The Economic Crisis...in our own words!

[RocketFoot]

I am not an economist and I don't understand half of the bullshit floating around on the net about the economic crisis. So, lets start a thread about what we know in lament's terms and how we feel about the situation. No article links...just your words and feelings. This looks like one of those important times in history that we may look back on and wonder how we screwed up!

Here's a little theme music for your listening pleasure...

[LorDiego01]

I think "they" are setting themselves up to loot the country. That's as simple as I can put it.

I also believe that the shit will royally hit the fan, its pointing to sooner, rather than later, but it has to happen for the markets to correct themselves.

Now, there are some crazy conspiracy theorists out there, who will say the same thing I said above, but they'll extrapolate that it will be the complete collapse of Western Civilization. I do not think this is the case at all.

We will not be "bugging out" and the country is not going to shut down. Life will continue, and things will get a lot harder, but we will persevere.

Personally? I did a bank run last week and left in there just the minimum I need to pay my bills and not get charged with fees/penalties. And a lot of people I know have done the same.

We are due to hit some hard, hard times. I suggest everybody who reads this, to do a Google search for FerFal, and read his writings of his experiences of the 2001 Argentine Economic Collapse.

[RocketFoot]

I tend to feel the same way...I think we are in for a big pinch, but it won't be the end of th USA. We as Americans, have endured bigger tests that this and I think we will weather the storm. But until then...is gonna be a bumpy ride!

[Defleshed]

I think "they" are setting themselves up to loot the country. That's as simple as I can put it.

I also believe that the shit will royally hit the fan, its pointing to sooner, rather than later, but it has to happen for the markets to correct themselves.

Now, there are some crazy conspiracy theorists out there, who will say the same thing I said above, but they'll extrapolate that it will be the complete collapse of Western Civilization. I do not think this is the case at all.

We will not be "bugging out" and the country is not going to shut down. Life will continue, and things will get a lot harder, but we will persevere.

Personally? I did a bank run last week and left in there just the minimum I need to pay my bills and not get charged with fees/penalties. And a lot of people I know have done the same.

We are due to hit some hard, hard times. I suggest everybody who reads this, to do a Google search for FerFal, and read his writings of his experiences of the 2001 Argentine Economic Collapse.

I agree they're (the international banks and power elite) planning to loot the country. but I thought the conspiracy theory was, to finally flush the dollar from the toilet it's been floating in (nuke it of all value), and then introduce a new currency deemed the amero to save us (the problem reaction solution method).

i personally don't really know what the hells going to happen, i think it depends on if the american cattle wake up to whats happening before its too late.

[ReefBlue]

My feelings:

If one thin dime of my taxes are going to be used to bail out a bunch of fat cats who run multi-billion dollar companies, they can go fuck themselves and anyone who thinks this bailout is a good idea can go fuck themselves.




The only way to truly fix this is to just let it run its course and let this country spiral into a depression even if it lasts for 10 years.

[shooter357]

It won't get better until all the excessive taxes, fees, and penalties are lifted. The American people don't have any "extra" cash because corporate america is always coming up with ways to pull it out of our pockets. Buisnesses are moving to other countries to avoid such things as well as lower employment rates. We are in for a long ride. I don't believe that this bailout is a good idea. I am completely against it. It will only be a patch, the underlying problem will still exist and we will only be responsible for the money anyway making us further in debt.

[SteveXD]

The thing that pisses me off about this bailout it the fact that I did the “right thing”. I saved my money, invested in the economy and put 20+% down on my VERY modest home (less than 20% of our salary goes to our home). Since I did the "right thing” I am penalized and if the need arises I wouldn’t be bailed out because I don’t have a Freddie/Fanny loan.

If I would have bought an ubber-expensive McMansion and lived next store to the Jones', bought a BMW with a home equity loan (on my home that had no equity), then defaulted on my mortgage(sss) I would be rewarded by a low interest loan that I can pay at my leisure.

If this plan goes through I want these f’in loads booted from these home and put up for fire-sale prices. I understand there are a few people that may have truly fell on hard times, but 10-to-1 it’s people living beyond their means buying things they know that can’t afford.

[Kaos]

I'm 23 and was considering buying a house. Not so much anymore. The market has good homes in it, but the home is the least of my concerns now. I don't know if I want to put pen to paper on something so volatile at the moment.

I'll continue to try to save as much as I can (getting harder with prices going up on pretty much everything) and maybe one day build a home that suits my family's needs in a county that isn't going to rape me on taxes.

I'm just wondering why they're giving the bail out to the companies and not the Americans themselves. See...if the companies completely went under then these mortgages have the potential be be eitehr up for lowest/highest bid depending on who's buying or just dissappear. And we can't have the companies who are providing plenty tax dollars to the gov going away forever can we?

Sad thing is there's really nowhere left on this planet to form a new country in.

[jud4420]

I as most dont like the idea of the bailout but the price to be paid if we go into a full blown recession will be way greater than 700 billion. It would be catastrophic to our social and economic system. I was not alive during the first depression, but i understand the depth of what happend.

People right here in the us were starving in some places. Not homeless bums on the street. People like you and me who were left with nothing when the job markets completely collapsed. If anyone thinks this is bad now. Imagine you and yours standing in line to get food rations.

Im not saying this bailout will work. But something must be done. If all these finanial institutions collapse it will spread through out most industries and causes GLOBAL job losses. Not just for bankers, but construction workers, police, car dealers, restaurants (and the people who work there), realitors , mechanics and everyone in between.

Credit will eventually be near non existent and debt will be abundant. You beloved dollar that you pulled out of the bank wont be worth the paper its printed on when a loaf of bread costs $14.50.

If we fall on true hard times, looking back that 700 billion, will be pocket change. I dont like it, but thats where we are. If uncle sam thinks he can get the corporations to repay this money as well (with interest however low) than do it. I personally dont much care for potato's and rice.

[Brick]

I tend to agree with Steve. I'm not finding a lot of nuts and bolts information, and so far the best I've been able to come with is 650,000 mortgages in default so using $700,000,000,000 to buy them up comes to aproximately $1,080,000 as an AVERAGE. WTF man is someone kidding! My mortgage at full pay-off won't cost that much!

So lets hedge our costs a bit here. First, don't buy-out investment properties, 2nd offset costs buy cutting foriegn aid to countries that are not direct allies, 3rd offset costs by cutting support to the UN to the same level as say Saudi Arabia. 4th suspend some the killer business taxes i.e. Capital Gains Tax and deduct the revenue loss from the bail out package.