lol, wow, 10,000 dlr swing in 5 mins
OK so I’m getting in on the fun. Opened a Scottrade account and tossed in a little cash to play with. :lol: It turns out you have to wait 3 days for the money direct deposit to clear before you can buy stocks <$4.
Last night on Jay Leno he said this bailout will cost $7000 for each tax payer?
HOLY SHIT!
Is this even close to correct?
You want to help the economy? Give each tax payer $7000 instead of the retarded companies that got us into this mess!!!
Talk about stimulus plan!
Please tell me that is not true. $7000!?!
This was really, really funny but true(I don’t even like her usually)…
LOL, if I was given $7000 I would invest it in the market anyway. problem solved…win-win.
700 billion dollars / 300 million people / 0.75% over 18 = $3111/person
Obviously not everyone over 18 pays taxes, but it’s a reasonable quick estimate.
It would cost you a shit ton more than $7000 if the economy collapses…
:fail:
Given this statement I really do not think you understand quite how this bailout works. Not trying to be a dick but you should read into what the 7k is doing. But i am later for work.
Hence the questions. Duh. lol
I know what the money is doing did you click on the link? lol
I love this huge assumption of gloom and doom by EVERYONE.
I am the first to admit I am not an expert on the mortgage crisis but, it seems like everyone is ignoring the long term effects of this.
Why don’t we just put the money printer on high speed and give every American $700 billion?
I haven’t heard anything other than chicken little BS about the sky is falling.
Tell me specifcally what is going to happen.
And make sure you give me a source.
So lets assume the government is only allowed to buy bad mortgages, not every bad investment these idiot CEO’s had their companies buy chasing this quarters profits to get their huge bonus…
So you have these billions and billions in “bad” mortgages, but what really makes them bad? You have all these investment banks saying they’re “worthless” because they used to be able to trade them pretty much like currency but now no one wants to buy them right? But they’re still houses, the vast majority of which people are still paying their mortgages on. I guess I’m a little confused on the “worthless” part.
I lend you $200,000 to buy a house. It used to be that I could sell that loan to any bank I wanted so it had immediate value. Now no banks want to buy it so I’m claiming it’s worthless? You’re still paying me every month, with interest no less. Sure, if I gave out 1000 loans maybe 10 of them are defaulting but all the rest are still paying. Even on those 10 I have to foreclose on I still get the house. Maybe it’s not worth 200k in this market but it’s not like I lost the full 200k I’m trying to claim on some balance sheet.
Am I totally off base here?
I think that anyone excited by what is going on right now should wait 3 months, and learn about investing. Jumping in right now is probably far more likely to make you a little bit right now, and cost you a bunch in the not to distant future.
^Word (to Jay)
I think anyone wanting to jump in right now missed the big payoff, and I agree its not worth it for them to risk what money they would have to drop into it right now
Despite common misconception, we are a society of consumerism, not capitalism. Add in a healthy dose of globalization and its not as simply as “Hay, you just stole my $7,000”.
I’m not all that interested in convincing the 300 million morons in this country (or anyone on this board) that just because someone told them that the government is spending “$7,000 of their tax dollars” that it is bad. I’m sure googling “why we don’t need a bailout” will turn up plenty of insight for anyone who is curious to learn as opposed to sheepishly reacting.
“Some details of a bailout will have to remain vague, in part so that Treasury officials have the flexibility to respond to an obviously fluid situation. But Congress can still do a lot this week to make sure the final cost is a lot closer to, say, $100 billion than $700 billion.”
slight drop at the end of the day when the day traders cashed in their gains, but after hours FNM is at 1.92 and FRE 2.08 :eek:
Yikes,I wonder what kind of impact 100 billion would have compared to the original proposed 700.
For the record, I don’t disagree that bailouts in this sense aren’t scary or setting ugly looking precedents, it doesn’t mean they aren’t necessary to avoid larger scale collapse.
If you are so concerned with the dollars and cents of it, why aren’t you more concerned with the war? Or any of the other places we bleed money?
LOL I didnt to be honest I was running late.
Meh I kinda agree I think we will trade in range(up and down) untill we see solid results from one of these many “bailouts”.
I dont even think they are fair to compare. The war is a total loss of money. Its spent and gone. The bailout however is money that is actually buying something. Over a period of time it very well might yield over $700 billion return. But none the less it is a far cry from just handing over the money.
you paying attention to the republican president on tv this evening?
the sky is pretty close to falling. time to open your eyes and look up.