Bailout bill defeated in House

KarmaKiller · September 29th, 2008, 09:15 PM

I heard something interesting on the radio today. I'll run it by you guys and see what you think..
Instead of using the $700b to buy bad debt, do this.
Split up that money amongst everyone that is 18 and older in this country. The radio gave a rough estimate of ~210million people then. This comes down to roughly $300k+ per person.
Now first, tax them on the money. Again, radio gave a estimate of ~$3b back right away just off the taxes. Then think, what is the average person gonna do with $300k.
1. Probably pay off their house/cars/credit cards.. debt in general.
- Think about that. How much tax money is that gonna be? Lots right. With the majority of the public paying of mortgages, that puts a lot of money into these falling banks hands, right away. Again, think of the tax money.
- Again, radio said roughly 75% of people would do this.
2. What would the other 25% do? More then likely, invest it. Again, this puts a lot of money into the economy, which would help some of these big institutions that are failing.

Now I know this will never happen. Money is power, and if everyone has got money, well, who the hell has the power??
But, think of how this could change people. Think of the homeless guy that could afford food, and a house.
Think of all the families that are knee deep in medical debt, think of how much this could change their lives.
Think of what the guy with money already would do. Another $300k is nothing to those people, more then likely they would invest it to try to make more off of it.
All in all, I see no down side to this. EVERYONE gets help with the money that's coming out of our pocket anyways. Right?

SiliconJon · September 29th, 2008, 09:20 PM

700Billion = 7,000,000,000
or 7 X 10^11

210Million = 210,000,000
or 2.1 X 10^8

That's a difference ratio of only 3&(1/3) * 10^3, or 3,333.333...

(700,000,000,000)/(210,000,000) = 3,333.33

There's an equally inaccurate email rolling around I saw the other day containing a similar math error.

M_Six · September 29th, 2008, 09:31 PM

Quote:

Originally Posted by sharder8

While I can't stand Pelosi . . . I don't think she poisoned any vote. Any Republican that changed his vote because Pelosi said something that hurt his feelings should be taken out and flogged!

Harder

Yep. Exactly. Pelosi has a big mouth and needs to shut up, but anyone who based a decision of how to vote on something this important solely on personal feelings towards Pelosi needs to be fired and sent home in disgrace.

KarmaKiller · September 29th, 2008, 09:38 PM

Quote:

Originally Posted by SiliconJon

700Billion = 7,000,000,000
or 7 X 10^11

210Million = 210,000,000
or 2.1 X 10^8

That's a difference ratio of only 3&(1/3) * 10^3, or 3,333.333...

(700,000,000,000)/(210,000,000) = 3,333.33

There's an equally inaccurate email rolling around I saw the other day containing a similar math error.

I knew it sounded to good to be true..

M_Six · September 29th, 2008, 09:41 PM

Quote:

Originally Posted by SiliconJon

700Billion = 7,000,000,000
or 7 X 10^11

210Million = 210,000,000
or 2.1 X 10^8

That's a difference ratio of only 3&(1/3) * 10^3, or 3,333.333...

(700,000,000,000)/(210,000,000) = 3,333.33

There's an equally inaccurate email rolling around I saw the other day containing a similar math error.

That's right, serious decimal point errors there. And even if you gave everyone $3k, it wouldn't help a bit. We'd all be, in a relative sense, just as poor. Might as well just print money and drop it from airplanes.

dday · September 29th, 2008, 10:00 PM

The way I see it is the House vote broke along re-election realities. Many of the votes against this bill, Democrat and Republican, were the result of how difficult the incumbent's re-election may turn out to be. In the most challenging of the fights for re-election it seems that most incumbents didn't want to appear to be on the Yes side of this vote, straddeling "We the People" with the bill. Consistuents may have veiwed their votes as a sell out and doomed their re-election bids. Look carefully at the break down of House votes and these representatives re-election bids.

I have almost no credit and most of my cash sits in a safe. This is like watching a junkie kick dope.

As an aside, Federalizing and decapitating capatilism is not the answer. Socialized economic systems controlled by governments is not the answer to fixing this mess. I'm not a proponent of the Hamiltonian concepts being pushed by Paulson or the Bush leadership. We get saddeled with the bill and have no say in it. Let the bankers start committing suicide or doing contracts on each other, let the system burn to the ground. For the record, I'm a dyed in the wool Republican, but these guys are not my cup of tea speaking about financial systems. I'm a fiscal conservative not aligned with these guys. Smaller, less powerful government without control over all the financial markets is safer by a long shot in my opinion.

SiliconJon · September 29th, 2008, 10:48 PM

Quote:

Originally Posted by KarmaKiller

I knew it sounded to good to be true..

Do you get that tightened pit in your stomach and high pressure face-skin when that happens? I sure do...

The Real Bingo · September 29th, 2008, 11:11 PM

Earmarks didn't help this bill get passed.

Slimy fucking politicians. One guess which party is adding in money for ACORN. Clue: it begins with 'D' and ends in 'emocrat'. Blame it on the Republicans. Call 'em "unpatriotic," Pelosi, you moron.

outlaw2001it · September 30th, 2008, 12:33 AM

I was watching The Daily Show with Jon Stewart (25 Sep), and he was showing clips of Bernanke/Paulson talking to the Senate Committee (I think that's who they were)...anyway they were asking them questions about the $700 Billion. Bernanke answer to the question if this would work...Bernanke's answer "I've been wrong before, and I could be wrong again" (or something close to that). Anyway my point is...if this S.O.B. admits that he's been wrong before, and could be wrong again...why does he need $700 Billion? The Republicans that voted no might have listened to the people for a change...after all it is our taxpaying money that's going into this. One more thing that Bernanke said was "maybe all the money spent the Government would not get back. We might get some back, but not all of it". Exactly how much is not all of it?
The markets right now are open in Asia, and they are down around 500-600 points. Europe doesn't open up for another 3 1/2 hours...I'll report back on that later. The Dollar is still holding strong against other currencies...maybe this isn't a bad thing that the bill was rejected. As somebody in the Congress said..."Let's monitor the situation first before jumping into this $700 Billion bailout plan".

dday · September 30th, 2008, 02:05 AM

"We the People" didn't create this mess, we shouldn't have to pay the piper. If the bankers and mortgage companies created this mess because of poor standards for making loans, let them pay the piper. Hold people accountable for their bad judgement. If you made a bad deal and it caves in then you should have to pay to fix it.

I speak from personal experience here. These are not hollow words. I made such a loan on a home during a divorce 3 years ago and got my ass handed to me because I was unable to keep up with the financial obligation that I had committed to. I lost the house and now I'm liable for the taxes on the difference in what the bank sold the house for and what I borrowed. This is going to cost me several more thousands of dollars. I'm not asking the Gov't,(meaning you the People) to bail me out. I have to take my beating like a man. I should not have made such a bad decision, but I did and the consequences are going to kick the crap out of me finacially for a while. "Bet I don't do that agin!!" LOL!!

Let the house of cards fall where they may.