The 700 Billion Dollar Bailout Bill - Bailing Out the Banks

To Bail or Not To Bail?

700 Billion Dollars - that's the amount of money that the government would like to give to struggling firms on Wall Street to bail them out from failing. 700 BILLION DOLLARS!. Just the thought of that amount of money is absolutely staggering to the average consumer. The question of the day though is: Should the government be doing this?

After the shocking defeat of the 700 Billion Bailout Bill in the House of Representatives earlier in the week-The Wall Street Stock Exchange had it's worst point loss in a single day: 777 points down at the close. Over a trillion dollars were lost that day in the stock market. Most consumers don't understand how our economy is so tied to Wall Street and the stock market - so for many people that don't understand stocks they don't realize the devastating effects a plunge of this kind has on the average American and on the global economy.

The Senate Votes to Pass the 700 Billion Dollar Bill

Now I'm no financial expert - so I can't even begin to explain to the average American the intricacies of the financial system of the government - but what I do know is this: As a kid, after saving about $70 bucks from score-keeping at the local bowling alley, my dad, then working for the Navy, invested my $70 dollars in the stock market in a stock called Occidental Petroleum. That stock went on to make this young kid richer to the tune of $500. So by the time I was about 12 or so I had taken that $70 and made it into a great little return (of course thanks to my stock savvy dad)

So the point here is that I began to understand at an early age some dynamics of the stock market, and began to understand how investing could be a good thing.

So back to to the 700 Billion dollar bailout package that just passed Senate approval tonight: Why should we bailout Wall Street when they have made some really stupid decisions and caused our economy to go into a tailspin?

I think right now we are in one of those rare moments in history when we are damned if we do it and damned if we don't. Obviously to just let Wall Street suck it up on their own is going to have devastating consequences for the average American - credit dries up and what drives our capitalist society? Free trade and credit. Without the ability to use credit we will be strapped in many ways because the banks will simply not be able to loan money the way they have in the past. Now you might think well maybe that's a good thing, we shouldn't be depending on credit anyway. But think about what the inability to be able to buy homes, refinance existing loans, borrow money to replace that broken washer, repair that bad roof, or buy that much needed car for work would do to the average American.

I think you might be getting the picture.

Poll on the 700 Billion Dollar Bailout Bill

Should the government bailout Wall Street?

See results without voting

Credit Will Dry Up in Our Economy Without Intervention

Not being able to borrow money and having credit is just part of the problem.

We are in a crisis that has not been seen since the days of the Great Depression - homes have been overvalued, bad loans have been given and taken, and now we are about to pay the piper for excessive spending not only in some of our own lives but also for for the excessive spending of Wall Street and the bad decisions that have been made. Lack of government oversight by the Bush Administration has left too many big kids loose in the Wall Street Candy Store.

We have to admit that we've had it pretty good in America - even the poorest people have it better than the poor in many other countries. I am not a rich person by any standard, in fact I would gander to say that I am really one of the working poor, especially since we had to close our business recently and I am now depending on having to recover from that loss (thanks to our faltering economy and business decisions made) But I do realize that I have it much better than a lot of people in other poorer countries- and I do understand that if we are to even have a chance at our economy recovering it's critical that this bailout plan gets passed.

Will the massive bailout plan work? Or will we be right back in the same place a few months or years down the road? It's hard to tell, none of us have a crystal ball to predict the future. It's obvious though that if we don't do something fairly quickly the situation is going to go from bad to worse very very fast- and I'd rather side on voting for the bailout instead of doing nothing and watching our economy go further down the tubes.

From what I gather, a lot of our government officials feel the same way: Stuck between a rock and a hard spot.They don't want to be in this situation. They don't want to have to pass this bill, they don't want to have to bailout an irresponsible Wall Street to the tune of 700 Billion dollars - but they also don't want to see the American people suffer from an economy going down like a massive avalanche.

