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Massive financial bailout fails in the House

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posted on Sep, 29 2008 @ 04:27 PM
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reply to post by TheOracle
 


To answer your question:


In a stunning series of moves engineered over the weekend and announced Sept. 29, six European governments are collectively committing nearly $150 billion to rescue four troubled financial institutions. Coming on the back of the U.S.'s $700 billion toxic mortgage bailout plan (BusinessWeek.com, 9/28/08), which was thrashed out over the weekend but defeated in a surprise vote Sept. 29, the move likely foretells a more proactive approach among European politicians and regulators to combating threats to the EU economy.

businessweek




posted on Sep, 29 2008 @ 04:28 PM
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Originally posted by jam321
Why should the credit market freeze if you still have the means to repay your debt? I would think they would quit lending to high risk people. Most companies still have good credit. And if I am not mistaking small businesses can still get loans with the help of the small business programs.


That is a good question. Obviously, a credit freeze would force everyone to spend less and live within our means. That would be tough for us credit card junkies in the short run but it is not rocket science. Maybe Americans are addicted to living large for the benefit of a few people. Obviously, those people would need to pay Americans more money if they wanted Americans to keep spending money.



posted on Sep, 29 2008 @ 04:28 PM
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reply to post by TheOracle
 


Because we are operating under globalism. Fiat currency is not a US exclusive operation. Neither is credit. The countries will fail because they all rely on businesses to function and produce to support the value of their currency. Businesses without the credit market will fail because none of them have the on hand capital to function for any length of time.

Forget the 1920-1930 economics, learn about globalism and how connected we are to eachother. Learn how connected wallstreet and mainstreem are.



posted on Sep, 29 2008 @ 04:29 PM
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reply to post by mybigunit
 
Good to hear from RP Im looking forward to seeing what the others who voted against this,man.



posted on Sep, 29 2008 @ 04:30 PM
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reply to post by eradown
 


A sudden change like that is something most will not be able to adapt to. Too many people depend on credit to survive. A sudden change in that system of operation is lethal. Not to mention how dependent business is on credit. Then how dependent we are on business.

[edit on 29-9-2008 by grimreaper797]



posted on Sep, 29 2008 @ 04:33 PM
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Originally posted by grimreaper797
reply to post by Bunch
 


And trust will be restored, at least for now, with a bailout. That is the point. It will buy us time. That is what we need right now, time.


Let's look at this on a scale that can be comprehended by the average
person on the street. If Joe/Jane homeowner gets in big trouble
financially due to making bad/unwise/unlucky decisions, should they
be bailed-out with $xxx,xxx dollars from a bank to "buy themselves
more time", with no clear-cut timeframe for paying the bank back?

That's how I see this rescue-bailout plan. There's something missing
from the equation. Namely, there's only a "hope" of a payback to the
government by companies that receive this money. There's no clear
cut repayment schedule. Your average family would be laughed out
of the bank for attempting this type of a "deal". Same should go for
those who want to use our tax dollars to rescue institutions who didn't
do business wisely. Let the economic chickens come home to roost
where they may. Everything will rebuild fresh and possibly be better
the next time around... just like it would be for a family who needed
to legally wipe the slate clean and start over, IMO.



posted on Sep, 29 2008 @ 04:34 PM
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Originally posted by Siirappi
Is it possible that this is all part of the plan, with the $700b not on the table it leaves the opportunity for the evil banks to gobble up all the other banks and such.. I fear for the web based companies now, I think if people are running out of money they're gonna pull their highest assets out and they are probably the web and tech companies.. Like the housing markets these are shares that aren't actually worth anything so I think they'll be going next...... Am I right??


Yes, I believe this is the pipeline, we should see some technology companies failing within the next few weeks, this will weaken the other tech companies and leave the investors able to buy into the big buck companies which coincidently have large media markets.



posted on Sep, 29 2008 @ 04:34 PM
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Are you all seeing what the MSM is doing right now? CNN and FOX are both feeding the market with fear and opinions. This is going to get real nasty in the MSM really fast and you will see the masses of people starting to sound like a tv new caster spitting all the fear they want us to spread. WE NEED TO BE RATIONAL , CALM, and EMOTIONLESS when we are dealing with this Bill. Yes people are going to be hit HARD by this not passing but we need to STAND UP and fight this horrible horrible administration.

Ron Paul was right from the start and Im luaghing my lil coin butt off right now saying "WE TOLD YOU SO!"

Continue to Call and Write your Senators and Congress representatives.

This is no different than the Patriot Act after 9/11 , They scared the living out of the representatives to rush that Bill and pass it or WE WOULD BE DOOMED.....sadly they thought it would work for the 3rd time thinking its a "charm". (Patriot Act, War on Terror, ..........700B-3T $ bailout Paid by Taxpayers)

Im pissed



posted on Sep, 29 2008 @ 04:35 PM
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Hi There,

Ron Paul...I really like this guy, he tells it how it is, and points out that the Fed, that unconstitutional edifice of corruption just upped the ante on inflation, and weakend the dollar's value that little bit more, edging it ever more closer to worthlessness.

