Are you freakin' kidding me?

[salsashark]

Federal Bailout May Include Credit Card, Loan Companies


So I was against these economic fail out plans from the get go, but giving money to CC and student loan companies?!

It's not like the student loan companies don't already enjoy protection only worthy of organized crime! and the cc companies?! They helped create this problem... maybe they should lie in the bed they made for a while...

All I really want to know is where this "Free Money" window is... cause I want to go get some bail out as well... I have some student loan debt that I would like to see paid off.

Road trip anyone?

[Foolds]

Wow this is retarded, make real bad business moves get bailed out wtf? But thats what our country does, make dumb decisions rack up a bunch of debt and take a bankruptcy. There are times and places for a bankruptcy but because you didn't think about your actions and now cant pay for all the things you bought is not one of em.

[dirkterrell]

and the cc companies?! They helped create this problem... maybe they should lie in the bed they made for a while...

You mean the ones that jacked up interest rates on people to ridiculous levels even when they made their payments on time? Agreed. Let the greedy fuckers rot. For all you people bitching about oil company profits, take a look at what the banks do. They are consistently the most profitable industry. They weren't willing to help the taxpayers when they were ripping along with ~15% profits for years, so let them deal with the pain.

Yeah, it's going to hurt for a while but we're going to have to deal with it sooner or later. Maybe it'll instill a little more fiscal responsibility in both the government and the people.

Dirk

[Snowman]

Give the credit card companies the money only if we the people can charge them a fee for jacking-up their interest rate when they are late on any other of their other bills.

Of course, we can start them out with 0% for the first three months on transfers. Just to get them in the door.

[guegreen]

Wow this is retarded, make real bad business moves get bailed out wtf? But thats what our country does, make dumb decisions rack up a bunch of debt and take a bankruptcy. There are times and places for a bankruptcy but because you didn't think about your actions and now cant pay for all the things you bought is not one of em.

Maybe another way to look at this might be:
When credit card companies send you a card, or extend you credit for a purchase, where does the money come from?
They don't actually have it-- they're engaging in money creation, expanding the money supply to allow for your consumption.
They borrow leveraged funds from banks or the bond market to actually move cash for that transaction. In the short term they rely on the corporate paper (short-term bonds) market. That market has basically frozen up since late September, with no one buying.

So, if steps aren't taken, the next time you whip out your credit card, the funds might not be there...

It's a really nasty situation, but given that our entire economy rests upon a house of cards of consumption, credit and debt, you can expect those engines of economic activity to be bailed out.

[Captain Obvious]

Many countries function just fine on low or no credit. You save money, buy what you need. Credit allows you to overextend yourself to meet wants, not needs. And sure, I am guilty as well, but well into the process of fixing my youthful indiscretions.

The need/want attitude is why so many Americans cried about high gas prices, gas isn't a necessity, it is a convenience.

I am against the bailouts, but I understand they are a necessary evil. However a 2 month congressional decision with very few safe guards isn't the right way to fix a multiple decade problem.

I am also against extending the bailouts to every company with a hand out. How does this reward the companies that run their business properly and make smaller profit margins?

[Captain Obvious]

It's a really nasty situation, but given that our entire economy rests upon a house of cards of consumption, credit and debt, you can expect those engines of economic activity to be bailed out.

Years of fake economic stimulation is a poor reason to continue sitting on what clearly is a one legged chair. Not attacking, just saying.

The govt shouldn't throw my good money after the the bad.

This should be a very slow thoughtout decision. The companies that are the worst off and need help "right now" should prolly go the way of the dodo. They clearly were not structured on a solid business model and don't have the attributes to continue.

[Shea]

Yeah, it's going to hurt for a while but we're going to have to deal with it sooner or later. Maybe it'll instill a little more fiscal responsibility in both the government and the people.

Dirk

Not bloody likely.

It is now the new paradigm. Run your business into the ground and then ask Washington for a bailout (and still get your bonus/golden parachute/stock options).

Convert all your dollars into Euros, because inflation is going to go through the ROOF.

[MetaLord 9]

Maybe another way to look at this might be:
When credit card companies send you a card, or extend you credit for a purchase, where does the money come from?
They don't actually have it-- they're engaging in money creation, expanding the money supply to allow for your consumption.
They borrow leveraged funds from banks or the bond market to actually move cash for that transaction. In the short term they rely on the corporate paper (short-term bonds) market. That market has basically frozen up since late September, with no one buying.

So, if steps aren't taken, the next time you whip out your credit card, the funds might not be there...

It's a really nasty situation, but given that our entire economy rests upon a house of cards of consumption, credit and debt, you can expect those engines of economic activity to be bailed out.

^^Credit Unions & bank-endorsed credit cards ftw. If I open an envelope at home with a credit card offer in it I don't sit there & think "damn! Someone must really think I'm great! Now I can go get that $2k TV I've been eyeing!" At what level do you fight stupid?

[salsashark]

If I open an envelope at home with a credit card offer in it I don't sit there & think "damn! Someone must really think I'm great! Now I can go get that $2k TV I've been eyeing!" At what level do you fight stupid?

I think to myself..."damn... I need to open this so I don't jam up my shredder with the plastic in the envelope!"

