No go on the bailout - Page 2

spydermn · 10/01/2008, 09:14 AM

Those that haven't need to read this artical
It really does give some good insight into reasons and possinble reasons for the problems

spydermn · 10/01/2008, 09:21 AM

Quote:

Originally Posted by pp_e

Thanks, I cannot get youtube ata work but I am guessing that this is what I was talking about

Blade · 10/01/2008, 09:31 AM

Honestly, how the fuck is this bailout gonna help? It's not. The banks have over lended out way too much money, and homes are foreclosing etc. So bailing them out with $700 billion dollars is gonna solve the problem?

How about the people who are suffering? Doesn't anyone care about the people? Fuck the banks. There is 301,139,947 people in the US as of (July 2007 est.). Wouldn't a better solution be is the cut the bailout in half and divide the money up with the people? I mean, I can't think of a better way to stimulate the economy. People would be buying homes, paying off mortages, paying off credit cards, buying cars and going on vacations (all of which would put money in the banks. It's not rocket science. Are all politicans morons?

Am I the only one that thinks this would be a good solution?

dragonsfury05 · 10/01/2008, 09:41 AM

it would be a good solution if the people that get the money actually use it for that purpose. if they continue in the same mindset of "oh i'll just buy what i need with this money and can now pay off my debt with what i make" we will end up right back where we are now.

ideally, i dont think that would be a bad route depending on how it was setup, but i'd still be hesitant to go down any path that required spending such a huge amount of money

EDIT: the first part applies to the banks as well. bailing them out does not fix anything. it will simply put them back into a situation where they can repeat what has already happened

spydermn · 10/01/2008, 09:51 AM

It would be a better thing if it wasn't 2% of the population that felt the need to not pay their bills, we wouldn't be in so deep.

Blade · 10/01/2008, 09:52 AM

I suggest something similiar to the stimulus check. If you're a tax payer and you make a so called amount you get a "bailout" check. Hell, I'd pay off my car loan, mortgage, credit cards immediately!

dragonsfury05 · 10/01/2008, 10:05 AM

Quote:

Originally Posted by Blade

I suggest something similiar to the stimulus check. If you're a tax payer and you make a so called amount you get a "bailout" check. Hell, I'd pay off my car loan, mortgage, credit cards immediately!

the only debt i have at the moment is my school loans and my car. i dont even have a credit card. i would pay those off the day that i got the money.

the problem is not everyone is responsible enough, hell some arent even smart enough, to realize that this what they need to do. people get a credit card, max it out, want to buy more shit and go get another fucking credit card. and they utilize the same principles (or lack there of) when purchasing a home (or upgrading to another home)

Phinhead54 · 10/01/2008, 10:08 AM

Quote:

Originally Posted by dragonsfury05

i would call the Community Reinvestment Act a regulation.

That's not regulation.

Phinhead54 · 10/01/2008, 10:10 AM

Quote:

Originally Posted by pp_e

but we really cant say for sure that this will "fix" the problem. i think we all have to do something in order to make a difference. its wishful thinking....

If the institutions stop lending then no it won't fix the problem, that's what we have to safeguard against. That and the continuing drop of real estate values.

dragonsfury05 · 10/01/2008, 10:11 AM

The Community Reinvestment Act (or CRA, Pub.L. 95-128, title VIII, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law that requires banks and savings and loan associations to offer credit throughout their entire market area.[1] The act prohibits financial institutions from targeting only wealthier neighborhoods with their services, a practice known as "redlining." The purpose of the CRA is to provide credit, including home ownership opportunities, to under-served populations, and commercial loans to small businesses. The Act was passed in 1977 and has been subjected to regulatory revisions since then.

Phinhead54 · 10/01/2008, 10:13 AM

Quote:

Originally Posted by dragonsfury05

The Community Reinvestment Act (or CRA, Pub.L. 95-128, title VIII, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law that requires banks and savings and loan associations to offer credit throughout their entire market area.[1] The act prohibits financial institutions from targeting only wealthier neighborhoods with their services, a practice known as "redlining." The purpose of the CRA is to provide credit, including home ownership opportunities, to under-served populations, and commercial loans to small businesses. The Act was passed in 1977 and has been subjected to important regulatory revisions since then.