An easy decision loaning Wall Street 700 Billion Dollars? Not by any means. But from this writers point of view, a very necessary one.

(If you have gleaned something worthwhile from this article please rate it and I also invite you to join my fan club)

- Dorsi

Comments 59 comments

Misha profile image

Misha 8 years ago from DC Area

LOL Dorsi, I keep telling everybody here - bailout will not save the economy, it will merely postpone the crisis and make it worse. The reason for this is that it does not address the underlying causes of the crisis, and allow all involved to continue their detrimental behavior...


Dorsi profile image

Dorsi 8 years ago from The San Francisco Bay Area Author

Yup Misha I'm afraid you may be right- we are really in a pickle, aren't we? Throwing money at a situation without fixing the underlying problems will only bring us back to the same situation. I experienced this is in my own business- threw a lot of money at the business only to come right back to the same place a couple years laters. All because the original problems were not solved, and it was business as ususal.When any business faces problems the reasons that brought problems have to be addressed. I can only hope that if the bill passes that there will be a lot of oversight on the money and specialists dissecting the system piece by piece! And with a very fine tooth comb!


Amanda Severn profile image

Amanda Severn 8 years ago from UK

Dorsi, I have so much sympathy with Misha's argument. No-one wants the bankers to steal even another cent of American money, but at the same time, I have to say that I am pro the bail-out, because it will help slow the inevitable decline. Those who have money and property will no doubt weather the storm, but those who receive their wages on the 1st, and are over-drawn on the 14th, and who are forever playing catch-up, they are the ones who will suffer. The little people who are not quite making ends meet, but scrape along, just, will suddenly join an ever-increasing under-class, which will grow and grow as more and more businesses fail due to lack of credit. Poverty on this scale will spark off crime, and riots. It could get very ugly.

These dramas may yet play out, even with the rescue package in place, but at least there will be more time for people to adjust and to develop their own coping strategies.


pgrundy 8 years ago

Thank you for this hub, Dorsi! I was against it at first, then I began to understand the consequences of the credit freeze and that was pretty scary, but now, with the Senate adding all this pork to it and seeing that we basically have no leadership to institute reform or address underlying issues (like this loss of our industrial base and our energy problems) I'm not sure what I think anymore.

I do think that even if the House passes this revised 400 page pork sandwich there is a good chance we will still go through a very hard correction. I don't see how we can avoid that. So after reading about it and thinking about it, I don't know. I'm pretty fed up with Wall Street AND Washington right now--and to tell you the truth, Main Street's gettin' on my nerves too.

I think I'll make brownies or something.

Thanks for the excellent analysis!


Chef Jeff profile image

Chef Jeff 8 years ago from Universe, Milky Way, Outer Arm, Sol, Earth, Western Hemisphere, North America, Illinois, Chicago.

I'd rather they split up that 700 billion and disperse it to families in the U.S.  It'd make quite a difference in whether or not many of us lose our homes or can stay put!


SusanBonfiglio profile image

SusanBonfiglio 8 years ago from Woodmere, NY

Great hub Dorsi. And thank you for the reminder that I am still better off than many others.

With all of the pork that they put in, they forgot to include my credit card debt.


pgrundy 8 years ago

Susan, they left off my CC debt too! The bastards!

Maybe you and me and Jeff and Dorsi could get a bail-out? I mean seriously, I know for sure that I am too WAAAAY big to fail! I must be saved! Quick! Someone send me a couple billion! (Doesn't that sound like a bargain?) lol!

See, I'd gladly run an investment bank into the ground for only a cool million and accept a bail-out of only a billion. Why oh why will no one hire me?


Storytellersrus profile image

Storytellersrus 8 years ago from Stepping past clutter

Hey, me too! I am still paying my student loan! UGH!


stephhicks68 profile image

stephhicks68 8 years ago from Bend, Oregon

Dorsi and Pam - I love the work you two have done on this issue. I hate all the extra fillings added to the Pork sandwich the past few days, but we do need something passed. We cannot wait for more credit to dry up - it will hurt everyone! We have a lot of debt - 2 graduate school student loans, plus 4 kids, but working very hard to pay it all off....


