So are we ****ed?

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  • boomhauertjs
    All Star
    • Feb 2004
    • 5373

    #16
    Re: So are we ****ed?

    Originally posted by DookieMowf
    Should we take our money out of our savings, checking accounts? I keep hearing mixed reports...
    The Federal Reserve is supposed to back those up.

    Comment

    • dave374
      Banned
      • Feb 2003
      • 1928

      #17
      Re: So are we ****ed?

      FDIC-insured

      Comment

      • Cebby
        Banned
        • Apr 2005
        • 22327

        #18
        Re: So are we ****ed?

        Originally posted by fistofrage
        Unless you have over 100,000, NO!
        As of Wednesday, part of the new bailout was upping the FDIC to 250. Don't know if they changed that.

        As for being screwed, probably. If it doesn't work, the country is over and we'll have to resort to anarchy and roving rape squads.

        Comment

        • callmetaternuts
          All Star
          • Jul 2004
          • 7045

          #19
          Re: So are we ****ed?

          Originally posted by Cebby
          As of Wednesday, part of the new bailout was upping the FDIC to 250. Don't know if they changed that.

          As for being screwed, probably. If it doesn't work, the country is over and we'll have to resort to anarchy and roving rape squads.
          Thats correct about the $250k with FDIC. Stocks are tumbling bc investors are taking their gains now. When you sell, it drives price down so as investors decide they want to lock in any gains for the earlier trading session, it sends it down.

          It also could stem from the fact that MULTIPLE reps have stated "We may have an imperfect solution, but we have no choice to pass it"

          Doesnt exactly breed confidence does it.
          Check out my Tampa Bay Buccaneers CFM Thread.

          You too can be a 5* recruit at FSU.......

          Originally posted by TwelveozPlaya21
          add worthless Xavier Lee to that list..
          Originally posted by MassNole
          CFL here he comes. Pfft, wait that would require learning a playbook. McDonalds here he comes.

          Comment

          • bkfount
            All Star
            • Oct 2004
            • 8467

            #20
            Re: So are we ****ed?

            Originally posted by Herbsinator
            Unless you think the federal government is going to fail then I wouldn't take your money out of banks. That is unless you have more than $100,000 in an account. But I'm by no means an expert, so don't take my word for it.
            actually, a bank can easily fail just by small businesses or wealthier individuals pulling out their money to get below that 100k FDIC insured amount. Wachovia failed and the FDIC forced them to sell partially because of the scare after WaMu failed.

            Comment

            • mgoblue
              Go Wings!
              • Jul 2002
              • 25477

              #21
              Re: So are we ****ed?

              This isn't about giving money to the "little guy"...this is about making sure the credit market exists. Right now the banks are f'ed, so they don't have money to loan to small businesses, or to the "little guy" owning his own company. Therefore those small businesses would have to lay off people that the loans would have saved.

              Yeah, it sucks that the government encouraged all this lax use of credit by the banks, but if we have no credit whatsoever it'd be bad.

              It's not like this money just goes to some CEO so he can buy a boat. I don't like the bailout fully, but something has to be done otherwise there's no money out there to loan and people will be completely f'ed.

              2009's economy is gonna suck no matter what, this is just making sure it's not catastrophic.
              Nintendo Switch Friend Code: SW-7009-7102-8818

              Comment

              • stewaat

                #22
                Re: So are we ****ed?

                The market is not reacting very nicely to the decision. We're down after being up 200 pts today. The down trend came after the news that it passed.

                I've been trading today and made some good money but could've made much more if the financial stocks wouldn't have tanked after the news. It sucked to watch profits go down the toilet!

                Comment

                • Skerik
                  Living in this tube
                  • Mar 2004
                  • 5215

                  #23
                  Re: So are we ****ed?

                  Yeah, go figure. We save the world with this ******** bailout and the DOW drops.
                  Helen: Everyone's special, Dash.
                  Dash: [muttering] Which is another way of saying no one is.

                  Comment

                  • SPTO
                    binging
                    • Feb 2003
                    • 68046

                    #24
                    Re: So are we ****ed?

                    Originally posted by mgoblue
                    This isn't about giving money to the "little guy"...this is about making sure the credit market exists. Right now the banks are f'ed, so they don't have money to loan to small businesses, or to the "little guy" owning his own company. Therefore those small businesses would have to lay off people that the loans would have saved.

