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Quasi 09-29-2008 12:24 PM

No Bankers Left Behind
 
It's looking like, despite overwhelming public opposition to the bailout bill, Congress is going to pass it. So much for representative democracy; the so******m of Wall Street is here.

I'm going to go out on a limb and summarize some economic predictions:

* Banks get some relief (most likely temporary)
* Dollar tanks, oil rises, gas prices rise to over 5$ a gallon
* Treasuries are sold, yields rise, mortgage rates rise, maybe as high as 10% eventually
* Fed cannot cut rates because of inflation pressures
* National debt/Balance budget becomes huge problem. Normal income taxes must rise by 1/3rd or more
* Incomes are reduced further, higher mortgage rates, lower incomes, no one can buy a house, problem gets worse.
* Banks need another bailout.
* Economy weakens dramatically

Conclusion:

* Save as much money as possible
* Look for ways to deal with currency weakness (i.e. commodities, foreign currencies, tradeable goods)
* Expect your taxes to go up significantly
* Expect to pay over $5 a gallon within a year for gas.
* Expect economic activity to weaken dramatically within 24-36 months
* Expect this weakness to drag on for many years
* Job losses will be heavy over time


Basically, we're boned and so are our children due to inflation and higher taxes.

bkt 09-29-2008 04:01 PM

Yup. This stinks out loud.

Musket 09-29-2008 04:37 PM

ditto.

I am furious that they continue, despite vocal opposition from constituents. Legislators have long given the public a collective pat on the head "we know better than the little sheeples", but this is a new low.

If I were in office, and my phone and email was being flooded with NO WAY!!!!!! by the majority of my constituents, you better believe that I would take notice.

I have to say that I really do not feel that this bailout will be the big panacea they believe it to be.

I hope I am wrong--but I am looking at buying bullion this week to hedge what is left of my money. (my 401k just got sucked down the toliet, and my CDs are not making any notable interest).

shall we start a pool on which bank/business will fail next? :(

dango 09-29-2008 05:07 PM

Invest in cardboard.It.s affordable,light wieght,reasonable insulator,decent strength-to-weight ratio,and might make a fine home.I.ll let you know.:(

SheGUN 09-29-2008 08:31 PM

Why is the word s-o-c-i-a-l-i-s-m censored?!?!?

azalps 09-29-2008 10:48 PM

Well it didn't pass,but we need a fix. This has been a long time coming, no sense in panic like we have been made to believe. It was just a way for the politicians and big money people to get us to save their asses. Let's get rid of all incumbents that have ties to lobbyists and start with a fresh government.

Dillinger 09-29-2008 10:54 PM

Quote:

Originally Posted by SheGUN (Post 42913)
Why is the word s-o-c-i-a-l-i-s-m censored?!?!?

because it contains C-I-A-L-I-S which is a common spam item. Being a small web forum, you don't get much spam traffic, but once you reach some prominence, your spam traffic goes thru the roof.

The Admin, notdku, set up the spam monitors to help keep the morons and the spambots out of all the threads here so the discussion can, hopefully, remain on topic.

JD

azalps 09-29-2008 10:57 PM

Quote:

Originally Posted by dango (Post 42890)
Invest in cardboard.It.s affordable,light wieght,reasonable insulator,decent strength-to-weight ratio,and might make a fine home.I.ll let you know.:(

That would make a fine home in AZ where it never rains. In fact, I've seen quite a few.

genie 09-30-2008 01:40 AM

Quote:

Originally Posted by azalps (Post 42934)
That would make a fine home in AZ where it never rains. In fact, I've seen quite a few.

Having lived in AZ over 20 years, I must say there were certainly times when we wished it DIDN'T rain there..........

user4 09-30-2008 03:13 AM

Bailout failed. Disaster averted...but what does THIS mean? I r confoozeled.


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