Lissie profile image

Lissie 8 years ago from New Zealand

From what Iunderstand from the commentators here in Australia: the US is in this position because of the lax regulation over your banks - banks in most of the western world have much stricter controls on the % of borrowings/funds than those in the US and therefore the type of risky lending that was happening in the US did not happen elsewhere. The bail out may be needed but its just to solve the current crises - fundamentally you need some better regularotry oversight of the banking system


Paul 8 years ago

I have a problem with the bailout, but I have a bigger problem with the billions in pork. It is obvious our congress will take any opportuinity given to steal money from the less fortunate to keep their jobs in the congress. If you have ever worked for the government, you can be assured the bailout will become more costly and in the end not be benificial. I would prefer if the government not spend taxpayer dollars so freely and tighten the purse strings. I blam the do nothing congress (republicans, democrates and independents) for not representing the people. It appears the congress, executive and judicial branches have lost sight of we the people. I keep my fingers crossed and hope for the best regarding the rescue plan (BAILOUT). GBA....


Kolby 8 years ago

What if the rest of us over spend for a car ? For most, the bank will reposess. Why is it different for a home ? Id like to live in a nicer home than I do, but I CAN'T AFFORD IT ! And for me to have to pay taxes to support others that can't pay their bills I think is anything but American. I will not vote for anyone that passed this bill - it is a boondoggle, millionaires will get their pay and the tax payer that pays his bills will have less to live on. Outrageous !


viralprospector profile image

viralprospector 8 years ago from DFW Texas

Dorsi,

This is very nice work. Thank you.

Here are my personal impressions of our situation.

The Constitution warned us to never trust government. We did anyways. Here is the result. Ron Paul is the politician that I have seen with any sense. The bailout bailed out all the good ole boys.

If the banks overextended, then they should go down. All these buddy buddies would have just go joined up with the decent banks, and just the bad companies would fail. That is the way it is supposed to go in America, especially when $2 trillion plus is at stake here. The people called their representatives, and that is terrific. They told them 30:1 - "no bailout". This was a big charade is all. They made the bad first proposal that 30:1 said no to - way worse. We have lost it!

We have just relented more power to our corrupt monarchy building efforts, called the government. Yes, as Misha said more succinctly than me, the day of reckoning is coming, more severely than ever.

I believe the bailout was the biggest mistake America ever made.

Thanks again, Dorsi.


budwood profile image

budwood 8 years ago from Southern Nevada

No point of trying to figure out why this happened. The point is, here we are at an altitude of 700 billion plus the other 10 trillion high and there's no engine. Get ready for a crash landing - the added altitude will give us more time before the crash, but then the crash will be even a bit bigger.

Anyway, who'se gonna turn down a banker who pleads, "Can you spare $17,064, pal"?


pcdriverupdate profile image

pcdriverupdate 8 years ago from VA

Oh just throw some more debt on the pile! Can't believe they made a 2nd go of it when the first didn't pass.


Paraglider profile image

Paraglider 8 years ago from Kyle, Scotland

Besides which, have I missed something, or aren't the recent falls in the market already totalling more than the bail-out? Throwing debt at debt = more debt. The only thing you can throw at debt is real money (or manufacturing output, but that one's a lost cause). Helter skelter...


eaglesden profile image

eaglesden 8 years ago from Texas

I realize that without credit that this country would go to it's knees. But on the other hand $700 BILLION could be used in a whole lot better places. I believe that they should just let these places fold and sell them off to the highest bidder. If a company in the real world gets into trouble there is no one to come to their aid and the small companies are just as important as the big ones. If not for the small the big would not exist.

http://4SecureMoney.com


multimastery 8 years ago

$700 BILLION DOLLARS! I am still trying to comprehend the enourmous mess our nation has got themselves in and mixed US in with it! This is utterly ridiculous! and you're right, this bill had to be passed, no time to ponder too long on who bears fault, Bottom Line: Major Financial Intervention Was Definitely Needed ~ Urgently!


sharonsarah profile image

sharonsarah 8 years ago

Great hub Dors. Your idea was nice. I am totally totally agree with Misha. He says right one.


