View Poll Results: Do you support the Paulson Bailout as it currently stands
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Yes
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49 |
33.33% |
No
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71 |
48.30% |
Unsure
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26 |
17.69% |
No opinion
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1 |
0.68% |
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Do you support the Paulson bail out as it was first presented?
09-25-2008, 12:29 PM
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#1
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Recycles dryer sheets
Join Date: May 2007
Location: Edmonton
Posts: 197
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Do you support the Paulson bail out as it was first presented?
Do you support the Paulson bail out proposal as it stands?
I am trying to start a poll but I am unsure if it will work
Air your opinion
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09-25-2008, 12:31 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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As it stands how? The thing the administration presented, which is DOA? The compromise with Congress, which nobody seems to know the details of? SOmething else?
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"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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09-25-2008, 12:32 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
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No, but it makes no difference from the latest news.
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Vietnam Veteran, CW4 USA, Retired 1979
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09-25-2008, 12:33 PM
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#4
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Recycles dryer sheets
Join Date: May 2007
Location: Edmonton
Posts: 197
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Quote:
Originally Posted by brewer12345
As it stands how? The thing the administration presented, which is DOA? The compromise with Congress, which nobody seems to know the details of? SOmething else?
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How it was first presented. I don't know the final verdict.
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it's the journey that matters
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09-25-2008, 12:40 PM
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#5
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Recycles dryer sheets
Join Date: May 2007
Location: Edmonton
Posts: 197
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How do I change the poll title to match the first post title edit?
can a moderator help on this?
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it's the journey that matters
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09-25-2008, 01:53 PM
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#6
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Moderator Emeritus
Join Date: May 2007
Posts: 12,894
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Let's see borrowing $700B to buy distressed assets that may have an upside potential in the end, or at the very least a substantial residual value and potentially avoid a complete meltdown of the entire financial system... Hum, yes, that sounds like a good reason to borrow that kind of money. I think it beats borrowing $700B to invade Iraq. But that's just me...
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09-25-2008, 01:55 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 1,543
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Quote:
Originally Posted by Canadian Grunt
How it was first presented. I don't know the final verdict.
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give us money and don't bother to ask how we are going to use it and don't let the courts ask either
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09-25-2008, 02:01 PM
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#8
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Full time employment: Posting here.
Join Date: Aug 2006
Location: athens
Posts: 802
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Let's see, would I rather lose an arm or a leg or a stick in the eye?
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Can't you see yourself in the nursing home saying, " Darn! Wish I'd spent more time at the office instead of wasting time with family and friends."
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09-25-2008, 02:49 PM
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#9
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,299
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Heck no. Stick the taxpayers with the tab for other people's foolishness? Bad idea.
Maybe I should mortgage my house to the hilt, run up credit card debt for toys and vacations, and then ask for a bailout because well, gee, I didn't win the lottery, and things just didn't work out the way I wanted them to.
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When I was a kid I wanted to be older. This is not what I expected.
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09-25-2008, 03:27 PM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
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I think it would be prudent for anyone with substantial assets in the stock market, or who is still working, or running a business or in fact is exposed in any way to anything other than insured savings and government bonds to support a bailout.
We can hope that it is done with discipline, and at market values. But how many of us want to wake up Monday with our accounts down $100,000 or more?
Get'er done, we'll worry about the rest later. Hey, you kid-free folks should be ecstatic. We breeders have produced the people who will pay for this, if indeed any paying needs to be done.
ha
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"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
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09-25-2008, 03:38 PM
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#11
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,583
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The original Paulson proposal is best. Give all the money to Paulson, no questions asked, no scrutiny ever, then hope for the best.
Risky and crazy as that sounds, I think it's safer than 1) The senate getting involved, 2) the house getting involved, 3) bush getting involved, or 4) any combination of 1,2 & 3. Remember, there is no problem so serious that it can't be made worse when our politicians get involved.
The future is looking grim. I see three options: learn chinese, practice being a Wal-Mart greeter, or get a job a Goldman Sachs.
Edit: I just watched marc Faber and Jim Rogers at Bloomberg. Very enjoyable - they certainly know how to get their points across
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09-25-2008, 04:00 PM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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A lot more of that $700B is going into my pockets than is coming out. I fully support it.
