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$700bn bailout in USA failed

Discussion in 'The Lounge - Off Topic' started by wizard, Sep 29, 2008.

  1. wizard

    wizard Petabyte Poster

    Had one of those CNN Breaking News emails about half an hour ago saying that the $700bn bailout plan has failed to go through the house. In response the Dow Jones fell 600 points.

    Wonder what kind of knock on effect this is going to have on other economies?
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  2. dmarsh

    dmarsh Terabyte Poster

    Sold all my shares last week, woooohoooooo ! Lets hope none of my banks get hit.... :blink
  3. BosonMichael
    Highly Decorated Member Award

    BosonMichael Yottabyte Poster

    Good. After hearing the opinions of what would likely happen if these banks were to fail, I'm not so sure that'd be such a bad thing.

    Alternatively, there's a plan being put forth by Dave Ramsey that ought to be considered: link
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  4. Fergal1982

    Fergal1982 Petabyte Poster

    I Feel a little sorry for the guys at work. Their share-save scheme is due to expire at the end of the month. They bought the shares at about 4 quid each a few years back (£250 a month max - you do the math on that one). The shares were up at 980 about 4 weeks ago. Now they are down at about 560. poor mites.
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  5. greenbrucelee
    Highly Decorated Member Award

    greenbrucelee Zettabyte Poster

    put it under your bed, you have less chance of loosing it and will probably get more interest on it. Well from the mice maybe :)
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  6. dmarsh

    dmarsh Terabyte Poster

    I'm gonna go find that cave bin ladens hiding in and see if he can put my money under a couple rocks, sounds like the safest bet ! :D
  7. zebulebu

    zebulebu Terabyte Poster

    Good luck to the HoR I say.

    What's that? The financial system that has been all but unregulated for the last twenty years has been ruined because the greedy bastards in control have been lying through their teeth to each other, government and the public at large, borrowing money hand over fist and trying to con people into thinking it was all 'real' and coining it in on other people's misery in the third world is collapsing around your ears you say? That's a shame. Oh - and now you want 700 billion dollars of taxpayers' money so you can continue to prop up this system - but need it, like - NOW, and don't want any of those nasty regulations on how the money can be spent?

    Pull the other one its got f***ing bells on.

    The sad thing in all this is that the bill will eventually get passed (it has to - otherwise we'll all be back in the ***ing stone age by the end of next year) and some devious, greedy pricks will find ever more inventive ways to spirit it away and into the back pockets of the ridiculously rich so we'll be in exactly the same position in three years' time again.

    Meanwhile, the UK government has announced renationalisation of another (the last - cheers for that Maggie) demutualised building society, so that people like me - who work hard for a living, live in a modest house because I didn't want to overcommit, and pay a fixed-rate mortgage because I'm prudent and like to know how much money is going out of my account every week - are now funding the stupid, fcukwitted fools who thought they could afford 300 grand mortgages on ****heaps whilst working as checkout supervisors in Asda and will inevitably end up paying dearly for the pathetic, non-existent diligence of those responsible for 'selling' these 'mortgages' to people with the IQ of a slice of carrot cake.

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  8. Mr.Cheeks

    Mr.Cheeks 1st ever Gold Member! Gold Member

  9. Sparky
    Highly Decorated Member Award

    Sparky Zettabyte Poster Moderator

    On the plus side all the idiots that have watched some property TV show and decided they wanted to make some quick cash by purchasing a garden shed, decorating it, and then try to sell if for a £50k profit are now in the s**t. 8)
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  10. postman

    postman Byte Poster

    I believe most of the problems in the UK stem from the Buy-To-Let market (market leaders where Northern Rock, HBOS and Bradford & Bingle), stupid people who thought that they were going to make money because the market was always rising are now the ones who can't afford to pay back their loans but most of the blame lies with greedy money lenders (I've only recently heard of NINJA loans No Income No Job).
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  11. Rover977

    Rover977 Byte Poster

    Sometimes the people just cannot see what is blindingly obvious, but this time I think the American people and the politicians who represent them have got the gist of what's going on. Its not that hard to put two and two together, despite all marketing efforts to keep 'the people' as mind-numbingly stupid as possible. This 'crisis' has at its core a set of lies that have over-valued the assets of financial companies, under a cloak of 'respectability' so sophisticated that it has deceived even the major banks of the Western world. (And the ones that have already fallen are only the beginning). I believe that this is a turning point. The 'bail-out' will NOT happen - Congress has decisively voted against it - it won't change its mind - not this time.

    There will be no crisis, because when it comes down to it the USA govt have $700b to spend on whatever they choose. That money belongs to the American people. They can simply lend it out to the 'struggling' businesses or home-owners at whatever interest rate they like. Because even at a 0% rate it'll still be better than handing it over to a bunch of largely unknown Wall St investment banks who have proved they cannot make sound business decisions, and have gone bust as a result.

    Wall St is just a middle man. Don't be scared that a collapse will ensue because it won't. Scaremongering is their last resort because they have nothing left to bargain with. The 'market' has just priced this middle man out of the equation.
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  12. Mathematix

    Mathematix Megabyte Poster

    I have both UK and US accounts, both at banks who have been bailing out the smaller ones out when they were about to go under (they even featured my actual branch in a rather affluent part of West London where I grew up on the news! :biggrin).

    To be honest I only see this as a minor storm. It's not affecting me in any noticeable way - I haven't had to rejiggle my finances, sell shares to save money or anything like that. Thanks heavens I've escaped the last sweep of redundancies at work, and can still aim for multiple holidays in a year.

    Don't panic, just ride out the storm! :)
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  13. zebulebu

    zebulebu Terabyte Poster

    Well, I live in a modest house instead of a mansion and drive a horrible but sensible and economical small car. We only have one holiday a year. Net result? Five years until I'm mortgage-free and can live a life of relative comfort whilst everyo single one of my friends has mortgage repayments three times the size of mine, on gaffs they couldn't 'really' afford even at prices ten years ago, all with ridiculous amounts of debt and starting to have kids which will make it even worse for them.

    They should have listened to me when I told them this was comi9ng three years ago...
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  14. Mathematix

    Mathematix Megabyte Poster

    I didn't say that I was a tycoon, just that I've been sensible. ;)
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  15. neutralhills

    neutralhills Kilobyte Poster

    Outstanding news. The world economy will no doubt go into the crapper, but I own two vehicles that are paid for, have little debt, my home is paid for, and (thanks to ex-Mormon tendencies), I've got over a year's worth of non-perishable food, firewood, and water stockpiled in the Quonset.

    No doubt a lot of people who just had to have the latest of everything NOW and put it on their credit cards will suffer, but I'm not too concerned about that. Stupidity is supposed to be painful.
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  16. Modey

    Modey Terabyte Poster

    Can we all move in with you mate? :)
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