Market down 450+ pts

[J0nnD0ugh]

On news the bailout was voted down in the House. The next Depression is now the current one.

[J0nnD0ugh]

Re: Market down 450+ pts

2:30pm, down 515 pts.

[stewaat]

Re: Market down 450+ pts

I'm going to cry.

[boomhauertjs]

Re: Market down 450+ pts

Congress is saying "It's a terrible plan, but we've got nothing better." Well, how about hiring some really smart financial guys (i.e. not politicians) to offer alternatives that don't bend taxpayers over a table.

[fishepa]

Re: Market down 450+ pts

The people on wall street have the option to turn it around if they want. Instead they just all get together and cry, worry, and speculate for no reason.

[boomhauertjs]

Re: Market down 450+ pts

I got this bailout idea in a forwarded e-mail. Too bad there's this little thing called inflation that would ruin this idea. And that most people would not spend the money wisely.


Something to think about... I'm against the $85,000,000,000.00 bailout of AIG.
Instead, I'm in favor of giving $85,000,000,000 to America in a “We Deserve It” Dividend.
To make the math simple, let's assume there are 200,000,000 bonafide U.S. Citizens 18+.
Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up.
So divide 200 million adults 18+ into $85 billon that equals $425,000.00.
My plan is to give $425,000 to every person 18+ as a “We Deserve It” Dividend.
Of course, it would NOT be tax free.
So let's assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 in taxes.
That sends $25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ has $297,500.00 in their pocket.
A husband and wife have $595,000.00.
What would you do with $297,500.00 to $595,000.00 in your family?
Pay off your mortgage – housing crisis solved.
Repay college loans – what a great boost to new grads and those with student loans.
Put away money for college – it'll be there when needed.
Save in a bank – create money to loan to entrepreneurs.
Buy a new car – create jobs.
Invest in the market – capital drives growth.
Pay for medical insurance – health care improves.
Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces.
If we're going to re-distribute wealth let's really do it...instead of trickling out a puny $1000.00 ( "vote buy" ) economic incentive that is being proposed by one of our candidates for President.
If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+!
As for AIG – liquidate it.
Sell off its parts.
Let American General go back to being American General.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.
Here's my rationale. We deserve it and AIG doesn't.
Sure it's a crazy idea that can "never work." But can you imagine the Coast-To-Coast Block Party! How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 Billion “We Deserve It” Dividend more than I do the geniuses at AIG or in Washington DC.
And remember, this plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.
Ahhh...I feel so much better getting that off my chest. Kindest personal regards from a Creative Guy & Citizen of the Republic
PS: Feel free to pass this along to your pals as its either good for a laugh or a tear or a very sobering thought on how to best use $85 Billion!!

[Double Eights]

Re: Market down 450+ pts

We may be headed to a depression, but trust me, had this bailout gone through, our entire economy would have collapsed.

If you want to fix the economy, march to DC and demand the Federal Reserve be abolshed. Until the Fed is gone, our economy will be in the hands of the banking cartel.

[Skerik]

Re: Market down 450+ pts

Just to keep things realistic here, the market has dropped less than 5% today. The apocalyptic doomsayers were running around saying it would be down 20-30% if this all-important bailout didn't pass today. It didn't, but amazingly, it appears the sun will actually rise tomorrow.

It probably would have passed if Pelosi's speech didn't torpedo it. Finally, something to thank her for....

[Pappy Knuckles]

Re: Market down 450+ pts

We may be headed to a depression, but trust me, had this bailout gone through, our entire economy would have collapsed.

If you want to fix the economy, march to DC and demand the Federal Reserve be abolshed. Until the Fed is gone, our economy will be in the hands of the banking cartel.

You said it.

[SPTO]

Re: Market down 450+ pts

We may be headed to a depression, but trust me, had this bailout gone through, our entire economy would have collapsed.

If you want to fix the economy, march to DC and demand the Federal Reserve be abolshed. Until the Fed is gone, our economy will be in the hands of the banking cartel.

Not to mention the fact that the bailout would've created a 4th and overarching branch of government that would make life hell on the regular folks.

Look, i'm not one to take glee upon news like this but let's face it, the crow has come home to roost in regards to economic policy and behavior over the past 25 or so years.

[RoyalBoyle78]

Re: Market down 450+ pts

The people on wall street have the option to turn it around if they want. Instead they just all get together and cry, worry, and speculate for no reason.

agreed, they made this mistake and they want the government to bail them out, screw the ones on wall street. They made there bed so they need to sleep in it now.

[marktg30]

Re: Market down 450+ pts

"As important as it is to act quickly, it is more important to act rightly,"

Texas Republican Jeb Hensarling

No plan concocted in merely a week would be good enough to take care of $700 billion. MC Hammer has better money management than that.

[Double Eights]

Re: Market down 450+ pts

No plan concocted in merely a week would be good enough to take care of $700 billion. MC Hammer has better money management than that.

This plan has been brewing for months, as a contingency plan.

I know a "contingency plan" doesn't sound right, as we've been told the economy was fine the past few months, but it's the truth. Last I heard, it has been in the works for three or more months.

[stewaat]

Re: Market down 450+ pts

The market won't collapse tomorrow. They just need to take a step back and take a couple weeks to come up with something thought thoroughly through. There's so much on the line right now. It's one of the most important decisions in the history of our country.

[stewaat]

Re: Market down 450+ pts

The market will be down 700+ today because everyone will be on the phone at the end of the day trying to get their money out of the market. Fear is making this all look crazy right now. The accessibility of people to the market and the quick, rash decisions are going to make it look worse.

EDIT: Wow it just shot past 700...might be 800+.

It'll rebound tomorrow some IMO. People need to just relax and stay put and see what happens.