Isaac A Lewis 8 years ago

The money is not really going to help those whom lose there homes or help those whom are goining to lose there homes. It seems to me it's going to free up banks to give new loans, and refinance old loans for the people whom are not even having a problem paying them. Again the rich!! I'd make sure those that who was at the driver seat while this happen would have to get off the 700 billion dollar plane with no parachute. We will get closer to the ground so that the fall don't kill them, but far enough so that they will fell our pain and the long term affect it has on us!!!


JYOTI KOTHARI profile image

JYOTI KOTHARI 8 years ago from Jaipur

You have picked up a time bomb kind hub. I congratulate for getting in google news. Americans need much much of these types of articles to read and think!!!

Jyoti kothari


Mary Tinkler profile image

Mary Tinkler 8 years ago from Gresham

that number looks soooo much more frightening when you type it out.....$700,000,000,000......instead of the shortcut, $700 billion.

My opinion? We're headed for hell. Stock up on rice and beans.


RGraf profile image

RGraf 8 years ago from Wisconsin

The banks get the bail out. What about us? What about the ones who are working hard and the unethical practices of others have really hurt us and no one seems to be doing anything to help the average guy.


socalweddingdj profile image

socalweddingdj 8 years ago from San Diego

I was talking to a blindly republican friend of mine today and he claims that it's all the democrats fault.  That the democratic party forced Fanny Mae and Freddy Mac or something to that extent, to accept these mediocre loans.  It's so convenient that it's the democrats fault when there is a Republican party in office.  Apparently these loans were given out to help people get into homes that had poor credit and then of course they forclosed because of this.  This is the same justification that the Republican parties use for not wanting to fund welfare or state sponsored programs for the poor.

 

It just seems that the Republican really lacks empathy in our society and if it really was the democrats who urged these loans to be given out (because they actually have some empathy) then it shows false judgement on their end.

 

It's funny what we let the politicans do to our country isn't it?  Parties aside, I think people really need to think long and hard about this election.  They shouldn't vote based primarily on their moral standing or how they feel about race, but who they honestly feel will do a better job.  Bipartisanship is failing us as we speak...


Anusheel Tandon profile image

Anusheel Tandon 8 years ago from Pune

I think bail out will be necessary on human grounds to prevent poor classes from more suffering. I would agree that if this is not checked then it will lead to more crime due to possible chances of poverty creeping in.

Although, no one seemed to speak about what strategy to keep for these tighter times. There is a lot of material on the net on the subject but here are my 2 pennies to bail out commoners.

Caution : This is high risk strategy but does work if practiced with focus and care. You need basic knowledge about how derivatives (financial instruments) work.

Facts:

1) Goal : To sustain minimal livex to keep basic needs running (shelter (rented), food, clothes and locomotion.... thank god, air is free) ...

2) How much minimum livex an American commoner needs? Well I lived amongst Americans for sometime (in Kansas City) in 2002 and my rought estimate is 500$ per family member (min livex). Although this figure would differ from person to person and from place to place and also the very definition of "basic needs" differ for every person. Pls adjust calculations accordingly.

Strategy per person ...

3) Before we begin you need to form a new view to the plunging markets. "To a derivatives invester (trader rather), even a plunging market is a rising one, if inverted". And this is because they can bet on either direction, up or down, depending upon their trade strategies. We will shortly choose our strategy, a simple one, yet effective. a commoners approach.

4) No doubt that derivatives are extremely high risk instruments and so there is a need to limit the exposure to them so much so that it doesn't hurt much but it might pay off very well.

