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Luli | BAILOUT??!!!?!?!?!?!? |
CAN ANYONE EXPLAIN TO ME THIS BAILOUT? WHAT IT ENTITLES AND WHO THE HECK BAILS OUT??????
Additional Details
How can i get specific information of the content? |
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Chris C
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The bailout isn't a "free hand out" as many people think it is. It's like a line of credit that the government will use to offer emergency funds to companies that are struggling. It also includes tax breaks and an increase in deposit insurance (the stuff that makes sure you get your money if a bank goes bankrupt!). This is essential in order to keep the economy going.
Most people can't get past the "why are they helping the fat cats in business suits instead of me?" Guess what...if these companies fail, that means job loss. IT also means the money supply tightens up. That means you won't be able to borrow money for your next car purchase (which means car dealerships fail meaning more jobloss). If you try to sell your house or car that means the people that want to buy it can't get the money to buy it from you. With all the people losing jobs, people don't eat in restraunts or go shopping as much, or go on holidays to other tourist attractions, which means all the restraunts, stores and tourist attractions start laying off people...yes, more job loss. Further to that, if people aren't spending money in the USA (which is a huge economic force), US companies will stop buying products from other countries, meaning those other companies will suffer as well. It's a trickle down effect that will just snowball further and further if something doesn't happen to releive the pressure.
Think of it like a boxer in the 10th round. He's gotten beat up pretty bad for the last 9 rounds and he's on the cusp of getting knocked out (the economy collapsing). He's got a fat limp, bleeding nose and his eyes is already swollen shut (the house market is failing, people are losing jobs, big companies have already claimed bankruptcy). All he needs is to get through this round and catch a breather to get some energy and momentum again to whether it out.
The "bailout" is the little breather to help get some energy again to try to win the fight.
It doesn't gaurantee that everythign will be saved over night, but it's the little jolt to prevent it from going down right away.
HEre's an article that talks about it and explains the difference between the old plan that got voted down and the new plan that got passed to the house yesterday.
http://money.cnn.com/2008/10/01/news/economy/senate_rescuebill2/index.htm?cnn=yes |
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Laura
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The bailout is not really a BAILOUT. It is more of the credit that is needed out there in the market. For instance, banks are not giving any loans for someone to buy a car, house, etc. The reason is because they have no money, no credit and need this money to continue working or it can affect out economy. The bailout plan, already passed, but it was made to pass today with extra "Sweetneers". In other words, it had some incentives for democrats and republicans to approve it. These were the tax breaks to Nascar, teachers, fisherman in Alaska and a list of other people who will be getting a tax break.
http://news.yahoo.com/s/ap/20081003/ap_on_go_co/meltdown_tax_breaks
No one knows if this is going to work or not, they have not seen this type of problem. The great depression from the 1930s had a different reasons as to why the economy failed, but today this type of problem is new and NO ONE has seen it before. So all we can do is sit back and wait. So far it sounds good and I hope it works, but I am sure this is only the beginning of the fix to this economy, there will be more to come.
Hope it helps! |
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A Local Man
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Its nice to see that the average person is confused as to what the "bailout" bill entails. This Emergency Economic Stabilization Act of 2008 had to be saddled with so many sweetners aka pork so that it would pass the House of Representatives and the Republican side of the House wouldn't vote the thing down again. I find it both funny and sad that our economy and now the global economy are feeling the strain of people who just had to be greedy and needed and wanted more and more money. Please see the following website for more information and yes it is a wikipedia page it does have links to actual sources. |
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Mr. Wizard
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The story we're fed is that the corporation, AIG, toted as being Earth's largest corporation in the mortgage, retirement fund and investment banking industry--bungled around ( more likely stole blind ) billion$ in bad investments.
If AIG were to go under---it'd mean world-wide economies would also crash, inculding the USA. So, the U.S. Congress decided to pack on a $900 BILLION bail-out--chock loaded with sweet perks and benefits for the rich--to basically save the world.
It'd be nice if we all got a fully disclosed itemized statement where every red cent of this money is going to, but given our elected officials turned their backs on us---I doubt they'd honor this request; I'm not wasting breath asking.
Corporate World and rich stockholders all got a sweet deal---I even hear they're still partying on their victory. We peons, on the other hand, better brace up and get ready to be taxed poor. |
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edje_of_life
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Here's an analogy to explain the bailout. It's like being a boat with a hole in it, that's sinking at a fast rate. So instead of plugging the hole, as in addressing the core problem...the "powers that be" chose to just buy a bigger bucket to bail the water out.
See...the bailout is focused on the wrong end of the problem. The bailout should be focused on the origin of the problem, the defaulting homeowners. The bailout should indemnify defaulting homeowners and pay off the delinquent mortgages.
Stopping the problem at its origin would restore the value of the mortgage-based derivatives and put an end to the crisis.
This approach has the further advantage of stopping the slide in housing prices and ending the erosion of local tax bases that result from foreclosures and houses being dumped on the market. Under the bailout plan, the troubled assets move from the banks’ books to the Treasury’s. But the underlying problem–the continuing diminishment of mortgage and home values–remains and continues to worsen.
So the only people this bailout benefits is the big bankers. Sure, they throw in some window dressing in this final bill to make the public and Congress feel better. It only delays any even bigger economic crash for the future. It's like being on the Titanic, while all the "super-rich" are running to the life boats headed for the islands. They leave the general public below deck to polish the silver, unaware of the real crisis.
Hope this helps... |
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Gaspode
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Congress and Bush want to throw hundreds of billions of dollars at the people who caused the financial crash figuring that that will cure it. Kind of like throwing gasoline on a burning house to put it out. |
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