Quote:
Originally Posted by Sean
Unfortunately, this isn't about rich people suffering - it's about all of us. The market lost 1.3 trillion dollars yesterday. That's not just the money of rich people, that's all of our retirement accounts, investments, etc. disappearing at a rate of, if I remember what I heard correctly, 2 billion dollars a minute yesterday afternoon.
That aside, I can't say I love it when "rich people suffer", myself. I guess I never associated "rich" with "bad". I've known many rich people who are very good indeed, and don't deserve to suffer any more than the rest of us non-rich folks do.
Personally, I don't like the idea of bailing out these companies that have created the problem we're in to begin with. But as far as I can tell, not bailing them out would actually hurt all of us even more than what happened yesterday. We need to do it smart and fast.
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Ugh...NO. NO MONEY. BAD SEAN. VERY BAD!
These companies need to be dealt with on a case by case basis. Yeah, it might suck for a little while, but if you don't want to see 3/4 of a trillion of our hard earned money pissed away by executives looking to line their pockets, then you'll piss and moan to stop this bill from getting passed.
Look, unemployment is at 7% right now. That means over 90% of Americans have jobs. That's right about average. It's not wonderful and sunny, but shit, it's not like it was in the
real depression, where unemployment was at 40-50%. The median household income is just below record levels. Oil dropped $10 a barrel in one day. In the states, we could be buying gas for $2.25/gal again by this time next year. Now is the time to get into real estate and investments if you have the means. All this talk about how we're all going to lose our life savings because of this is just hysterics. Investors are jumpy and bad at adapting to short term unpleasantness.
I like Lou's idea:
http://www.cnn.com/2008/US/09/30/dobbs.qa/index.html