the $700billion bail out plan fails, what now?!
By bubblyapple
@bubblyapple (2653)
Philippines
September 30, 2008 4:40pm CST
now that US congress failed to pass this resolution that would supposedly help alleviate the economic crisis facing America today, what do you think will happen next. The Dow Index posted a record loss today after hearing the news of failed bailout. So what's the next step?
1 person likes this
3 responses
@underdogtoo (9579)
• Philippines
30 Sep 08
This should be an eye-opener but sadly no one's eyes are being opened. For such a thing to happen (the financial debacle) is something to think about. To rush and try to bail out these companies is only trying to fix a problem which does not need this kind of solution. The basic problem here is greed and one cannot fix greed by throwing money at it.
@bubblyapple (2653)
• Philippines
2 Oct 08
i think they are trying to ignore it as something political....
@underdogtoo (9579)
• Philippines
5 Oct 08
All this greed for quick profits in the housing sector started the ball rolling. The real estate bubble broke and so the banks went broke too. The banks are to blame because they allowed questionable loans just to ride the crest of the housing boom. In order to stem the tide of this economic debacle, the homeowners need to be bailed out so that they will have the capacity to pay their loans and the banks won't have to be bankrupt. These homeowners can then become productive and be able to earn and pay taxes which is good for everyone all around.
@tsallis_1 (98)
• United States
5 Oct 08
I dont know all the political workings of wall street or anything. Many people do need to have their eyes opened but there is so much jargon encircling the issues, that many people who do care and want to get involved dont understand what exactly is going on or what to do. I think that is exactly what congress wants; confuse the masses so that they cant interfere. I do agree that the problem is greed. The rich keep getting richer and the poor poorer.
I try to stay positive (im a firm believer in the power of positive thinking) but it seems that the people running the country are running it into the ground. Many Americans feel powerless, they feel as if they have no voice. Many want to make a change but do not know how. My education is in health care, i am a respiratory therapist and i have been educated on how to save lives. But sometimes i feel completely ignorant to political and economical issues. Even thought i watch CNN and all, i must admit that i dont understand all the crap that senate is spewing out. They create complicated loop holes to tax me and my fellow Americans out of my hard earned money and i feel helpless. I should have went to school to become a politician but i guess im dont have that corrupt mindset. So i guess i will just stick to saving the world by saving lives, literally.
1 person likes this
@bwaybaby (903)
• United States
30 Sep 08
I freaked out when I first heard about the Dow dropping, but you've got to put it in perspective. It dropped less than 7%. That's nowhere near as bad, percentage wise, as 1929 or even 1987. Now, if it keeps dropping, like, 700 points a day, then we will be in trouble.
Hopefully Congress will go back and try to work out the 'problems' with the bill. The House Republicans need to actually try and work out their problems with everyone else.
@bubblyapple (2653)
• Philippines
2 Oct 08
well, if you look at it that way....but whatever percentage, we want our DOW to go up and not down....
