Elizabeth Barrette (ysabetwordsmith) wrote,
Elizabeth Barrette
ysabetwordsmith
  • Mood: tired

The Failout

The bailout has failed, at least for now. Overinflated market sections are now deflating properly. At least some of the people responsible for this mess are suffering at least some of the consequences. Unfortunately they continue to make other people suffer with them, but that generally happens with cons.

Stocks Plunge as Bailout Fails
Carl Hulse and David M. Herszenhorn, The New York Times: "In a moment of historic import in the Capitol and on Wall Street, the House of Representatives voted on Monday to reject a $700 billion rescue of the financial industry. The vote came in stunning defiance of President Bush and Congressional leaders of both parties, who said the bailout was needed to prevent a widespread financial collapse."


Remember that this wacky crap is part and parcel of capitalism. If it's not what you wanted, you should've picked a different economic system.
Tags: economics, politics
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  • 4 comments
laneth

laneth

September 30 2008, 11:13:31 UTC 12 years ago

So now, for someone as young and inexperienced as I am with economics and the local (US), if not global, implications of this, what should we expect?
Is this a good thing or a bad thing?

I was hoping against hope that it wasn't passed...I don't think that $700,000,000,000 from your own pockets as citizens, to further line the pockets of the fascist upper class is really fair...

I heard from our Prime Minister today that Australia doesn't "really" need to worry about this "global finance crisis" because the Australian Banking Idustry remained strong 'today'... I love how deluded some people make themselves, but then I might be reading the brown-nosing our Government does to yours a little wrongly this time around...

I digress - is this ultimately a good thing, or does this make room for the senators and whoever to come up with more hair-brained schemes?
ysabetwordsmith

Thoughts

ysabetwordsmith

September 30 2008, 16:08:56 UTC 12 years ago

It's not so much a good thing as the prevention of a bad thing. This will give the markets time to shake down, which means some companies and people will lose a lot of (mostly imaginary) money. That's going to be unpleasant.

There are still serious problems that need to be addressed, like stopping foreclosures and reinstating some regulations to discourage this kind of mess from recurring. People may or may not pursue those solutions.
mtrose2

A Yahoo! quote:

mtrose2

October 1 2008, 14:21:16 UTC 12 years ago

"NASA in fiscal year 2009 will launch several missions into space and pay for hundreds of people to operate a host of space telescopes and even remote robots on Mars and run a PR and media department that puts most large corporations to shame. The agency's budget: $17.6 billion, or 2.5 percent of the bailout sum."

What my friends and I wouldn't give for NASA to have that kind of money... *sigh*
ysabetwordsmith

Re: A Yahoo! quote:

ysabetwordsmith

October 1 2008, 18:20:51 UTC 12 years ago

Yea, verily!

Apparently, America has that kind of money to waste on saving rich risk-takers from the consequences of their bad decisions, and to waste on useless wars.

But not for space exploration and the many practical discoveries it yields.

But not for public health care.

But not for public education.

But not for families who are losing their homes.

Politicians don't seem willing to invest in positive, practical things.