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  1. #1
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    So the bailout was rejected...wait...it's back! and has passed!

    The bailout was rejected, i'm interested to see everyone's thoughts about it. I guess only time can really tell at this point if it was a good idea or not.

    Last edited by ArtZealot; October 3rd, 2008 at 03:30 PM.
    "I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when it has gone past I will turn the inner eye to see its path. Where the fear has gone there will be nothing. Only I will remain."
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  3. #2
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  4. #3
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    I still think it would have just been a band aid to postpone the inevitable.
    Many people have seen this coming for a while and we didn't do anything about it. A lot of what will come next is going to be panic-based I think. The market will continue it's plunge when it reopens tomorrow. Closing at -777.68 isn't something people are going to be happy about and see as a sign to continue investing.

    As people lose confidence they'll spend less, withdraw more from their banks and end their stocks.

    The system is kind of 'damned if you do, damned if you don't' right now.

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  5. #4
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    Quote Originally Posted by GhostValkyrie View Post

    The system is kind of 'damned if you do, damned if you don't' right now.
    I couldn't agree with you more on that. I think rejecting the bill was the lesser of two evils though, but a decision definitely had to be made.

    "I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when it has gone past I will turn the inner eye to see its path. Where the fear has gone there will be nothing. Only I will remain."
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  6. #5
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    I would've liked to have seen it passed, as a temporary measure, but honestly why aren't any politicians trying to reimplement the regulations that had prevented this mess for decades?

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  7. #6
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    Wasn't this bail-out gonna give a bunch of the CEOs who got us into this golden parachutes? If that was indeed the case, I'm glad it got rejected.

    Also:
    The most expensive facepalm in the world.
    So the bailout was rejected...wait...it's back! and has passed!

    Last edited by BadGeometry; September 30th, 2008 at 12:20 AM.
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  8. #7
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    Something kind of ludicrous about paying someone else's extravagant debt with money you don't really have while you yourself are going into extravagant debt through other ill-advised ventures... I'm glad this bill was defeated (or, as CNN is so fond of editorializing, it failed). No sense reinforcing bad habits. There'll be a bit of a sting, but most likely to the people who made the bad decisions in the first place. My parents always taught me that you don't buy things you can't afford, and you don't always have to buy the most of anything you can afford. Greed is coming around to bite its practitioners in their collective ass, and those of us who made wise decisions generally will have the resources and adaptability to weather the repercussions.

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  10. #8
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    Quote Originally Posted by M.C.Barrett View Post
    and those of us who made wise decisions generally will have the resources and adaptability to weather the repercussions.
    A wise decision is to usually invest and/or save. If the market plummets, so can your retirement/college fund/saving for house/etc. The downfall triggered by large firms bad investments doesn't JUST burn them. What would your solution be?

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    Generally, my solution is to live well within my means. I have a 401k set up and I'm not touching it. As far as I'm concerned, that money doesn't belong to me, but to my future self. I can't afford to buy a house right now, so I rent one with 3 other people. I drive a car that costs a fraction of my yearly income. I contribute to my savings account regularly, use my credit card as little as possible, and ride my bicycle to the grocery store. My yearly clothing budget is generally under $500. I don't feed an expensive Starbucks habit. My most extravagant luxury ever, besides my economy car, has been my fairly modest motorcycle, which I bought used. I grew up with parents who had variously found themselves laid off, working less-than-appealing jobs, or learning new professions. All through 6 years of college I sustained myself on a budget of $50/week, after rent and utilities. I'm fairly well off now, got no complaints, and to be honest I sometimes actually miss being kinda poor. My solution is not to somehow come out on top of all this, but rather, to not be dragged under by it.

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  13. #10
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    I meant what would your solution be to fixing the market plummet.

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  14. #11
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    In case anybody was interested, there's a cool radio documentary series called This American Life that recently had a very fascinating and informative show about the whole mortgage fiasco that preceded all this, you can hear the show for free here:

    http://www.thisamericanlife.org/Radi...spx?sched=1242

    You'll be amazed at some of the information provided.

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  16. #12
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    Oh. Reinstate the kind of regulatory structures that were in place before they removed them and everything started going to hell. As for stopping the plummet, I don't think anything can stop it from dropping to an eventual state of equilibrium. This is the nation paying the piper for decades of ever-more-unrealistic escalation of what people feel entitled to as their standard of living. It either comes in a big hit or is drawn out, and the latter would require people and financial institutions to suddenly become aware of and accountable for their folly and make adjustments accordingly, which, as we all know, is fundamentally unpatriotic. This is the price of decadence; there's no such thing as a free lunch. It's the very first goddamn thing I learned in high school economics. I took it to heart and have ever since been utterly baffled by what people consider to be a reasonable standard of living, as well as to what the nation as an economic entity is comfortable indebting itself. The fact that there is a crisis seems only natural, and fixing debt with debt just feels like throwing more wood on the fire.
    Anyway, the fact that so many demonstrably corrupt or otherwise overtly political people have been pushing to get it through makes me more than a little suspicious of its real intent, as well as of the actual scale of the problem they're ostensibly fixing.

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  18. #13
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    Are 401k's still a good thing to hedge on if the market's failing? Not sure how they work...

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