I know this topic has been beaten to death, and I do NOT claim to be a PhD in economics, but what the hell is this country (and world) coming to. Business repeatedly make outright stupid decisions whether it be lending money to people who have little chance of actually paying it back, or bringing a bastardized subcompact korean car to america to combat real players like the fit and yaris (read as chevy aveo). Yet when said businesses are on the verge of failing, we (legitimate taxpayers) flip the bill?
I say let them fail on the natural order of things. I realize it would get much worse for the country as a whole if this happened, but what about repeating mistakes?? Future companies will see that its ok to @!#$ up - you'll just get a "bailout".
I'm personally to the point where I'd like to string up every dishonest CEO and every member of the gov't who likes to give our money away (or "lend it" away). I'd like to rip off their fingernails with a needlnose pliars, drive a couple nails into their kneecaps, and bitchslap them all until i can no longer move my arm. Then they can starve to death... /rant
spoken like a true capitalist!
welcome to the club
don't mind the liberals/socialists who will be here shortly to tell you why you are wrong.
If GM fails, they will be back. I say let them declare bankruptcy and restructure (obviously I have no stock in the company lol).
fortune cookie say: better a delay than a disaster
So basically you have to be an irresponsible prick to touch that money.
Send the billions$ to all the average joe tax payers. The ones who really make the economy roll. Maybe we'll buy new cars.
Let the big companies fall. They'll just pay for their mistakes and won't do the same next time.
Nobody is behind me if I fu¢k up with a family, house and a car to pay. No bailout money for me.
im all for personal responsibility but what happens when the large bank that holds your money goes under. bye bye mortgage payment, what happens when that bank that your company puts their money in goes under. bye bye payroll. alllot of innocent people get screwed, sure your insured for 100,000 grand, but how quick do you think the goverment is going to be to get that cash to you. fill out these 30 forms. send them in and we'll get your mortgage payment out to you in 6-8 weeks, im sure your loan holder wont mind you being a couple months late on your payments. hell 100,000 grand wouldnt pay a weeks worth of payroll at my work. there are allot more things to think about then just punishing a few morons at the top.
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sndsgood wrote:im all for personal responsibility but what happens when the large bank that holds your money goes under. bye bye mortgage payment, what happens when that bank that your company puts their money in goes under. bye bye payroll. alllot of innocent people get screwed, sure your insured for 100,000 grand, but how quick do you think the goverment is going to be to get that cash to you. fill out these 30 forms. send them in and we'll get your mortgage payment out to you in 6-8 weeks, im sure your loan holder wont mind you being a couple months late on your payments. hell 100,000 grand wouldnt pay a weeks worth of payroll at my work. there are allot more things to think about then just punishing a few morons at the top.
Again, that's more irresponsibility. I pay attention to where my money is. My company has its cash in diversified accounts. If people/companies want to look the other way when there is obviously an economic "problem", then they deserve to go down too.
so you know the complete financial stability of all yoru financial instituations....... thats what everyone at enron thought as well.... im sorry but if your company you work has any amount of employeees its not likely paying payroll from several diffrent institutions, i'd bet that payroll all comes from one account. take my company. payroll for a week is in the 150,000 range. its not coming from 10 diffrent banks. not to mention 1 financial institiion could own several diffrent companies, so even if you are diversifited chances are it could be in two to three places owned by the same company. so your saying to everyeone that doesnt have several hundred thousands of dollars their irrisponsible for having their money in the bank? it takes roughly 2 million dollars a month to run our company. are you saying we should have our cash for that one single month in 20 diffrent banks? sorry that wouldnt work it would me a accounting nightmare you just can't do it. even if we had our cash spread across 5 or 6 banks they would still end up losing problaby 75% of their money from a bank going under. you cant just claim irisponsibilty and end it at that. its easy to be responsible with cash when you only have 5 bucks in your pocket. and hell if your so diversified that you need a few diffrent banks to protect your cash you obviously are sitting on several hundred thousand dollars.
