Hell I say why not 5 Trillion!! We have already spent over 3 Trillion!! THIS IS MONEY THAT WILL NEVER GET REPAID! Am I the only one that thinks the government needs to just step back and let it play out!!! This is just nuts! Lets prop this "false" economy up with more debt!!!! Isn't that what got us into this situation to begin with???
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No, too low taxes and Free Market worship is what got us in this mess, plus the cockeyed republican notion that the country can get by with no government.
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You are absolutely right OSU. The government is just taking money from us, in the form of future inflation, and giving it to the rich fatcats on Wall Street. What's really funny is that they aren't even loaning out the money, they're just keeping it!
It seems like just a couple of days ago that the Congress was gnashing teeth over a $25 billion loan to the Big 3, yet today with not a single question, they went on the hook for billions for CITI. I guess it's who you know!
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I hope people realize there are future consequences to all this spending! Why does the rest of the world let us just keep spending money we do not have? Is anything really worth anything at this point? If companies that are big can't fail then whats the point of anything?? All you need is the gevernment to fire up the printing press! This makes no sense at all to me!
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People should have been thinking of future consequences when we invaded Iraq and when we allowed the republicans to push us to removing oversight from the economic giants that thought they could rule by loans and that declared they were too big to fail.
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"From real estate agents to carpet makers, businesses dependent on a healthy housing sector are calling on lawmakers and the incoming administration to subsidize lower mortgage rates and beef up tax credits in a desperate effort to stimulate housing demand.
Spending $50 billion to lower mortgage rates would yield about 500,000 more home sales, projects the National Association of Realtors."
Everyone wants a piece. The whole problem is AMERICANS DO NOT MAKE ENOUGH MONEY FOR THE LIVES WE LIVE!!! People want banks to start lending again! Are we not in this crisis because people couldn't pay the debts back?? People aren't even pying for things they have now! (More Americans are delinquent on car, truck loans. Link: http://www.usatoday.com/money/autos/2008-11-23-cars-trucks-delinquent-loans_N.ht m ) We will have to see if any of this will work.
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quote:Originally posted by osubucks30: I hope people realize there are future consequences to all this spending! Why does the rest of the world let us just keep spending money we do not have? Is anything really worth anything at this point? If companies that are big can't fail then whats the point of anything?? All you need is the gevernment to fire up the printing press! This makes no sense at all to me!
money has no real meaning anymore.
you have to realise that in the mark-to market rule changes? the banks were required to valuate their assets based on what they could actually sell them for.
in the past? what they were doing was akin to me asking for 40 to one margin leverage on (say) GE stock that i say is really worth 40$ per share. instead of it's actual trading value of (gulp) 15.26$
then they'd go out and "invest" that 40 to one leverage...
what i have been unable to verify is where that money they loaned themselves came from..
do/did you ever wonder where your margin money in your account comes from?
it worked as long as everybody pretended they weren't doing it...
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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quote:Originally posted by Propertymanager: And the government doesn't take enough money (from the taxpayers) to pay for all the promises (entitlements) they've made.
PM, do me a favor, see if you can find out how much o'the Govt budget is "entitlements"...
then show me how much of that is "unfunded"...
i think you'll be surprised when you see how much (little) we actually spend on "entitlements" and how much of what we do spend is actually funded...
the real problem is diversion of entitlement money away from entitlements...
i'm not saying we don't spend it and borrow it, but it's not what broke the sytem...
think Iraq, and think defense budget. we do nee ddefense spending... but i know ofr a fact that the Pentagon doesn't even know how they spend their money, and that's prolly cuz the people writing the checks don't want US to know...
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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Everyone wants a piece. The whole problem is AMERICANS DO NOT MAKE ENOUGH MONEY FOR THE LIVES WE LIVE!!! People want banks to start lending again! Are we not in this crisis because people couldn't pay the debts back?? People aren't even pying for things they have now!
Okay, so then as these folks' credit scores have tanked, they will not be able to get the loans they want. Should the rest be punished for this?
quote:Originally posted by Peaser: Okay, so then as these folks' credit scores have tanked, they will not be able to get the loans they want. Should the rest be punished for this?
People with good credit scores are not getting hurt! The whole economy is built on the ignorant spending more then they make! If your credit score is above 700 you should have no problem. Its just now banks might want a big down payment but history shows it was always like that until they started giving money away!
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I never thought of that. People just starting out with no credit will probably have a hard time getting loans. That could be a major problem if the banks stay stringent on lending!
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Don't worry guys, this will all work itself out as soon as Obama gets in there...
What?........CHICAGO - President-elect Barack Obama on Monday unveiled his economic team and warned that "the economy is likely to get worse before it gets better."
OOOOPPS! Well, maybe in the next 10 years or so...LOL!
Sounds like something Biden would of said...
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Ultimately, credit institutions gave homes to those who, in reality, couldn't afford the homes.
The majority were first time home buyers(younger folks), who couldn't afford their lifestyles and paying a mortgage. Unfortunately they kept the lifestyle, and forgot the mortgage imo, causing a fiasco.
We need mandatory classes in high school, teaching kids down to earth economics and credit. We need to teach our kids the fundamentals before we throw business economics at them.
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Don't worry guys, this will all work itself out as soon as Obama gets in there...
What?........CHICAGO - President-elect Barack Obama on Monday unveiled his economic team and warned that "the economy is likely to get worse before it gets better."
I saw that too. It didn't matter who got into office, either candidate was going to inherit an economic nightmare. By the way, I voted for McCain.
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