Massive financial bailout fails in the House

reply to post by SectionEight


If things go the gloom and doom way, I won't have a paycheck. What Senator do I have to thank for rewriting that bankruptcy law to companies benefit?

Originally posted by grimreaper797
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."

How bad you really think is going to get though? You sound like you are predicting a depression of unthinkable proportions.

We are human beings and we were here before, credit, banks, money, and all this artificial things that have been created that all of the sudden people think are a necessity.

Are we going to go through some rough times? Certainly.

Have we as species overcome rough times and come out on top? Of course.

All this doom and gloom scenarios are coming from people that are afraid of change, we humans are a resilient species. We will still find a way to eat, we we still find a way to comunnicate, we would find a way of taking care of our family. And after the tough times are over we would come out better, stronger and smarter.

Thats is true to our race and specially about people in this country.

[edit on 29-9-2008 by Bunch]

Originally posted by MischeviousElf
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.

They will need to be careful. Not everyone will be able to pay their balance in full ; many of those people will just declare bankruptcy. A wiser move would be to raise the interest rate and raise the minimum monthly payment. Last time that happened ,I got mad and paid off my credit cards.I imagine many other people will commit plasticide if the credit companies raise monthly payments again.

reply to post by XTexan


Banks will go under but shareholders will get judgements and your credit card debts will stand even though your financial institution no longer exists. You will probably get offers to pay half when the shareholders try to squeeze what they can get from the settlement.

I don't know why everyone keeps going on and on about how everything will collapse if the greedy bastards don't get their $700B.

The source of the problem is the system itself. We need a new system, why resucitate the faulty one?

If the dollar had any intrinsic value, we wouldn't be in this mess... but the international bankers -- the chutzpah of these a-holes -- they created the mess, and now they want us to bail them out of it.

Well pardon my French but f**k that.

If there are some hardships and tough times ahead for the country, so be it. I'd rather have a little pain now, flesh out and destroy the ROOT of the problem, than prop up a system that is doing/ has done/ will do more damage than good and put my grandkids on the hook for it.

I don't have shyte outside of my next paycheck so to tell me I have to give up another 10% of my income to ensure that some greaseball doesn't lose his house in the Hamptons or his Rolls Royce makes me want to vomit and then go on a bloody stinking rampage.

I understand that the doom and gloom mentality has been prevalent in this country for some time now... fear is a weapon, and fortunately, the people are wising up to that fact.

Look at how the recent Hurricanes were so sensationalized. I realize Ike was bad, but for all the talk beforehand, one would have thought the whole of Texas was in danger of being swallowed up by the Gulf.

Fear, people. It's a method of control. They want us to think that we'll all shrivel up without the government stepping in to save our sorry butts, but I don't think that is the case.

This whole thing is wrong on so many levels.

I am glad the Bill was defeated today, and I hope the House won't allow the Assministration and its cronies to bully them into supporting something that 9 out of 10 Americans oppose.

Ron Paul's Remarks on the House Floor Today

"The best result we can hope for is that the economic necessity of getting our fiscal house in order will, at last, force us to give up our world empire. Without the empire we can then concentrate on rebuilding the Republic."

I love that man.

reply to post by jam321



Don't worry, when you finally crawl out of the gutter to cut a minimum wage check they will gladly take that too.

reply to post by SectionEight


By then I will take gold only. Don't think I would trust any kind of paper after that.. Hey who was that Senator so much in favor of changing the bankruptcy laws. Want to send him a thank you note.

So were The Web Bots right or WHAT?????????

Honestly, their predictions scare the hell out of me!!!!!!!!!!!!

reply to post by MischeviousElf


You're so wrong there it's almost laughable.

For EVERY ONE OF THESE COMPANIES to make margin calls on every American citizen with outstanding credit is shooting themselves in the foot.

They will make the calls, the American Public will tell them to go screw, and they'll still be left with nothing, and NOW no one who will do business with them after a market correction because they tried to pull out the rug from the average joe who is, after all, their ONLY source of feasibility as a business.

Sometimes it's better to let someone off the hook as good business practice, than it is to ensure your personal positions.


