Whether we like it or not, it had to be done....sm

Posted By: ms on 2008-09-19
In Reply to: Do you think our government should bail out FM/FM - me

Not to be all doom and gloom, but my husband has been trying to educate me for the last week (not to mention months regarding the economy). He follows the financial markets and world very, very closely, and knows this subject backwards and forwards.

In a nutshell, if the govt hadn't stepped in, with all these recent bailouts in the financial institutions (Bear Stearns, FM/FM, and now AIG, and other measures they are taking), if that hadn't have happened, this week, two other huge financial institutions (200-year-old banks, he didn't tell me the names of them), they would have gone under. And I mean bankrupt under. Gone. Kaput. No one would be able to get a loan from anywhere. And then the economy would go under.

If that would have happened, by next Monday, we would have had....not just a national depression, such as the Great Depression revisited.....but it would have been a global depression this time, as we are so tied in globally at this point.

It scared the bejesus out of me, the way my husband explained it to me....and I will be the first to admit, just like oldtimer just did, that I am totally clueless when it comes to the financial markets. Most of the info goes in one ear, and out the other. Man, I can type like the wind, but do NOT even ask me to explain this further, because I can't.

It's been a house of cards waiting to come down. It started with the no doc loans, the bad paper that everyone is talking about. And it's been a ripple effect.

And so these bailouts/loans/etc. had to be done.

I hope some of this made sense. If I re-read it, even I don't want to believe what I just wrote. Oh to be blissfully ignorant and not know a thing again.....

Complete Discussion Below:

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Do you think our government should bail out FM/FM - me
- I wonder who's going to pay for all this? - It certainly won't be the rich........
  - Contrary to popular belief.....the rich pay the - majority of taxes in this country.nm
- Whether we like it or not, it had to be done....sm - ms
  - You know what and who is to blame, don't you? - Ima Friend
    - Deregulation schemes.......... - sorry, wrong party.....
    - We are already too far down the road...sm - gloomy forecast
      - Say what you will....sm - ms
    - Yes....who's to blame....sm - ms
      - laffin my cheeks hurt - satinlizard
      - Democratic = surplus - Republican = debt - Heaven Help Us All
        This is not true - New Englander
        Calling all CLINTON LOVERS..... hard pill for - you to swallow.......sm
        you know someone is going - satinlizard
        The myth of the Clinton surplus...I'm a libertarian but I am sick of hearing this..SM - Dems and Repubs, Beast 1 and 2
        Excellent link - I never did "buy" the party line - me
        Clinton had a surplus because he had a...sm - ms
        Funny how the dems want to overlook this one important fact - me
        ha ha ha ha ha ha you're too much - satinlizard
    - Do you really think we won't have even a.... - passing through
    - yes! I posted below. Don't let - satinlizard
  - funny how the gomers strain at a gnat - satinlizard
    - Frederick Raines.... - sam
      - yeah, those are some of the names and facts ...sm - ms
    - what's a gomer? nm - Huh?
      - a small town dweller with hemorroids. - satinlizard
        Aaaah, experience, huh? - nm
        Lol. That's silly but funny! nm - Gomer Pyle. I get it.
    - Repubicans and Money - Heaven Help Us All
      - Bravo. A voice of compassion and - satinlizard
    - I do believe you just insulted me....not to mention...sm - ms
      - I do understand it, which is why I asked you - to please watch the link.....nm
      - I dont know who are you to insult - satinlizard
    - This is not Rep or Dem........ - sm
      - it has to do with McCain and - satinlizard
        Key word = deregulation! - Heaven Help Us All
        REALITY? Do you know who deregulated - the banks?? Bill Clinton!!!!!!!!
        Bush didn't create the federal reserve...... - economics 101.......nm
        Can you say d-e-r-e-g-u-l-a-t-i-o-n? - Elementary, My Dear!
        Can you say BILL C-L-I-N-T-O-N???? He - signed the deregulation act
        da doop. not responsive. nm - satinlizard
        Uh oh.......Bill Clinton, not BUSH - no response?
  - Thx - your explanation helped me understand it better - me
    - I agreed with your comment....sm - ms
  - Does your husband understand the - Federal Reserve???? nm
    - Like I said....sm - ms
      - If he believes what you just said, then no - he doesn't...........sm
- I am totally ignorant about the pros and cons...sm - oldtimer
  - Ignorance...... - sm
- Gold - sm
- bailouts - sm
  - Thank you - I agree 100% - me
  - Also why gold and silver should be our source - of purchasing, not paper money....nm

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