View Full Version : $700bn US Bailiout PASSED
Oh how the yanks will love this:
BBC NEWS | Business | House backs $700bn bail-out plan (http://news.bbc.co.uk/1/hi/business/7651060.stm)
Prior to the Northern Rock crisis John Bird & John Fortune recorded one of their infamous interviews in regards to subprime. They pretty much pointed out what was going to end up happenning and why...
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RBS is one of the first UK based industries to actually be backed up with this new scheme ;)
kendalbigson
04-10-2008, 11:59
hmmm, it's probably best that it passed...no one wants an economic depression.
Kendal Bigsonhttp://videouploadnow.com/funnysmilee2.jpg
In the U.S., the confidence of investors & borrowers has been badly effected due to the Government's seizure of many mortgage giants, this is one of move by which the Government try to regain the lost confidence of investors.
The Swedish model would be better. In the early 90s, they had a similar issue. They took large holdings in the banks and they eventually made a profit. This would be the better solution, no? Instead of taking all the risks and getting none of the future profit, you are basically buying lots of shares at a cheap rate, and waiting for a few years for it to recover. The result? Mega profit for the country, which ultimately benefits the tax payer.
Doing the emailing rounds...
The global financial meltdown gets worse. I've just read that uncertainty has now hit the Japanese banking sector:
In the last 7 days Origami Bank has folded. Sumo Bank has gone belly up. Bonsai Bank announced plans to cut some of its branches. Yesterday, it was announced that Karaoke Bank is up for sale and will likely go for a song, while today shares in Kamikaze Bank were suspended after they nose-dived.
Samurai Bank is soldiering on following sharp cutbacks whilst Ninja Bank is reported to have taken a hit, but they remain in the black. Furthermore, 500 staff at Karate Bank got the chop and analysts report that there is something fishy going on at Sushi Bank where it is feared that staff may get a raw deal…
The result? Mega profit for the country, which ultimately benefits the tax payer.
Not in America mate, would be nice but not going to happen. Both the Democrats and Republicans like to waste money, but I fear when Obama gets elected it will be more so. Any profit that the Gov could make will most likely go into stupid programs for his "friends" and for people who dont need it.
eUKhost.com
08-10-2008, 13:36
Not in America mate, would be nice but not going to happen. Both the Democrats and Republicans like to waste money, but I fear when Obama gets elected it will be more so. Any profit that the Gov could make will most likely go into stupid programs for his "friends" and for people who dont need it.
Don't forget Wars. ;)
Any President you elect will spend twice of your profit on War against Terrorism and you won't manage to find Osama, no matter how many countries you attack.
Best possible solution to create problems for Terrorists would be to end all Military operations. End of Military operations will reduce Oil consumption which will infact reduce Oil prices, reduced oil prices means less income for all Oil companies owned by Osama.
DJ has just opened 1.3% down, it looks like the situation is getting worse. :(
Oil prices will never go down to what they should be IMHO. The war has brought them up, but so has speculators. All a speculator needs to say is that eukhost.com lost a reseller today, lets jack it up $10 a barrel. I know theyll never use that excuse, but the reasons why they are high now are about as valid as that one.
The war dosent have long left I think. I think Iraq is a safer place now and should be handed (slowly) over to the Iraqi Gov for full control. The US should keep a presence to provide training and whatever till they Iraq Gov says they can go though.
The $700 billion bailout plan is causing tremendous pressures in the US, but I have read in the NEWS that the US military expenditure last year was more than $750 billion! If they can reduce that expenditure then it can revive their sinking economy somewhat... But, knowing the US and their military objectives, it will never even be thought of :(
They never planned well the housing credit sector in the first place, now the government is trying to revive the banks that were the culprits with the public money... the population is afraid, suffering, homeless, and jobless... next, may be the healthcare and insurance sectors to face the same fate... more wars and cold-wars may follow... Who should be court-marshaled for all this mess?:frown:
When will the yanks leave the rest of the world in peace. If some countries want to fight each other then so be it. Its none of their problem. On the other hand, if theres a world war or any threat to us they'll still come rallying around us though.
When will the yanks leave the rest of the world in peace. If some countries want to fight each other then so be it. Its none of their problem. On the other hand, if theres a world war or any threat to us they'll still come rallying around us though.
Even though the US, UK and many other countries got involved with Iraq and Afghanistan it is causing many good things including good long term future relations with the UK and US and of course democracy.
Although war is never the answer to anything, humans do wrong and there is an answer to stop all conflicts but this sort of requires both sides efforts. If you consider what we get out of the world today you'll find something is missing.
I get that alot. Why dont the yanks stop all the wars, being bullies yada yada yada. But it seems everytime there is a problem people want the US to put the foot down and act tough, you cant have it both ways.
eUKhost.com
08-10-2008, 23:30
I get that alot. Why dont the yanks stop all the wars, being bullies yada yada yada. But it seems everytime there is a problem people want the US to put the foot down and act tough, you cant have it both ways.
You are absolutely right. ;)
If US ignores one country, then that country starts assuming US hand in growth of their Rival. If US gets involved in problems of 2 countries then they want US to provide a solution which would favor both.
Americans assumed that the only threat they may have in future would be from Aliens and no one else. Americans never thought that their Banks can make them commit suicide. ;)
Aliens are out there. Never under estimate the power of the little green man :|
Believe me, the men up top knew all about the banks IMHO. The Democrats covered Fannie May and Freddie Mac and knew it was BS and up shits creek without a paddle. Deregulation of banks "helped" the situation but without greed American, European and other banks willing to dive into sub prime mortgages none of this would have happend. Let's not forget the people. It dosent take a genious to say I earn $15,000 and cant afford a $400,000 variable rate mortgage but people still got the loan. A bank tried to get me to buy a house that was 4 times the value of what I bought, and said I could well afford it. I could, if I didnt pay any other bills or eat. Common sence told me. I dont see why my tax dollars should bail out greed banks that went bust. Let em go bust for all I care and take the $700bn and invest in alterantive energy and other relevent project and put real money in hte hands of Americans. Dont bail out a bank just so the bastards will give people lonas again :S
eUKhost.com
09-10-2008, 13:59
This situation will get worst if Banks don't get bailout. In the end we have to suffer as Millions will get unemployed. If Rich Man goes Bankrupt then he won't suffer as much as those dependent on him will.
This situation will get worst if Banks don't get bailout. In the end we have to suffer as Millions will get unemployed. If Rich Man goes Bankrupt then he won't suffer as much as those dependent on him will.
I think we can come to terms with that - i.e. Tesco in the UK :hammering:
Part of the UK bailout is preference shared, which we will benefit from.
We can only lose now if a bank goes bankrupt and the Government has to guarantee savers cash. The rest is in loans and shares. Not free money, like the US.
Today it was announced that UK councils had been placing funds in Icelandic banks. They now want central Government to cover these losses.
DPS Computing
15-10-2008, 11:16
The Swedish model would be better. In the early 90s, they had a similar issue. They took large holdings in the banks and they eventually made a profit. This would be the better solution, no? Instead of taking all the risks and getting none of the future profit, you are basically buying lots of shares at a cheap rate, and waiting for a few years for it to recover. The result? Mega profit for the country, which ultimately benefits the tax payer.
US has absolutely no chance of making anything from it.
Unlike here, the US has just given the $700 billion to banks - so basically there is nothing that can be gained from this by the US government. Taxpayers in the US have lost a guarenteed $700bn (at least).
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