financial "rescue" passes, yet dow dropping like a brick

@xfahctor (14126)
Lancaster, New Hampshire
October 3, 2008 1:54pm CST
-45.88 So explain that to me. This was supose to be a financial rescue package. And yet, as soon as it passes, the dow falls like a rock? The problem is that it was all based on the hope that we could pay for this by credit, the same thing we were supposed to be rescuing. Well, you can't make money out of thin air. Money is finite, you cannot simply create more. It has to be backed by something. We were already in debt before this passed, this just jumped the on paper debt by almost a trillion bucks. Any wonder why we're now seeing this? I may be totaly wrong but it's not looking too good for that. I was hoping I am wrong. Someone, PLEASE prove me wrong.
2 people like this
5 responses
@ZephyrSun (7382)
• United States
3 Oct 08
Oh man are you saying money doesn't grow on trees? So my mom was always right dangit. I just justed on FOX cause CNN isn't showing the DOW and it's at -135. Guess if this continues we will not get better.
@xfahctor (14126)
• Lancaster, New Hampshire
3 Oct 08
"I do understand in the days ahead the American people will have to adjust to how they look at money." Exactly rose, you may now look at your money the same way you look at your toilet paper because THAT is exactly what it is going to be worth.
2 people like this
@ZephyrSun (7382)
• United States
3 Oct 08
lmao
@xfahctor (14126)
• Lancaster, New Hampshire
3 Oct 08
yeh, I have a colorful way of putting things at times. If it wasn't so real it might be funny. sigh, I guess all we can do now is laugh and vote.
2 people like this
@xParanoiax (6997)
• United States
4 Oct 08
You're not wrong...I've felt like a broken record saying, "Unless you find a way that doesn't aggravate the already high inflation and debt..." I mean because of that the dollar was PRACTICALLY worthless before. Now I imagine we'll see the the word "practically" get pulled out of there..and then what? You can't fix nothing with worthless pieces of paper and they don't have enough gold. So now what? Some wise people said the very same thing in Congress but no one listened to them. I'm sorry xfahctor. I'd like to prove you wrong, but I can't. You're right, all that is true. And I suppose this marks the beginning of whatever's next.
@xfahctor (14126)
• Lancaster, New Hampshire
4 Oct 08
Standard gold stocks do seem depleted,many have bought it all up, probably because they saw the writing on the wall. I have in the past,sold electronic scrap to people who extracted the gold from it.I might now look in to the techniques and see about doing it myself, at least I'll have something thats worth more than the paper it's printed on.
• United States
5 Oct 08
Good idea, xfactor. I wish I could get my hands on just a little gold myself, but you should see how quickly that action goes on ebay now...it's amazing. Some companies that sell gold coins have been saying how they can't keep up with all the orders now. It's a sign of how worried people are, I guess.
@cgobble (171)
• United States
3 Oct 08
Can someone please answer the question of a man who is trying to learn the details behind this "package". I have heard rumors that this money for this package was coming out of the taxpayers money in the form of our refunds. Any truth to this? Please forgive my ignorance on this subject. I'm trying to learn.
@xfahctor (14126)
• Lancaster, New Hampshire
3 Oct 08
actualy the premis was that it would eventualy be paid for when all the junk paper they just bought would be re sold at a higher rate after it increased in value. In short, we just got skrewed with out even being bought dinner first.
2 people like this
@cgobble (171)
• United States
3 Oct 08
Wow, thanks for the heads up. We'll never see that money.
1 person likes this
@ladyluna (7004)
• United States
3 Oct 08
Hello X, I'm absolutely LIVID! I've been monitoring the DJIA all day. Minutes before the announcement that the scam bill passed it was hovering in postive territory -- up approx. 230pts. Within 2 minutes of the announcement the DJIA dropped to 175. By five minutes after the announcement, it had dropped to 101 -- losing more than 50% of the mornings confidence. Right now it's in negative territory -- down 157.47 Not only are we going to have to foot the bill for the rotten legislation, we're also suffering from real losses in wealth. Grrrrrrr!!!!!!!! Sorry, X! I can't prove you wrong, because you're absolutely right! Now, here's what I want to know: What individuals, or fund managers were short-selling the financials that got this tail-spin started? I wonder: Who's greasy finger-prints are all over this national take down? Hmmm, I guess finding this white elephant of an achilles heel wasn't so unlike finding the achilles heel of another national economy in the 90's, who was nearly bankrupted because of a currency devaluation crisis! The net result has been the same for the socio-political realities of both nations -- and it makes me so angry that I'm spitting bullets!
@xfahctor (14126)
• Lancaster, New Hampshire
3 Oct 08
I'm not really a conspiricy theorist, but I am comming to the belief that there was some serous manipulation going on on all ends. And then, when they got all they could out of the situation, they manipulated and created this "rescue plan" to win all over again. We got skrewed comming and going.
1 person likes this
@evanslf (485)
3 Oct 08
Hi Xfahctor, I've missed your posts and hope you have resolved your family situation. Though I feel that congress had to do something to try and restore confidence in our flailing banks (as otherwise we might have had the 1930s all over again), I do agree with you that this second bailout bill was certainly not it! I think it is even worse than the first attempt, many because of all that pork which is irrelevant to the bill itself. I strongly feel that congressmen and senators should have pased a bill that seeks - on its merits - to deal with America's problems, and not fill it with a barrel of pork to buy votes to aid the bill's passage. What about the notion of congressmen and senators doing what is right for the country, just for once? Or am I being as usual too naive...
@xfahctor (14126)
• Lancaster, New Hampshire
3 Oct 08
hey. good to see you. thank you. "“If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them, will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.” ~Thomas Jefferson these words are so much as true today if not more so, than when they were first penned.
1 person likes this