House prices will be 50% of what they were in 2007 at best. There will be a lot less credit floating around. Too much credit was the problem. Adding more credit willy-nilly isn't the correct way to go about doing it. Giving the treasury secretary carte blanche to do whatever he wants with 700 billion dollars with no oversight is a ridiculous response.
Every day we try to push back a credit collapse makes it that much worse in the end. If they were pitching this bill as a means for orderly liquidation of the bad debt market instead of a bailout, they might have more popular support.
There's nothing to 'save' right now. Just overpriced assets to liquidate.
The compromise bill was a little better than the original, but it was still a steaming pile. A very small segment of the U.S. population has done this to us. Bankers/Wall streeters/and people who took mortgages they couldn't repay. None of them deserve to keep anything that they have. Halting foreclosures will prolong the problem. Propping up bad banks rewards them for being retards.
The fact is that America has been 'living high' on credit, and that's about to end. Quality of life in the U.S. is going to go down. We can try and do it in an orderly fashion with a non-panicked response, or we can make it worse by trying to respike the punch bowl in a panic, or we can wait paralyzed until the current problems cause a crash. The WORST option is the panicked respiking of the punch bowl, which is what the 'bailout bill' is represented to us as. Give us a blank check and we'll fix it, and housing prices will shoot back up and the stock market will be at 15k in no time!
no subject
Every day we try to push back a credit collapse makes it that much worse in the end. If they were pitching this bill as a means for orderly liquidation of the bad debt market instead of a bailout, they might have more popular support.
There's nothing to 'save' right now. Just overpriced assets to liquidate.
The compromise bill was a little better than the original, but it was still a steaming pile. A very small segment of the U.S. population has done this to us. Bankers/Wall streeters/and people who took mortgages they couldn't repay. None of them deserve to keep anything that they have. Halting foreclosures will prolong the problem. Propping up bad banks rewards them for being retards.
The fact is that America has been 'living high' on credit, and that's about to end. Quality of life in the U.S. is going to go down. We can try and do it in an orderly fashion with a non-panicked response, or we can make it worse by trying to respike the punch bowl in a panic, or we can wait paralyzed until the current problems cause a crash. The WORST option is the panicked respiking of the punch bowl, which is what the 'bailout bill' is represented to us as. Give us a blank check and we'll fix it, and housing prices will shoot back up and the stock market will be at 15k in no time!