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US House votes against $700bn bailout

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    #212
    ven0m
    Registered Users Posts: 1,828 ✭✭✭ven0m


    SimpleSam06 wrote: »
    Germany in particular has a vastly powerful export based industrial sector, diversified across many areas and to many different countries. They are possibly one of the best economies on earth at the moment. Note that "best" doesn't equate to "borrowed from future earnings which you may or may not have and exposing your cherry red balls to a woeful kicking if and when you screw up", it equates to actually making viable products and selling them.

    Thats how they got to be the largest economy in Europe.

    Yes, plus war reparations are expensive, so they needed a way to pay them off quickly :D


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    #213
    TPD
    Registered Users Posts: 7,814 ✭✭✭TPD


    SimpleSam06 wrote: »
    Its

    .....

    Europe.

    So.. Move to Germany then?


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    #214
    shenanigans1982
    Registered Users Posts: 1,467 ✭✭✭shenanigans1982


    OPENROAD wrote: »
    The guy who owns the restaurant can't get credit, he cn't create employment, hey he might not even be able to keep all his staff.

    They get enough money from tips anyway.

    Just watching Sky News and Bush says he will have a meeting about the " Deadlock" later today. I thought a deadlock was when both sides couldn't agree on an outcome not when motion had been rejected. It's a sad day for democracy.


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    #215
    SimpleSam06
    Closed Accounts Posts: 4,048 ✭✭✭SimpleSam06


    TPD wrote: »
    So.. Move to Germany then?
    I think that with the right guidance we could be alright weathering the storm here, but if you had to go somewhere, I'd say go to Germany.


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    #216
    Princess Consuela Bananahammock
    Registered Users Posts: 33,385 ✭✭✭✭Princess Consuela Bananahammock


    First time I've ever done the right thing at the right time.

    Everything I don't like is either woke or fascist - possibly both - pick one.



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    #217
    beautiation
    Closed Accounts Posts: 381 ✭✭beautiation


    PARTY!!

    http://candygourlay.com/homesweetshed/images/day8/communist_party.gif


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    #218
    ninebeanrows
    Registered Users Posts: 12,778 ✭✭✭✭ninebeanrows


    constitutionus wrote: »
    yeah, gave a guarentee to bail out ALL the banks.

    thats 500 BILLION ! or ten times the national debt.

    good move on paper, we'll be kicked out of the euro if we need it and we'll STILL not have the cash anyway. :D

    What a crazy move, if it is tested then god help us.

    It will prop up the market for a day or 2 i suppose which is needed badly.

    But do they actually think they can guarantee that much money!! Its a ridiculous and outlandish statement that could come back to smack them in the face.

    Even with this ludicrous guarantee the Irish stocks are only up 3%


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    #219
    beautiation
    Closed Accounts Posts: 381 ✭✭beautiation


    I like how even when the financial crisis is threatening the end of the world I still can't read words like "sub-prime" or "short-selling" without my eyes glazing over. Stupid confusing apocolypse. I wish it was aliens, I could understand aliens.


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    #220
    Darragh29
    Closed Accounts Posts: 7,097 ✭✭✭Darragh29


    Weathercheck wrote: »
    What a crazy move, if it is tested then god help us.

    It will prop up the market for a day or 2 i suppose which is needed badly.

    But do they actually think they can guarantee that much money!! Its a ridiculous and outlandish statement that could come back to smack them in the face.

    Even with this ludicrous guarantee the Irish stocks are only up 3%

    I wouldn't be too concerned about losing money if I thought someone else was going to clean up the mess afterwards! Worst possible message that could be given to these cockroaches.


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    #221
    chamlis
    Closed Accounts Posts: 2,175 ✭✭✭chamlis


    Hey, I'm exchanging 1300 euro worth of dollars on friday. Am I gonna luck out with the exchange rate????

    PLEASE SAY YES!


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    #222
    beautiation
    Closed Accounts Posts: 381 ✭✭beautiation


    chamlis wrote: »
    Hey, I'm exchanging 1300 euro worth of dollars on friday. Am I gonna luck out with the exchange rate????

    PLEASE SAY YES!

    We should be back in the bartering economy by then. You might get a cow.