Exposure ($) = 5% of your monthly income per person of your family.

I would assume this figure to be closer to 150$s per person per month.

Before you begin, be sure that the amount won't hurt you if you loose all 150$s. This is the basic.. decide your sum according to your tolerance levels. Don't worry, not all months will pay but a few months will pay more and compensate for the loss.. average over a year will be good if you follow basic rules. Try it only for one person first. Pls don't and never exceed tolerance limits.

5) Now choose a derivative instrument with highest possible leverage. To my knowledge, you can get 1 : 400 (ranges from 100 to 400) kind of leverage in Forex derivatives only. Forex is also the one where I observed volatilities lower as compared to stock markets.

6) Choose a currency pair where the volatility is lowest as compared to remaining pairs.. Well .. go choose the standard.. CABLE (GBP/USD pair).

7) With 150 $s at 1 : 400 leverage, you can virtually invest 60000$s (400 * 150) in the forex market. A 2% favourable direction in the currency pair in a month would return you 60000 * 2% = 1200$ and we are targetting only 500$s. Rest is obviously the risk buffer.

8) Choose a brokerage house that can provide you with the desired leverage and open a forex trade account with them. You can trade on virtual terminals accessible over basic DSL internet connectivity costing 24$s a month (Roadrunner was 24$s a month in 2002 in Kansas.. not sure how much is it now).

9) Most of the the terminals come with basic charting techniques (check before you open an account). Commeners strategy would be to choose two moving averages of the pair prices and chart them on the terminal along with the pair prices. 5 min and 20 min. When 5 min average crosses above 20 min average, go long and when it moves below, go short.

10) Keep an hour daily for this (with focus and without break) and be sure to change directions of investment as soon as the 5 min moving average flips side.

11) Never loose more than 10$s a day.. stop trading that day if you lost that much. And.. be sure to keep the total balance above minimum margins that brokerage house will tell you.

12) Be consistent and see the results.

13) Don't get addicted to this. As soon as the economy stabilizes, move to safer practices. It is really dangerous to form a habit of income through derivatives. It should not be used to make high fortunes and that's why recommended only to keep min livex running and that too with the startup money that you can tolerate to loose in these times.

After writing so much I think I can make a hub out of this. Suggestions welcome.

http://www.econcinnity.com


DEWEY44 profile image

DEWEY44 8 years ago

I have a creepy feeling that the Billions will be used to help lots of people, but not the ones it was advertised to help!


rsp123 profile image

rsp123 8 years ago from TALLASSSEE

That is a lot of money and I feel they could give every america over the age of 18 a part of that 700 billion dollars. I think that is about 200,000.00 per person what would do with that type of money. That would kick the income in fill gear.

www.aaaworldofthing.com


jim10 profile image

jim10 8 years ago from ma

I think Misha is right that it will just postpone the problem. AIG obviously didn't learn anything from the situation. I just heard on the news today that they thanked their best employees by sending them on a $440,000 trip. Imagine what they would get if they actually did well this past year. How can they spend money when they shouldn't even have any to spend. what are we handing our hard earned money over for. I would have enjoyed a nice trip too and I'm responsible.


PoliticalKnowItAll 8 years ago

i think this bill is crap and the banks should just burn in hell.


Bruce S 8 years ago

The are a lot of problems with the bailout\rescue plan but one of the key items is the lack of explanation and details as to how this happened plus how to be sure the scenereo doesn't repear it self again.

There has been a lot of discussion about the mark to market concept. The fed is concerned that now all those mortgages are not worth much and therefore to sell the debt or value the debt the FMV is worthless. That would mean the debt is valued at 10-20-30 cents on the dollar. If the debt is valued or sold based on these numbers then the decline in value will continue.

The fed is saying if the debt is held to maturity then the value should be close to 100%. This method over values the debt and continues the charade and over inflates the values.

