I agree that people - and most of Congress - are clueless on economics and markets. And also that joe 6pack opposed the bailout for reasons of his own that are probably too stupid to discuss. I also agree that the ramifications will suck. But I don't believe I've ever seen people actually make their voice heard in government like this; so that in and of itself is a good thing. If it were backed up by actual knowledge, that would be great.
Leave it to you and your "pea-brain" to think that the flood of money out of deposit accounts at banks and into Treasuries is a GOOD thing for the economy. Perhaps you should have spent more time studying for your Econ. 1 class than how to "Photoshop" your fake ES position onto a thread on ET.
Ron Paul is great for dissecting issues and finding blame. What he is extremely poor at is presenting a solution.
Agreed. But unfortunately "Joe-6pack" won't get a clue until he can't get a loan, or his company that he works for can't get a loan, or a large customer of the company he works for can't get a loan because there is no healthy collateral on the books of his local bank, and/or because so many depositors have taken their money out of their bank and placed them in Treasuries. The CP market has been "frozen" for sometime, as it is now. When he finally gets laid-off from his job, ONLY THEN will he have realized that this legislation wasn't just about Wall Street. But by then, it will be far too late.
All true and I agree with that as the reason the bill didn't pass. All the polls I was looking at were saying 65% of the public didn't want the bailout and calls to some congressmen were running at 100:1 against the bailout. After todays market action (biggest one day point decline in history) the representatives have the cover they need to vote for the bill and public opinion will likely have changed with under 50% now opposing the bailout as I am sure that people will be rattled. Only 12 out of 228 need to change their mind and with todays market action and the vast amount of political and fiscal pressure to vote for the bailout they will get their 12 and them some. Whats worse than being the guy at election time who voted for the bailout? The guy who didn't vote for it and can them be blamed for all the economic hardships the voter is experiencing. " Dear voter, if only my opponet had voted for the bailout package, the stockmarket and economy would not have gone in to the toilet and you would not be suffering the economic hardships that you are". Yes maybe BS but will play decisively well with the voters. Personally against the bailout but got long NQ on close today, bailout passes tonight or tomorrow night latest with a huge bounce from current levels.
Who ever said Bush is a true republican? What makes Bush a horrible president is because he is a pseudo. He has always been a corporate socialist. A puppet. Nothing more. He does what wallstreet wants. A true republican does not.