More Economy
The FDIC is estimating that they will need to dole out $400B to banks that are going belly up. This is on top of the $700B the White House asked for from Congress. Which is where that trillion number we keep hearing is coming from, I guess.
That number could go higher, if the government decides to insure uninsured deposits. Which, even though that's where some of my money is being lost, I think is a really bad idea. It's uninsured. That's on the fine print when you put your money there. Just because it seemed safe before, and now it's not, doesn't mean that it should now suddenly be insured.
And plus, the only people that hurts is me. I'd rather lose the money just once, rather than twice. If I can't get a loan from a bank right now, I don't want a loan from myself against future taxes.
Increasingly I am so, so, so very glad I live in Texas. This crisis has been very minor here. Our housing values didn't sky rocket, so they didn't have far to fall. We have foreclosures from subprime folks that can't pay their mortgage after the ARMs reset, but the house value remained pretty close to where it was. Banks in this area that offered loans aren't taking as big a hit. I think I saw somewhere that housing values dropped somewhere between 1-3% in this area. Which is still a great deal to those of us trying to build equity, but it's not the mammoth numbers we're seeing in California and Florida.
The market flew up this morning, almost 200 points. But it's still early, and depending on what the clowns in Congress decide to do, they could fall by this afternoon.
McCain and Obama are pretty much agreed that a bail out is mandatory. I heard on the way to work that they think jobs will be next and we'll all go under if we don't do this. I'm still not convinced. I still stick with my kid and the lamp theory. They are all scrambling even as the parent tries to pull them away and remove the glue from their hands ... "but I can fix it! I can fix it!" They are panicking. Panic does not induce my confidence.
And I know that bipartisan is the buzz word of the decade and that we all want bipartisan cooperation. I don't really want bipartisan cooperation. I want someone with a brain to please stand up and explain to me why Monday is drop dead day and we're all going to fall into the 5th dimension of hell if Congress doesn't get a plan together before then.
What I don't want, is one side stone-walling the other side just so one party doesn't get credit for the fix while the other is blamed. Which I suppose is what they mean by bipartisan. But what will happen is they'll make some sort of ridiculous compromise, that will benefit the Senators debating and not me, and then they'll stand on the steps of Congress and wave the bipartisan flag of victory. "See Americans! We work so well for you!"
Not so much. I blame you for this mess, idiots.
An additional $1T of debt does not make me happy. When dealing with trillions, do you use a T instead of a B?
But you know what ... let's hold on to hope here ... maybe this will be the shining moment for Reid's Congress. Maybe this will be what history remembers them for, the brilliance of their bailout that saved the economy, earned the tax payers back their investment, and turned this whole thing around.
Ha.
I'm sorry ... I just don't live in la-la-land.
Because let's not overlook what's happening here ... American's are bailing out failling businesses. Not just banks. Automakers ($25B). Airlines ($15B). Not only do we pay these goons for their services, we are now paying them to offer those services. It's crap. Businesses must fail. They have to fail in order for changes to be made and better practices to be invented.
We will never have energy independence if Washington bails out automakers. Never. Detroit has to fall apart. I know, I know. That's awful. But it's true.
I made a joke the other day / week about newspapers going under and would the tax payers be responsible for bailing them out too. I'm not pretty much convinced that Congress would think that we would need to.
Capitolism and the free market is dying. And we are slowly watching it happen. Health care is next. And I was looking up things on the blogs yesterday, and I came across a woman talking about a year long issue she's been having. She lives in Britian. Because her issue isn't life threatening, she can't get in to see a doctor for months on end. She had two appointments made, one months earlier, one after a follow-up, that ended up being back to back (one on a Tuesday, one on a Monday). NHS realized this, and moved her second appointment back a month.
She can't get the drugs she wants because NHS mandates that she has to wait at least 2 years. There's a waiting list.
I don't know about you ... but that sounds horrible to me. Right now, If I want a doctors appointment, I make one. If I want to try certain drugs, I talk to my doctor, if she says they are okay and it might work, I get them. No question.
Even if you don't have health insurance in this country, you can go to the emergency room or a free clinic and get treated. You don't have to wait. Even if it's not life threatening.
You know how they say that credit cards separate people's thinking and they treat it like funny money? It's not real money because I'm not using cash, type thinking? I think people separate their thoughts like that on taxes. It's not real money, because I never see it. It's not ever my money because it never hit my bank account.
This, I feel, is done completely on purpose. If we had to write checks to the government every month, even if we just had to sign a piece of paper that showed how much we were paying in taxes ... I think people would feel differently about this bailout.
But hey, what do I know. Maybe the world really is about to fall apart on Monday.
I do know, that if this bailout happens, and we're all on the hook for a trillion additional dollars, every lady I know better rethink her stance on babies. We're going to need a lot of workers to cover that balance.