Constitutional money, now there's a commodity...if only you could have it, buy it, trade and sell by it, gain credit off it...but not while the Fed's around you won't, over its stinking rotting carcass will America resolve this financial crap! It will keep flooding the market with Monopoly (the game) dollars, giving an artificial sheen to the markets, making them look shiny and new, but in reality, suffering like a victim riddled with cancer inside.

Paul is calling for an audit of the Fed, he should be supported in this, by this way you'll get to know just how much gold actually resides in Fort Knox?

Tomorrow, is going to be a day of falls and fallings for the markets. Around the world, panic will hit investors seeking to off load the dollar, and scramble to other currencies, I think this is a likelihood that will gather momentum. This is why the Fed keeps pumping billions into the market to give it some sembalance of short-term stability. But hey...happy jewish holidays!



posted on Sep, 29 2008 @ 04:35 PM
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reply to post by carewemust
 


Your average family doesn't cause the economy to fail. This isn't about being fair. It's about making the best decision for everyone. If it was just about helping out some greedy bankers, I'd be all for letting them collapse. Unfortunately, we go under with them, and I refuse to support the idea "let the people pay for the greedy mans mistakes."



posted on Sep, 29 2008 @ 04:36 PM
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reply to post by grimreaper797
 


I think is going to change regardless, it is happening right now, I went to buy a car the other day, with good credit and pretty good income plus a nice trade in, and my financial institution still ask me for a down payment.

I got the loan, but is certainly getting harder for those that rely on credit only. The financial industry is going to push the rgular folk to save their money with new credit rules.



posted on Sep, 29 2008 @ 04:37 PM
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I Don't Think People Understand,what's next if a Bill is not passed within a week or two.

To create Liquidity within their books, and increase their capital, the banks next move, as providense goes is,

TO CALL IN HIRE PURCHASE AND CREDIT CARD bills in full.

That's how they deal with issues like this.

within a Month of now if a Bill does not Pass, every car manufacturer within the US will be closed, 2 day weeks and stuff, and every Credit Card holder will be asked to pay up in full,

LOOK AT THE SMALL PRINT!

You will see it spelt out!

OH yeah your 4x4 and nice car, well pay up on the now called in H.P agreement, or some nice young men at 6am in the moring with tatoos all over and 58 inch chests will tow it away!

A bill has to be passed considering this.

Truly no wipe clean of toxic debt and the banks will have to call in the above debt!

If one does not materialsie, a Bill, well then Planned Event somewhere creating this, and probably a new one too!

Is a definate!

I could write AFPC after my name however Im not into that sort of thing, just to let you guys know this post is real and I do really know about this, this will happen if no Bill

1 Month at low end 3 month for those Card bills at outside liklihood.

Regards

Elf.



posted on Sep, 29 2008 @ 04:40 PM
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posted on Sep, 29 2008 @ 04:40 PM
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I can't believe the bill failed, I think I'm going to celebrate. Now we'll see some change, corporations will fail but the dollar will hold its value for now.



posted on Sep, 29 2008 @ 04:40 PM
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reply to post by Bunch
 


One bright side to the Credit Crunch is that I haven't received a loan
or credit card solicitation in the mail for the past 2 to 3 weeks. Probably
a billion $$ saved on postage, paper and labor by these institutions
right there for the next 12 months.



[edit on 29-9-2008 by carewemust]



posted on Sep, 29 2008 @ 04:40 PM
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reply to post by MischeviousElf
 


They can call my credit card in full all they want. Can't give them what I don't have. Guess I could tell them to send my bill to Capitol Hill so they can add it to the bailout amount.



posted on Sep, 29 2008 @ 04:42 PM
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My view of the situation expressed here (to avoid all that typing
)

I too applaud the defeat of this socialistic sell out plan.

And while I agree it will be difficult to adjust to a life where you deal in tangible commodities instead of intangible credit, I do believe that most will make it.

[edit on 29-9-2008 by TXPatriot38]

[edit on 29-9-2008 by TXPatriot38]



posted on Sep, 29 2008 @ 04:43 PM
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reply to post by jam321
 


They changed bankruptcy law not too long ago so you will have that debt floating over your head with interest and court judgements for the rest of your life. Expect court ordered confiscation of your paycheck.



posted on Sep, 29 2008 @ 04:43 PM
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So were the Web Bot's right or what??? I'm scared #less now on their
predictions and it's ruining my life, please answer or help!!



posted on Sep, 29 2008 @ 04:43 PM
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Why call in the credit card balances? That wont benefit anyone since most of us wont be able to pay them in full, if they call in their debts they'll just be defaulted on and then they won't see any money at all... makes more sense to let people continue to make the minimum payments....



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