700 billion here, 700 billion there...

[Jimmer Negamanee]

I’m not exactly sure what “credit default swaps” are but apparently they’re bad. In fact, Wall Street finds itself in a bit of pickle because of them and now asks us to chip in a cool seven billion dollars to fix the problem.

 

I’m not even sure what the number seven billion looks like but I think it looks like this: 700,000,000,000.

 

If my math is correct (and I wouldn’t bet on it) this equates to approx $2325 for every man, woman and child in the USA. Or, to put it another way, one pair of new Swarovski 15X56 binos + a decent tripod (or a Jim White pan head) for every man woman and child in the good ol’ U.S. of A. Ouch.

 

Part of me thinks that if the bailout prevents another depression, it is definitely worth it.

 

But part of me thinks that Wall Street had very smart, very well educated and VERY well compensated people who knew what they were doing and did the risk/reward analysis and, like many of us have done, just bet on the wrong horse.

 

What do you think?

 

[DesertBull]

It all started in November, 1999, but you won't hear a word of that mentioned by our media.

 

http://www.cnn.com/ALLPOLITICS/stories/199...form/index.html

[ruffcountry]

http://www.takimag.com/site/article/the_di...se_the_housing/

[TAM]

Ruffcountry, I appreciate your opinion, but if we do in fact "kill the bill", then what solution to you suggest?

 

I'm really only hearing about two different avenues in the press. The bail out solution, and doing nothing at all. Seems like doing nothing will be like playing russian roulette with five bullets instead of one. I don't like the Government being involved in the private sector, but I'm still waiting for someone to show me a better idea?

 

Doing nothing at all is a very bad idea!!! What other options are there???

[Non-Typical Solutions]

And since we aren't going to get $2325 from every single US citizen......I'll probably have to pay double and never get that pair of Swarovskis

 

One melofahess.....................

[GodIsGood]

I dont have the answer or even an educated opinion, I only know that things are beginning to look and feel like Germany in the mid 1930's, with the country divided on racial matters and tired of war, facing immanent economic disaster, and SOCIALISM being covertly offered as the only solution.

 

The loon that poisoned the well in those days was a very moving speaker - got everybody FIRED up about change!

 

We do need change, but I cannot see a way around the feces sandwich we all have to bite. I hope and pray that the bozo's on the hill will flush out the executives who were caught doing wrong and replace their multi-million dollar golden parachutes with free golden showers.

 

These here are scary times!

[billrquimby]

We do need change, but I cannot see a way around the feces sandwich we all have to bite. I hope and pray that the bozo's on the hill will flush out the executives who were caught doing wrong and replace their multi-million dollar golden parachutes with free golden showers. These here are scary times!

 

They certainly are! What I've not seen discussed is the effect of not doing anything on us retirees. I worked since I was a boy and began saving and buying properties beginning in my thirties and until I retired in 1999, thinking I would have enough money to see me through to the end of life (sometime long in the future, I hope.)

 

Then along comes this subprime mess, followed by panic fueled by media in the hopes that it would help their Democratic candidates, and I woke up one morning to learn our so-called "conservative" IRAs had suddenly shrunk 30% and our properties were worth only half of what they were worth a year ago.

 

All the talking heads say for Americans not to worry because we will recover eventually. As retirees, "eventually" can mean after we are gone. When we withdraw $1,000 a month from our savings today to supplement my wife's retirement and our paltry Social Security checks, we're actually withdrawing $1,300 from what we had in November and our savings are evaporating through no fault of ours.

 

I had planned to stop writing books and sell some of our properties this year, and then do nothing but watch the trees in Greer grow and maybe do a couple of hunts out of the country, but nobody but a fool would sell real estate now unless forced to do it. That leaves me no choice but to find another client who wants me to preserve his memories in print.

 

But even the wealthy are in trouble. A guy who had all but signed a contract called last week to put off his book for a year or so because his business was bad. Others I've talked with lately have backed away when I quoted my fee. Just a year ago they would not have quibbled.

 

At any rate, America has no option other than a bailout.

 

Without it, the entire economy will collapse and a lot of you younger guys are going to really suffer. Then in a few years, when the recovery kicks in and you have jobs again, the money we retirees saved for our final years will be long gone and you're going to have to support a whole bunch of us.

 

Bill Quimby