Comments on: Will the bail-out package fix the economy?

By: Richard Kennedy

Richard Kennedy — Tue, 14 Oct 2008 10:16:44 +0000

As Nancy Pelosi suggest a second financial suport plan of +/- $1 trillion USD is not out of the question, we need to stand behind our American investors, banks and finacial institutions if we (Americans) are to continue being the number one economic global leader, timing is everything during this financial crises.

Richard Kennedy
Kalispell, MT

By: frank

frank — Fri, 10 Oct 2008 07:57:06 +0000

They needed a fall guy. No fall guy, no confidence.This crisis needed a Kerviel.Once you blame some roque trader or banker, hope he runs, have a manhunt from new york to dubai, put out some interpol warrants, and finally catch him, boom you got him, confidence bounces right back.That is how it was done in the past.

Now no one is to blame, so no one can be trusted.
Problem is they are all to blame, but somebody should take responsibility.It is too late now, but Bush should have taken responsibility for this thing.His record won't get any worse.

I have a feeling they don't know what really caused this thing ,thus can't fix it and prevent it from happening again.That is why there is no confidence.Some rules in banking and trade must be changed.But throwing money at the problem in a market where it is business as usual is like a fighting a California wild fire with a gardenhose.

Shut down the market take for a week. Don't worry the oil will still be there.Stop the speculating.
Don't tell me there was sell of on the market and we lost again, because I will ask you who bought what you sold and why did they buy the crap you sold?

By: Sreedhar Venkiteswaran

Sreedhar Venkiteswaran — Fri, 10 Oct 2008 07:45:33 +0000

Sheer lack of intelligence and freemarket greed got the whole world into this mess which is here to stay. Hard-earned wealth of millions the world over have been destroyed by the high-paid few . The best we can do is rename wall Street as Fall Street.

By: Julian Andrew Wong

Julian Andrew Wong — Fri, 10 Oct 2008 06:35:06 +0000

The U.S. government needs to act quickly now as the lender of last resort. Either a special purpose vehicle is used or it acts through a nationalized finance institution; in each instance, the U.S. government will do what main street and wall street will not do, which is to lend to every indvidual, small business or large corporate.

This idea to use sheer, brute force to unthaw illiquidity in the money markets runs counter to the free market thinking. But no institution is functioning under normal conditions. The complete opposite is true: most, if not all, financial institutions and even whole economies are paralysed by irrational fear and distrust.

By acting as the default lender, the U.S. government will not only effect immediate liquidity, such discernible activity may well coax the financial institutions to return to the market, sooner than later.

Kind regards,

Julian Andrew Wong, Singapore

By: michael

michael — Thu, 09 Oct 2008 20:01:27 +0000

Wake up and smell the coffee. It's going down!!!!!! Get out of it!!!!!!

By: Andrea

Andrea — Thu, 09 Oct 2008 18:03:48 +0000

What does it take to bring our government back to "of the people, by the people, and for the people"? I wrote to every one of our representatives (Ohio) and I have to believe that so did others. Most voted for it despite my cries of "NO".

This is frustrating to the point of infuriating. I agree with others who have stated that this is the poor middle class giving to the wealthy upper class through our government. "Through our government"? There is something substantially wrong with this picture?? Who picks up the pieces of my family's life? Now we (the middle class) have MORE debt without any control over the process of the system. Meanwhile the company employing my husband continues to ship jobs overseas at a rapid pace. We think we are safe for about one more year. After that, I have no idea what will become of us. Do you think George Bush or Dick Chaney care?

I would like to hear some ideas about how we may unite to make our voices heard loudly and clearly.

Be blessed and may the angels protect you,
Andrea (in Toledo)

Today, I was made aware of a situation with AIG. They recently received the second stage of money for their bail out. I have yet to find out the total $$ of our money that they were handed and the management allocated $400,000.00 of their gift to a huge celebritory party. Where are the sanctions that we have heard so much about.

