Question of the Day
Posted by Bossip Staff
Senate majority, Harry Reid, spearheaded this massive bailout:
WASHINGTON – After a spectacular failure, the $700 billion financial-industry rescue plan found a second life, winning lopsided passage in the Senate last night and gaining ground in the House, where conservative opposition seemed to soften. The rescue bill – loaded with tax breaks for business and an increase in deposit-insurance limits – passed 74-25. It heads to the House for a vote tomorrow. House passage would require a turnaround of 12 votes from Monday’s stunning 228-205 defeat, which sent markets into a tailspin around the globe. “It is my expectation that the House of Representatives will follow suit,” Senate Democratic leader Harry Reid said after his chamber’s vote.
The question of the day is: who is responsible for paying this $700B tab? How special; you were gonna say the government. This one’s on us. I guess you won’t be buying those tagless tees from Hanes for your nephew because CHRISTMAS IS OFFICIALLY CANCELLED, until further notice. Tell your friends.
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We need a complete makeover in the White house. Somebody this old should not be driving let alone making decisions on our future.
“CHRISTMAS IS OFFICIALLY CANCELLED, until further notice.”
Damn and I was thiking about buying myself a brand new Acura for Christmas. Guess I got to tell myself, “Tough break nicca.”
Wow…christmas is cancelled? I gotta read up on this and find out who is really footing this bill.
I ALWAYS THINK IT’S FUNNY WHEN THEY SAY “IT’S THE TAXPAYERS” WHO WILL PAY!!!
AS IF SOME DUDE IS GONNA SHOW UP AT MY DOOR & TELL ME TO FORK OVER $3,726.58!!! LOL!
SHHH!!! HERE IS A BIG SECRET………….. ONLY TWO TYPES OF PEOPLE PAY FOR EVERYTHING EVER DONE……… CONSUMERS & TAX PAYERS!
THAT’S IT! AND GUESS WHAT??? EVERYONE IN THIS COUNTRY IS EITHER ONE, THE OTHER OR MOSTLY JUST BOTH!!!
THE “BAILOUT” IS FOR EVERYBODY!
AND CHRISTMAS IS NOT CANCELLED………
We will be picking up the tab for reckless rich guys and girls who want to pretend that they did’nt SCREW UP.Before you even get to the IDIOTS (mostly white) who bought overpriced properties like some trust fund baby…there were the investment banks (run mostly by guess who?)who sold these loans as derivative stocks worldwide as “solid” & “safe”.Suburban wannabes getting HOME EQUITY LOANS to buy Escalades and trips to Aspen,and cosmetic surgery: YOU GET TO PICK UP THE TAB FOR THAT TOO.
A lot of the propaganda seems hellbent on blaming this fiasco on the poor and THE BLACK.(how original) One need only look at what has happened in places like ORANGE COUNTY CA.to know that’s just laughable.Rewarding people for failure is never a good idea.HIGHER TAXES & KEEPING POORLY RUN ENTERPRISES running is never a good idea.
bossip, i love you, but shut the ***** up. i wish people would stop saying that we are bailing out wall street. its just not true. the government is borrowing the money from the treasury to buy down bad debt from lenders to keep banks with money to keep the economy flowing. now this money that are going to the banks are LOANS at something like 11%. so the government will be making money on this deal. its just so damn easy for us to say the government is bailing out wall street but its just not true. the money isn’t going to bail out wall street. its going to bail out lending institutions, some of which lend money to your jobs to pay your black *****es. so everybody needs to calm the f down.
btw, we all know that the mortgage crises wasnt caused by blacks. how do we know that? because laws were put in place to prevent preditory lending. and we all know that they don’t make laws to help black folks if they don’t have to. we only make up 13% of the population, half of which is jail. its just some more ***** for black people to complain about.
please shut up.
i thought we were in the age of obama? come on black people lets stop finding new ***** to complain about.
In this *****!
@CLIFF
I’m an ex-broker/trader.What I know is that the mindset of investment banks is to bring money in.Not give it back.If these entities have been this wildly irresponsible to this point…what makes you think they’ll be any more responsible now? They won’t.
are you guys serious? this bailout isn’t just about bailing out wallstreet but stopping our country from entering another great depression… true enough the bailout will result in a recession but if there’s no bailout the stock market’s gonna crash no ones going to be able to take out loans [including student loans] the credit market is gonna be frozen salary’s are gonna be cut && what’s more jobs will start getting cut people won’t be able to pay for their houses and everyone will be out of work.. so what do you suppose the government do?
Funk
Because the firms/lenders that take money will be under new rules laid out in the bill that p*****ed in the senate yesterday. What caused the mortgage bubble to burst and what caused these securities firms to go under was deregulation. Capitalism works! It really does, but without rules the ***** goes haywire. Funk I no doubts that things will bounce bank after a few years.
A bigger problem I think is officer/board member pay, backdating stocks, and bad accounting practices. Once regulation is in play, things are okay.
What say you?
