700 Billion dollar bail out.

[marshd1000]

I know that probably most of you are familiar with the problems of WaMu.  Well, it has just been announced that JP Morgan Chase is buying the bulk of WaMu.  I don't bank with them, but I feel for the employees at WaMu's headquarters here in Seattle.  While I wouldn't be surprised if Seattle became a regional outpost for Chase, I would think that there will be hundreds or more who will be laid off as a result.  For us Washingtonians, it marks the end to the LAST major bank headquartered in this state.

[skiking]

I live in rural Oregon so houses are quite a bit cheaper.  Our house cost 79k so the payment on our standard mortgage is very affordable. 

Wow, home values here are really inflated, even now it is hard to find a 1/4 acre lot for under 100k and something with a house on it for under 180k

[schro]

I love Oregon.

[slyinglide]

I just knew that someone would bring up this issue.  I was thinking about it, but thankfully someone else did it for me.
Well here it goes.......The Government needs to stay the hell out of this. as in NO bail out.  They need to look into the lending practices of the companies and if needed charge these companies and their leadership with said crimes.  There has been rumor's of, and evidence to, the fact that they have fraudulently changed loan applications, allowing people that they knew could never afford to pay said loan off.  Just because a company gets so big and powerful, and starts to fail due to their own fault, does not mean the Government needs to intervene.  We need to let the market handle this....If it causes a economic downfall r even a recession, then it does.

Would you also call for a multi billion dollar bail out of Microsoft if they made some bad business decisions and their stock fell to $1.00 a share?........

[schro]

^^^^^

 

[champ007]

My 2 cents
Where the hell are the Kuwaiti’s??
Sorry SOB's 

[Robmeister]

Would you also call for a multi billion dollar bail out of Microsoft if they made some bad business decisions and their stock fell to $1.00 a share?........

I think that's the major point and a good one.

Yeah...Microsoft...like AIG if they FAILED would cause a GLOBAL economic disaster, the likes of which the world ain't seen since the great depression.

But then again, what they are also considering is what sort of precedence will be set.

Govt. bailouts take the RISK out of doing business.  We can't have companies simply saying, "Ahhhhh, C'mon....let's go for it....if we phuk up, the govt will bail us out."

I dunno, man.  Personally, when it comes to a GLOBAL behemoth like AIG (or Microsoft) when global economic fallout is an option....that ain't no easy decision to just say, "Screw them....they're the one's who phucked up."

[schro]

Would you also call for a multi billion dollar bail out of Microsoft if they made some bad business decisions and their stock fell to $1.00 a share?........

I think that's the major point and a good one.

Yeah...Microsoft...like AIG if they FAILED would cause a GLOBAL economic disaster, the likes of which the world ain't seen since the great depression.

Govt. bailouts take the RISK out of doing business.  We can't have companies simply saying, "Ahhhhh, C'mon....let's go for it....if we phuk up, the govt will bail us out."

Disagree. Bail outs don't take out the risk, it shifts the risk ..... to you & me, the citizens of the country.

[tomgallagher]

but people that can't pay back a loan never should have been granted a loan in the first place.

OMG, common sense, and the EXPERTS couldn't figure that out....DUH.

[tomgallagher]

I take that back. They knew it but the greedy bastards just didn't care about the rest of us, only themselves.

[time2shine]

I know that probably most of you are familiar with the problems of WaMu.  Well, it has just been announced that JP Morgan Chase is buying the bulk of WaMu.  I don't bank with them, but I feel for the employees at WaMu's headquarters here in Seattle.  While I wouldn't be surprised if Seattle became a regional outpost for Chase, I would think that there will be hundreds or more who will be laid off as a result.  For us Washingtonians, it marks the end to the LAST major bank headquartered in this state.

Marsh, it's a shame.  I am a Wamu banker, and although JP Morgan is explaining that the transition for wamu bankers should be "seamless", I'm very worried.  The good news - I don't have much money in my bank account! 
My thoughts go out to the employees.

[schro]

We used to bank with WaMu....but I felt their slogan should have been "F You".

[tomgallagher]

A rock and a hard place. No bail out and the unemployment rate goes to 20% or more and we return to the days of the soup kitchens and guys selling apples on street corners and the foreclosure rate going thru the roof. Bail out and the greedy bastards that are responsible for this mess get away with it. A rock and a hard place.

[slyinglide]

If our whole economy is hinged on a single Company, or even several, then that is not saying much for our economic platform.  I do see how this housing crisis can cause a lot of strain in the economy, but I hope we can ride it out till it settles itself.  As far as common sense goes.....There were many people that felt that they could have never in a million years thought that they could have been able to afford a house.  That part of the "American Dream" was out of their reach.  Along comes a banker or housing loan officer and tells them that they can.  The loan people forge, nudge,  fluff, what ever you want to call it, their paper work to get them approved for the loan.  Do you blame the people that wanted the house or do you blame the company that loaned them the money?

   I want to put the majority of the blame on the lender.....they took the chance and loaned the money, now it is time for them to take the consequences.  If you loan a someone $500, and they say they will pay you back and they don't, who do you blame?  Who had the final decision?

If not bailing out these companies causes us to sink into an economic depression, then so be it.  We shall reap what we sow. 

[tomgallagher]

What you mean "WE" white man.