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Thread: The Motherfuckin Bailout Passed! Aghhhh

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    Default The Motherfuckin Bailout Passed! Aghhhh




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    Default Re: The Motherfuckin Bailout Passed! Aghhhh

    ^^^ actually, only the Senate approved the bailout bill. It now goes back to the house, which voted down a similar bailout bill earlier in the week. In order for this bill to become law, the house must now also pass the Senate bill EXACTLY as worded. We'll find out today !

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    Default Re: The Motherfuckin Bailout Passed! Aghhhh

    Aussie market was "meh" after the bailout news
    Once again, the conservative, sandwich-heavy portfolio pays off for the hungry investor
    - Dr John Zoidberg

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    Default Re: The Motherfuckin Bailout Passed! Aghhhh

    Buuut, won't america go into another depression era if this doesn't pass?

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    AudreyLeigh
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    Default Re: The Motherfuckin Bailout Passed! Aghhhh

    Quote Originally Posted by NekkoStarz View Post
    Buuut, won't america go into another depression era if this doesn't pass?
    Depression? No. Recession? Probably - but things will get back to where they need to be and then bounce back - always does. Its like a giant circle going round and round.

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    Default Re: The Motherfuckin Bailout Passed! Aghhhh

    Either way we go I'm not looking forward to it
    Quote Originally Posted by Emily View Post
    what's the difference between aspirin and a stripper's boyfriend?
    Aspirin works.
    Quote Originally Posted by anomar View Post
    Strippers need money to operate. They are like coin operated juke-boxes of love.
    A text I got:
    When a guy talks dirty to a woman it's sexual harassment, when a woman talks dirty to a man it's $3.95 a minute!


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    Default Re: The Motherfuckin Bailout Passed! Aghhhh

    Quote Originally Posted by TheSexKitten View Post
    No, actually it will go into a depression. But it is normal for economies to cycle like this, and we're actually pretty long overdue.

    IMO that's much better than inflation + taxpayers having to eventually foot the bill

    Just asking but how would a depression (people losing jobs, average people going broke or becoming poor, etc...) be better than inflation???

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    Default Re: The Motherfuckin Bailout Passed! Aghhhh

    Quote Originally Posted by kaiarose View Post
    Just asking but how would a depression (people losing jobs, average people going broke or becoming poor, etc...) be better than inflation???
    That's a great question. I'm curious too, I think personally I might rather deal with inflation b/c if I can't dance and SO loses job how the heck are we supposed to feed 4 kids? I'd rather cut back drastically and him keep his job ya know.
    Quote Originally Posted by Emily View Post
    what's the difference between aspirin and a stripper's boyfriend?
    Aspirin works.
    Quote Originally Posted by anomar View Post
    Strippers need money to operate. They are like coin operated juke-boxes of love.
    A text I got:
    When a guy talks dirty to a woman it's sexual harassment, when a woman talks dirty to a man it's $3.95 a minute!


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    Banned Melonie's Avatar
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    Default Re: The Motherfuckin Bailout Passed! Aghhhh

    ^^^ ultimately, this second bailout package is about three things ...

    - tons of PORK spending and tax subsidies intended to woo the votes of certain senators and congressmen

    - printing or borrowing another $700 billion dollars ... either of which will devalue the US dollar's exchange rate by at least 10%. The consequence of course will be that anything imported from gasoline to fuel oil / natural gas, to basic foods and processed foods, to virtually every product sold at WalMart, to US products which use copper / steel / plastic etc. will increase in price by at least 10%. I say at least 10% since an impending increase in corporate tax rates may cause retail prices to rise even more than the 10% necessary to cover exchange rate losses.

    - covering the a$$es of rich bondholders and stockholders of financial institutions, so that ample funds will be available with which to make future loans at high interest rates while the same financial institutions pay out low interest rates to savers.



    and even better ...



    ~
    Last edited by Melonie; 10-02-2008 at 03:07 PM.