Today Whoopie Goldberg verbalized her idea of how this could have looked to infuse more fluidity of $$ into the economy. I am quoting, "Our government should demand that the banks forgive 50% of every homeowners' mortgage as a one time deal". This would relieve the overstrapped middle class American family and allow us to believe that the debt incurred by our government is worthwhile.

I am of the Kent State generation and although I am supposed to be too mature to mobilize demonstrations, I am THERE. This agony just goes on and on. How do we let our representatives know that we are against this feeble attempt to infuse the big boys with more money with which to play and make certain our words are heard??

Even Barack voted for the measure as did McCain. I thought their efforts were focused upon helping the middle class families. Have I missed something? What clause, paragraph, or page speak to relieving the moddle class of the heavy burdens we carry due to the idiots in the White House and the VP quarters??

I keep telling my husband that when living in England became toxic, the pioneers came to America. Now where do we go?? Australia??

By: Francisco Gonima

Francisco Gonima — Thu, 09 Oct 2008 15:21:40 +0000

I agree that the bail out package is far from what the U.S needs to fix its financial crisis. This crisis is much deeper than expected, and eventually its going to hurt the classic American citizen living on credit. Let’s face the real facts: Most Americans live their day to day on their credit cards, acting and living "as if". Spending thousands a month and making minimum payments on their credit. SO what will happen to these people when banks cut available credit and Americans are left with nothing but debt? On the other hand Markets continue to plunge and losses continue to rise day by day making the bail out plan look as a joke what is 700 Billion to trillions lost?.
On the other hand I believe what is making this crisis worst is the economic panic that people are facing. Financial ignorance does not help, international investors are cashing their investments, assuming losses but playing safe. To me, NOW is not the time to act, stay put, if you don’t need the money right away!!! It will take time but the U.S will rise!!!
In terms of forex, we will eventually see a depreciation on the USD, EUR, JPY and other currencies where governments will eventually "print" or "inject" cash to come out of todays hole. what do you think?

By: Aaron

Aaron — Thu, 09 Oct 2008 10:17:13 +0000

Of course the bail-out will not fix the economy. Look at what is happening since it passed. Markets are still falling and the people on wallstreet are still in a panic.

Free market? That's gone now. It has now become a government take over of our financial system. By passing this bill, they have finished selling out the people. They are delaying the inevitable. It will crash. The american people will suffer because the greed of our elected officials and their schemes to get richer.

This whole mess will not clear up for years to come. My grandchildren will still be feeling the effects of this government's failure to maintain a free market system, and I'm only 28. Watch what happens to us next. The government will start moving towards a full take over of the market to "save" us from economic disaster. I will laugh my way through their lying faces.

By: Triton

Triton — Thu, 09 Oct 2008 08:21:10 +0000

I feel that bail out bills are rediculous.. If as a citizen i break the law i risk the judgment of the people or the court system. How does AIG and other large banking /investing corperations taking our/american people's own money and poorly investing it then not without splurging 400 plus thousand at a spar retreat.. rely on our submissive behavior to be abused by a corperate tyrant affilated with a current government which has proved time and time again its failures and comedic coverups in lue of the fact they are responsible and should be held accountable as the american people are desperatly deserving of.

By: Samuel Louis

Samuel Louis — Thu, 09 Oct 2008 05:25:51 +0000

I firmly believe at the rate at things goes the recoverly is now getting in sight i priedicted that the current crisis will end in March 2009. A lot of people might have neglected that current crisis is due to the fall in the asset value not due to the financial health of the banks.

To me every crisis is the work of the greed and its the greed of the poor that creates all crisis and every crisis serve to hurt the poor and benefit the rich. The reason is simple if we look at around just when so many ignorant investor dumping their shares, the rich are accumulating the shares and assets in others words they are legally robbing your assets and i dun understand why.

Stay invested for i now that once the crisis is over the boom time is not far and its going to be a real boom for at least 3 years if you just follow the pattern of every recession.