No Bankers Left Behind
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Old 09-29-2008, 12:24 PM   #1
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Default 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.

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Old 09-29-2008, 04:01 PM   #2
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Yup. This stinks out loud.

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Old 09-29-2008, 04:37 PM   #3
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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?

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Old 09-29-2008, 05:07 PM   #4
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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.

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Old 09-29-2008, 08:31 PM   #5
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Why is the word s-o-c-i-a-l-i-s-m censored?!?!?

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Old 09-29-2008, 10:48 PM   #6
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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.

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Old 09-29-2008, 10:54 PM   #7
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Quote:
Originally Posted by SheGUN View Post
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
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Old 09-29-2008, 10:57 PM   #8
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Quote:
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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.
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Old 09-30-2008, 01:40 AM   #9
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Originally Posted by azalps View Post
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..........
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Old 09-30-2008, 03:13 AM   #10
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Bailout failed. Disaster averted...but what does THIS mean? I r confoozeled.

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