Did Congress steal MY plan for THEIR Rescue Package???? 8^o Re: No Crisis package? - Grab your Ringside seats - Watch the US economy IMPLODE!

[Governor Swill]

Why haven't those who defeated the original bill been tarred
and feathered for DELIBERATE ECONOMIC VANDALISM!

The reason is this. The original Bill would not have achieved much at all,
just as the Bill now passed will not do very much. Everyone either realises
this now, or soon will. The US legislators have acted solely to avoid
condemnation from the ill-informed.
The current problem is not about laws or legislation. It is about market
confidence in the credt system. It is a psychological problem of those
players in the credit market, and promises of some money from a government
or many governments is not the remedy needed. The amount of money on offer
is huge, but the players know full well that it is only a drop in the ocean.
There is no rescue package. Only the ill-informed do not realise it. That,
of course, includes you.

Exactly. It's a public show of doing something to remedy a situation
they can't remedy. A better bailout package would be to require
no-fee renegotiation of home loans that are at risk and only applies
to those who are first time buyers or have proven record of living in
the home and own only one home. It should require the finance sector
to take some losses now in exchange for the extraordinary profits
they've been skimming off the public for the last several years.

If the free marketers want to keep their markets free, they'll have to
learn to take the lumps they give themselves rather than expecting the
People to bail them out for having screwed us over.

Swill

[B J Foster]

Post by Governor Swill

Why haven't those who defeated the original bill been tarred
and feathered for DELIBERATE ECONOMIC VANDALISM!

The reason is this. The original Bill would not have achieved much
at all, just as the Bill now passed will not do very much. Everyone
either realises this now, or soon will. The US legislators have
acted solely to avoid condemnation from the ill-informed.
The current problem is not about laws or legislation. It is about
market confidence in the credt system. It is a psychological
problem of those players in the credit market, and promises of some
money from a government or many governments is not the remedy
needed. The amount of money on offer is huge, but the players know
full well that it is only a drop in the ocean.
There is no rescue package. Only the ill-informed do not realise
it. That, of course, includes you.

Exactly. It's a public show of doing something to remedy a situation
they can't remedy.
A better bailout package would be to require
no-fee renegotiation of home loans that are at risk and only applies
to those who are first time buyers or have proven record of living in
the home and own only one home. It should require the finance sector
to take some losses now in exchange for the extraordinary profits
they've been skimming off the public for the last several years.

I don't care about what US politicians do about the situation in the US,
since I don't live there. But, in principle, the best bailout package
would be to do nothing about those home loans. There is nothing useful
that governments can do about the current situation in the credit market.
What governments can do is put in place the normal obligations on
prudential lending that have long existed. The current market failure
has demonstrated that the players cannot be trusted to operated with
intelligence when governments encourage them to be careless.
Secondly, governments should stay out of the market, any market. The
reasons for that imperative are, historically, clear.

Hear, hear

It will still
take some time before the role of governments, especially the US
government, in facilitating this particular mess is obvious to everyone,
but it is now clear enough.

Costello creating/investing in the future fund is a classic -
contributing to the bubble. Channeling tax revenue into an investment
fund is so terminally stupid, we should thank our lucky stars that he
didn't do more damage.

Post by Governor Swill
If the free marketers want to keep their markets free, they'll have to
learn to take the lumps they give themselves rather than expecting the
People to bail them out for having screwed us over.

Quite so.