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Author Topic: $700BILLION is not enough  (Read 3266 times)

  • Offline neXus

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$700BILLION is not enough
on: September 27, 2008, 00:43:36 AM
http://www.cnbc.com/id/26885559

I mean WTF!!!!!!

Just goes to show how banks etc have been messing with money and doing things for far to long and getting away with it. It has been building and building for some time with the odd Big company being found to be doing dodgy stuff, banks across the globe found doing dodgy stuff or having issues and the Governments of the world seemingly let things slide and now you have this mess.
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Re:$700BILLION is not enough
Reply #1 on: September 27, 2008, 09:02:13 AM
theyre all at it.
borrowing money of one bank to lend to you & I & then dont have the money to pay back when we cant pay back.

Personally think the banks should be forced to ride it out & let the strongest survive. Theres to much choice for banking IMO
which causes a lot of headaches & confusion.
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  • Offline Dave

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Re:$700BILLION is not enough
Reply #2 on: September 27, 2008, 14:50:06 PM
nah they should just bail them out and stop messing around. It seems the only intelligent people in the states live in NYC the rest of them just seem to be a bunch of inbred yokles.

Congressmen from bumf**k states cant seem to understand why hardworking taxpayers should bail out the banks when tbh.. these hard working tax payers would be a lot less well off in the first place if it wasnt for these banks.

Wonder how theyll feel in say a couple of decades when their economy goes to sh*t and Brazil, Russia, India & China dominate the world.
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  • Offline neXus

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Re:$700BILLION is not enough
Reply #3 on: September 27, 2008, 15:20:35 PM
I think you both have good points tbh - bit of both really.

They need to sit down and let the ones who can not or will not seem to be able to keep them afloat and let them die and the others issue some regulations and keep better eyes on them.

I mean Barclays buying some of the bank in the US that fell over, Yet Barclays been having their own issues.
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Re:$700BILLION is not enough
Reply #4 on: September 27, 2008, 15:42:19 PM
1.2 Trillion!¬  :gag:
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  • Offline Beaker

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Re:$700BILLION is not enough
Reply #5 on: September 28, 2008, 13:42:47 PM
If they are bailing out the banks, then they should also nationalise them.  If a government is going to lend a private business large amounts of money theyll never see again, then they should have the opportunity to recover that money.  This is even more true when you are talking amounts of cash because bank execs have been slipshod and not run their companies as they should.  

There is a little devil on my shoulder saying "Watch it all burn up, itll teach the f**kers a lesson", however the other side of me knows consciously that it wouldnt be a good idea.
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  • Offline Dave

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Re:$700BILLION is not enough
Reply #6 on: September 28, 2008, 19:15:16 PM
Quote from: Beaker
If they are bailing out the banks, then they should also nationalise them.


They agreeing to buy a portion of their assets that are currently pretty illiquid due to the credit crunch - that isnt really a reason to nationalise them.
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  • Offline Beaker

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Re:$700BILLION is not enough
Reply #7 on: September 28, 2008, 19:38:01 PM
Quote from: Dave
Quote from: Beaker
If they are bailing out the banks, then they should also nationalise them.


They agreeing to buy a portion of their assets that are currently pretty illiquid due to the credit crunch - that isnt really a reason to nationalise them.


However the chances of the US government getting their 1.3Trillion or whatever they actually want to borrow back is pretty slim.  What they should do is nationalise them, and suspend all dividends to shareholders until their debt to the government is repaid.  If any of us where huge credit risks the banks wouldnt lend us money without massive security would they?  why should they have a different set of rules than they use to lend money out?
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  • Offline Dave

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Re:$700BILLION is not enough
Reply #8 on: September 28, 2008, 23:14:35 PM
Theyre not borrowing anything - theyre selling assets to the govt (securitized debt) which is currently illiquid.
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  • Offline Beaker

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Re:$700BILLION is not enough
Reply #9 on: September 28, 2008, 23:24:19 PM
Quote from: Dave
Theyre not borrowing anything - theyre selling assets to the govt (securitized debt) which is currently illiquid.


So they are selling debts to the government, that are quite likely uncollectable?  e.g.  The banks are selling the sh*tty debts that they saddled themselves with in the 1st place.  hardly secure are they at this point?  Selling the government debts that are quite likely to default, or are already defaulted?  or are the government not allowing them to do that, and only taking over "good" debt?
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  • Offline neXus

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Re:$700BILLION is not enough
Reply #10 on: September 28, 2008, 23:44:37 PM
Quote from: Beaker
Quote from: Dave
Theyre not borrowing anything - theyre selling assets to the govt (securitized debt) which is currently illiquid.


So they are selling debts to the government, that are quite likely uncollectable?  e.g.  The banks are selling the sh*tty debts that they saddled themselves with in the 1st place.  hardly secure are they at this point?  Selling the government debts that are quite likely to default, or are already defaulted?  or are the government not allowing them to do that, and only taking over "good" debt?


You should look into the deal a bit Beaker, Quite a few things in the deals, finance companies are actually giving up quite a few things like in regards to shares for this. Short term they are not going to go under, long term the US Government basically will own their asses as I see it at the moment.
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    • Destination Gamer

  • Offline Batch

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Re:$700BILLION is not enough
Reply #11 on: September 29, 2008, 20:16:04 PM
Theyve rejected the $700bn bailout. Looks like they have to ride it out now.
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  • Offline neXus

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Re:$700BILLION is not enough
Reply #12 on: September 30, 2008, 01:07:57 AM
Quote from: Batch
Theyve rejected the $700bn bailout. Looks like they have to ride it out now.

Ride it out? LOL, It went ape sh*t with this news and now even worse, lol.

They will revise it so all the big high up people standing to loose a lot of money are happy their personal fortunes are secure and in turn meaningless for the long term and help fix things a little but no where near to what they were before the current issues.
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  • Offline Beaker

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Re:$700BILLION is not enough
Reply #13 on: September 30, 2008, 01:25:09 AM
This added to the fact that the Chinese banks have been instructed by the Chinese regulators to stop lending money to US banks means things wont look good right now in the US.  I know my mate who gets paid in USD will be rather grumpy about now.
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  • Offline neXus

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Re:$700BILLION is not enough
Reply #14 on: September 30, 2008, 01:39:04 AM
Quote from: Beaker
This added to the fact that the Chinese banks have been instructed by the Chinese regulators to stop lending money to US banks means things wont look good right now in the US.  I know my mate who gets paid in USD will be rather grumpy about now.

And the UK banks are merging or doing deals to try and safeguard themselves and other EU banks thus causing more issues for the US banks thus in turn harming the economy etc which then reflects back on the rest of the world as well...

At end of the day some Rich people at fault will do time or loose money but most will come off scot free and the only people who will be harmed by it all are the lower end workers for the banks and companies and the normal Joe Public all of which did nothing wrong but trust the people you are supposed to be able to trust.
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