Financial Crisis Megathread - Revised bailout passed senate/house and goes into law

Discussion in 'Off-Topic' started by Commissar Smersh, Sep 29, 2008.

  1. Goofus Maximus

    Goofus Maximus Too old to be this dumb!

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    Iceland is bankrupt; the Krona is now worth zero in any currency you can name. So total collapse, while not likely at the moment, isn't really a totally farfetched scenario.

    I'm still waiting for the credit-card shoe to drop.

    I think one thing that would help ease things immediately or sooner, is for the Fed to simply start buying all the commercial paper, which is what's really hurting business right now. Ease that up, and the Financial Sector won't take down all the other sectors with it.
  2. ThatHideousStrength

    ThatHideousStrength Junior Member

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    [​IMG]

    Check out interest rates over the past years. It's no wonder so many people were getting home loans. It was bound to happen.
  3. smirnoff

    smirnoff Curmudgeon

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    Rick Santelli on cnbc would agree with you I think :) It seems like that's all he talks about these days.
  4. Torx

    Torx Indigenous Nudist

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  5. bigred

    bigred Banned

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    i don't know if you guys know but the money that was issued i think it was 68 billion out of that 52 billion was spent in the first three days. the only thing the bailout will do is put the money in the owners company as a bonus and fuck the rest you know. that how it has always been. as long as we keep our jobs it shouldn't bother us to much other then that we are all fucked anyway.
  6. ivwshane

    ivwshane We are all old school!

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    Ouch! And I thought mine was bad, 401k down 34.5%, ira down 25%.

    Right now I have my 401k contribution maxed! Even if it gets to the same level as what it was before I should be sitting pretty (before the crash I did the minimum and put in what my employer matched).
  7. bigred

    bigred Banned

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    i work in a national engineering company and this is how we do payroll. we borrow 28 million dollars for 2 weeks every 2 weeks, and we repay the loan within that time. our bank is no longer doing this and we are all scared that if we dont get paid by one of out clients on time that because we have no money in the payroll section people will be getting layed off.
  8. Goofus Maximus

    Goofus Maximus Too old to be this dumb!

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    This is what commercial paper is. A short term highly liquid loan, for payroll, or just covering a week when cash on hand is less than expenses to be paid.
  9. mistawiskas

    mistawiskas kik n a and takin names

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    This is what i was talking about last month, and it's just now being exposed?
    Mortgage meltdown to hit credit card users - The Red Tape Chronicles - MSNBC.com

    This is another shitty thing, anyone on AT&T?
    AT&T customer caught in 'spam-22' - The Red Tape Chronicles - MSNBC.com

    Instead of luring customers, fucking them harder seems to be the way the corporations want to deal with hard times.

    I give up, there's absolutely no way I can afford to play the game that cannot be won! Nobody other than essentials for survival get paid from here on out! i'll deal with the mess later. Therefor I'm switching gears from being part of the sollution to being part of the problem....only because that choice has been negated by the need to survive. Sorry guys and gals, on this one, I cannot "let it begin with me'. I've tried my damndest, only to have wages cut, work dissapear, penaties exacted, threatened and fucked over. so I'm officially not going to play anymore. I'm tired of not being able to see a doctor, and have food in the refrigerator. You all are going to have to play this game without me. :eek:
  10. sims

    sims walls of text

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    Unfortunately I’m not nearly as optimistic about humanity as you are mistawiska. :(

    These character traits we have, greed, laziness, selfishness, corruptibility, hatred towards our fellow man, jealously and so on … we’ve had them since the dawn of man. I don’t think its as easy as just saying “do the right things” don’t get me wrong, there’s nothing wrong with trying… but I’m not very hopeful, I don’t think most of the bad we do is done on a conscious level.

    Weither we realize it or not, were all selfish and greedy in our own ways, some less then other of course but quick example, l look at us,

    We all sit around wasting time on the internet, bitching about how our retirement funds are doing, and the price of gas etc well there are kids in Africa literally drinking water people shit and die in, so that they can live maybe one more day before the succumbing to starvation, disease, rampant violence that can’t be escaped or any of the other hundred of things that are killing them that could easily be stopped, and what do we do? Every single person in the world who own’s an Ipod for example could have literally saved someone, somewhere in the worlds life if they had used the money to help a fellow man instead of putting it towards some hip novelty. I could give you a billion examples of human greed, the only people that aren’t are the people who are in a position where they simply cannot be because they have nothing. And its not just monetary greed, we utilize our time extremely selfishly as well.