AB1

Rollcall for Mississippi:
The 3 democrats voted NO
The 1 republican voted Yes

This throws a cog in the ploy for me. It also speaks volumes about the ability of some reps to listen to the people they represent.

reply to post by MischeviousElf


And what this bill is going to accomplish then?

To make us keep living in this economic fallacy? Because thats what we living.

The system is screwed up, let it fail, pick up the good pieces afterwards and start all over again.

They will always be people in need of doing bussiness, these companies needs customers and they won't poison the water from which they drink.

Originally posted by Bunch
How bad you really think is going to get though? You sound like you are predicting a depression of unthinkable proportions.

Because that is what it will be if the banking sector fails the way its currently going to. In this system, the depression we face isn't like anything we have faced before,

We are human beings and we were here before, credit, banks, money, and all this artificial things that have been created that all of the sudden people think are a necessity.

Im not saying the human race will end. I'm saying the life we know will end for a long long time. Not a couple years or a decade. I'm talking long term failure. Many people WILL die because they do not know how to survive without these necessities. People won't know what to do when farms stop being able to afford to grow food, supermarkets stop getting shipments and close house.

Our world is completely dependent upon the interconnectivity of businesses and their survival. The services they provide. We no long know how to live without them.

Have we as species overcome rough times and come out on top? Of course.

Decades, maybe even centuries of progress, will be erased if we allow this to happen.

All this doom and gloom scenarios are coming from people that are afraid of change, we humans are a resilient species. We will still find a way to eat, we we still find a way to comunnicate, we would find a way of taking care of our family. And after the tough times are over we would come out better, stronger and smarter.

Or we will forever repeat our rise and destruction, never furthering as a species. We will erase our progress everytime we make some. By condoning us to erase the progress we have made with such a collapse, we doom ourselves to limitations as a species.

[edit on 29-9-2008 by grimreaper797]

reply to post by SectionEight


That makes a bit more sense...

I just don't think that calling in everyone's debt will solve any problems ya know... If they called me tomorrow and said I had to pay off in full, all I would be able to do is laugh, cant give what I dont have. I'd tell the judge the same thing... Garnish my paychecks? if I have a job...

Question:
how come if I sued the bank I cant touch the stock holders money, but they can sue me?

This is the best commentary I've read today...

www.cnn.com...

Allowing Bankruptcy makes far more logical sense than Bailout.
.

Originally posted by jam321
reply to post by sos37

 

your numbers add up to 210 yeas. I was sure it was 207 then when they started to twist arms two more jumped to the Nays leaving it at 205.

You're right. I corrected in the post.

Im glad it failed..........im tired of footing the bill for all the rich peoples mistakes............................Time to farm and grow your own veggies people.

here come the hard times.....!!!!! 700 billion...what a joke.!

Originally posted by jam321
Relect the ones who voted NO

Throw out the ones who voted yes.

EXACTLY

if the vote was yes, the dow would have rallied for 5 days then TANKED over a couple weeks

instead it tanked in one day and will tank for awhile, the bill was not going to SOLVE anything it was a handout, I'M ALL FOR A BAILOUT THAT WILL WORK, when 170 PLUS economists call the bailout a wall street insider handout you have to REJECT IT.

Today the HOUSE REpublicans STOOD UP to Wall street..........so did the DEMOCRATS ......thank you..... Patriots

IMO the treasury and president should have consulted NON-INSIDERs to create a WORKABLE "bailout" not this sorry excuse.

Barney Frank and Pelosi are tools!



[edit on 29-9-2008 by cpdaman]

reply to post by carewemust
That's what those loan companies should do. It will be unpleasant for them ,but they will learn to say no to people who are bad credit risks.

So were The Web Bots right or WHAT?????????

Honestly, their predictions scare the hell out of me!!!!!!!!!!!!
I can't sleep and it's ruining my life!!

reply to post by grimreaper797


I think we just disagree on the level of economic impact that leaving the markets to correct themsleves would cause.

I dont think we would go back to leave like it was the 1850's, there is still a lot out there, a lot of good companies out there and a lot of people that would be willing to do bussiness.

Is just going to push people to save more, hold on to their money and live within their means. Is that really a bad thing? I do that right now, I dont have a problem with it.