interbank markets that are now close to a systemic meltdown.
I think you need to look at real facts and not spin. Bailout is NOT good for the taxpayer period. Regardless of the hype and spin, it is a horrendous idea. Let the banks fail, and let the other banks take up the slack. Those that have more than $100,000 in those institutions will lose. Those that have gambled their life savings on junk bonds, bloated stocks, will lose. It's time the market got back to reality.
Originally posted by SteveR
How do you think the father gets his job? The kid his/her foods?
It's called the economy. If they give in to your whines and give you all your $7000 bailouts instead of supporting market institutions, WHAT will happen? WHAT will you spend it on?
The government's main priority is keeping the economy functioning. Only a fool would begrudge that.
Dvorkovich offered the U.S. government's proposed bailout of its financial sector and the nationalization and bankruptcies of several of its largest financial institutions as evidence of the end of free-market economics as we know it.
Yulia Tseplyayeva, a chief economist for Russia and CIS countries with Merrill Lynch, was positive about the government's move to increase its private-sector activity in the short term and provide loans to struggling banks.
"The government has never done anything like this before," Tseplyayeva said. "In the short term, it will be beneficial for the market, but in the mid and long term there will be macroeconomic risks."
"The private sector is more efficient than the government, and global growth will slow down if the share of government in the economy increases," Sharipova said.
Originally posted by maudeeb
It's truly inspiring to see just how many clueless people there are on this thread and how only the OP seems to have a firm grasp on the current situation. Looks like the majority of ATS participants are self absorbed crybabies.
Oh, I forgot to mention probably unpatriotic too.
[edit on 26-9-2008 by maudeeb]