Emergency federal funding of the FDIC could swell the cost of government rescues of failed financial institutions to more than $400 billion -- not including the $700 billion general Wall Street bailout now under discussion in Congress.
That number could go higher, if the government decides to insure uninsured deposits. Which, even though that's where some of my money is being lost, I think is a really bad idea. It's uninsured. That's on the fine print when you put your money there. Just because it seemed safe before, and now it's not, doesn't mean that it should now suddenly be insured.
And plus, the only people that hurts is me. I'd rather lose the money just once, rather than twice. If I can't get a loan from a bank right now, I don't want a loan from myself against future taxes.
Increasingly I am so, so, so very glad I live in Texas. This crisis has been very minor here. Our housing values didn't sky rocket, so they didn't have far to fall. We have foreclosures from subprime folks that can't pay their mortgage after the ARMs reset, but the house value remained pretty close to where it was. Banks in this area that offered loans aren't taking as big a hit. I think I saw somewhere that housing values dropped somewhere between 1-3% in this area. Which is still a great deal to those of us trying to build equity, but it's not the mammoth numbers we're seeing in California and Florida.
The market flew up this morning, almost 200 points. But it's still early, and depending on what the clowns in Congress decide to do, they could fall by this afternoon.
McCain and Obama are pretty much agreed that a bail out is mandatory. I heard on the way to work that they think jobs will be next and we'll all go under if we don't do this. I'm still not convinced. I still stick with my kid and the lamp theory. They are all scrambling even as the parent tries to pull them away and remove the glue from their hands ... "but I can fix it! I can fix it!" They are panicking. Panic does not induce my confidence.
And I know that bipartisan is the buzz word of the decade and that we all want bipartisan cooperation. I don't really want bipartisan cooperation. I want someone with a brain to please stand up and explain to me why Monday is drop dead day and we're all going to fall into the 5th dimension of hell if Congress doesn't get a plan together before then.
What I don't want, is one side stone-walling the other side just so one party doesn't get credit for the fix while the other is blamed. Which I suppose is what they mean by bipartisan. But what will happen is they'll make some sort of ridiculous compromise, that will benefit the Senators debating and not me, and then they'll stand on the steps of Congress and wave the bipartisan flag of victory. "See Americans! We work so well for you!"
Not so much. I blame you for this mess, idiots.
An additional $1T of debt does not make me happy. When dealing with trillions, do you use a T instead of a B?
But you know what ... let's hold on to hope here ... maybe this will be the shining moment for Reid's Congress. Maybe this will be what history remembers them for, the brilliance of their bailout that saved the economy, earned the tax payers back their investment, and turned this whole thing around.
Ha.
I'm sorry ... I just don't live in la-la-land.
Because let's not overlook what's happening here ... American's are bailing out failling businesses. Not just banks. Automakers ($25B). Airlines ($15B). Not only do we pay these goons for their services, we are now paying them to offer those services. It's crap. Businesses must fail. They have to fail in order for changes to be made and better practices to be invented.
We will never have energy independence if Washington bails out automakers. Never. Detroit has to fall apart. I know, I know. That's awful. But it's true.
I made a joke the other day / week about newspapers going under and would the tax payers be responsible for bailing them out too. I'm not pretty much convinced that Congress would think that we would need to.
Capitolism and the free market is dying. And we are slowly watching it happen. Health care is next. And I was looking up things on the blogs yesterday, and I came across a woman talking about a year long issue she's been having. She lives in Britian. Because her issue isn't life threatening, she can't get in to see a doctor for months on end. She had two appointments made, one months earlier, one after a follow-up, that ended up being back to back (one on a Tuesday, one on a Monday). NHS realized this, and moved her second appointment back a month.
She can't get the drugs she wants because NHS mandates that she has to wait at least 2 years. There's a waiting list.
I don't know about you ... but that sounds horrible to me. Right now, If I want a doctors appointment, I make one. If I want to try certain drugs, I talk to my doctor, if she says they are okay and it might work, I get them. No question.
Even if you don't have health insurance in this country, you can go to the emergency room or a free clinic and get treated. You don't have to wait. Even if it's not life threatening.
You know how they say that credit cards separate people's thinking and they treat it like funny money? It's not real money because I'm not using cash, type thinking? I think people separate their thoughts like that on taxes. It's not real money, because I never see it. It's not ever my money because it never hit my bank account.
This, I feel, is done completely on purpose. If we had to write checks to the government every month, even if we just had to sign a piece of paper that showed how much we were paying in taxes ... I think people would feel differently about this bailout.
But hey, what do I know. Maybe the world really is about to fall apart on Monday.
I do know, that if this bailout happens, and we're all on the hook for a trillion additional dollars, every lady I know better rethink her stance on babies. We're going to need a lot of workers to cover that balance.
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