The missing factor is most people do not hold their mortgage until maturity. Somewhere between these two methods is a realistic value for these debts. There needs to be better analysis and education as to how this mark to market process will effect the debt\mortgages that outstanding and what could happen with each variation.


hardikinn profile image

hardikinn 8 years ago

which will be next one ?


dynn profile image

dynn 8 years ago from http://www.dynn.net

Just wait and see...what happen next.


thejimster profile image

thejimster 8 years ago

The USA is not no1 in the world anymore. The European Union is more stable and more powerful.


AprilJune profile image

AprilJune 8 years ago

@socalweddingdj It's not really entirely any one groups fault, however your friend is half right. In the early 90s the house and senate which were controlled by democrats passed a bill forcing banks to accept sub-prime mortgages.

It's also the bank's faults for giving out loans to people that they KNEW could not pay.

We also have all the sub-prime folks for buying homes with bad mortgages

@thejimster That may be true but you should rechognize that germany has been bailing out its banks this week and there is a lot of talk about countries pulling out of the Euro because it is hurting local economies.


JOSEPH 8 years ago

I have read all of the remarks & suggestions. Let me say this. This country was first founded on Christian principles by many fleeing persecution in different parts of the world. It was a refuge and a safe haven. God never left people stranded. He gave us His 10 commandments and His instructions for our lives in His inspired word; The Holy Bible ! Everything wrong or evil was on a steady decline, in spite of the growing population. BUT in 1962, a group of ungodly women who thought they knew better than God, managed to get prayer removed from the school system. THIS caused a reversal of good & evil and from then till now, crime, rape, murder and ALL evil has spiraled out of control. WHO is really in control? Have we as a nation, slipped that far out of GOD'S Grace's? We have a corrupt government and crooked politicians and even sports. I enjoy the GAME of golf BUT even that has become ASSININE. A little over a week ago, BJ Sing was paid 10 million dollars with prizes ranging down to the lowest 1.5 million for PLAYING a game! We have never seen a time with so much destruction from the weather? OR is it God taking vengeance on this nation that has tried to shove HIM in the background. I believe it's WAKE UP TIME AMERICA!!! Is there HOPE ? ONLY ONE !!! 1st Corinthians 2:14 But the natural man (fleshly world loving man) receiveth not the things of the Spirit of God: for they are foolishness unto him: neither can he know them, because they are spiritually discerned. Again in 2nd Chronicles 7:14 If my people, which are called by my name (CHRISTians), shall humble themselves, and pray , and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land. Every Christian and believer needs to, daily, by two's and in groups get on their knees before Almighty God and ERNESTLY pray for this country, for forgiveness and restoration of the LOST years that the locust has eaten by the will and word of God! We are ALL sinners and that we, includes me. He is the ONE and ONLY control of all things. Are we going to let satan or God control our future? In His Service and His Love, JOSEPH


Jorge 8 years ago

I feel I'm in some sort of a safe zone. I will not be affected by this as much as other people. I live in a house where I pay rent (Well my mom) and the land lords have no morgate to pay so they won't make my mother pay more rent. My family has also always stayed away from any credit cards ( Just one for Emercencies)

I hate to admit but I've seen this before about 88 years ago (Obvioously I wasn't there , I'm only fourteen). I hope we don't make the same mistakes. I'm not sure if this bailout is a good idea or not but I hope it's not used for something other than helping to save the economy ...... (A.I.G)


vegas view 8 years ago

Has anyone noticed that they haven't used any of the URGENTLY NEEDED money yet. The Fed has been pumping money into money markets,private firms and any other sector it sees fit. Look around your own town people didn't stop buying cars or homes and credit card offers kept coming. People please stop letting politicians scare you. Remember Paulson is worth $700,000,000 dollars and guess where that came from. He is obliged to take care of the one that took care of him. You can't find any one who will tell you where the $700 billion dollar figure came from or what it represents. Paulson said it to the Politicians they said it to the Press and they said it to the People as if it where the gosspal.