I still don't think that's a regulation. Regulation has to do with transparency, accountability, traceability and other things like that. Regulatory revisions just means that regulation was put in place to safeguard that the act was being followed.

Sam · 10/01/2008, 10:14 AM

Quote:

Originally Posted by Blade

Am I the only one that thinks this would be a good solution?

Probably. That is an awfully short-sighted solution akin to the retarded stimulus checks we received. And what did that do for us? This problem goes so far beyond giving the people money to recirculate into the system; it goes to the backbone of the economy that drives America.

dragonsfury05 · 10/01/2008, 10:14 AM

Dictionary: regulation
n.
1. The act of regulating or the state of being regulated.
2. A principle, rule, or law designed to control or govern conduct.
3. A governmental order having the force of law. Also called executive order.
4. Embryology. The capacity of an embryo to continue normal development following injury to or alteration of a structure.
5. Sports. The standard playing period for a timed game, prior to overtime or a shootout.

regulation: Definition, Synonyms from Answers.com

dragonsfury05 · 10/01/2008, 10:17 AM

Quote:

Originally Posted by Sam

Probably. That is an awfully short-sighted solution akin to the retarded stimulus checks we received. And what did that do for us? This problem goes so far beyond giving the people money to recirculate into the system; it goes to the backbone of the economy that drives America.

exactly my reason for hesitation to distribute money anywhere.

Sam · 10/01/2008, 10:25 AM

Quote:

Originally Posted by dragonsfury05

exactly my reason for hesitation to distribute money anywhere.

Well, considering there is zero historical perspective on this, and since we are now in a truly global economy the money needs to be distributed. Sitting on our hands and waiting this long has done what exactly? So sitting and waiting further will do what exactly? Again, there is no reference that can be used to compare this situation to any of the dips in either the US or the world economy, as we slide backwards on a daily basis the notion of doing nothing is not too appealing.

Sam · 10/01/2008, 10:26 AM

Quote:

Originally Posted by dragonsfury05

The Community Reinvestment Act (or CRA, Pub.L. 95-128, title VIII, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law that requires banks and savings and loan associations to offer credit throughout their entire market area.[1] The act prohibits financial institutions from targeting only wealthier neighborhoods with their services, a practice known as "redlining." The purpose of the CRA is to provide credit, including home ownership opportunities, to under-served populations, and commercial loans to small businesses. The Act was passed in 1977 and has been subjected to regulatory revisions since then.

What point are you trying to make with the CRA exactly?

dragonsfury05 · 10/01/2008, 10:26 AM

im not saying that nothing should be done. im just saying that trying to rush into a solution is only setting yourself up for problems down the road

that it is a regulation, i.e. a principle, rule, or law designed to control or govern conduct

Sam · 10/01/2008, 10:28 AM

Quote:

Originally Posted by dragonsfury05

im not saying that nothing should be done. im just saying that trying to rush into a solution is only setting yourself up for problems down the road

So we are problem free right now? You propose to wait, based on what exactly? Can you cite some economic data that gives you hesitation?

Sam · 10/01/2008, 10:29 AM

Quote:

Originally Posted by dragonsfury05

i
that it is a regulation, i.e. a principle, rule, or law designed to control or govern conduct

Huh?

dragonsfury05 · 10/01/2008, 10:35 AM

Quote:

Originally Posted by Phinhead54

That's not regulation.

in response to Phinhead54's post above.

im not saying that we are problem free. i propose that we look more carefully at the laws that we are trying to enact to deal with the situation rather than trying

10/01/2008, 09:14 AM	#61 (permalink)
spydermn I r bad spellr, stfu Join Date: Feb 2004 Location: In the land of our savior - Barak Obama Vehicle: Magic Carpet Posts: 2,818	Those that haven't need to read this artical It really does give some good insight into reasons and possinble reasons for the problems Last edited by spydermn; 10/01/2008 at 09:50 AM.

