Is US headed for another great depression? The way congress and the president are handling the current economic problems and the presidents, feds, and treasuries solution is not designed to stop a depression. It’s designed to help the fat cats on wall street and that could push us in the direction where we are headed for another great depression.
Instead of bailing out the greedy wall street businesses that gambled and lost we should be giving economic help to the home owners who got screwed by the system. We should restructure their payments so they get to keep their houses, at a payment they can afford.
Then no one will be getting thor houses repossesed, the housing market won’t be going down and all the financial institutions who want bailed out will still get their money they loaned. They just won’t get as much interest as the greedy bastards planned on.
A depression definition = A depression is a severe economic downturn that lasts several years. If we bail out the financial institutions and banks, and, btw, this morning it seems even some republicans don’t want a bailout either. They want to help homeowners and let the free market deal with wall street.
Sen. Richard Shelby says the Paulson bailout basically does nothing to help homeowners, helps some big banks, including foreign banks (why should we be using our tax money to help foreign banks?) and he had a list of over 200 econmists who say the Paulson plan is a very bad plan. Now, Shelby is a republican senator who finds this bailout to be a bad plan as do other republicans. I’m pretty sure if we waste our tax money the US is headed for another great depression.
Dem Barney Frank and Rep Shelby couldn’t even agree on how much it’s going to cost. Nor do either thnk we’ll have a political agreement by the weekend. What they do makes little difference to me, particularly if they follow the Paulson bailout plan. I’m not making payments on a house I can’t afford. I still think it’s wrong to bailout wall street and not do one damn thing to make sure people can remain in their homes.
Lower their payments and make the banks suffer. They’ll get their money from the homeowners, just not as much as they thought. The point is they’ll be better off that way than they will if they try to reposess all the houses that are in default and all the rest that will enter default. The bailout just gives the banks money and does nothing to help keep people in their homes.
So I guess the answer to the question, “Is US headed for another great depression?” is yes, unless something is done for the homeowners and not for the banks. The fed plan indirectly helps homeowners a little and the banks a lot but this idea helps the homeowners directly and the banks indirectly. That’s as it should be, to me.
Lol, this is Bush’s great legacy, a looming great depression. Could this slide toward a depression have been helped. Certainly could have. Very simply having better rules in place as to how much money and assets banks have to have would have kept this from happening. So who changed the rules and allowed this to happen?
How did we go from a surplus to a 7 trillion deficit? Lol, ya think congress had something to do with that and in particular the republicans and even more particular, Bush and Cheney. They’ve pushed the country to the brink of another great depression and it’s time to get rid of everyone in congress and elect new people who actaully care about the country rather than lining their own pockets and the pockets of their biggest contributors.
What do you think. Another great depression or a stiff recession?
