From an economist's point of view this is a horrible move. The market should work itself out correct? But how much time will that take?
Our economy is horrible and its everyone's fault. Its our government's fault for failing to check mortgage company loans. Its the fault of all the lending companies for lending money to people that are completely incapable of paying for their $2 million dream house. Its the fault of appraisers for such high appraisals. Its purely everyone's fault. But will this bailout bill cut it?
Honestly I don't know. At this point I don't think anyone does because the market is fluctuating so much. Last Monday the market dropped 700 points. This is no depression but it is a significant move towards one. It was a 7% drop in the stock market, enough to make anyone scared for the future. We don't want another depression, do we? I don't think our world needs one right now but every single day when I go on yahoo.com or open the television I see signs of a country falling from power. How will our nation sustain itself?
Now although the wisest decision is to let the market work itself out, quick decision making is necessary in order to tackle this dilemma that is affecting our nation. The bill may not work out but at least it is an attempt to help alleviate the woes of society.
Finding the scapegoat of this situation is absolutely pointless now because we're all in this hole. And we can only open that America will rise from this fall.
I don't think we have to worry about a depression just yet, historically the numbers aren't even close.
I'm not necessarily saying that. But depending on what economic background you come from this situation is horrible. I know that I'm gonna have trouble paying for college and its really sad.
But lets just see the future GDP growth or no growth and that'll determine depression or no depression.
Just a quick tip: If you use the reply button, our conversation will look more formatted. : )
I think this coming week is going to be important for all of us. We'll not only have to look at the Asian Markerts very closely put our own. I'm very interested in seeing Wachovia this next week.
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I'm excited too. Wachovia situation is interesting.
Oh, I know. My bet is that it gets turned over. If I had a lot of money I would have bought a shit load of Wachovia. What was its lowest rate a share? $2
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That's what my teacher did. Do you watch this guy Kramer?
No, What did he/she have to say? Link?
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I just learned about him on friday - my teacher follows his tv show religiously.
Cramer's Mad Money
http://www.cnbc.com/id/15838459
I'm going to start watching it.
But he gives advice on what to invest in. Stuff like that.