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    Default Re: The Motherfuckin Bailout Passed! Aghhhh

    Interesting to see how the market is crashing in order to "scare" the Congressmen into passing the bill... Asap...

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    Default Re: The Motherfuckin Bailout Passed! Aghhhh

    Quote Originally Posted by Melonie View Post
    ^^^ ultimately, this second bailout package is about three things ...
    You forgot the part about easing the credit crunch so that money can continue to flow and keep the economy from depressing further. A lot of really shortsighted ideological thinking going on on this site. This isn't about rescuing wall street it's about rescuing main street. If you think strip clubs are slow now just wait to see what happens if no bill is passed.

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    Default Re: The Motherfuckin Bailout Passed! Aghhhh

    Quote Originally Posted by Melonie View Post
    ^^^ ultimately, this second bailout package is about three things ...

    - tons of PORK spending and tax subsidies intended to woo the votes of certain senators and congressmen

    - printing or borrowing another $700 billion dollars ... either of which will devalue the US dollar's exchange rate by at least 10%. The consequence of course will be that anything imported from gasoline to fuel oil / natural gas, to basic foods and processed foods, to virtually every product sold at WalMart, to US products which use copper / steel / plastic etc. will increase in price by at least 10%. I say at least 10% since an impending increase in corporate tax rates may cause retail prices to rise even more than the 10% necessary to cover exchange rate losses.

    - covering the a$$es of rich bondholders and stockholders of financial institutions, so that ample funds will be available with which to make future loans at high interest rates while the same financial institutions pay out low interest rates to savers.

    http://www.breitbart.com/article.php...show_article=1

    and even better ...

    http://www.nypost.com/seven/10022008...cke_131770.htm

    ~
    More Idiot analysis....

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    Default Re: The Motherfuckin Bailout Passed! Aghhhh

    Thank you, Melonie. As always, excellent commentary.

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    Default Re: The Motherfuckin Bailout Passed! Aghhhh

    Quote Originally Posted by Richard_Head View Post
    If you think strip clubs are slow now just wait to see what happens if no bill is passed.
    That's why all of this confuses me. I don't think I want it to pass, but i have a feeling either way will hurt just the same.

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    AudreyLeigh
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    Default Re: The Motherfuckin Bailout Passed! Aghhhh

    There will always be some lonely PL coming in blowing his rent money on titty. I will always make more dancing than any other job Im qualified for (which isnt much) no matter what happens on wall street.

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    Default Re: The Motherfuckin Bailout Passed! Aghhhh

    You forgot the part about easing the credit crunch so that money can continue to flow and keep the economy from depressing further. A lot of really shortsighted ideological thinking going on on this site. This isn't about rescuing wall street it's about rescuing main street
    The entire point here is that this bailout package is unlikely to actually help 'main street' even though it involves tremendous potential cost to taxpayers living on main street. You can look to Europe for a current example of what happens when the main gov't financial agency (the ECB) gives more money to banks ( to the tune of billions of Euros). Did the banks use this money to write new loans to businesses or individuals ? NO WAY ! Instead the banks put the money on deposit at the ECB itself so they could earn risk-free interest while figuring out their next multi-billion Euro speculative deal !

    The lesson to be learned is that, short of a specific gov't directive forcing them to do so ( a la HUD / Fannie Mae and 'subprime' mortgages ), banks are smart enough to know a bad credit risk when they see one !!! This will likely translate into US bankers using the bailout money to fuel more mergers / takeovers / speculation rather than making more risky low interest mortgages / car loans / credit card offers. Yes this will help economic activity levels from the top down, but will do little to help main street from the bottom up. As much as you and mainstream media may wish it to be otherwise, the days of no money down and teaser interest rates are OVER. For a fact any business or individual with reasonably good credit and a reasonable down payment (or collateral) is still able to obtain financing at affordable rates. In point of fact it is only the bad credit risks that are feeling a credit crunch in America at least.

