700B bailout plan rejected
Apathy Kills
Joined: Nov 2002
Posts: 60,714
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From: The Left Lane
h:I hope you're in a position to survive all of this. :hs:
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Administrator ☂
Joined: Jul 2002
Posts: 56,734
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From: NY
That's how ToD-talk™ comes across. :hsd:
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9Y0 Cayenne GTS
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.......
Joined: Jun 2002
Posts: 522,629
Likes: 0
From: noobtown
all good - i saw how you ment it. :cheers: - i am in decent position to survive so i am not worried
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94 Chevy Blazer - brother crashed.
94 2dr accord - h22 swap, rear ended.
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94 Chevy Blazer - brother crashed.
94 2dr accord - h22 swap, rear ended.
03 1.8 gti - waiting for her bag of chips.
:crazyr: :slap: :hsughr: :nec: :madr:
Civilian
Joined: Jun 2003
Posts: 8,407
Likes: 1
From: Miami Beach. FL
I agree with John on this one. What does it say to the banks that did the right thing through all of this if we bail out the ones that fucked up?
Not only that, but this bailout plan included the idea of doing away with the fractional reserve system and allowing banks to give out loans with no liquid cash at all to back it up, allowing people to start buying things again and letting the economy pick back up in the short term. But what happens when people start defaulting again on their mortgages? The same thing would happen again, but we'd be 10x more fucked because there would be no real hard cash to back any of it up. It's a terrible plan imo.
Not only that, but this bailout plan included the idea of doing away with the fractional reserve system and allowing banks to give out loans with no liquid cash at all to back it up, allowing people to start buying things again and letting the economy pick back up in the short term. But what happens when people start defaulting again on their mortgages? The same thing would happen again, but we'd be 10x more fucked because there would be no real hard cash to back any of it up. It's a terrible plan imo.
