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Pleasurepays · 02-09-2009, 02:42 PM

Unfortunately, people confuse economic theory with fact in these discussions... hence the wildly different views and opinions and failure to agree.

The short answer is this:

1) The Congressional Budget Office estimated that they over paid for bank assets by almost 80 Billion dollars.

2) The original intent of the money was to buy bad assets from banks so that banks could continue lending and get the credit market moving again...

once the bailout was approved... the money was not used for that purpose and the majority of money that banks did receive was just sat on (and rightfully so) as they also wait to see how things play out since no conditions were attached to the money to dictate how it was to be used.

3) one could argue about indirect affects and that banks do much more than retail banking/loans and it was important to keep them afloat for a variety of reasons.. but in terms of direct, tangible benefit to individuals - there was/is none.

and here we are... banks want another 350,000,000,000.00 and Obama the Messiah is rushing a bill through as absolutely fast as he can again to spend over 1 Trillion dollars using the same rhetoric as was used to pass the bailout - "if we don't do this now... we all die and if you oppose it or want to debate it, you're an asshole"

... and the same people calling bush an asshole for spending and budget deficits which was the result of two wars and 9/11 for 4 years just can't wait to print and spend 1 trillion more dollars.

People are retarded and the entire system would be much better off in the long run had everything just been allowed to crash and burn and reset itself based on reality and actual consequences.

02-09-2009, 02:42 PM
Pleasurepays BANNED - SUPPORTING TUBES Join Date: Aug 2002 Location: I live in a pile of boogers Posts: 11,913	Unfortunately, people confuse economic theory with fact in these discussions... hence the wildly different views and opinions and failure to agree. The short answer is this: 1) The Congressional Budget Office estimated that they over paid for bank assets by almost 80 Billion dollars. 2) The original intent of the money was to buy bad assets from banks so that banks could continue lending and get the credit market moving again... once the bailout was approved... the money was not used for that purpose and the majority of money that banks did receive was just sat on (and rightfully so) as they also wait to see how things play out since no conditions were attached to the money to dictate how it was to be used. 3) one could argue about indirect affects and that banks do much more than retail banking/loans and it was important to keep them afloat for a variety of reasons.. but in terms of direct, tangible benefit to individuals - there was/is none. and here we are... banks want another 350,000,000,000.00 and Obama the Messiah is rushing a bill through as absolutely fast as he can again to spend over 1 Trillion dollars using the same rhetoric as was used to pass the bailout - "if we don't do this now... we all die and if you oppose it or want to debate it, you're an asshole" ... and the same people calling bush an asshole for spending and budget deficits which was the result of two wars and 9/11 for 4 years just can't wait to print and spend 1 trillion more dollars. People are retarded and the entire system would be much better off in the long run had everything just been allowed to crash and burn and reset itself based on reality and actual consequences.