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  1. #161
    Senior Member wildcat's Avatar
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    Quote Originally Posted by Eldanen View Post
    You make them sound altruistic.
    Altruism and selfishness are not in conflict.

  2. #162
    Order Now! pure_mercury's Avatar
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    Quote Originally Posted by wildcat View Post
    Altruism and selfishness are not in conflict.

    We won't all become paupers if there is no bailout.
    Who wants to try a bottle of merc's "Extroversion Olive Oil?"

  3. #163
    Senior Member wildcat's Avatar
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    Quote Originally Posted by pure_mercury View Post
    We won't all become paupers if there is no bailout.
    Not you waspies with your safely invested old money.
    Go to your country club. Play some golf.

  4. #164
    Senior Member Lateralus's Avatar
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    Quote Originally Posted by wildcat View Post
    Not you waspies with your safely invested old money.
    Go to your country club. Play some golf.
    LOL, that's your comeback? Seriously?
    "We grow up thinking that beliefs are something to be proud of, but they're really nothing but opinions one refuses to reconsider. Beliefs are easy. The stronger your beliefs are, the less open you are to growth and wisdom, because "strength of belief" is only the intensity with which you resist questioning yourself. As soon as you are proud of a belief, as soon as you think it adds something to who you are, then you've made it a part of your ego."

  5. #165
    Order Now! pure_mercury's Avatar
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    Quote Originally Posted by wildcat View Post
    Not you waspies with your safely invested old money.
    Go to your country club. Play some golf.
    I can't tell if this is real or facetious.
    Who wants to try a bottle of merc's "Extroversion Olive Oil?"

  6. #166

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    I am starting to see signs that at least the money market fund I was invested in will be redistributed close to the original value even without the bail-out.

    Now, I am feeling guilty for being selfish. I bought into the idea that the credit markets would freeze because I felt some of it myself.

    I still hope whatever is done is really best for the economy.

    I am confused.

    How many people have had their student loans frozen? or other loans?
    Have other accounts been frozen?

    Accept the past. Live for the present. Look forward to the future.
    Robot Fusion
    "As our island of knowledge grows, so does the shore of our ignorance." John Wheeler
    "[A] scientist looking at nonscientific problems is just as dumb as the next guy." Richard Feynman
    "[P]etabytes of [] data is not the same thing as understanding emergent mechanisms and structures." Jim Crutchfield

  7. #167
    mountain surfing nomadic's Avatar
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    Quote Originally Posted by ygolo View Post
    I am starting to see signs that at least the money market fund I was invested in will be redistributed close to the original value even without the bail-out.

    Now, I am feeling guilty for being selfish. I bought into the idea that the credit markets would freeze because I felt some of it myself.
    Bernanke and Paulson backed all money market funds before the House Vote, about a week and half ago.

    Here's my take of the credit crisis... in case anyone is interested...

    Quote Originally Posted by Modern Nomad View Post
    ah if this is about the bailout/rescue plan.

    this is the way I see it:

    1) Gov't passed easy to buy homes laws. After all, i mean, kind of cool in a way... (remember all those infomercials about flipping properties?? making a quick buck??)
    2) banks were reluctant at first, until they found out they can outsource to shadier subprime loan officers. and then turn around and sell those "risky easy to buy home" loans to these complicated things called CDO/MBS (collateralized debt obligations and mortgage backed securities) that few investors understood. (they were made to be hard to understand, usually the top lawyers would work on these). So all that "easy to buy home" risks were hidden in complicated legal language.
    3) so easy to buy home risks, got passed from the people---> banks----> investors---> to everyone back in the form of spreading that risk to all business (because all business is connected to financial institutions)
    4) and now because everything is so connected, the gov't is called on to help set floor on how bad the risk will take the entire economy.

    I think some people need to go to jail for sure. But there really is a lot of blame to go around. Ultimately, the way I see it, those taxes will come from all the property taxes the government collected when so many people saw their property values rise so much bc they were all in on the housing bubble plan.

    There's a few more culprits in regards to "regulation".

    Will credit default swaps cause the next financial crisis? - Sep. 30, 2008

    Thats an excellent article that outlines how this risk was transferred so easily from average homeowner---> banks---> investors...> all businesses that deal with financial institutions. Its worth a read if you are interested in that sort of thing.

  8. #168
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    An event that would mark the end of an era, and the beginning of a new. Just remember it's always darkest before dawn...

    The House has passed the bailout bill.

  9. #169
    Oberon
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    Yes, indeed it has.

    Did it pass with or without changes that will require another Senate vote?

  10. #170
    Senior Member Gish's Avatar
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    It was passed with tax breaks that catered to the Republican vote for roughly 100 Billion dollars, I can't see where it requires another vote though.
    Whoops.

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