RIP Wall Street

[tugmoose]

Or, to paraphrase the NY Daily News: "Main St. to Wall St.: Drop Dead"

[cryptique]

Wall Street was overrated.

[MattZ]

Main Street is in for a rude awakening if it thinks Wall Street doesn't bring down Main Street with it.

[bjorn_skurj]

Fuck it. Fuck the whole enterprise. Nobody is really that happy with the U.S. anyway.

[EL the Famous]

Main Street is in for a rude awakening if it thinks Wall Street doesn't bring down Main Street with it.

 

No shit. Don't kid yourself into thinking this is an us vs. them or have vs. have not scenario.

[cryptique]

Let's give socialism a try!

 

 

edit: Of course, that's what a lot of people think this bailout deal is.

[austrya]

As long as Wall St. doesn't bring down Edward J St., I think I'll be ok.

 

It still sucks that something wasn't worked out.

[JUDE]

Let's give socialism a try!

 

These posts always make me think of this:

 

[embiggen]

my living revolves around Wall Street, so it most certainly affects Main St. this sucks!

[quarter23cd]

Main Street is in for a rude awakening if it thinks Wall Street doesn't bring down Main Street with it.

I live on a boulevard. Does anybody have any data on that?

 

I also work for a company that is exclusively a software vendor for banks, so yeah, it kind of blows watching a bunch of our clients dropping like flies. When the layoffs come, I suppose I could always go back to mowing yards and painting houses like I did in high school.

[NightOfJoy]

I live on a boulevard. Does anybody have any data on that?

 

I also work for a company that is exclusively a software vendor for banks, so yeah, it kind of blows watching a bunch of our clients dropping like flies. When the layoffs come, I suppose I could always go back to mowing yards and painting houses like I did in high school.

 

The market is down 714 points right now.......apparantly it dropped 400 points in 10 minutes after the news of the failed bailout was released.

[cryptique]

I also work for a company that is exclusively a software vendor for banks, so yeah, it kind of blows watching a bunch of our clients dropping like flies.

My job involves writing documentation for accounting software. We might come through this OK (seems like accountants would be more valuable now than ever, but maybe I'm wrong?). Problem is, our corporate parent is one of the major suppliers of information to the financial industry.

[solace]

Wall Street was overrated.

 

 

 

 

 

 

The richest one percent of this country owns half our country's wealth, five trillion dollars. One third of that comes from hard work, two thirds comes from inheritance, interest on interest accumulating to widows and idiot sons and what I do, stock and real estate speculation. It's bullshit. You got ninety percent of the American public out there with little or no net worth. I create nothing. I own. We make the rules, pal. The news, war, peace, famine, upheaval, the price per paper clip. We pick that rabbit out of the hat while everybody sits out there wondering how the hell we did it. Now you're not naive enough to think we're living in a democracy, are you buddy? It's the free market. And you're a part of it. You've got that killer instinct. Stick around pal, I've still got a lot to teach you.

[Good Old Neon]

[tugmoose]

I admit I'm talking out my backside. But as I understand it, our entire economy is based on borrowed money. And when things go bad and the banks can't lend money, then they need to borrow money from the taxpayer so that they can lend out money again to the public (taxpayers). So why not cut out the middle man and let the taxpayer keep that money? I know that's a vast oversimplification, but, frankly, what do bankers/market traders actually produce? Would we really miss them?

 

It seems to me the entire system is quite flawed, and I see little advantage to propping up a flawed system. Yeah, things will be rough. But if we do the bailout, do you really believe that in another 10-20 years they won't need to do this again?

[lizish]

Like this link:

 

http://docs.google.com/TeamPresent?revisio...p;skipauth=true

[bobbob1313]

I admit I'm talking out my backside. But as I understand it, our entire economy is based on borrowed money. And when things go bad and the banks can't lend money, then they need to borrow money from the taxpayer so that they can lend out money again to the public (taxpayers). So why not cut out the middle man and let the taxpayer keep that money? I know that's a vast oversimplification, but, frankly, what do bankers/market traders actually produce? Would we really miss them?

 

It seems to me the entire system is quite flawed, and I see little advantage to propping up a flawed system. Yeah, things will be rough. But if we do the bailout, do you really believe that in another 10-20 years they won't need to do this again?

 

So taxpayers should borrow money from the government?

[JUDE]

The problem with the credit crunch is two-fold. One, the FDIC doesn

[bjorn_skurj]

This is what my congresshottie had to say, and if it is good enough for Hotness, it is good enough for me.

 

Below is a statement from Congresswoman Gillibrand:

 

"While I am fully aware of the seriousness of the financial problems in the market, I do not believe the bill Congress voted on today was the right approach. The bill has insufficient oversight and protections and does not address the root causes of the crisis or the poor economy.

 

"While the bill is better than the three page document the Bush Administration tried to ram through Congress last week, Secretary Paulson's plan is fundamentally flawed. Moreover, I do not believe Upstate New York taxpayers should pay for the excesses of Wall Street.

 

"I came to Congress to be an independent voice for my constituents

[Good Old Neon]

I

[viatroy]

That's alot of money to put under a mattress.

[JUDE]

Also, I think Congress should just fund the FDIC to cover the depositors under $100,000 per their charter and let the chips fall where they may. The huge banks that played fast and loose with their money will fail, small banks will do what they need to survive and eventually this will all take care of itself. We

[ZenLunatic]

All the experts are saying government intervention is needed so I think it will most likely happen eventually. Probably the only question is in what form and how soon. We are headed for some changes and hard times in our country regardless of anything. Just hope we dont get dragged down too low.

[uncool2pillow]

I got this article in an e-mail today. Went through the Times' Web Site to verify it's legit.

 

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

 

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

 

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

 

In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.

Emphasis added by me.