                    Yeah, it sucks that the government encouraged all this lax use of credit by the banks, but if we have no credit whatsoever it'd be bad.

                    It's not like this money just goes to some CEO so he can buy a boat. I don't like the bailout fully, but something has to be done otherwise there's no money out there to loan and people will be completely f'ed.

                    2009's economy is gonna suck no matter what, this is just making sure it's not catastrophic.
                    Good points however it may be catastrophic in the end. This credit crunch is going to put a huge burden on the already incredibly small middle class. In fact, earlier this year I heard that the middle class in America is at the smallest size since the Civil War period.

                    Now add this bailout and having people suffer through this and you may never see a middle class again.
                    Member of the Official OS Bills Backers Club

                    "Baseball is the most important thing that doesn't matter at all" - Robert B. Parker

                    Comment

                    • OSUFan_88
                      Outback Jesus
                      • Jul 2004
                      • 25642

                      #25
                      Re: So are we ****ed?

                      People will fail because of this. You will see people struggle and may be launched into the lower class.

                      However, in order for people to succeed, some need to fail. Sure this isn't ideal in any way, shape, or form, but as other have said, this is necessary.

                      The world runs on credit, and when the bank doesn't have credit, then everyone is screwed. People that took out stupid loans or mortgages are now going to pay the price for their stupidity.
                      Too Old To Game Club

                      Urban Meyer is lol.

                      Comment

                      • SPTO
                        binging
                        • Feb 2003
                        • 68046

                        #26
                        Re: So are we ****ed?

                        Originally posted by OSUFan_88

                        The world runs on credit, and when the bank doesn't have credit, then everyone is screwed.
                        That's the scary thing, everybody in the world is reliant on the US and banking systems are highly coordinated these days that if one major country has a crisis of this magnitude it touches off an economic crisis all over the world.

                        The worst part is, that's only the "good" scenario there's also the scenario that the US may have to actually default on all its loans. This isn't very far fetched and if it happens then to quote Curtis Mayfield "If there's a hell below we're all gonna go".
                        Member of the Official OS Bills Backers Club

                        "Baseball is the most important thing that doesn't matter at all" - Robert B. Parker

                        Comment

                        • youvalss
                          ******
                          • Feb 2007
                          • 16602

                          #27
                          Re: So are we ****ed?

                          Originally posted by Skerik
                          In answer to the topic - yes, we are ****ed.

                          Here lies the United States of America
                          July 4, 1776 - October 3, 2008
                          Shame on you with this post!
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                          • fishepa
                            I'm Ron F'n Swanson!
                            • Feb 2003
                            • 18989

                            #28
                            Re: So are we ****ed?

                            I'll just sit here and laugh while everyone else runs around like a chicken with it's head cut off.

                            Comment

                            • mgoblue
                              Go Wings!
                              • Jul 2002
                              • 25477

                              #29
                              Re: So are we ****ed?

                              Originally posted by SPTO
                              That's the scary thing, everybody in the world is reliant on the US and banking systems are highly coordinated these days that if one major country has a crisis of this magnitude it touches off an economic crisis all over the world.

                              The worst part is, that's only the "good" scenario there's also the scenario that the US may have to actually default on all its loans. This isn't very far fetched and if it happens then to quote Curtis Mayfield "If there's a hell below we're all gonna go".
                              It's all just trying to minimize the bad...This hopefully stops a full economic collapse, but it's not the magic spray that soccer trainers use and then the player who got shot hops right up and is 100%.
                              Nintendo Switch Friend Code: SW-7009-7102-8818

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                              • Lintyfresh85
                                Where have I been?
                                • Jul 2002
                                • 17492

                                #30
                                Re: So are we ****ed?

                                SPTO... you're being way to over dramatic here...

                                It's bad... but all you're doing is spreading doom and gloom when really, in the end... no matter how many years it will take... the U.S. will right itself, and this crisis will be nothing compared to the Great Depression.
                                http://flotn.blogspot.com

                                Member of the Official OS Bills Backers Club

                                Originally posted by trobinson97
                                Hell, I shot my grandmother, cuz she was old.

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