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Attachments: $700B Bailout Plan Discussions...
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$700B Bailout Plan Discussions...

Quoting cesarnc
I've got to be honest with you all here... I have simply NO IDEA what a $1.3 trillion means... It's way beyond my intelectual reach, I'm sorry....

I already had NO IDEA what is a $700billion. No idea.. I couldn't tell, for instance the size of a pile made out of $100 bills.

I don't think those figures can be fully understood by the vast majority of the human race...

It's already looking like a poker tournament's final table on the heads-up. One trying to bet the crap out of the opponent by simply speaking unbelievably crazy figures
Try this.

1 hour = 3,600 seconds
1 day = 86,400 seconds

1 million seconds = 11.5 days

So if you spent at an average rate of 1 dollar per second you'd go through a million dollars in 11.5 days.

1 billion seconds = 31.8 years

Now multiply that by 700

700 billion seconds = 22,260 years - which is about the average prison term that should be given to all the f#$&s who put us into this situation.

I hope that helps put the number into perspective.
  • Post #122
  • Quote
  • Edited Sep 29, 2008 6:26am Sep 28, 2008 2:53pm | Edited Sep 29, 2008 6:26am
Quoting cesarnc
I already had NO IDEA what is a $700billion. No idea.. I
just sign the FREAKING CHECK, please.
Attached Image
Most of us can get our minds around the difference between $1000 and $1,000,000 as it may relate to savings in our bank account, but cannot grasp the next steps up into Billions or Trillions.

Here is the best visual available on the web, from Dr. ChrisMartenson.com
in a 3 minute video. (review his other relevant videos - best on the web!)

http://www.chrismartenson.com/how_much_is_a_trillion

If you stacked $1000 dollar bills:

 

  1. Million = 4 inch high stack
  2. Billion = 358 foot high stack
  3. Trillion = 67.9 mile high stack.

It is incomprehensible to grasp.

Quoting Dopey

700 billion seconds = 22,260 years - which is about the average prison term that should be given to all the f#$&s who put us into this situation.

I hope that helps put the number into perspective.
Sure does!! It's indeed a SHITLOAD of money as I've suspected...

Quoting giraia_br
only sign the FREAKING CHECK, please.
Doesn't it look B-E-A-U-T-I-F-U-L?
As predicted by many here and elsewhere, a great show of "protecting the taxpayer" commenced, but, in the end, the bailout bill sailed through largely unchanged.



Quote
WASHINGTON — Congressional leaders and the Bush administration reached a tentative agreement early Sunday on what may become the largest financial bailout in American history, authorizing the Treasury to purchase $700 billion in troubled debt from ailing firms in an extraordinary intervention to prevent widespread economic collapse.
Link (NYT)



Sure, they tacked on a few trinkets, such as "limiting CEO pay," but in the end, this was simply the largest handout ever given to the banking industry since monopoly power was granted to the Federal Reserve in 1913.
I am dead-set against this bailout, and I judge it to be the very worst possible reaction to this crisis. Sure, our banking system could have taken a tumble, but it deserved to do so and needed a lesson in moderation. Now that opportunity is gone.

When it came right down to it, Congress extracted not one single concession from the banking industry. Not one. Although it is presented here as a "D vs. R" sticking point, let's be clear - this was really a "bankers vs. the taxpayers" sticking point. The bankers won.



Quote
Among the last sticking points was an unexpected and bitter fight over how to pay for any losses that taxpayers may experience after distressed debt has been purchased and resold. Democrats had pushed for a fee on securities transactions, essentially a tax on financial firms, saying it was fitting that they contribute to the cost.
In the end, lawmakers and the administration opted to leave the decision to the next president, who must present a proposal to Congress to pay for any losses.



Get that? They couldn't even get a nominal (and probably meaningless) transaction fee stapled onto the bill without folding on the issue. And, of course, I see nothing in here about banks giving up past or future profits, or in any way returning even a small portion of the loot they stole or favor they received. Nothing.



In the end, these "intense meetings" were a sham, designed to project the impression that real issues were being discussed - but nothing of the sort really happened. The banking industry gets to offload all of its toxic stuff and continue on its merry way, while you get to live with a now highly elevated risk of a major dollar collapse.



We were sold out. Probably for about $10 million in campaign contributions.

If you're a DC power broker, is there a time that is any more exciting than when you've directed the largest single chunk of taxpayer money towards the monied elite? It is giddy, heady stuff, as this picture makes clear.
Attached Image
Quoting Dopey
Try this.

1 hour = 3,600 seconds
1 day = 86,400 seconds

1 million seconds = 11.5 days

So if you spent at an average rate of 1 dollar per second you'd go through a million dollars in 11.5 days.

1 billion seconds = 31.8 years

Now multiply that by 700

700 billion seconds = 22,260 years - which is about the average prison term that should be given to all the f#$&s who put us into this situation.