    And also, a large portion of the second bailout bill is pure unadulterated PORK ... items added to entice votes from specific congressmen which have absolutely nothing to do with economic stimulus (other than arguably handing gov't subsidies to certain businesses tied to certain members of congress ... see American Samoa and Nancy Pelosi for instance). In fact there is a 'stealth' pork item relating to mental health coverage by US insurance companies that will in fact increase health care costs for US businesses by billions of dollars. How does this pork spending help 'main street' ?


    as to my 'idiot analysis', nothing could be simpler than looking at the US dollar index ...



    This index tracks the US dollar's international 'purchasing power' relative to a basket of other currencies. It can be plainly seen that in the time between the 'wheels coming off' at US financial houses and today, the purchasing power of the dollar on an international basis has improved from .73 or so to .80 or so - a 10% increase. It is no coincidence that, over the same period of time, the price of gasoline, food, and a host of other basic world commodities and imported products has declined by a similar 10% ballpark. It is very arguable that THIS means far more to 'main street' than anything else right now. However, if this second bailout bill is passed, the printing / borrowing of $700 billion additional dollars will probably send the dollar index right back down to the .73 ballpark just as quickly as it rose on September 28th when Paulsen's first bailout plan was turned down !!!

    ~
    Last edited by Melonie; 10-03-2008 at 03:06 AM.

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    Default Re: The Motherfuckin Bailout Passed! Aghhhh

    Quote Originally Posted by AudreyLeigh View Post
    There will always be some lonely PL coming in blowing his rent money on titty. I will always make more dancing than any other job Im qualified for (which isnt much) no matter what happens on wall street.
    What happens on wall street effects everybody though. If banks have no money to lend the economy will come to a halt.

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    Default Re: The Motherfuckin Bailout Passed! Aghhhh

    Quote Originally Posted by Melonie View Post
    The entire point here is that this bailout package is unlikely to actually help 'main street' even though it involves tremendous potential cost to taxpayers living on main street.
    Keeping banks afloat won't help main street? That's ludicrous. What happens to the car dealer on main street when nobody can get a loan to buy a car? They close up, all their employees are left without a job. What happens to the retail clothing store on main street when nobody is spending discretionary money on clothing? They close up, taking all their employee's with them. What happens when nobody can get a loan for a new house? It trickles down to real estate agents, home furniture/appliance sales drop, more people out of work. What happens to those depending upon student loans to attend school? Out to the workforce for them, good luck finding a job too. Upscale restaurants? Good luck keeping them afloat.

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    Default Re: The Motherfuckin Bailout Passed! Aghhhh

    This is the crap about this bill that pisses me off, and you just KNEW it was going to happen:

    http://www.sfgate.com/cgi-bin/articl...MNR813AHDN.DTL

    Senators quietly tucked a number of earmarks into the tax package of the 451-page bill that was passed Wednesday night and is expected to be put to a vote in the House today: a $2 million tax benefit for makers of wooden arrows for children; a $100 million tax break to benefit auto racetrack owners; $192 million in rebates on excise taxes for the Puerto Rican and Virgin Islands rum industry; $148 million in tax relief for U.S. wool fabric producers; and a $49 million tax benefit for fishermen and other plaintiffs who sued over the 1989 tanker Exxon Valdez spill.

    Wooden arrows, rum, and racetracks. Yep, that'll loosen up the credit markets.
    Former SCJ now in rehab.

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    Default Re: The Motherfuckin Bailout Passed! Aghhhh

    Quote Originally Posted by Richard_Head View Post
    Keeping banks afloat won't help main street? That's ludicrous. What happens to the car dealer on main street when nobody can get a loan to buy a car? They close up, all their employees are left without a job. What happens to the retail clothing store on main street when nobody is spending discretionary money on clothing? They close up, taking all their employee's with them. What happens when nobody can get a loan for a new house? It trickles down to real estate agents, home furniture/appliance sales drop, more people out of work. What happens to those depending upon student loans to attend school? Out to the workforce for them, good luck finding a job too. Upscale restaurants? Good luck keeping them afloat.
    Actually you and Melonie are both correct. The Senate package is pork-laden and ivolves borrowing hundreds of billions more. Since it involves the gov't buying the securities of nebulous value without a guarantee that the proceeds will be used to increase the availability of credit; it's a "bail-out".

