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Massive financial bailout fails in the House

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posted on Sep, 29 2008 @ 05:07 PM
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The rejection of this bill was a great thing for the US economy. The false propping up of our economy has gone on long enough. This bailout package was just a band aid to try and stop the bleeding of a gaping wound.

I am glad that this plan failed. This country really needs to have a adjustment. lower inflation and give the dollar buying power again.

As it stands right now, those that were unable to afford to buy into major companies like Freddie Mac, and Fannie Mae will be able to as shares of these companies are much much lower.

When your dollar is able to buy more product it is better for you the consumer. This is the great part of a free economy, those businesses that use failed business practices will not stay in business.

This is a good thing. These banks and companies need to fall so that the overinflated dollar gets some much needed gas taken out of it. The dollar will be worth more here and have much better buying power once the fallout from this is done. Yes it will be hard for a while. But this is a necessary thing so that the betterment of our economy doesn't suffer worse in the long run.




posted on Sep, 29 2008 @ 05:08 PM
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Originally posted by Slick17
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!!


How many times are you going to post the same crap? Seriously. There are board rules here on ATS with regard to trolling.



posted on Sep, 29 2008 @ 05:11 PM
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reply to post by Bunch
 


This system is relatively new, and I don't think many realize what COULD result from a collapse of the market. We will have to agree to disagree on the degree of the collapse that would result.



posted on Sep, 29 2008 @ 05:12 PM
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reply to post by whatukno
 


You know what's crazy though, the media is fanning the fire that the failure of the passage of this bill is BAD for the nation so people are panicking.

I've heard people say they are going to cash out their 401K's, withdrawl their money from Wamu, Wachovia. Geez people, 401Ks are a long-term investment. Let the money sit. The market will recover long before you need to retire, unless you're retiring in the next few years. And as for banks, the money is insured up to $100K by the FDIC. How many of us have that much lying around in a single account? And where else is it going to be secure? In a safe in your house? Under your mattress?

This too shall pass.

[edit on 29-9-2008 by sos37]



posted on Sep, 29 2008 @ 05:13 PM
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I agree that both Democrats and Republicans who voted no deserve a big thumbs up, but we also need to be congratulating American citizens who are the ones who put them to task on it. I'm almost certain that the flood of opposition to this bill from people like us who told others to write in and stand up against this corruption is what squelched it.

Congress might normally be in the pockets of big business and shadow elites, but when the day is done and the sun is set, we are the true power in this country when we stand up and put the people we elected to task.

Thank God for the Information Age. Had this crisis happened in 1990 our lives would all be under complete Fed control.

I'll have a beer tonight for y'all



posted on Sep, 29 2008 @ 05:16 PM
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Originally posted by sos37

Originally posted by Slick17
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!!


How many times are you going to post the same crap? Seriously. There are board rules here on ATS with regard to trolling.


Because no ones answering me!!!



posted on Sep, 29 2008 @ 05:17 PM
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Originally posted by sos37
reply to post by whatukno
 

I've heard people say they are going to cash out their 401K's, withdrawl their money from Wamu, Wachovia. Geez people, 401Ks are a long-term investment. Let the money sit. The market will recover long before you need to retire, unless you're retiring in the next few years. And as for banks, the money is insured up to $100K by the FDIC. How many of us have that much lying around in a single account? And where else is it going to be secure? In a safe in your house? Under your mattress?

This too shall pass.

[edit on 29-9-2008 by sos37]


You have to look it from an individual person perspective though.

If in your late 40's or in your 50's, you have every reason to be panicking about your 401k.

If you are in you 20 or 30's then you should not be panicking but playing close attention indeed as you always should.

If I was about retirement age right now, I would probably look to all range of options right now including cashing out.



posted on Sep, 29 2008 @ 05:20 PM
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... There is a lot of speculation here, has anyone been directly affected by the financial "crisis" over the last year.. I know I haven't, in fact I've been better off.



posted on Sep, 29 2008 @ 05:22 PM
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reply to post by spitefulgod
 


My brother gets student loans through a local bank here. He just contacted them to secure second semester loans and they told him he would have to go elsewhere as they were not able to provide money due to the banking collapse and such. They directed him to apply for federal loans or go to local credit unions for loans.



posted on Sep, 29 2008 @ 05:22 PM
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reply to post by Bunch
 


It is kind of damn if you do and damn if you don't. Leave money where it is at and you may lose it. Take it out and it may not be worth anything anyway. I just assume put my faith in the market and hope for the best. The MSM is sensationalizing this gloom and doom cause it sells. Their making a quick buck off a serious issue. I think they should be treated just like the wall street villains. Maybe then they will start practicing real journalism.



posted on Sep, 29 2008 @ 05:25 PM
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Also having seen the headlines on the tabloids "MELTDOWN", "CATASTROPHIC", etc etc.... what a load of BS, I think some of the guys on here are right.. scaremongering to turn the tide on the Bill, I presume with such a slight Nay vote I presume it's going to go through next week or the week after.. the shame.



posted on Sep, 29 2008 @ 05:27 PM
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reply to post by sos37
 


Of course the media is panicking They should panic. Wall street will loose their assets on this. But it is necessary for the benefit to all Americans.

But the average American has nothing to worry about. My advice, is if you want money in the market but want low risk then go with Treasury Bills. Sure the return isn't crap but your money will be safe.

