Bailout Bill PASSES!

Bailout Bill PASSES!

news.aol.com

WASHINGTON (Oct. 1) - After one spectacular failure, the $700 billion financial industry bailout found a second life Wednesday, winning lopsided passage in the Senate and gaining ground in the House, where Republicans opposition softened.

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I'm completely unsure what to make of this. Do you think it's good or bad that this plan has been passed? I'm hearing alternative futures based upon this plan. Ron Paul was on MSNBC earlier this week saying that it would be good for the short term but inevitably make things harder later on. We need to go through a recession.

news.aol.com
(visit the link for the full news article)

reply to post by RagenCajun


i am sure, mr joshua jackson, that we already have a thread on this.. waaaaaay late.

Oh sorry, I searched and nothing came up, lol. My bad, sorry again. I'm living in the past man

Ok, this really...REALLY...bothers me. They supposedly sweetened the deal by adding $110 billion in tax cuts primarily for the small business and middle class. So, lets see how that translates to the common man in the middle class arena.

According to the CIA factbook, as of July 2008, the population of the United States is nearly 304 million.
According to the US Census Bureau, the diversity of what makes up the American Middle Class is so diverse that it could be anywhere from 25 - 73% of the average population. Lets make this easy and call it a menial 50% of the population makes up what is commonly the middle class. Above and below that range are the poor, the white collar and the elite.

Math time:

50% of the population = 152 million people
$110 billion / 152 million = 723.68, or about the same amount as the pathetic stimulus package that was handed out earlier this year.

The Senate built in a provision that could allow this relief fund to effectively double, should it need to, so just double the figure and you see what you get...nearly 1500 per person.

Ok, remember that I only used a mean-term percentage and did not include the small business class, so those already pathetic figures are actually skewed in a vaulted upward manner.

So ask yourself, how far will a 723, or 1500, dollar tax break get you in during the early stages of an economic recession? Will it buy you a month? Maybe 2 before you start to feel the crunch?

Now, once that runs out and the government is bankrupt and the country is tearing itself apart due to hunger, greed, desperation, dissention...will anyone look back and call this a fair deal? I hope not. I pray not (and I dont believe in prayer). I hope beyond hope that the house realizes this also. No tax break or incentive plan of any magnitude could sway me to buy into this bill as a benefit of any type for this countries long term future.

reply to post by wheresthetruth


Good analysis there. Do you think this will even help the economy at all? I honestly think it's not going to do anything. Do you think it's better we do any bailout at all?

reply to post by RagenCajun


Dude, I have a feeling that it might make the value of the dollar worth NADA!!!!!!!!!!!!!

WORST...DECISION...EVER

We will look back on this as the straw that broke the taxpayers back.

As in all bad ideas, it has a lot of good aspects or at least "good in principle aspects" that make it something that can be sold to the people. Considering the ludicrous price they put on this plan, it definitly needed something to make it more palatable. First they spell out a story of doom, gloom and certain disaster, then they drag it on for more than a week, keep the people on edge, nervous and stressed to the point that they will finally be able to stomach something, even when they see its not so good.

In the not too distant future, we will all see that this was just mishandled by a group who can't see America as anything more than corporations or dependent people to be controlled.

reply to post by rahboni


Yes, but could someone explain to me why it is so bad?

Originally posted by RagenCajun
Oh sorry, I searched and nothing came up, lol.

Yep...It's right over there: Senate approves its own bank bailout package