I honestly cannot believe that Americans are being so passive about this whole 'bailout' thing. I mean this is the country that calls itself the 'capitalist/free-market' leaders of the word and yet this government sponsored bailout [stimulus package and rate cuts] is sliding right through with mearly a wimper. I mean seriously, the market got us here, let the market get rid of the excesses, regardless of how vicious it is. This bullshit of throw more money at the problem is just a bad joke. I'm no economist[I prefer to be a realist] but this approach to avoid economic slow-down at any cost, or God forbid a recession, is just assinine. The over supply of money, and easy access to credit is a cancer and unless it is flushed out of the system it will only get worse. If you party too hard, you get a hangover pay for it and if your smart ease up on the drinking for a while. If your an alcoholic you get addicted, don't suffer hangovers anymore, but have to constantly feed your addiction until it eventually kills you. Someone explain to me how the approach that the U.S. is taking really makes any sense in the longer term, and or if it is even going to work. Seems to me like the U.S. may avoid the hang over, but they are gonna end up blowing a liver. Good luck with that:eek: :eek
HAHAHAHAHA...haven't had a laugh that good in a while.. If people have on average 6K of CC debt, 800 bucks aint shit.. Not only that, but people are too dumb, they will just buy 24 inch rims, I-pods and Bridges to Nowhere...
Funny that they changed the bankruptcy laws right at the height of the madness in the housing bubble. http://money.cnn.com/2005/04/20/pf/bankruptcy_bill/index.htm
the FED? The Federal Reserve is not the United States Govt... Nor does the US Gov have the ability to suspend mortgage contracts. This is laughable
That could be the next possible offer, they could do this at DOW 11500 to prop it up 1000 points in a few days. They have plenty of ways to keep the economy from slowing and the market from falling into a bear market.
I have one of those hats already (ushantka), I love Vodka and my mother-in-law sometimes calls me "Tovarish" (comrade in russian). And I live in NJ!
If they did something like that it would kill the mortgage market. Who would loan anyone any money if they knew that the government can just step in and change their terms at will. It would also crash the equity of anyone involved with mortgages as all earnings would disappear and likley wreck the credit markets given how everying in linked in that market with MBS making up such a huge part of it. A very poorly conceived remedy which mean that with the current administration it is a possibility