10/01/2008, 09:41 AM	#64 (permalink)
dragonsfury05 Senior Member Join Date: Aug 2008 Location: Lynchburg, VA Vehicle: 2002 Elcipse GT Posts: 235	it would be a good solution if the people that get the money actually use it for that purpose. if they continue in the same mindset of "oh i'll just buy what i need with this money and can now pay off my debt with what i make" we will end up right back where we are now. ideally, i dont think that would be a bad route depending on how it was setup, but i'd still be hesitant to go down any path that required spending such a huge amount of money EDIT: the first part applies to the banks as well. bailing them out does not fix anything. it will simply put them back into a situation where they can repeat what has already happened Last edited by dragonsfury05; 10/01/2008 at 09:43 AM. Reason: additional thoughts

10/01/2008, 10:11 AM	#70 (permalink)
dragonsfury05 Senior Member Join Date: Aug 2008 Location: Lynchburg, VA Vehicle: 2002 Elcipse GT Posts: 235	The Community Reinvestment Act (or CRA, Pub.L. 95-128, title VIII, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law that requires banks and savings and loan associations to offer credit throughout their entire market area.[1] The act prohibits financial institutions from targeting only wealthier neighborhoods with their services, a practice known as "redlining." The purpose of the CRA is to provide credit, including home ownership opportunities, to under-served populations, and commercial loans to small businesses. The Act was passed in 1977 and has been subjected to regulatory revisions since then. Last edited by dragonsfury05; 10/01/2008 at 10:12 AM. Reason: spelling

10/01/2008, 09:31 AM	#63 (permalink)
Blade GB > * Join Date: Aug 2001 Location: Milwaukee, WI Vehicle: 2003 530i Posts: 4,358	Honestly, how the fuck is this bailout gonna help? It's not. The banks have over lended out way too much money, and homes are foreclosing etc. So bailing them out with $700 billion dollars is gonna solve the problem? How about the people who are suffering? Doesn't anyone care about the people? Fuck the banks. There is 301,139,947 people in the US as of (July 2007 est.). Wouldn't a better solution be is the cut the bailout in half and divide the money up with the people? I mean, I can't think of a better way to stimulate the economy. People would be buying homes, paying off mortages, paying off credit cards, buying cars and going on vacations (all of which would put money in the banks. It's not rocket science. Are all politicans morons? Am I the only one that thinks this would be a good solution?

10/01/2008, 09:51 AM	#65 (permalink)
spydermn I r bad spellr, stfu Join Date: Feb 2004 Location: In the land of our savior - Barak Obama Vehicle: Magic Carpet Posts: 2,818	It would be a better thing if it wasn't 2% of the population that felt the need to not pay their bills, we wouldn't be in so deep.

10/01/2008, 09:52 AM	#66 (permalink)
Blade GB > * Join Date: Aug 2001 Location: Milwaukee, WI Vehicle: 2003 530i Posts: 4,358	I suggest something similiar to the stimulus check. If you're a tax payer and you make a so called amount you get a "bailout" check. Hell, I'd pay off my car loan, mortgage, credit cards immediately!

10/01/2008, 10:14 AM	#73 (permalink)
dragonsfury05 Senior Member Join Date: Aug 2008 Location: Lynchburg, VA Vehicle: 2002 Elcipse GT Posts: 235	Dictionary: regulation n. 1. The act of regulating or the state of being regulated. 2. A principle, rule, or law designed to control or govern conduct. 3. A governmental order having the force of law. Also called executive order. 4. Embryology. The capacity of an embryo to continue normal development following injury to or alteration of a structure. 5. Sports. The standard playing period for a timed game, prior to overtime or a shootout. regulation: Definition, Synonyms from Answers.com

10/01/2008, 10:26 AM	#77 (permalink)
dragonsfury05 Senior Member Join Date: Aug 2008 Location: Lynchburg, VA Vehicle: 2002 Elcipse GT Posts: 235	im not saying that nothing should be done. im just saying that trying to rush into a solution is only setting yourself up for problems down the road that it is a regulation, i.e. a principle, rule, or law designed to control or govern conduct