or we can look at it in another way, lets say every single person in all of these banks had 100,000 or less and was protected. they banks go under, now how long could some of these small business stay in business while waiting for their money from the goverment, how many people will work for free till their checks came in. how many companies would care that you cant pay your bills because your waiting on the check in the mail. and where is the goverment going to get this money? if a big bank chain goes under your problaby talking a few billion dollars easy, so now we have the goverment spending more money it doesnt have. what does it do. borrow it? nobody wants to lend to the u.s. right now, and if they do the rates wont be favorable. and you will be paying it or they could just print up more money, meaning inflation goes up and the dollars in your pocket are worth even less. so either way the general public is going to get screwed in the deal wether you like it or not. when you have financial institutions failing left and right @!#$ could get really bad really quick.
now, its easy to just blame the banks for giving out bad loans, but lets also not forget that it was the goverment that pushed them into doing it. clinton felt that every man should own a house so they gave incentives to the banking community to ease up their restrictions on lending money so everybody could buy a home. so you cant just place blame in one spot. its partially the goverments fault. see owning a home used to mean something, people would have to save up 10-20 thousand to be able to get a house. when you put that much money into something, you tend to work hard to keep it, giving out loans to people with shoddy credit for no money down was a poor decision, but it was a decison the goverment and an ex president made.
Edited 2 time(s). Last edited Thursday, March 05, 2009 5:08 AM
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MyZ24owns_my_Nissan wrote:So basically you have to be an irresponsible prick to touch that money.
Send the billions$ to all the average joe tax payers. The ones who really make the economy roll. Maybe we'll buy new cars.
Let the big companies fall. They'll just pay for their mistakes and won't do the same next time.
Nobody is behind me if I fu¢k up with a family, house and a car to pay. No bailout money for me.
You have to remember.......liberals believe they know how to spend your money better than you would. And many of them have no problem coming out and saying exactly that.
People think having good credit is a joke.
Bad credit, No credit, no problem! You are APPROVED!!!
that's part of the problem too. They need to stop that and teach people the value of having good credit.
MyZ24owns_my_Nissan wrote:So basically you have to be an irresponsible prick to touch that money...Let the big companies fall. They'll just pay for their mistakes and won't do the same next time.
Agreed 100%.
Quote:
Nobody is behind me if I fu¢k up with a family, house and a car to pay. No bailout money for me.
Actually, yes, they are. What do you think the housing bailout bill is? It's to bailout all the irresponsible individuals in the country, so that we end up paying for their house, or second mortage, etc...This pisses me off almost more than the business bailouts. Also, something like 80% of this money is going to people in 4 states. I say, if you're going to bail out a bunch of home owners in 4 states, make the money come from those states.
My wife and I lived very lean, and worked our asses off when we first got married. We shared one car, and we had a friend of ours who watched our baby so that we could both work. Many times I took the bus or ended up walking to work, because I worked closer to where we lived at the time than my wife did, and we didn't always work the same hours. We saved our money, and bought our house 3 years later. Over the years I have worked my ass off to get ahead and earn a good living to support my family. Rather than go out and buy an expensive car when I started making decent money, I chose to send my kids to private school. This is why I am still building a Cavalier, and taking so long to complete it. I feel absolutely no reason that I should now have to pay more taxes to bailout someone who got a mortgage they couldn't afford, or remortgaged a house they could afford to get more money to blow, and are now under water owing more than the house is worth, and more than they can afford to pay.
spoiler wrote:People think having good credit is a joke.
Bad credit, No credit, no problem! You are APPROVED!!!
that's part of the problem too. They need to stop that and teach people the value of having good credit.
Hey, we agree on something. The problem is that what the congress and Obama are doing is to teach the irresponsible that when the sh!t catches up with them, the government will just bail them out, at the expense of "the rich", who stepped on you to get where they are. Class warfare anyone?
Edited 1 time(s). Last edited Thursday, March 05, 2009 4:18 PM
oldskool wrote: Business repeatedly make outright stupid decisions whether it be lending money to people who have little chance of actually paying it back, or bringing a bastardized subcompact korean car to america to combat real players like the fit and yaris (read as chevy aveo). Yet when said businesses are on the verge of failing, we (legitimate taxpayers) flip the bill?
the problem isnt on the business' end. in a true capitalist society (which we should strive for) there IS such a thing as economic darwinism. the problem is that the government interferes with the system....and every time they do they @!#$ it up. laizze fair, bitches!
do you honestly think a bank would, of their own volition, loan out money to a person who cant afford to pay it back? hell no! thats bad business. but what happened? the govt told them to and gave incentives to do it.