How the ***** does a proposed legislation go to the Senate first and then the House of Representatives..Laws are always reviewed by the House first…
Ask yourselves, why wasnt it the other way around?
@CLIFF
I just think if you let this sucker CRASH now-yes the the pain will be immediate…but it will sweep away most if not all the “dead wood” who will live to invest foolishly AGAIN if we bail them out.A crash probably would’nt hurt those who are already struggling…and those who are doing business will find a way to get money.Don’t fall for the scare tactics.Indeed you can “re-regulate” or for that matter put a whole new set of rules in place…but why give those who have shown themselves to be GREEDY & STUPID another crack at it? Crashing could be the window of opportunity for someone OTHER than the usual suspects to have a seat at the table.I’d love to get into trading again…and my sales pitch to the deep pockets would be:”You blindly trusted that clown for years.How’d that work out? While he’s doing time for fraud…let a brotha’ show you how to MAKE MONEY!”(probably would’nt use the “brotha” part ;->) BTW-this bailout pkg. will only prolong the inevitable.Exhibit A for that would be the recently back on welfare AUTO INDUSTRY.They don’t make anything worth buying except full sized pick up trucks & maybe 3 or 4 car models between them.Yet this time all three need help.
Finally we-I mean ALL AMERICANS-need to re-examine what it is we mean by “ownership”.That definition has changed for the worse in the last 30-40 years or so.It has come to mean that you overpay for a car…or a house…or an education…because you have to carry a bank or a finance company on your back FOR YEARS.Does’nt sound like ownership to me.I WON’T MISS THEM IF THEY CRASH.
I might add that if the economy crashes in part or in whole because the bailout DOES NOT p***** & OBAMA WINS…he has cover in that he voted for it.He also has the interesting task of helping to rebuild the economy.If he is successful-he gets another 4years & maybe his face on his own mountain.;-> If the bailout DOES P*****…he’ll just end up nursing an economy on the brink.Just basically putting band-aids on ***** & getting voted out after one term.NEITHER of these scenarios is something you’d want to walk into…but that first one at least gives you a shot at being a hero.
I still don’t get why we as taxpayers have to front this ish?!? How come they can come bail out banks, lenders, and insurance companies but not provide enough money for Hurricane victims (from Andrew to Ike) who are still stuffering…
What the hell happened for the dang bottom to fall out of the markets?!? (Bawling cuz my 401K is now pennies)
Who can really explain this and it make sense?!?
I think I’m comp*****ionate..but if you live in a disaster zone like hurricane alley-or next to a flood *****e river-or in an earthquake zone-or deep in a fire *****e forest-and you know bad things can happen-BUT you move back to that place anyway…Is it the responsibility of the rest of us to bail you out beyond providing basics after the event? Do you want to rebulid their house & buy them a new car so they can live in the same place AGAIN?
I feel the same way about this Wall Street welfare package.
Anybody want to go into the matress business?
I CANCELLED Xmas about 5 years ago….
How you think I got so rich…
How about 1. LLortgage lenders who made these stupid loans
2. Consumers who took out ARMS and No income no *****et loans and dfaulted w/in 3 years. People too stupid to read the fine print
3. Government officials who made these rules possible.
Let them sink for stupid decisions.
@drfunk Are you a jack*****, yes you are. Would you suggest the beautiful people of the Carribbean pick up and leave also.
@ Bossip
tagless tees from Hanes?….
Christmas is officially canceled until further notice. Tell your friends!! LOL
LMAO!!!!
How does this benefit us regular folk? The ‘Jacked Up America’ saga continues…
CHRISTMAS IS OFFICIALLY CANCELLED
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U ain’t never lied about that. Hell, they might even try to act janky with everybodies tax returns.
The government in America really is screwed up. They just don’t realize how much people don’t wanna live here anymore. Europe and Canada is looking great right now.
Why are we paying for the mistakes and greediness of these C.E.O’s, C.F.O.’s, etc.? If they weren’t so obsessed with being rich and taking the companies money and doing everything with it then they wouldn’t be in this situation. I’m sorry but I can’t believe in a country that does not have my best interest at hand and is concerned with being greedy.
I think we should all be able to wipe the slate clean and start over.
I’m all for the bailout if they let me put my Visa card in that pile too. I know a lot of you have mortgages, car notes, student loans, credit cards and loans from mom that you need to repay. Let’s put them all in a big bonfire and let’s start afresh.
But no…….the same rich and powerful *****s are gonna get paid first, last and always.
Besides that, 700 billion will not fix the problem.
Stockbrokers and investment bankers have an inside joke that they always tell among themselves. If one of their clients actually makes money in the market…..it’s an “accident.” It’s definitely not by plan.
The bail out is only to secure the stockbrokers and banks, it is not for the people.
Some people have trillions out there, not to mention deals with multi billionaires with the capital. 700 million dollars in the banking world is small fries…however 700 billion dollars for ordinary taxers payers who will have to pay this back….is a RIP OFF. Tax payers will have to pay out for what they had to pay into the system already…Bush is a glorified crock.