The damage to the economy if this bill is allowed to fail will me FAR less to the average taxpayer than if we allow our government to bail out wall street.

Once the weak companies fail and are eliminated from the market, the market will once again stabilize and it will grow. The thing we have to remember is to regulate the markets so that this sort of credit crisis is not allowed to happen again.



posted on Sep, 29 2008 @ 05:28 PM
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please help!! should I be worry about these Web Bots?



posted on Sep, 29 2008 @ 05:30 PM
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reply to post by spitefulgod
 


I said in an earlier post, I went a month ago to buy a car, and I had a nice trade-in with good equity, I have really good credit and pretty good income and my bank told me that I still need it to put some money down.

I got the loan with a low interest rate, but 2 or 3 years ago I would have never been ask for a down payment. I imagine than another person with in a less favorable situation would have beed turned down in a heartbeat.



posted on Sep, 29 2008 @ 05:31 PM
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reply to post by Slick17
 


No you shouldn't, they are a program and do not reflect reality completely. Web Bot is a program like any other. No need to worry yourself about their predictions. It's just another tool to use and should not be used to make your decisions for you.



posted on Sep, 29 2008 @ 05:33 PM
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All headlines in the UK for Tuesday are united" MELTDOWN" is just one of the headlines but they are all in the same vein. This is some big dodo going down.Well Im not going to retire for 20 years so at least I am buying very cheap units(ftse) at the momment which I hope will recover before I retire.



posted on Sep, 29 2008 @ 05:35 PM
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Originally posted by Bunch
reply to post by spitefulgod
 


I said in an earlier post, I went a month ago to buy a car, and I had a nice trade-in with good equity, I have really good credit and pretty good income and my bank told me that I still need it to put some money down.

I got the loan with a low interest rate, but 2 or 3 years ago I would have never been ask for a down payment. I imagine than another person with in a less favorable situation would have beed turned down in a heartbeat.


Yeah, well back to the good old days of living within your means, I think we should take a good step back and get some savings in tow.



posted on Sep, 29 2008 @ 05:35 PM
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I smell partisonship.
Pelosi needs to be kicked out in the streets.



posted on Sep, 29 2008 @ 05:36 PM
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reply to post by tarifa37
 

It is headlines like that that are causing the world to panic. Kinda like yelling fire in the movie theater. Instead of writing gloom days headline, the media should be investigating how serious it is, who is to blame, and what are the true fixes. Instead they concentrate on a bunch of BS being said by spin doctors.



posted on Sep, 29 2008 @ 05:38 PM
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A few points in response to the growing volume from the minority who are responding to the markets with fear and claiming a bail out is needed:

1. The performance of the markets is not tied to human reactions to events as closely as you might think. Automated trading systems, especially those run by the plunge protection team respond in ways which will bring key stocks back up in contradiction to a down turn. There are human traders who are aware of the scripted trades and will purposely modify their actions to take advantage of the PPT system for profit.

2. This IS NOT about individual home owner's mortgages and the credit card society. The hard assets in the form of properties and so on do not vanish, the banks still hold the deeds. The descent in property values vs. the true capital exposure held on the bank's accounts is not a significant amount compared to the exposure they have due to the "illegal" packaging of those loans into derivative securities. It's not the home loan, it's the millions of pretend dollars built on top of each of those home loans.

3. Think about it, a 100k property was converted into a 3 million dollar security instrument which in turn was converted into 30 million in hedge vehicles. This is why the push was made to remove the regulations which prevented this type of game - the SEC and the FED basically allowed the banks to create 29.9 million of debt with a hard asset value of only 100k. This was a huge ponzi scheme, a pyramid scheme where the people who created and sold these helium balloon investment vehicles profited and left the last hands holding these things to burn. Guess who those last hands belong to? China and other countries who purchased them and also purchase the majority of our treasury bonds. When they get burned on these BS mortgage based securities they sure as hell aren't going to be holding or buying treasury bonds.

4. If the real problem was with foreclosures then the solution would be to buy up all the bad mortgages and put the base back under the pyramid. The real world cost of doing that has been estimated at around 50 to 100 million. Obviously that's not what the plan is because that's not where the real problem lies. The real problem is that ego and greed combined with a blind eye from the DC powers allowed the investment banks to go completely insane, repackaging and re selling these same hollow derivative vehicles over and over again until the eventual collapse of these funds was inevitable.

That's why they need hundreds of billions, actually quadrillions of dollars for this "bail out". They want to buy back these funds so the rest of the World doesn't drop wall street and the US economy like a 5 dollar crack whore. They need to sweep it all under a big rug and god forbid the facts and real figures come out. Not only would wall street generate thousands of new federal prisoners but most of the politicians, appointees and so on would also burn. They intend to rape the public to cover their own asses, period.

There are other solutions, better ones - but they don't include a mechanism to hide the evidence. Mark my words. If these criminals get their way we will all suffer for it and the next rounds of "financial 911's" will make this one look like a minor market hiccup. There is not enough real money in the entire world to buy our way out of this one. Americans need to realize this for what it really is and begin dealing with reality, making the tough decisions and taking the hard but correct course to fix it. I don't see that happening. Another few days of market drops and bank crashes and they'll be calling DC to beg for the quick and easy fix. (And pay for it with our society)



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