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 What if this bailout doesn’t work?

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Strongside
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Joined: 27 Jan 2008
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PostPosted: Wed Sep 17, 2008 4:37 pm Reply with quoteBack to top

With the government helping AIG out with the lovely $85 billion of taxpayers money, what happens in the event this bailout doesn’t work? I mean, isn’t it completely frowned upon to BORROW money to save yourself from DEBT? That’s just putting yourself into more debt and having to pay back a loan, plus interest (I assume) and that’s some serious money here. In the event it doesn’t work, what happens next? They seek round 2 from taxpayers?

What is this bailout supposed to accomplish?? HOW is it supposed to help them? Where is the penalty to them on how the company failed? Obviously they did something to get in so deep? Yes, the economy played a role, but not an $85 BILLION dollar role.

Just curious of your thoughts on this.

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A Skinner
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Joined: 16 Nov 2003
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PostPosted: Wed Sep 17, 2008 5:12 pm Reply with quoteBack to top

Politicians have no sense regarding economics. They want to give everything away.
I think what will happen is that inflation with hit us again like it did in the Carter era because the government will be forced to print more money. The more they print, the less it is worth.
Otherwise, I think the economy is still strong (except for the financial sector). We are manufacturing items, most people are working, etc. It will just take time to get over this.

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Rodus
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PostPosted: Wed Sep 17, 2008 5:31 pm Reply with quoteBack to top

Look at the current market reports, it isn't working. The Federal reserve isn't technically the government either. Here is who actually controls the reserve, they probably don't have your best interests at heart.
The fact that a major bank like the AIG needs bailing out is probably enough to panic people massively.

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Chibuike
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PostPosted: Wed Sep 17, 2008 8:17 pm Reply with quoteBack to top

Simple - we're screwed.

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Gold Hat
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Joined: 18 Jul 2004
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PostPosted: Thu Sep 18, 2008 1:57 am Reply with quoteBack to top

Strongside wrote:
. . . . Obviously they did something to get in so deep?


Ever see the movie with the line "Greed is good"?

It was greed that started us down the slope - specifically repackaging and reselling disastrous mortgages. Those who control the money also control the greed. Remember the S & L debacle of a few years ago? That one cost the tax payer about $350 billion.

As of today gold is selling at an all-time high. That is the best indicator of what is happening - the greedy want the age-old protection of something in their actual pocket.

Gold sales are the ominous precursor of what is to come. If you think this is bad now - give it a month or so - you ain't seen nothing yet!
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JMRazor
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Joined: 03 Mar 2006
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PostPosted: Thu Sep 18, 2008 3:16 am Reply with quoteBack to top

I agree we're screwed, but gold traded today at about $850/oz. It was over $1,000/oz months ago, so not at all time high, but yes, pretty high.

The big problem we face is that AIG showed that the world markets are more intertwined than we can understand (literally) -- so the U.S. may be the canary in the coal mine for the rest of the world...

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Gold Hat
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PostPosted: Thu Sep 18, 2008 4:25 am Reply with quoteBack to top

JMRazor wrote:
but gold traded today at about $850/oz. It was over $1,000/oz months ago, so not at all time high, but yes, pretty high.


I stand corrected Laughing

For a better description of the point I am trying to make - see this Gold back in its element as safety for investors

You are gonna have to copy/paste this link cause it won't shrink for me for some reason Crying or Very sad

http://www.marketwatch.com/news/story/gold-back-its-element-safety/story.aspx?guid={1AFB97B6-AB4E-476F-8957-7444FA55F4F0}&dist=msr_1
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B. A. Ware
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PostPosted: Thu Sep 18, 2008 6:02 am Reply with quoteBack to top

Things are tough, there are many factors involved in how we got here. Gold at 850 isn't really that bad, it made it to 650 in the 70's.

We've been in worse shape and survived just fine. However, we need to get Iraq to pay for the war. Stop transfering our wealth to the middle east for oil. And stop giving people loans that they can't repay (there's a reason they have bad credit ratings)

We'll get through this just like we always have before. My money's in Washington Mutual, but I'm not running down there to get it out. (check their stock if you don't understand this statement)

Hang in there folks. Really.
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Gnasher
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PostPosted: Thu Sep 18, 2008 6:46 am Reply with quoteBack to top

^^^ I agree BAW. DON'T PANIC!!!! It's been boom time for the last decade and now the cycle is swinging the other way and if everyone holds their nerve it will swing back up again in due course. The Aussie stock market is also taking a hammering (the US market sneezes, the rest of the world catches a cold) even though the economy here is very robust, particularly in the resources/mining sector. People are panicking because their super (pension) fund has dropped around 8% but they forget that for the last 5 years at least they have been earning much more than that so overall it's still 2 steps forward, 1 step back.

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LakeT
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Joined: 05 Sep 2008
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PostPosted: Thu Sep 18, 2008 8:27 am Reply with quoteBack to top

Hello, I am new here. I did post a rather lengthy introduction in General Chat (after seeing where it should have actually been posted, of course!)
So, not sure where it went.

For the most part, I agree with everything said above. I have read - but cannot independently verify from any credible source that China OWNS 70% of our (the usa's) debt. Now....... if true, THAT is scary.

Also, regarding manufacturing - We stopped doing that (i.e. relying upon ourselves to make our own products) in the 70's. Our jobs are almost exclusively in the service industry now. And, thanks to NAFTA (and our greedy politicians & lobbyists's) in the 90's, we're barely holding on to them. Oh......... I must stop! Needless to say, "Power Corrupts, absolute power corrupts absolutely".

At any rate, thank you for this great site which I originally stumbled upon through a travel forum - (TripAdvisor, New York City apartment SCAMS) Not that you need them, but there are plenty of addresses that can be harvested there)
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jojobean
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PostPosted: Thu Sep 18, 2008 1:22 pm Reply with quoteBack to top

Strongside wrote:

What is this bailout supposed to accomplish?? HOW is it supposed to help them? Where is the penalty to them on how the company failed? Obviously they did something to get in so deep? Yes, the economy played a role, but not an $85 BILLION dollar role.

Just curious of your thoughts on this.


Let me preface this by saying I hate the concept of a buyout. It's completely insane to me that a company as notable as AIG (money managers) can suck so bad at money managing.

However, I think the purpose of this buyout is to keep the economy and people's savings afloat. The ripple effect from letting a company like this go bust is massive and woulr ruin MANY innocent people. On one hand, I say nuts to the jackass CEOs taking massive bonuses and such, while the company is in ruins. When times are good these guys party hard. However, they run their company like a bunch of fools. They work under the same assumption that the people during the mortgage boom did- it will always be this good. Just like so many idiots, they put aside NOTHING for a rainy day. It is completely absurd that these types of comapnies are going bust. They need to enstill basic economic principles. Save when times are good.

I do think, however, that these jackasses should have to pay every dime of it back, with interest. That won't happen though.

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