I hope that helps put the number into perspective.
Paulson can spend it in one week. ( maybe less ) Is that great or what?
Hej.
Quoting FXoffshore
Most of us can get our minds around the difference between $1000 and $1,000,000 as it may relate to savings in our bank account, but cannot grasp the next steps up into Billions or Trillions.

Here is the best visual available on the web, from Dr. ChrisMartenson.com
in a 3 minute video. (review his other relevant videos - best on the web!)

http://www.chrismartenson.com/how_much_is_a_trillion

If you stacked $1000 dollar bills:

  1. Million = 4 inch high stack
  2. Billion = 358 foot high stack
  3. Trillion = 67.9 mile high stack.

It is incomprehensible to grasp.

Something wrong with the math here. If one million is 4 inch high, then one billion is 4000-inch high. 4000 inches equals 333 feet...not 358 feet.
Quoting FXoffshore
As predicted by many here and elsewhere, a great show of "protecting the taxpayer" commenced, but, in the end, the bailout bill sailed through largely unchanged.
As expected from the early beginning...

Quote
Paulson asked for the largest financial bailout in American history, authorizing the Treasury to purchase $700 billion in troubled debt from ailing firms in an extraordinary intervention to prevent widespread economic collapse.

1 week later, campaigns suspension, congress, media, experts opinion, meetings, rumours, buzz, talks, negotiation..

Quote
Paulson has got the largest financial bailout in American history, authorizing the Treasury to purchase $700 billion in troubled debt from ailing firms in an extraordinary intervention to prevent widespread economic collapse.

I didn't doubt this bailout from the first time I heard of it.
Deal is out.

Among the provisions of the draft bill:

  1. The $700 billion would be disbursed in stages, with $250 billion made available immediately for the Treasury's use.

  1. Curbs will be placed on the compensation of executives at companies that sell mortgage assets to Treasury. Among them, the bill would limit golden parachutes to executives at companies that participate; they will not be able to deduct the salary they pay to executives above $500,000.

  1. An oversight board will be created. The board will include the Federal Reserve chairman, the Securities and Exchange Commission chairman, the Federal Home Finance Agency director and the Housing and Urban Development secretary.

  1. Treasury is allowed the option to take ownership stakes in participating companies under certain circumstances.

  1. Treasury may establish an insurance program - with risk-based premiums paid by the industry - to guarantee companies' troubled assets, including mortgage-backed securities, purchased before March 18, 2008.

The "draft" has over 100 pages.. Can you imagine that?

To me it would have 1 checkbox: Deal / No deal

http://banking.senate.gov/public/_fi...08C04_xml2.pdf
According to Congressman Michael Burgess (R-TX) Martial Law has been
declared inside the U.S. House of Representatives. According to
Congressman Burgess, Speaker of the House Nancy Pelosi declared Martial
Law last night and has used that as justification to throw duly elected
Republican representatives OUT of meetings concerning the financial
crisis bailout legislation.
what a hilarious series of posts...
Trade the reaction, not the news!
So we spent the whole weekend in the expectations for the bailout plan to reach an agreement. The guys reached an agreement. The plan is yet to be voted and now the headlines are "Stocks down on fears the bailout plan will fail".

I give up... Sign the check!! Or not.. It seems that it doesn't really matter.
House debate live on CNBC...
Martial Law has been declared since last Saturday night, Sept. 27, 2008.

Listen how the representative who represents 820,000 North Texans say how no one was allowed to review the bill and how it is under secrecy. As a result of the passing of this illegal bill to bailout Wall street, the United States will experience [deflation first, followed by] Hyper-inflation and the economy will collapse resulting in a transition currency and economic environment to a new one to save us. This transformation will require martial law to insure its survival, according to the bill.

Inserted Video
And it is a NO.

Democrats: yes 140 No 95 NV 1
Rebublicans: yes 65 No 133 NV 1
Quoting cesarnc
And it is a NO.

Democrats: yes 140 No 95 NV 1
Rebublicans: yes 65 No 133 NV 1
The whole world is laughing at Congress, there like little kids......

Why bringing up for a vote if you know it's not gonna past!!

HOLLA
Quoting Turtle
The whole world is laughing at Congress, there like little kids......

Why bringing up for a vote if you know it's not gonna past!!

HOLLA
It was like some commentaris said on CNN: everybody wanted the plan to be approved, but without their own votes
House Democratic leaders are going to try to put together another financial rescue bill after a $700 billion plan was rejected in a House vote, a senior House Democrat said
I gotta tell ya

I really didn't see this one coming... Would be expected some bullshit along the way, but hey, there is no other proposal on the table!

There is simply NO OTHER option on the table!

It's not a matter of whether or not the plan will work. It's a matter of trying one last resource as an alternative of the total chaos.

Many congressmen said "we should not bail out those pigs at Wall Street". Ok, that's right.. WHAT IS YOUR PROPOSAL ???

We don't know if the crisis will worsen WITH the plan. But Dow Jones today (-700 as of now) says IT WILL WORSEN without the plan...

The bright side of it is that there is no more uncertainties in the markets: it's all fucked up now.
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