More on the Economic Cascade Failure

[dalonzo9]

http://www.msnbc.msn.com/id/26884523?GT1=43001

Thus, the House voted 'gainst the 700 billion dollar bailout

Comments

[jmsbnd14]

I too am glad this failed. I do not want to be responsible for something that I have nothing to do with. Yes, lets save all the people who make their money by literally doing nothing. The stock market is a risky endeavor, and those who solely rely upon it as their main source of income are just cranky that they can no longer turn their already huge sums of money into larger sums...for doing nothing. Sadly, it all comes back to gas prices. You feel the effects on so many levels purely because of fuel. Not only does it cost you at the pump, but it costs you everywhere else because the companies are pushing the rising fuel costs on the consumer. Nearly everything has gone up in price. Everything has gone up...except wages. I hear you, man. Things can't get much worse for the little guy. I too am in my own depression. School and recreational activities have landed me into a debt that at this rate, will take me at least until next semester to pay off...and by then I'll have to pay for school again. Take your 700 billion and give it to the

[dalonzo9]

I just encountered an older fellow at the Museum who basically told me I shouldn't have such a cavalier attitude about this. Apparently, he just lost a ton of money in the stupidity that subsequently ensued following the Nay on the bailout (Dow Jones has fallen 778 points as of recent... panic selling in a recession? We have learned nothing). I felt a bit bad but not too bad. I wanted to him to say three things

[larivee22]

The Mad Money dude has been saying that we have the worst stock market in the world for years.

You seem like the kind of person who would just kick back with your copy of Thoreau and roll with it. Cool.

[dalonzo9]

"You seem like the kind of person who would just kick back with your copy of Thoreau and roll with it. Cool."

Awww! Thank you! Although, I strive to be more like Hawthorne. Oh, to write as he, one day!

[frugee]

The plan outlined on the msnbc.com link sounds an awful lot like a bailout maneuver to me without owning the debt

[dalonzo9]

It also involves a heck of a lot less funny munny/fun bucks being tossed into the fray, which would drive inflation up, up, up.

I do feel terrible about the 'Gen X'ers who are going to end up suffering a lot from this. I think we're looking at seeing the working age of the average US citizen going up. As a 'Gen Y'er and overall pessimist, I never had faith in retirement plans outside of mine own savings. I also feel bad for the older folks who are far too old to just pull themselves back up from their bootstraps like we young'uns can. Then again, I generally reserve nothing but contempt for 'Baby Boom'ers because of all their broken promises to our generations.

I said it somewhere else before (possibly in your entry about this) but I have two gripes: living communally (because I want to live alone) and waiting in line for $30 bread. Although, living alone on next-to-nothing was what I was looking at anyway....

[frugee]

On the whole--and I hate to think that my Mother would have to work until age 80--I think the retirement age should be increased. The Social Security system was designed with a retirement age around 65 (then lowered) because that was the average life expectancy at the time

[dalonzo9]

Yeah, increasing life expectancy is tugging hard at all the retirement angles. I agree, 30 years seems like a heck of a long time.... 'Tis such a tough thing, because the mindset is that we work hard in order to eventually relax. I can't imagine anyone working well into their 80s. That just seems cruel and unfair. Want we really to live to 80 (or older) and work even longer? However, I suppose if the quality of life increases with life expectancy, perhaps it won't seem so bad.

I like pensions the best but the only sustainable ones seem like the military or government funded ones.

[ericcheung]

Threats to their wallets are about the only things that actually do get people to change. Nobody cared enough about the environment to change their habits until about five years after gas prices started skyrocketing.

[dalonzo9]

Yep. Pretty much.

I think now that this has happened, Obama's chances are astronomical! I think he'll start holding the country's hand in putting a value on our environment. The runaway industrial growth fueled by greed has taken an immensely heavy toll on our environment and now we're seeing the effects of it both environmentally and economically. Hopefully, if Obama wins, we can see a more robust plan to become cleaner and more efficient with our energies and make sounder investments that consider the ecological footprint we leave. If he wins, it'd be nice to see the GNI as the default measurement of the nation's profits (since it accounts for money spent on cleaning up the messes we make) rather than the GDP.

The audacity of such hope!

[lordameth]

I too am really glad this failed, for one simple reason: this is how the free market works

[dalonzo9]

"this is how the free market works."

Exactly!

I hope we have been slapped away from our excessive ways too.

[frugee]

I'm somewhat torn with what you say because, yes, I took my two basic years of Econ, and free market trade is what works the smoothest for the globe on the whole. Impediments of any sort usually trickle down effects and spin confidence and therefore value assigned to items--tariffs, etc. Supply and demand regulates the system. Just to relate, I've always said that one of the easiest ways to f' up an intersection is to insert a cop. On the whole, people know how manage to drive on a road. On the whole, the economy eventually refreshes and renews itself. I have confidence that a new president--honestly either candidate, although Obama has an edge--will infuse confidence in the system and help it recover just because it's a self-regulatory change

[sleepysmurfette]

The entirety of the problem traces back to "anti redlining" and 'being nice' lending money to people who had no way to pay it back or simply no will to. 2003 on House repubs were warning barney frank and dowd and co about Fannie and Freddie being a looming disaster to no avail. Bush may be a donkey but in fairness the house is far more responsible - chris dowd took the most money from fannie and freddie of any candidate ever. Guess who came in second? Obama. Their hands are dirtier than anyones, so dont buy into the pontification.

[dalonzo9]

"Guess who came in second? Obama. Their hands are dirtier than anyones, so dont buy into the pontification."

Yeeouch! Did not know that! You're right, though, their hands are dirty. Those're politicians for ya.'

It'd be nice if lobbying were outlawed. I'm expecting the fourth political era of the US to be more market-based, though. I expect to see citizens organizing and collecting funds to make counter bids against lobbyists. We've already seen issues become like commodities. Seems like the next logical step....

[dalonzo9]

Also, yeah, Congress is awful. It is a cesspool of people avoiding any sort of accountability.

[sleepysmurfette]

Exactly - they changed the lending policies of banks by force to stop "racism" and "classism" but what they really did is take a hugely irresponsible gamble that the market would never come down which is the stupidest thing ive ever heard. Thanks, congress. And they take ZERO blame all you hear is "predatory lending" - most of the "predatory" loans were given under government regs that disallowed their NOT being made because no one wants to be sued.

Lobbying is gay - look at how fucked our foreign policy is its almost 100% informed by lobbying. Big part of Bushs fuck ups i would tie to his bed hopping with AIPAC and Co.