Grim,

I've been reading you drivel on for days about how the bail out will save us all. This is the Titanic. All they were doing with pushing the bailout is making sure they got all the life boats for themselves while the rest of us went down with the ship.

The problem is greater than just credit. This is about solvency. These banks and companies (GM) are bankrupt! If I owe more than I can make and payback on time then how is borrowing more going to help. In the long run it can't help eventually I have to make some money and pay it back - I can't borrow indefinitely. Someone along the way will simply say no I'm not loaning you anymore money because I don't think you can pay it back. Borrowing and no savings is what got this all going in the first place. Fiat currencies are doomed to fail.

Mark my words the US is headed for bankruptcy. Soon as other countries stop buying our debt its over!


[edit on 9-10-2008 by 2 cents]

I'd like to read what you ahve to say grim. I haven't been reading your posts for days, specially not about this subject. Please, if you do not mind, please repeat what you've been saying?

The system was made to fail whether I want it to or not!

The way our "fed" has been doing business with banks and companies is fundamentally changing. They are even considering a government stake in the banks! Nationalizing banks! Free market capitalism is gone. Socialism is coming fast. What other changes do they plan to make to save us from the disaster they created?

Originally posted by tide88
Those bad assests are worth something. And we are getting them at a discount of 30 or 40 cents on the dollar. The govenment has the ability to hold on to those assests till they can sell them. Possibly at a profit.

I just love when people gamble with my future and my children's money.

Amid the financial crisis people are forgetting that due to this bail and the economic woes our national debt is now a whopping $10 Trillion.

That means that our government is borrowing $1 billion each day and $10 million every minute.

I think everyone gets what you're saying Grim, we just see it differently. We see you saying that we should use a broken system to fix a broken system and hope that the broken fix to the broken system lasts long enough for us to come up with a new system. When in reality they would only use a variation of the same broken system.

And if you want to socialize the banks, as some here want to, you might as well just give all of your money to the government and hope to receive credits to pay for necessities. Because they have shown that they are not above taking as much as they want to prop up a broken system.

I don't think that we're near the bottom yet.

Imagine if you're about to retire and your mutual funds that were worth quit a bit more just last week are now at say $150,000.

Do you hang in there or sell while you've got something to sell?

Tomorrow, I think that we might see the markets hold even or go down a bit but on Monday, I think we're going to see the market tank to the point that trading is suspended.

Hold on to your hats because it's going to be a wild ride.

Originally posted by marg6043
Amid the financial crisis people are forgetting that due to this bail and the economic woes our national debt is now a whopping $10 Trillion.

That means that our government is borrowing $1 billion each day and $10 million every minute.

Our debt was at 7 or 8 trillion before the economic woes started. Whats another trillions dollars.