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Originally posted by hotbakedtater
No, it is partly the American citizens fault for buying so much junk they dont need on credit, and so many big houses they really couldnt afford to live in either.
Originally posted by mybigunit
Wow I thought for SURE the government would pass this with ease. I guess a little bit of America still exists out there. This failure to pass really gives me hope. Suffer just like the rest of us take your hits when you lose and live it up when you make your gains.
Originally posted by grimreaper797
How are the companies going to afford to pump that oil out of the ground in russia with no credit? They have to raise capital constantly. How is the companies in china going to buy all this product to build these consumer products without credit?
Its Sad when the majority leadership in congress presents their own bill and cannot even pass it, it shows what a joke congress has become. I am not a republican but I have never seen a Republican lead congress act so shameless and out of control as this Congress has.
Originally posted by whatukno
reply to post by ohioriver
From Lou Dobbs
Do you believe today's Congressional vote against the Wall Street bailout is a victory for the American people and a rejection of the attempted extortion by corporate and political elites?
Yes 82% 11909
No 18% 2700
Total Votes: 14609
Originally posted by StellarX
Why on earth would the Russian government, and various other governments, need credit when they have oil revenue's to foot the bills?
They do not have to raise capitol constantly because they are making hundreds of millions in profit.
Credit will ALWAYS exists as long as we employ currencies of any variety and all regulators and others have to decide is how much you can provide in credit for each dollar you have. The problem with the current system isn't that credit is bad but that the financial system has provides thirty dollars in credit for each dollar in assets. Clearly this has to stop and clearly this can be stopped if profits are not required to keep climbing year on year to satisfy the illusion of miraculous growth.