Is the Stock Market Crashing?
The bailout has failed to be passed and the stock market has dropped 600 points.
What you could do with $700,000,000,000
- Give every person in the US $2,300 or give every household $6,200.
- Pay the income taxes of every American who makes $500,000 or less a year.
- Fully fund the Defense, Treasury, Education, State Veterans Affairs and Interior departments next year, as well as NASA.
- Buy gasoline for every car in the US for 16 months.
- Buy every NFL, NBA, and MLB team and build each one a new stadium – and pay your players $191 million a piece for a year
- Create the 17th largest economy in the world – roughly equal to that of the Netherlands.
- Or you could pay off just 7% of the $9.8 trillion national debt.
OR you could nationalize some mortgage related debt (aka “impaired assets”) that banks, credit unions, and pension funds hold. Using our tax dollars, of course. (via What I Learned)
A lot of people are upset over this whole thing. Some people are even protesting in front of Wall Street:
You broke it, you bought it, so… what do they say after that?
I dont know how to feel about this situation… i dont agree with bailing out these people bc we dont afford the same to anyone else. plus the CEOs of these companies are making tons of money all the while riding their companies into the ground. though in the same respect i dont necessarily oppose nationalization, just that buying out companies to save them is hypocritical when we dont do it for anyone else.
but in the same way, something has to be done, because this is starting to turn very ugly very quickly and i dont think letting these companies fail is an option.
at this point im wishing i didnt nearly fail macroeconomics, so i could make some better judgments/choices on this issue, but unfortunately economics is not my strong suit.
also im curious, and this is one of the first and probably the last time i ever say this, i wonder what Ron Paul has to say. I think his views would at least be interesting on this subject, though i dont normally agree with his economic policies. but it seems, strangely, i havent seen anything in the news about his thoughts, hes usually one of the first to discuss his views publicly…
so my one request, and hopefully i never say this again: libra, i would like to see some comments posted on ron paul’s thoughts on this
i agree for these companies to fail will be a major econ problem. but you have to think if they get bailed out what the hell are they going to do if they know a parachute will be there to save them.
http://www.youtube.com/watch?v=d73KlhUq1W8&feature=related