700B bailout plan rejected
h:
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From: NoVA
My buddy that works with the CFO of Citigroup NYC (he's in Investment Banking) just called me:
"We're on the verge of financial armaggedon, it's a bloodbath here on Wall Street." -Citigroup
(A lot of people he knows lost their jobs)
"What do you have to say about to WaMu?" -Me
"It was bound to happen. WaMu should've fallen earlier. Wachovia should've been sold to us earlier." -Citigroup
"What do you think of this bailout and the rejection?" -Me
"In general, if you don't put something together...everything will fall apart. This country will enter a prolong recession or even a depression. Too much is riding on this. If you don't bail out the funds, the money will run out...nobody will lend to each other...and the economy will freeze." -Citigroup
Anyone have questions? I'm on the phone with him.
"We're on the verge of financial armaggedon, it's a bloodbath here on Wall Street." -Citigroup
(A lot of people he knows lost their jobs)
"What do you have to say about to WaMu?" -Me
"It was bound to happen. WaMu should've fallen earlier. Wachovia should've been sold to us earlier." -Citigroup
"What do you think of this bailout and the rejection?" -Me
"In general, if you don't put something together...everything will fall apart. This country will enter a prolong recession or even a depression. Too much is riding on this. If you don't bail out the funds, the money will run out...nobody will lend to each other...and the economy will freeze." -Citigroup
Anyone have questions? I'm on the phone with him.
un-Touch'd krew
Joined: May 2001
Posts: 51,774
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From: My own level of hell
Come in My Hole
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From: NoVA
"The bailout didn't go through because it was considered unpopular with America. The average American doesn't understand that this isn't just for Wall Street. The American people are very short sighted (we don't need them, fuck those corporate assholes). They don't understand that every is interconnected. Plus with the elections coming up, they don't want anything that will piss off the people and their tax money" -Citi
un-Touch'd krew
Joined: May 2001
Posts: 51,774
Likes: 1
From: My own level of hell
"The bailout didn't go through because it was considered unpopular with America. The average American doesn't understand that this isn't just for Wall Street. The American people are very short sighted (we don't need them, fuck those corporate assholes). They don't understand that every is interconnected. Plus with the elections coming up, they don't want anything that will piss off the people and their tax money" -Citi
we can bail them out and spend the next 30+years recovering the money and nobody learns a damn thing or we can ride it out and things will return to normal in 5 or so years with the population being that much wiser in how things should be done and a bit more fiscally sound than before.
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"I'll keep my money, guns and freedom. You can keep the "Change."