Three years ago they trootted out that idiot Bush to push a plan for privatizing social security. How quickly we forget! If the Wall Street power brokers had pulled it off you would have been witness to the biggest crime in history. Maybe the destruction of capitalism as we know it because millions would have been left without any safety net. But, dirty lying politicians and the greedy men who buy them have one thing working for them.

WE NEVER PUT TWO AND TWO TOGETHER.....


Dorsi profile image

Dorsi 8 years ago from The San Francisco Bay Area Author

Wow great and interesting comments everybody- I love to see peoples opinions on such an important subject- I guess all we can do now is wait and see how the money is spent and will it make a difference?


kayla 8 years ago

How is it possible that people are losing there homes left and right, and no aid can be provided to them, but yet the STOCK MARKET can go down a POINT and here goes bush runnning to there aid with 700 BILLION dollars? Obama has a lot of s*** to clean up.


berrtus profile image

berrtus 8 years ago from Beaverton, Oregon

The bailout just postpones and worsens our ultimate decline which is caused by irresponsible spending. America doesn't make things anymore. That means we send our money overseas to buy things. That means money leaves our country and that's what causes things like our current financial crisis. We don't make things because the left decided to protect workers, but in effect put them out of work through regulations that were burdensome on companies. The answer is getting the government off the backs of business but unfortunatly we are doing the opposite and the bailout is not the answer but more of the same.


Brett 8 years ago

The 700 billion bail out plan is a scam to tax payers and companies going bankrupted. Why unfreeze the credit crunch if that's what put us there in the first place. We have people losing jobs across america and the government wants people to pull out more loans. How are they going to pay them back. Which puts us into a bigger hole. If the government should do something it should be to work with the people. Fix the problem. If morgages are far beyond the amount that a person can afford it should be made affordable. If the person is a risk why do we still give them loans. If we give compaines the money they'll just waste it like they did to get them in the same place they're at. Corporate managers driving in fancy cars going to vacation reteats spending millions on themselves. They all should be ripped of their money and should stop stealing from their companies


Kowboy 8 years ago

Hi there,...good subject ! Have to comment. If you do your homework,...you'll discover the banksters took 64 trillion dollars out of the economy ,...not to mention the trillions that go "missing" every year..with no accountablity because they don't have to answer to anybody,...and this before the fraudulent bailouts. It's all a scam to destroy the dollar, the economy, and to create a crisis worldwide so the evil international banksters can call for a world monetary system and further their one world order plans. They do it all the time,...create chaos,..then con the masses into believing they have the perfect solution,...and it's always to further their grip on the enslaved masses and planet ownership. Now , they have their "selected" not elected ( elections are held to make the people believe they actually have a choice) head puppet official waiting to take over and further their evil agenda, while in Canada, they have their puppets creating chaos in parliament for the same purpose. People need to educate themselves to what's really behind all these moves, and to what has been going on for eaons,..as well as what plans these war mongering , genocide creating, education, media, medical, pharmaceutical, military, entertainment, fed Reserve, income tax, controlling freaks have planned for the masses...a reduction of four fifths! We need an awakening,..a stand,...to take our power back,...it's coming.


Dorsi profile image

Dorsi 8 years ago from The San Francisco Bay Area Author

Kowboy, I would love to do a hub about the trillions that banks have collected over the last few years while "we", the average citizen, have fallen deeper and deeper into debt. Any links you could share on those stats would be appreciated.

And yes, I feel some sort of an uprising as the economy slips deeper and deeper into an abyss. It's definitely going to get worse before it gets any better.


Ronosborne profile image

Ronosborne 8 years ago

Great hub Dorsi. Merry Christmas


Dorsi profile image

Dorsi 8 years ago from The San Francisco Bay Area Author

Thank you Ronosborne! You too!


born to be free profile image

born to be free 7 years ago

You sure did stir me up Dorsi, oh oh...You really inspired me to write my view on this topic, but as I wrote and wrote and wrote, it became so lengthy that I had to save it for a Hub, LOL. You are so dead on with the info. you have shared on this Hub. I will be linking to you from my personal websites. Keep it up Dorsi, and thanks for the inspiration.