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    #223
    SimpleSam06
    Closed Accounts Posts: 4,048 ✭✭✭SimpleSam06


    Weathercheck wrote: »
    But do they actually think they can guarantee that much money!! Its a ridiculous and outlandish statement that could come back to smack them in the face.
    Its a bald lie, typical of this government of chancers and cowboys. From their point of view it doesn't cost them a penny to release this statement, and if they actually have to back it up, they will just throw their hands in the air and file it under cutbacks, like the rest of the promises that were made.


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    #224
    is_that_so
    Registered Users Posts: 32,136 ✭✭✭✭is_that_so


    Weathercheck wrote: »
    What a crazy move, if it is tested then god help us.

    It will prop up the market for a day or 2 i suppose which is needed badly.

    But do they actually think they can guarantee that much money!! Its a ridiculous and outlandish statement that could come back to smack them in the face.

    Even with this ludicrous guarantee the Irish stocks are only up 3%

    It is generally viewed as pretty good move in financial circles.

    This is not about share prices. That's because banks now account for a smaller proportion of the ISEQ. At their height a far smaller change in bank shares could have dropped the ISEQ 7% or 8%. The banks will have to pay for the guarantee.

    Seeing as this thread is about US bailout this chap makes a lot of sense.

    http://www.washingtonpost.com/wp-dyn/content/article/2008/09/29/AR2008092902762.html?hpid=topnews
    ...
    The basic problem here is that too many people don't understand the seriousness of the situation.

    Americans fail to understand that they are facing the real prospect of a decade of little or no economic growth because of the bursting of a credit bubble that they helped create and that now threatens to bring down the global financial system.

    ...


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    #225
    [Deleted User]
    Posts: 8,016 ✭✭✭ [Deleted User]


    Remember today's date anyway ladies and gents. If the Dow Jones gets hit as bad as yesterday we could be looking at a crash for the first time in 80 or so years. Which will affect everyone. A crash is a 10% loss while yesterday was the closest in Dow Jones history 6.9% .


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    #226
    is_that_so
    Registered Users Posts: 32,136 ✭✭✭✭is_that_so


    SimpleSam06 wrote: »
    Its a bald lie, typical of this government of chancers and cowboys. From their point of view it doesn't cost them a penny to release this statement, and if they actually have to back it up, they will just throw their hands in the air and file it under cutbacks, like the rest of the promises that were made.

    Who knows if it is. Are you also suggesting that the Dept of Finance, Central Bank and Financial Regulator are in cahoots with these "lies"?


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    #227
    Darragh29
    Closed Accounts Posts: 7,097 ✭✭✭Darragh29


    Here's my 2 cents worth. I think we need a crash... All this George Lee style hype and drama on RTE, Sky News, etc. I don't think that this whole dilema can actually end until there is a crash or some event that will have the effect of drawing a line under all of this. The media will then make up a name for this event, like Black Wednesday or something and then that'll be it, the tooth will be out and the healing process can begin.

    I don't see how this can end any other way, it's like a self fulfilling prophecy...


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    #228
    Chong
    Registered Users Posts: 8,676 ✭✭✭Chong


    Excuse my ignorance on all this but what happens if a Crash occurs?


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    #229
    Darragh29
    Closed Accounts Posts: 7,097 ✭✭✭Darragh29


    is_that_so wrote: »
    Who knows if it is. Are you also suggesting that the involvement of the Dept of Finance, Central Bank and Financial Regulator in the decision condones these "lies"?

    Where were these cu*nts when banks were dealing mortgages at 10-15 times annual salary and giving out 100% mortgages???

    What we need is a night of the long knives style solution, a list of names of people who were supposed to be providing oversight and show them hatch 45.


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    #230
    Sir Digby Chicken Caesar
    Banned (with Prison Access) Posts: 23,556 ✭✭✭✭Sir Digby Chicken Caesar


    and how about the idiots who actually took out mortgages they should have known they weren't able to afford?

    blaming the regulators for this problem is like blaming publicans for drink driving, it completely misses the point and is nothing more than an easy target so the population at large has a nice flammable straw man.


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    #231
    Darragh29
    Closed Accounts Posts: 7,097 ✭✭✭Darragh29


    Mordeth wrote: »
    and how about the idiots who actually took out mortgages they should have known they weren't able to afford?

    blaming the regulators for this problem is like blaming publicans for drink driving, it completely misses the point and is nothing more than an easy target so the population at large has a nice flammable straw man.