    So does that make us all terrible monsters? I don’t think so, we are who we are. As a species were flawed. I don’t think we do it purposely (for the most part). I don’t really have any good explanation why we are the way we are, how do you solve a problem you can’t diagnose?

    The other huge moral issue I think we face as humans is that we’re easily corrupted. All these corrupt politicians, religious figures, CEO’s, Police, Military, etc to infinity, all these people couldn’t always have been bad. They wouldn’t have risen to the positions they have if didn’t ever do any good and they wouldn’t have started into them In the first place if they didn’t have intentions of doing good at some point in life. Power corrupts absolute. Put any human in a position of power and they will at some point use it to their advantage, I don’t think again for the most part that its done intentionally to cause harm, but it happens in so many situations we face, from the kid who steals French fries well working at wendy’s to the CEO who gives a contract to his buddy company rather then another that might do a better job. We find clever logical reasons to justify these things to ourselves to make them seem ok, but we know there wrong and we still do them.

    I don't know that their is a fix to our problem :sad:
  11. mistawiskas

    mistawiskas kik n a and takin names

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    I repeat myself: There is a fix for our problem. Problem being? Nobody wants to do it. The religeon of buhdism has it right: "human suffering is derived of want. believe it or not, some (and more all the time) go on the internet to attempt to deliver a message rather than make a buck. True, materialism is running amok, but the current world finance crisis will lessen that to some degree for some. maybe I am a hopeless romantic of sorts. The deal is: there are only three outcomes. A) we will not rise above the traits that hold us back and keep us at a state of arrested developement. Fighting wars, creating third world sufferings and dwindleing respect for life and planet resulting in our own destruction. B) continue on as we are now, knowing there could be a better life for all, but openly denying that we can change the cruel nature of society therefore letting us off the hook (but not really). C) Live in the sollution of just doing a little better each day to treat other people the way we would like to be treated. Just a tiny bit better each day. the results will astound you, little (and I do mean little) niceties are not hard to do, take little effort, cost nothing, but reap huge benefits for all we come into contact with. something as small as a smile in a checkout line, a lack of hostility if someone cuts you off on the road, or a kind word to a stranger. The "snowball effect" that happens is cool to watch.
    How does this behavior effect the world? I liken it to what happens when just one teeny tiny neutron is fired at an atom. The atom explodes sending other neutrons smashing into still other atoms and exponentiality takes over from there. The only catch is: the first neutron has to be propelled into the first atom. If a few people would make just a
    miniscule amount of effort to be a little nicer, when they'd normally want to bitchslap someone, the end result would be a nice feeling that becomes contageous and in a short order, wars would diminish, hunger would diminish, people would become more co-operative, helping hands would mutiply exponentially.
    But WTH, who needs a world like that when we can simply say: "that's just the way people are, we can't change that". And obsolve ourselves of having to do anything at all?
    I choose to be outside that box. Not only do I like coloring outside the lines, I like drawing new lines and coloring outside them too:unibrow:!
    Is my financial situation OK? no. Is there more to life than money? Well alot of people are going to get the oportunity to find out. Try this my friends: Just one act of random kindness. be kind to an animal and notice the feeling you get. how much money that you trade a portion of the time you are alotted in your life, would you normally have to spend for a feeling sorta similar in intensity? Just try it, I tripple dawg dare you. It won't cost you a penny to find out.
  12. Octane91

    Octane91 <smartass comment> Staff Member

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  13. mistawiskas

    mistawiskas kik n a and takin names

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    Buy low, sell high! We as taxpayers have become stockholders in the banking scheme. Stockholders to the tune of 250 billion bux. Administration plans to revamp rescue plan - Economy in Turmoil - MSNBC.com
    The next time a teller is rude to you, that's your tax dollars at work. Can we fire them? As taxpayers and now stockholders, do we still have to pay the five bux fee to cash a check drawn on a bank that we have no account at?
  14. Commissar Smersh

    Commissar Smersh 2020 Staff Member

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    Bumping to post Buffett's thoughts.

    http://www.nytimes.com/2008/10/17/o..._r=1&ref=opinion&pagewanted=print&oref=slogin

  15. sims

    sims walls of text

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    good read, there was recently a really good interview with Warren Buffet on Digg, I'll try and find it when I'm back at home, I think I book marked it. its pretty lenthy, almost an hour I belive, but when that man speaks, everyone should listen.