$700 Billion bailout first denied, later approved

[Loxley]

The bail-out may be necessary, but in some ways I think it might be better in the long run just to weather out the storm, so to speak. As Pope Viper pointed out, the situation where an industry (such as the financial industry) can engage in risky and, really, incredibly stupid practices like sub-prime mortgages and that whole shebang while count on the government to saddle the taxpayers with almost a trillion dollars of money neither it nor the taxpayers really have in order to bail them out when it all goes bad is... not good. In fact, it's really bad. Yes, not bailing them out would suck for everybody, and for the regular people more than for those at the companies in question, but as long as we do just keep bailing them out, they'll keep doing the stupid shit. Until they just run an already bloated government and its overburdened citizens right into their (metaphorical) graves.

Apperantly the type of lending that lead to this was made possible by the removal of a regulation of what money the banks could use and for what purposes they could be used. That regulation was placed there in 1932(top of the depression) and was removed in 1999(top of the dotcom boom). I say bring back some nasty regulations and let the banks whine about deregulation for another 70 years.


I know that deregulation was not the only reason for this, but it was one of the triggers that allowed for the economic irresponsibility that again lead to this.

 

[Tagaziel]

Fixed the thread title.

 

[SuAside]

I'm seriously thinking about it, if I can find an equivalent paying job.

"Revoke my citiizenship, bitches."

Belgium needs ITers, though i'm uncertain if this also applies to IT -managers-.

 

[Makagulfazel]

It's more likely he wants to go there because he know the taxes there are well applied, intead of being pocketed by corrupt politicians, given to bankrupt bankers or used to wage wars in the middle east...

*Ding* You win.

By the way, how's the Dow Jones Industrial doing after this big bailout plan? Bigger problems are now in our horizon.

 

[Loxley]

It's more likely he wants to go there because he know the taxes there are well applied, intead of being pocketed by corrupt politicians, given to bankrupt bankers or used to wage wars in the middle east...

*Ding* You win.

By the way, how's the Dow Jones Industrial doing after this big bailout plan? Bigger problems are now in our horizon.

Dow jones is breaking records after what I heard.