Discussion in 'Economy' started by rayboyusmc, Sep 24, 2008.
FT.com / Comment & analysis / Comment - Do not exaggerate investment banking?s death
"Forget the bailout"
That's what a lot of us have been saying all along
But... I did profit on the panic with the Fanny Mae stock over the past 24 hours
Interesting times we live in when even the liberals are suggesting letting the market correct itself.
I'm inclined to take very seriously, the warning of Barnake regarding outcome of doing nothing.
He mentioned something like " the worst economic circumstance in American history"
Now he could be wrong, but I rather doubt it.
I am NOT saying I like their plan, though.
I think it's probably gonna stink to be honest.
Politicians and bankers, and their buddies are all scum as you've never been shy about saying around here.
So why now all the sudden, would you be inclined to trust a man like Bernanke? He, and Paulson, and Bush, etc, have vested interest in this getting passed. Interest beyond what is best for us.
When there's this much fear being used, you have to question the motivation. You just HAVE to.
Amen--as if I'm going to trust what Bernanke says THIS time.
Why 700 BILLION dollars? Why all at once? Why right this minute? And for pete's sake - WhyTF no oversight/examination/court review?
If there was truly concern to fix things, Bush wouldn't be threatening to hold his breath and veto the whole damn thing if he doesn't get his way...
It's the same juvenile "I'm gonna take my ball home & tell my Daddy on you" tactic he did with funding for the Iraq war. There was no genuine concern for what our sons needed. Otherwise, he'd have gotten them exactly what they needed regardless of where it had to come from. More crocodile tears and finger pointing to draw attention away from the greed and stupidity.
Like 700 billikon dollars is going to fix anything, anyway.
We're literally talking about TENS OF TRILLIONS. It goes far beyond just the bad debt.
It needs to be cleansed.
I'm all for letting the market correct itself, but many people here will be adjusted out of a job if the system collapses.
The investment banks were part of the problem but they are also symptomatic of a larger one. If liquidity dries up in the credit markets, we're fucked.
That tactic worked for drilling. We now have unfettered rights to drill everywhere because the President threatened a veto of what the dems passed. Wanting to get some sort of energy bill out they caved. They'll do the same on this because they HAVE to do something even it is something they otherwise would never do.
Of course, after Obama wins, they can add court and congressional oversite to the Treasurer or just rescind the unsavory parts.
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