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No Bailout!Let Risktakers Fail

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Workbox

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Certified Residential Appraiser
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Lost Cause

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Certified General Appraiser
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New York
No Bailout! Let Risktakers Fail

That's how Herbert Hoover handled the stock market crash back in '29. That certainly worked well, didn't it?

The problem with that is that no matter how deserving of failure the risktakers are, they are bound to take us all along with them.
 

c w d

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Florida
That's how Herbert Hoover handled the stock market crash back in '29. That certainly worked well, didn't it?

The problem with that is that no matter how deserving of failure the risktakers are, they are bound to take us all along with them.

Since we're going to socialize in excess of $700B (you don't really think that's all it's going to be, do you?) why not put that into public projects, employ people with real non-burger flipping jobs. Wouldn't that "stimulate" the economy? On top of the increase in wages it'll also increase the tax revenue. I mean, if we give the money to wallstreet what are they going to do with it? Hoard it to cover their butts?
 

Mike Boyd

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California
Since we're going to socialize in excess of $700B (you don't really think that's all it's going to be, do you?) why not put that into public projects, employ people with real non-burger flipping jobs. Wouldn't that "stimulate" the economy? On top of the increase in wages it'll also increase the tax revenue. I mean, if we give the money to wallstreet what are they going to do with it? Hoard it to cover their butts?

The problem with that is that there would be no money available PAY those wages. Big business lives off short term borrowing. Right now, that option does not exist.

I like what (I think it was Obama) Obama said. "When someone is bleeding to death, first you gotta stop the bleeding. THEN you can find out what has caused the wound. If you look around for the cause first, by the time you find it, it will be too late. The patient has died."
 

c w d

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However, Obama's comment is premised on them not knowing why it is we find ourselves here. As if it was some big surprise much like a gunshot victim brought into the ER by total strangers. They know. They know why the system is bleeding to death. They've known for years. They're just not willing to do what is necessary to fix it.

That $700B is in the "hopes" that they can continue business as usual. That's it. Every one of them has admitted they don't know if this is going to jumpstart lending or not. They're going to throw money at the problem. Using another medical analogy: Throwing $700B at the problem is like sewing the guy up and sending him on his way without having removed the bullet and repairing the damaged vessels, organs and arteries.

So lets repair the damage. Lets fix the system so that it works better, stronger, faster....we have the technology. Then lets slap money on it to jump start things. Otherwise, we're left with a system in place that is utterly corrupt and broken in the first place.

And my comment about having the government creating jobs....well....wouldn't the government pay the salaries?
 
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