The plan to relieve America's economy of its financial stress with the total sum of 700$ billion was turned down with an upset vote today in the house of representatives. If you aren't in the know, the bill planned to basically pay off the debt of many US corporations in an attempt to help the American economy.

Which brings my question for the week. What were/are your opinions on this plan? Do you think it was a good move or is shooting it down a bad idea?

Also, don't forget we owe all of this (click) in debt too. If you dont like reading, skim the bullet points and look at the graphs, there are some very interesting points in there.



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The story is on the front page of http://www.thestreet.com/ (where it should be)

Bad, the US government will now probably fall into greater debt then before and it may spiral out of control if something isn't done. This bill was that something that would have helped.
I'm gonna go with it being bad. I mean with the rising gas prices higher than they've been in years this is just another kick in the balls for America's economy. Hopefully the next president will be able to figure out a solution....

That or we all move to canada 8D. I CALL TOP BUNK IN TUTS ROOM!

In my uneducated opinion, they should have kept this. From what I skimmed over those graphs, I saw that we were in over $800 billion in debt. Those $700 billion would have helped us out greatly. Every one would be all, "Oh, hey look, we're in the clear, let's go and buy stuff." and they would also get paid a bit more, so they'd actually have money to spend. And the money that major companies would have an effect on people's paychecks, and that would help stimulate the economy more. From what I hear from the news, it's like a circle, that goes something like this;

Working Person - Economy - Companies - Working Person...

And so on. So if something that wasn't in the circle directly sort of beefed one of those up, it would eventually fan out to everything within the circle. Sort of how on a clay pot maker-thing, where if you stick a whole bunch on one side, it'll eventually make it so that it's all even again.

But that's just an uneducated person's ideas.

Just wondering, where do you think the Government would be getting that extra 700$ billion? We would have had to borrow all that money as well as take it from taxpayers.

'Money doesn't grow on trees' applies here.

^^;

Oh. Well then. Wouldn't it have then increased our debt like crazy?

Certainly would've helped if the government wasn't retarded enough to shoot it down! >:(

My parents and I live in a rented mobile home, so it would've helped US.

._.'

I didn't know you lived in one of THOSE. XD Sorry.

It dosen't move. It's planted into the ground to look like a house.

It would be about $2,000 from each taxpayer.

That would have cut into my Laptop + iPod savings. Now I'm feeling glad we didn't choose it. But then again, like, it would have saved USA for a few months/years. I get the feeling that my Macbook is suddenly unimportant when compared to a huge thing.

Worry no more for a while. The plan was altered and the changed plan was then approved by the White House.

Definite crisis averted.

So how much has this helped our spiraling debt? Not very much, by what I see.

Actually, the cost for the bailout is roughly equivalent to $2,500 per individual in America. Every man, woman, and child in the census, would have to dish out 2,500 big ones to attain the amount the bailout has proposed. Which makes even less sense from a logical standpoint from my perspective, as to where the hell this money is coming from. Unemployment is increasing at a staggering rate with each passing month, more jobs are being shipped overseas, and we're financially burdened by two wars overseas, and not to mention owing an extreme debt to other foreign nations.

If the Great Depression has thought us anything, it's that injecting liquidity into the top won't necessarily save it from the fate of crashing down, and ultimately crushing the bottom. The typical and conventional, yet shallow trickle-down conservative approach to the economy in the times of recession is anything but the most efficient solution to the problem(s).

There were many other alternatives that could have been taken. It seems like the government is acting against this would be crisis, for the sake of acting at all. It's simply using a hatchet, when it's absolutely dire in need to use a scalpel.

Mixed feelings about it, though I'm not really proud of it. :X

Where do you think the money is coming from? Why do you think the value of the dollar is going down?

NOWHERE! They're printing more bills because we don't have the money since basically this 700 billion is ultimately coming out of our pockets. But if these companies do go down imagine all the jobs that will be lost because we didn't bail them out. And with all those unemployed think of all the more things that aren't going to be bought so less money goes into circulation. Think of how many less doctor visits will take place and so on and so forth.

It must be nice knowing you have this kind of security as a big company.

Or we could make that sacrifice I don't know.