    You are correct that something has to be done to inject liquidity into thye major banks. That's why I and many far wiser than me ( Trump, Wynn, Zuckerman, Laffer etc.) want a Warren Buffet type deal for the taxpayers - Buy preferred stock at a discount on 3 conditions : 1. open the book 2. Management and accounting reform and 3. A limit on executive bonuses.

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    Default Re: The Motherfuckin Bailout Passed! Aghhhh

    Quote Originally Posted by xanfiles1 View Post
    More Idiot analysis....
    XAN ! You're usually such a gentleman. Behave yourself and avoid the personal attacks. Melonie is almost always on target and deserves a little respect..

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    Default Re: The Motherfuckin Bailout Passed! Aghhhh

    The House just approved the bail-out 263-171.

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    Default Re: The Motherfuckin Bailout Passed! Aghhhh

    The pork pisses me off too but something had to be done. Too bad more republicans wouldn't vote for it without the pork when it went up for a vote on Monday.

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    Default Re: The Motherfuckin Bailout Passed! Aghhhh

    well, a lot of the 'stealth' provisions of this bill weren't pork related ... and arguably could never have been passed as stand-alone measures. Here's one of particular interest to exotic dancers ...



    (snip)"IRS undercover operations: Privacy invasion?
    The bailout bill also gives the Internal Revenue Service new authority to conduct undercover operations. It would immunize the IRS from a passel of federal laws, including permitting IRS agents to run businesses for an extended sting operation, to open their own personal bank accounts with U.S. tax dollars, and so on. (Think IRS agents posing as accountants or tax preparers and saying, "I'm not sure if that deduction is entirely legal, but it'll save you $1,000. Want to take it?") That section had expired as of January 1, 2008, and would now be renewed.

    Starting with the so-called Anti-Drug Abuse Act in 1988, the IRS has possessed this authority temporarily, with occasional multiple-year lapses. A 1999 internal report said the IRS had 126 "trained undercover agents" working in field offices at the time. This is the first time that such undercover authority would be made permanent.

    Sens. Max Baucus (D) and Chuck Grassley (R) have been pushing to make it permanent for a while, claiming (PDF) in April that: "Undercover operations are an integral part of IRS efforts to detect and prove noncompliance. The temporary status of this provision creates uncertainty, as the IRS plans its undercover efforts from year to year."

    There's another section of the bailout bill worth noting. It lets the IRS give information from individual tax returns to any federal law enforcement agency investigating suspected "terrorist" activity, which can, in turn, share it with local and state police. Intelligence agencies such as the CIA and the National Security Agency can also receive that information.

    The information that can be shared includes "a taxpayer's identity, the nature, source, or amount of his income, payments, receipts, deductions, exemptions, credits, assets, liabilities, net worth, tax liability, tax withheld, deficiencies, overassessments, or tax payments, whether the taxpayer's return was, is being, or will be examined or subject to other investigation or processing, or any other data received by, recorded by, prepared by, furnished to, or collected by the Secretary with respect to a return." "(snip)


    I hate to say this, but the above changes being made 'permanent', and the possibilities that could result, are (to use a trite but accurate adjective) simply mind-boggling. For example, if a new strip club were to be opened up in Manhattan, there is now no way to be sure that the clubowner isn't actually the IRS !!! And if any of the dancers applying to work at that new club have foreign ID's, the information sharing provisions would come into play as well !!!

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    Default Re: The Motherfuckin Bailout Passed! Aghhhh

    Another "Do Something/Anything Right Now And Think Of The Children! (and do lots of really important sneaky stuff on the side with no checks and balances)" bill rushed through into law?
    Once again, the conservative, sandwich-heavy portfolio pays off for the hungry investor
    - Dr John Zoidberg

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