Dorsi profile image

Dorsi 7 years ago from The San Francisco Bay Area Author

Born to be free: I'm glad this inspired you to write some more about the Bailout Bill -it is definitely an interesting subject and will be talked about for years to come, I'm sure!

And thanks for the linking!


LondonGirl profile image

LondonGirl 7 years ago from London

A billion here, a billion there, and pretty soon you're looking at real money...


livelovecoffee profile image

livelovecoffee 7 years ago from Georgia

Great Hub! I think this is just the start of a massive government spending spree. This is what happens when you allow the government to think that they are the only ones who can fix the problem. I say they cut taxes and reduce spending by $700 billion!


jcorkern profile image

jcorkern 7 years ago from Wonderland

The Bailout is over 8.5 Trillion, not the figure you are using.

http://www.youtube.com/watch?v=9nhkqbJKFAA

http://www.prisonplanet.com/cost-of-bailout-hits-8

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/26/MNVN14C8QR.DTL

You see, everyone is parroting what they hear on the news, and we all know they lie. If you read the actual bailout bill called TARP, they do 700 billion at a time. It also gave more power to the privately owned federal reserve than the president has. It also states that they can not be reviewed by any court, judge, congress, president. NO ACCOUNTABILITY! that is why they told congress to get lost when questioned about where the money went.

• The Treasury Secretary is authorized to purchase up to $700 billion in mortgage-related assets at any one time. That means $700 billion is only the very beginning of what will hit us.

• Financial institutions are "designated as financial agents of the Government." This is the New Deal to end all New Deals.

• Then there's this: "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency." Translation: the Secretary can buy up whatever junk debt he wants to, burden the American people with it, and be subject to no one in the process.There goes your country.


Mark 7 years ago

Oh just throw some more debt on the pile! Can't believe they made a 2nd go of it when the first didn't pass. Thanks for your hub.


issues veritas 7 years ago

Apparently the results of your poll was correct.

There shouldn't have been a bailout

credit did not revive


Toronto12 profile image

Toronto12 7 years ago from Toronto

We would be headed towards a great depression if we didn't have the bailout - the whole global economy would collapse. There's much more stimulus on its way...


sophieqd profile image

sophieqd 7 years ago

The 700 Billion Bailout Bill

Great Article.


Dorsi profile image

Dorsi 7 years ago from The San Francisco Bay Area Author

Thanks everyone for coming by and commenting about the 700 billion dollar bailout bill. It looks like it sure has taken some twists and turns since it was passed, doesn't it? The money is going all kinds of places and I just hope that this works out....somehow....


Dorsi profile image

Dorsi 6 years ago from The San Francisco Bay Area Author

It is now 2 years since I wrote this article on the 700 dollar billion bailout bill and we seem to be no closer to economic recovery than we were then. I am afraid this money has only delayed the inevitable. Despite news of recovery, working class people can plainly feel the stab of poverty biting at their heels.


electricsky profile image

electricsky 6 years ago from North Georgia

You are right, this is old news. Maybe it will get better.


JON EWALL profile image

JON EWALL 5 years ago from usa

Dorsi

CHECK OUT THIS SITE FOR A UP TO DATE REPORT OF THE TARP BILL.http://en.wikipedia.org/wiki/Troubled_Asset_Relief...

LOOKING FORWARD TO A HUB


Dorsi profile image

Dorsi 5 years ago from The San Francisco Bay Area Author

@Jon) Thanks. I'll check that out. And thanks for stopping by!

    0 of 8192 characters used
    Post Comment

    No HTML is allowed in comments, but URLs will be hyperlinked. Comments are not for promoting your articles or other sites.


    More by this Author


    Click to Rate This Article
    working