This bail out needs to happen if the banks dont have money to give we are all in trouble. If they go out of buisness the bank has the legal right to recall your morgage and demand payment infull Do you have it?
If not remember other banks dont have the money for loans now How will you be able to come up with it?
I cant pretend to know enough about the "big picture" economy to give an opinion on whether or not this bailout is needed. I do know that the government is wayyyy in the hole, and this bailout is just a swipe of the government's credit card. Is is a necessary evil? I honestly dont know.
One thing I do know is that the petition posted in this thread means nothing. Whether or not this bailout occurs will not be left to a vote. It is up to the representative who we have elected to make the decision. You can pound you head against a wall for 10 years, the bailout will happen with or without you (at least I think it will).
I don't like the fact that the very people that led us into this mess are the ones riding to the rescue. Tough times are ahead, I don't think banks will be calling mortages due, no one could pay them and the banks wouldn't have any assests. The housing market would be overloaded with repo'd homes. The prices would drop to nothing.
The bailout failed, because Americans are screaming, and its 5 weeks before the elections. The pols have to pay attention.
Thank you that what I am saying.......but if the banks are going under they would have no choice but to recall morgages.
We are not giving banks the money we are buying some of there dept off of them ( that we may or may not be able to collect) to enable them to have monies needed to be able to make new loans. Yes they got themself there. But Ronald Regan removed all the banking restrictions on them we need to restrict them again and have a federal oversight comitty to over see the banks
Listen to Ron paul......The government is printing money out of thin air......Borrowing from the Chinese. It only delays the inevitable. Let them fail....the strong will survive....It will be tough for a year. But if the govt. fixes the prices on "illiquid" assets the recession could be much longer. The same thing happened in the great depression....They are "illiquid" because they are not priced right. The market should determine the price...Not the politicians.
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