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Thanks LuminaryAs you might have noticed I am parroting CNBC's viewpoints....darn,I have Dish and again thanks for the info...One thing I hate is getting info from a congressman that probably can't balance his/hers checkbook.
I understand your sentiments waywardwind ...I have my retirement investments IRAs at Edward Jones (if I could only get him on the phone) am seriously ready to transfer my IRAs to money markets ,because the money people say we are in for a six year ride where IRAs will offer the same interest as banks savings and money markets without the risks.....That's the very same reason I hope this bill passes,those working folks need to start purchasing to get this economy flowing.....Funny the banks are going back to using credit measures they used on us and our parents ...Prove you don't need this loan ,before we will lend you the money.
I'm kinda torn on this issue. On the one hand, I'm usually opposed to government bailouts. On the other, I look at my age and realize that I'm wanting to retire in a few years and our IRA's are tied up in stock mutual funds that, until about a month ago, were doing very well indeed. Right now, selfishly but reluctantly, I think the bailout bill should pass.
I am total agreement Luminary and thanks for the extra info.I hope the FBI rounds up a bunch of crooks at the 26 firms they are investigating,then swing over to congress and the WH...Scratch the WH (they have executive privilege)beside this AG just scolds never prosecutes.The Ted Stevens saga may end up in a mistrial....Another example.
Hello Pat & RobertI am in way a financial genius, but I watched left, right and middle ground financial market analyzers and managers to try to get a common consensus.1) They all agree consumer confidence is down (crucial)2) Americans should be angry..We should have been told about this months ago.3) Credit lines are frozen
crippling our economy4) Doing absolutely nothing will turn a bad situation to worse for our country & our trading partners.5) Nobody knows if this bill will help or how long
Just that depression is sure to follow.6) The high job numbers will come up tomorrow, another indication of frozen credit. If done right taxpayers will not pay a thing
.1) The banks loan box is full (bad & good loans)2) Government will buy the paper slightly higher than fair market value in order for banks to open up credit
The government will borrow the funds to make the purchase.3) Government will warehouse this paper4) Hopefully this will stabilize Wall Street.5) Consumer confidence will rise .unemployment goes down, and housing market starts uptick. 6) Home borrowers start to buy the government mortgages held in storage7) Done right the profit will go to pay on the debt. Thats what I got from the so-called geniuses that didnt see this coming.
Oh, gosh. I am so very torn over this. I know absolutely nothing about big finance. I do well to deal with my own and I think I manage very well. I do not want to see taxpayers suffer as Americans did during the depression. I know what my mother and grandparents went through and it was not pleasant and life was so much simpler then. However, I abhor the greed and corruption in government and in big business and don't think taxpayers should have to "pay" for it. If a "no" vote means 15-18 months of a deep depression as opposed to a "yes" vote putting a band-aid on a severed artery that is going to keep costing the taxpayers eternally, then I say we are a tough bunch and let's hope for a "no" vote from the House. I just want to say that Democrats and Republicans alike are responsible for this mess and I think that we need to just start over and elect people who will do the bidding of the American people. However, how we find those people is a mystery to me. We certainly haven't done a very good job so far!
hopefully this bill is voted down
Vote no.(1)Why?(2) Reasonable Alternative?(3) Do you have a truth certain?