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Originally posted by DeadFlagBlues
That's fine and dandy, but it would have been a very temporary recovery, followed by incredible inflation and complete loss in buying power with our dollar. That's why I think it's a ploy so that the ultra rich have a buffer to get out high before the # totally hits the fan. Our debt right now is bad, but it's doable. Russia worked their way out of similar debt within a decade and are on exponential rise. We can't afford the 700 billion that will come for many reasons, including inflation and the interest on it. The more in debt we are, the more strict tax provisions get, and that affects us all.
Originally posted by grimreaper797
Originally posted by DeadFlagBlues
That's fine and dandy, but it would have been a very temporary recovery, followed by incredible inflation and complete loss in buying power with our dollar. That's why I think it's a ploy so that the ultra rich have a buffer to get out high before the # totally hits the fan. Our debt right now is bad, but it's doable. Russia worked their way out of similar debt within a decade and are on exponential rise. We can't afford the 700 billion that will come for many reasons, including inflation and the interest on it. The more in debt we are, the more strict tax provisions get, and that affects us all.
Um, you realize that the entire system would literally COLLAPSE if the banking sector goes under, right? First it starts with frozen credit markets. Smaller businesses suddenly can't get money to pay for anything. Farmers can't borrow to buy fertilizer, etc. Next, the banks start closing and millions of jobs are lost. More than 5 million people in the US work for banking institutions.
More businesses start to close because they have no credit flow. More jobs are lost. Unemployment skyrockets. That means tax revenue plummets. Job cuts are needed in the government to keep the government from defaulting. That continues the cycle. Its an utter collapse.
The government would go under, and that debt would be impossible to get out of.
The chain reaction that results from a collapse of the banking sector is a full out, point of no return, collapse of the entire system. Everything is connected in this age. We will all go under should banking collapse.
Originally posted by jam321
Amazing how Pelosi can mention this bailout and say she is protecting the middle class. If she wants to protect the middle class she needs to apply those 700 billion to their mortgages and credit cards. That would put money back into the bank and get rid of some of these bad debts.
Originally posted by grimreaper797
Wachovia is down more than 80%. My sister has funds in wachovia and she wants to know if she should remove her funds from the bank. I'm on the fence right now.