It is just pay day for the bankers.
@Cliff we actually are bailing out Wall Street. There are not even sure if this will work. The mortgages in this country not just sub-prime but all of them have been sold and broken apart. So a portion of someone’s mortgage could be in Russian, China, and Dubai. That is why they the creators of this bill have said that they don’t know if this will work. This is what happens when lobbyist have had a free reign in the white house, congress, and the senate. Now they are demanding payment. They weren’t giving all of that money and gifts for free.
Xmas isnt cancelled for me. I alreayd bought and sold my stock and rebought and now holding. Bailout occurs stock soars. Actually this bailout would give me MORE money for xmas…i was thinking of getting myself a LV zippy in Damier Azur. Damier Azur is always nice..
Gotta spend money to make money…if we are already in the red, how will we leverage to make green? Some of you all baffle me..
and i was relying on the thanksgiving and christmas sales to get my tv and *****
funk your overlooking the fact that even if we let the market’s sink, those are people’s 401ks, 403bs, private ira’s, money market accounts, and even SS. companies get cash on hand from lenders to pay out salaries etc. if we dont bail out the lenders, there will be no cash to circulate and inflation would be high then a *****. we wouldn’t be able to live. so not only would we be broke and homeless because we got *****ed on mortgages, we wont even be able to eat.
i dont like the fact that some of these companies are getting a second chance at grace, but it needs to be done.
i think they should take back all the millions that the ceo’s made and put it to good use.But also people should stop living beyond their means,when you go into a bank for a loan you already know what you can afford. Dont get me wrong i do feel sorry for the people who will loose their homes.
I feel bad for the people who are affected by this…Even though I still believe, that the fact they were letting undo*****ented people buy homes, that they couldn’t afford, and then the feds have started enforcing immigration laws, some people end up deported and the loan they took goes unpaid..The theres the mortgage companies, piling on all the fees they can to some people who couldn’t afforf the home anyway…Everything in this society is so fast-paced. That’s why spending less than what you earn, you will always have a surplus, in a case of emergency..everyone should have a 6 month emergency plan anyway! Well, I wish all those affected by this, Good luck!
CHRISTMAS, will NEVER be cancelled….And even for those that are not rich. Christmas is about the spirit of the season, togetherness, love and family…(If you don;t know this, you are lost anyway)
I will admit that,It’s gotten quite commercial in the last few years, I have toddlers, that I am planning for right now, so they can have a Christmas they will never forget!!..We’ll be going to DisneyLand for Christmas and to the Ten Thousand waves right after….Christmas will never be cancelled in our household, I don;t care what the market is doing…..My liquidity and net income is not dependant, on the economy…That’s why it’s better to be self-employed, you get a lot more out of life…but you have to be serious, dedicated and about action…Well, toodles and have a GREAT WEEKEND!!!
Sarah Plain jane Palin lost the debate! Air-head! No answers, pretend you didn’t hear the question, completely change topic, then all her lies!…
She can;t hold a candle to Hillary, I don’t like Hill but I respect her, she’s earned her stripes..Palin..not so much, her voice is annoying, the fakeness is annoying and NO SUBSTANCE!!! There shouldn’t be one Republican or Democrat who isn’t voting for Obama/ biden ticket, after this latest debacle…She wants to be respected as a woman, but noone can ask her serious questions,or meaningful issues because then they are being too hard on her, they are mistreating her because of sexism, yada yada yada, if you get on the field, with the boys wearing a suit, don’t think that you’re not going to get hit hard! If you can’t take the heat (in your case questions), you should go back to Alaska *****to!)…Good luck with that abuse of power, probe! I heard it’s still on!! See you at the polls, with your preggar, alcoholic daughter and your joe sixpack!!…..
OBAMA/ BIDEN 2008!
This guy is stupid, and he is flirting with a famous rich actress on a dating site —cougarkiss–co m, where the rich women seeking love with young handsome guy! He pursue that woman because he needs money!!
The problem is PEOPLE don’t understand the ramifications of what would happen with out it. The truth of the matter is no more taxes will be taken out to pay for this bs, its just now this is yet another thing that our taxes will go to instead of ***** like better schools,teachers,roads,etc..
The truth is these greedy ***** ceo’s are to fault, but so is the government because their is institutions in place to prevent ***** like this from happening, But just like *****, incompetence trickles down. And because our president is a IDIOT. He appointed idiots to be the heads of agency’s like fema and the head other important agencies.
The greedy/stupid ceo’s that our to blame are rich though. Like not your local lottery winner rich, Im talking they Netted 30m-100m last year and years before that. They can afford to be out of a job. But it causes people like us to be out of jobs that can’t afford the 40-50 hour work weeks to keep the lights on. So everybody that says ***** the “rescue plan” lets just get it over with, Unemployment is already at a 5 year high. Unless your ***** is in the medical field you got a good chance of having your job ganked or worse yet, Getting *****ed by the management and having to take it cause you and your employer knows their is 10k people that would take that ***** for your J O B.
Let it sink in