    What is a regulator meant to do, regulate??? What we need is a hanging...


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    #232
    Chong
    Registered Users Posts: 8,676 ✭✭✭Chong


    Darragh29 wrote: »
    What is a regulator meant to do, regulate??? What we need is a hanging...
    Tad over the top dont ya think?


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    #233
    is_that_so
    Registered Users Posts: 32,136 ✭✭✭✭is_that_so


    I had a week of sleepless nights after I was approved for my own now pretty small mortgage, even though it was only 82% of value. If you can make the decision you need to assume you have the wit to recognise the potential consequences of it.


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    #234
    javaboy
    Registered Users Posts: 15,094 ✭✭✭✭javaboy


    Mordeth wrote: »
    and how about the idiots who actually took out mortgages they should have known they weren't able to afford?

    blaming the regulators for this problem is like blaming publicans for drink driving, it completely misses the point and is nothing more than an easy target so the population at large has a nice flammable straw man.

    +1. Wah wah. The banks gave me the money I asked for and now I won't be able to pay it back. Who can I blame?


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    #235
    Sherifu
    Registered Users Posts: 17,727 ✭✭✭✭Sherifu


    Run_to_da_hills wrote: »
    The World Bank, I.E. the same shower that will eventually enslave us all with microchips :eek:
    Mmmmmmmm, chips.


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    #236
    SimpleSam06
    Closed Accounts Posts: 4,048 ✭✭✭SimpleSam06


    is_that_so wrote: »
    Who knows if it is. Are you also suggesting that the Dept of Finance, Central Bank and Financial Regulator are in cahoots with these "lies"?
    Ah no you're right, the government would never lie to us about anything. :pac: Remember that time when they said they'd knock half the drivers off the road to hide bertie's pay rise? Thats why we have no congestion on the streets today, and the buses look like props from Gandhi the movie.


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    #237
    Darragh29
    Closed Accounts Posts: 7,097 ✭✭✭Darragh29


    Bill wrote: »
    Tad over the top dont ya think?

    No, hang 'em high I say!


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    #238
    is_that_so
    Registered Users Posts: 32,136 ✭✭✭✭is_that_so


    SimpleSam06 wrote: »
    Ah no you're right, the government would never lie to us about anything. :pac: Remember that time when they said they'd knock half the drivers off the road to hide bertie's pay rise? Thats why we have no congestion on the streets today, and the buses look like props from Gandhi the movie.

    I dislike them as much as you do but I suspect this is one decision, a rare good one in my view, that will have to be honoured. It's all well and good messing with the electorate but international markets have the potential to sink us all.


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    #239
    Fanny Cradock
    Registered Users Posts: 10,245 ✭✭✭✭Fanny Cradock


    Bill wrote: »
    Excuse my ignorance on all this but what happens if a Crash occurs?

    If you are old enough, think back to 1929.

    In a nutshell: financial institutions fail, which causes business to fail, unemployment goes up, people have less money to spend and the cycle continues. Hopefully they can avoid this.

    Actually, it's bizarre how the boom time of the 1990's and subsequent economic downturn we are experiencing can be mirrored to the Roaring 20's and the Great Depression. Back then they also banned short selling and attempted to bail out various institutions. Let's hope they make a better stab out of it this time.


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    #240
    SimpleSam06
    Closed Accounts Posts: 4,048 ✭✭✭SimpleSam06


    is_that_so wrote: »
    I dislike them as much as you do but I suspect this is one decision, a rare good one in my view, that will have to be honoured. It's all well and good messing with the electorate but international markets have the potential to sink us all.
    They are incapabale of honouring this decision should push come to shove. They are already 10 billion in the hole this year without raising a finger. Where do you think they will pull the money from to pay for a bank run?


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    #241
    is_that_so
    Registered Users Posts: 32,136 ✭✭✭✭is_that_so


    If you assume the worst yes but things need fixing, especially with the perception of Irish banks. A hangover can't be undone once you've done the drinking to get it. You have to deal with it. What is important about the plan , is that action has been taken to maintain the stability of the financial system.


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