[Shea]

^^Credit Unions & bank-endorsed credit cards ftw. If I open an envelope at home with a credit card offer in it I don't sit there & think "damn! Someone must really think I'm great! Now I can go get that $2k TV I've been eyeing!" At what level do you fight stupid?

2k???? 4k 72" Plasma FTMFW!!!! and I'll take the extended warranty bitches!

[dirkterrell]

Not bloody likely.

It is now the new paradigm. Run your business into the ground and then ask Washington for a bailout (and still get your bonus/golden parachute/stock options).

Convert all your dollars into Euros, because inflation is going to go through the ROOF.

Well, this is the time of "Hope" and "Change" no? Not where it matters, I guess.

Dirk

[MetaLord 9]

2k???? 4k 72" Plasma FTMFW!!!! and I'll take the extended warranty bitches!

^^Shea, your shirts extend my warranty.

[dm_gsxr]

Well, this is the time of "Hope" and "Change" no? Not where it matters, I guess.

Dirk

Not even in office yet and already blaming Obama

Carl

[asp_125]

No there's gonna be plenty of free money, we're supposed to be redistributing our ""wealth"

[dirkterrell]

Not even in office yet and already blaming Obama

The Republicans share plenty of blame in the mess. I just don't see the Democrats being any different when it comes down to it. Big government is bad no matter which group is in charge. Good politicians know how to talk the talk to get elected and Obama is a very good politician.

Dirk

[salsashark]

The Republicans share plenty of blame in the mess. I just don't see the Democrats being any different when it comes down to it. Big government is bad no matter which group is in charge. Good politicians know how to talk the talk to get elected and Obama is a very good politician.

Dirk

Prime Example

President-elect Barack Obama's plans to overhaul the U.S. health care system would cost the federal government $75 billion but would provide health insurance for 95 percent of Americans, consulting firm PriceWaterhouseCoopers said on Wednesday.

This works out to about $2,500 per newly insured person, the firm said in a report.


"The plan would increase to $1 trillion cumulatively by 2018 or approximately $130 billion per year," the report said.


...continued.

[guegreen]

Dirk's basically right, in my view, we have a terribly unbalanced economy-- and can we borrow our way out of credit induced disaster?
I don't know, and nobody else does either. But folks who are going lose homes and jobs will pay the ultimate price for deleveraging the financial sector. And who's for that.
I've made a bunch of money this year shorting the dollar and financial shocks. But as a business owner, I'm not quite ready to see 10% unemployment to bleed out this economy. So the question becomes, can we bail out the ship fast enough to keep it afloat while it is turned around.

[Shea]

The Republicans share plenty of blame in the mess. I just don't see the Democrats being any different when it comes down to it. Big government is bad no matter which group is in charge. Good politicians know how to talk the talk to get elected and Obama is a very good politician.

Dirk

When you populate your administration with the same ol' roster of people from the Clinton years, diehard Democrats and political hacks how can you possibly be fresh, new, change, hope, blah, blah, blah?

Obama, just another politician, just another Democrat, just more of the same.

P.S. Would have been the same thing if McCain had been elected.

[modette99]

..

[salsashark]

Advertising has us chasing cars and clothes, working jobs we hate so we can buy shit we don't need.

[CYCLE_MONKEY]

You mean the ones that jacked up interest rates on people to ridiculous levels even when they made their payments on time? Agreed. Let the greedy fuckers rot. For all you people bitching about oil company profits, take a look at what the banks do. They are consistently the most profitable industry. They weren't willing to help the taxpayers when they were ripping along with ~15% profits for years, so let them deal with the pain.

Yeah, it's going to hurt for a while but we're going to have to deal with it sooner or later. Maybe it'll instill a little more fiscal responsibility in both the government and the people.

Dirk

+1000%

I at first was going to NOT include my CC on my bankruptcy.....until my lawyer pointed out the above and that I'd be an idiot not to. So......the last advance I made on the card before I defaulted on about $19k was....to pay off my BK lawyer!

[bikernoj]

Wow this is retarded, make real bad business moves get bailed out wtf? But thats what our country does, make dumb decisions rack up a bunch of debt and take a bankruptcy. There are times and places for a bankruptcy but because you didn't think about your actions and now cant pay for all the things you bought is not one of em.

But that's the American WAY!!!

The whole failout pisses me off too. Make a business, take home huge paychecks for years, then whine when your high-risk investments tank! Show me any INDIVIDUAL investor that gets a nice, soft landing from the market's nosedive; I've lost close to $30,000 from my IRAs in the past 5 years from these douchebags, and all I can do is sit on them and let the market slowly creep up again.

I have always paid my debts. I paid off my student loans in 8 years, paid off my first new car on time, and only have one credit card with all the credit limit I need (also with $0 balance). I didn't get into more house than I could afford, and only refinanced to get out of the ARM I was in. I've got a credit score of 830; for shit's sake, I can borrow money no matter what the economy does!

In short, I'm one of the (apparent) minority that DIDN'T get my ass in a sling financially, and my reward for doing so? Jack shit 'o nothing. No bailout for me; no opportunity to refinance at 3%, no winning lottery ticket, no Golden Parachute.

So yeah, it pisses me off when the stupid ones get all the breaks.