Breaking News: House rejects bailout, DOW plunges 700 pts

[John Steve]

Originally Posted by James Davis

$700 billion is a lot of money. Like a third of our annual budget. Why should we pay $2300 per person to bail out the people who are responsible for this mess?

Sorry to break this, but $700 billion is less than one percent of our annual budget. Our annual government budget runs into the trillions.

[Melidan]

Originally Posted by John Steve

Sorry to break this, but $700 billion is less than one percent of our annual budget. Our annual government budget runs into the trillions.

You miss the point entirely.

Structured investment vehicles (SIVs) were at the heart of the problem at the financial institutions. The “masters of the universe” created them and the deregulated banking environment, the sea of liquidity and low interest rates helped create the massive leverage. With the deleveraging process now in full effect, the opposite is taking place.

The assholes created these SIV's out of thin air and then bough/sold them and lost their ass. Not my fault. Theirs. No free money to cover their failure.

[media]http://www.youtube.com/watch?v=lFh6PU6qM9Q[/media]

[James Davis]

Originally Posted by John Steve

Sorry to break this, but $700 billion is less than one percent of our annual budget. Our annual government budget runs into the trillions.

Our annual budget is roughly $2.5 trillion. $700 billion = .7 trillion. I was a little high on the fraction, but not much.

[IronsightSniper]

And I care?

[Lmcfalcon12]

Bottomline, the American economy is in deep shit and I'm a little bit nervous.

[DarkNoble]

How bout they give that money to the American people who have to pay their mortgages with it. Then the companies get their money and the American people have more money to spend each month. WIN WIN!

[Lmcfalcon12]

Originally Posted by DarkNoble

How bout they give that money to the American people who have to pay their mortgages with it. Then the companies get their money and the American people have more money to spend each month. WIN WIN!

If they divided that $700 billion into economic stimulus checks to Americans 18 and older, each person, including myself, would receive $425,000. That sounds like a good stimulus to me. And whatever you spent it on, wouldn't be a waste. Anything would boost the economy now. I'd buy a new car...shit 2.

[tom the pit leader]

The people who should get the money are the home owners. We have seen time and time agian giving wallstreet money is just a recipe for disaster.

[Lmcfalcon12]

Originally Posted by tom the pit leader

The people who should get the money are the home owners. We have seen time and time agian giving wallstreet money is just a recipe for disaster.

I agree to a certain extent...

There are the homeowners like my parents, who always pay their mortgage on time, and then there are those irresponsible ass's who knowingly stretched their credit until it snapped, knowing ahead of time that they wouldn't be able to pay their bills.

[Assarax]

Originally Posted by Megamind

Except you damn Americans are taking the economies of the contries you would borrow from with you

For once I agree with the European.