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09-25-2008, 06:24 PM
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#13
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 3,895
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i'm unsure. always a saver and never a debtor, i didn't start this mess, didn't flip a house. i understand the $700b bailout as proposed will cost about $2,600 per person. it happens i have that. so even though i didn't cause this, can i just write someone a check and then my life goes back to normal without the fear of collapsing what's left of my little world?
as i understand the conditions of this hostage taking, the world will end if we don't pay up. i hear that the bailout should fix the economy. what that means i don't know: it's gonna take $700b to what, reinstall the smoke & mirrors? does that secure the rest of my future or is this just a delay tactic? i don't have any children to pass this off on but i'd rather go back to work now than when this collapses again in 10 years, you know, when that $700b extortion payment runs out.
if this works, if it does whatever voodoo it is suppose to do, then i suppose, that sounds worth it. but what i'd like to know is why wouldn't the $700b bailout work. what assures me that i am not having the wool pulled over my eyes, besides that gun pointed at my head?
a contract is only good when it is not signed under duress.
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"life should begin with age and its privileges and accumulations, and end with youth and its capacity to splendidly enjoy such advantages."~~mark twain - letter to edward kimmitt 1901
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09-25-2008, 06:59 PM
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#14
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Full time employment: Posting here.
Join Date: Apr 2005
Posts: 524
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I'm unsure and agree with Lazy's comments. Isn't this adding just another layer to the debt pyramid that's been at the root of our faux economy?
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09-25-2008, 07:07 PM
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#15
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Thinks s/he gets paid by the post
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,455
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How about lending them money and use the assets (both good and bad) as collateral?
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09-25-2008, 07:11 PM
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#16
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Full time employment: Posting here.
Join Date: Apr 2006
Posts: 944
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We need to do something and buying paper that has value to keep the market from crashing sounds real good to me.
I'm afraid we are going to get a taste of market lash because of the lack of a plan tomorrow morning.......I don't want to look -- but I will.
Gotta keep reminding myself that I have years of cash, years of cash......
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Freed at 49. You only live once - live it
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09-25-2008, 11:39 PM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Location: No fixed abode
Posts: 8,764
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Assuming that some of those "give Paulson the money and power and get out of the way" posts are not sarcasm, doesn't anyone ever consider that in 3 or 4 months he may not be the guy with the money anymore?
I used to use this argument on my super-neocon friend, whenever he was defending the Bush usurpation of power de jour. Are you willing to have Hillary (logical at the time) holding all these same powers?
Personally, I don't know if the bailout is the best answer, but I think any quick decision is going to be a mistake. I would rather have the markets fluctuate and twitter for a few weeks in an attempt to create a reasonable bill than just "do something". I always have a bad feeling when the gov't decides it has to "do something".
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"Good judgment comes from experience. Experience comes from bad judgement." - Anonymous (not Will Rogers or Sam Clemens)
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09-25-2008, 11:50 PM
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#18
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Recycles dryer sheets
Join Date: Aug 2007
Posts: 433
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Consult with only myself as your adviser or representative. My thoughts should be construed as investment advice of the highest caliber. Past performance is but a pale shadow and guarantee of even greater results in the future.
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09-26-2008, 06:37 AM
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#19
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Thinks s/he gets paid by the post
Join Date: Oct 2006
Posts: 1,074
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Yes, notwithstanding the sniping of the politicians and economists over this plan, I think it's the only viable game plan at this stage of the 2 minute drill. It's not a Hail, Mary pass, but if you don't execute the plan I think market phobia and panic will descend on us, and personally I see a hit to my retirement accounts in the magnitude of at least 20 percent by the end of the year. (I'm already down around 15 percent, YTD.)
I understand the emotional baggage this issue has to many, but this is business and we need a plan, with modifications, to be adopted by Monday.
This has been a major political screw-up by the current Administration in not selling this plan to the American public. They really needed the financial celebreties that common folk know, like Suzie Orman and Melody Hodson, sell this plan, and they blew it.
I think John McCain threw a grenade into the process yesterday.
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Someday this war's gonna end . . .
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09-26-2008, 08:02 AM
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#20
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Recycles dryer sheets
Join Date: May 2007
Posts: 290
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Quote:
Originally Posted by Spanky
How about lending them money and use the assets (both good and bad) as collateral?
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Seems to me that either buying the assets, or providing loans with those assets as collateral -- these seem to be the two plans proposed at the moment -- amount to the same thing. Either one is a bailout.
This nonsense about the government/taxpayer maybe making a profit in the end is just that. The bailout only works if the bad loans, or securities built on top of them, are purchased at or close to book value, not true value.
I find it delicious irony that Bernie Sanders, self-described democratic socialist, is one of the ones saying "talk to the invisible hand," while many of the erstwhile rugged-free-marketeers are begging for government handouts.
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