$700 billion bailout bill fails in Congress
10-08-2008, 05:28 PM
#121
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http://www.npr.org/templates/story/s...oryId=95038679
My brother who is an accountant, explained when I was telling him why I hated the bill, If the loans slow down or stop where you cant get a car loan which could cause a company like GM to fail. Enough companies like that fail who are clients of comapnies like I work will cut back on employees for which means indirectly causing my unemployment. That caught my attention. If people cant get housing loans they cant hire small buisnesses like my father owns to do additions and home improvements. And so on... But if the bill is full of corruption it will only make matters worse. That was before it passed.
Who knows maybe if GM went under 20 years from now smaller companies like Tesla would grow up and revolutionize the transportation industry. Where would we be if we subsidized and regulated to keep companies like Packard Bell, AOL, and kept down the Apples and Googles of the world.
10-09-2008, 05:22 PM
#123
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Today we closed at 8500.
A year ago this week it peaked at 14,164.
That's a 40% loss.
Nasdaq has host 42%.
There was about a 60% drop during the crash in the fall of 1929 (September to November 1929) that led the way to the depression.... despite a 7 month rally and a year of ups and downs before falling again in April '31 and finally bottoming out in early '32.
Anyone else think it's impossible we could easily head into a depression?
A year ago this week it peaked at 14,164.
That's a 40% loss.
Nasdaq has host 42%.
There was about a 60% drop during the crash in the fall of 1929 (September to November 1929) that led the way to the depression.... despite a 7 month rally and a year of ups and downs before falling again in April '31 and finally bottoming out in early '32.
Anyone else think it's impossible we could easily head into a depression?
10-09-2008, 06:28 PM
#126
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Who is to say that in the long run that wouldn't be better. If GM is that poorly run that a bad year in banking will put them under then something is wrong. Not every year can be a boom year, that is why people and businesses need to save their money. A well run business can expand and contract with the economy.
Who knows maybe if GM went under 20 years from now smaller companies like Tesla would grow up and revolutionize the transportation industry. Where would we be if we subsidized and regulated to keep companies like Packard Bell, AOL, and kept down the Apples and Googles of the world.
Who knows maybe if GM went under 20 years from now smaller companies like Tesla would grow up and revolutionize the transportation industry. Where would we be if we subsidized and regulated to keep companies like Packard Bell, AOL, and kept down the Apples and Googles of the world.
10-09-2008, 06:34 PM
#127
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Good points. Although it would be personally sad to see the demise of GM. It's almost like the one and only football team I've ever liked. It would be strange to enter a world without GM and Ford and realize that cars are no more than transportation devices... much like refrigerators are coolers.
10-09-2008, 08:36 PM
#128
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Good points. Although it would be personally sad to see the demise of GM. It's almost like the one and only football team I've ever liked. It would be strange to enter a world without GM and Ford and realize that cars are no more than transportation devices... much like refrigerators are coolers.
Last edited by Z28x; 10-09-2008 at 08:41 PM.
10-09-2008, 08:48 PM
#129
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To use an apolitical example (as distinct from the Iraqi occupation
)... during the period of the Ottoman Empire in which they ruled eastern Europe, most of the gold was transferred to the region now known as Turkey. Might explain why Turkey has a lot of gold... cheap too!
10-10-2008, 05:11 AM
#130
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What got us out of the last depression was our manufacturing base and a sudden strong rise in demand of it (via Europe ending up in war and us supplying oil and material).
This time, we have a very little fraction of the manufacturing base we had back then. There is very little today to pull us out of a depression outside of selling out assets and labor to foreign entities.
Don't need to explain what that means for the country and who the most likely buyers would be.
10-10-2008, 09:39 AM
#131
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10-10-2008, 10:35 PM
#132
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To be perfectly honest, we've been in a war for over 5 years and it can be said that the pouring of resources into that war did as much to create today's financial meltdown and possible upcoming depression as did years of running up debt instead of paying our way and, of course, letting lending institutions run wild.
I agree there but...
What got us out of the last depression was our manufacturing base and a sudden strong rise in demand of it (via Europe ending up in war and us supplying oil and material).
This time, we have a very little fraction of the manufacturing base we had back then. There is very little today to pull us out of a depression outside of selling out assets and labor to foreign entities.
Don't need to explain what that means for the country and who the most likely buyers would be.
This time, we have a very little fraction of the manufacturing base we had back then. There is very little today to pull us out of a depression outside of selling out assets and labor to foreign entities.
Don't need to explain what that means for the country and who the most likely buyers would be.
Clearly wasting all that money in Iraq was not helpful in any way to the economy, and I also agree that the manufacturing isn't as strong currently as it might have been 70 years ago. But I think it is conceivable that if we were to end up in a conflict with the magnitude of WWII that we would be able to increase our industrial base. It isn't like those Accord and Camry factories couldn't be tooled to make things for us...
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