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Many of the recessions in the United States were caused by banking panics. The Great Depression contained several banking crises consisting of runs on multiple banks from 1929 to 1933. failures snowballed as desperate bankers called in loans which the borrowers did not have time or money to repay. With future profits looking poor, capital investment and construction slowed or completely ceased. In the face of bad loans and worsening future prospects, the surviving banks became even more conservative in their lending. Banks made fewer loans, intensifying deflationary pressures. A vicious cycle developed and the downward spiral accelerated. This kind of self-aggravating process turned a 1930 recession into a 1933 great depression. I hate bailing out these banks with taxpayer money as much as anyone. I know I am not the brightest person on the planed, but when I don't understand something, I try to do some research. My question is: why don't people understand that some of the same things that caused the Gread Depression are happening now? One last favor: If you disagree with the bailout, that's fine. However, would you please do our country a favor and read up about the Great Depression before you come to your final conclusion? I think it's your duty as a voter and and American to read these links before you call up congressmen and ask them to kill the bailout.
Why don't you? Even Bernanke agreed with Ron Paul that the Fed bailing out banks was a big reason the great depression lasted 10 years. There are ups and down, and this fed inflated bubble would have an unusually steep down, but bailing out of the dot com bubble is what fed this one and bailing out this one would create another. You can't borrow your way out of problems caused by borrowing. No bail out, no way, no how! Capitol Hill Switchboard: (202) 224-3121
Millions do understand and have been talking about the inevitability of this crash for years. Does Warren Buffet ring a bell? Even if you don't read WSJ, The Pelham Times, The Economist or the business sections of national and international papers...You can sign up for RSS news feeds at all of them. Even if you don't read much; didn't you wonder why houses just down the block went from $200,000 to $450,000 in just a few years? They are still the same fixer-uppers they always were. This housing bubble was a long time coming. This bailout should be called the Grover Norquist Crisis. He famously said that..." They (GOP) intend to shrink the US Government down until you can drown it in a bathtub"...(not exact quote). They have bankrupted America. They have taken us to the brink of collapse. The lethal combination of deficit spending plus off budget War borrowing, the privatization of public utilities and infrastructure to foreigners, the reduction of export trade and finally the loss of confidence by Americans and the world community at large in our institutions. You haven't noticed? It has been one thing after another since the late 90's. I most definitely do disagree with this bailout! This is the same way that Japan dealt with their banking crisis and it did not work! At least they did it with their own money since the Japanese SAVE money like we used to. Try looking up successful bailouts. Sweden for example. Or look up how Wall Street can repay us for liquidity assistance ie loans. Bitain and Taiwan have what is called a STET tax for all trades and transactions. Security Trades Excise Tax. The UK charges .25% for every transaction that goes into a fund overseen by an agency that also polices unusual activity - much like the SEC but the SEC does not have authority over Hedge Funds and the derivatives markets. The STET type tax would make between $150-200 Billion a year that would repay the tax-payer first and would also discourage market manipulation schemes. There are other packages that have worked also. Chile tried first a similar scheme as the Bush one and it failed. The 10 years or so later used one more similar to the Swedish one. What Bush wants is more than $700B. The bill states "not to exceed $700B at any one time...to be reviewed in 3 months and at 6 month intervals there after. This would take the last real power of Congress away. The POWER of the PURSE! It is a rolling bank account that never empties. OK...I gotta go now but now I have one suggestion. Start googling! Get some news feeds coming into your mailbox. Many of them have headline formats that you can choose the main subjects that you are interested in. Ciao!
Many people hate history and even to remember history when it is our most valuable assets to keep our system running correctly . I am in agreement with alot of people that the bailout isn't gonna solve anything nor will it help the "Greedy Rich Asses" that buy up houses and fix them and then sell them for jacked up prices that they know will cause other people problems in the long run. MONEY is the key word and will get people in trouble cause there is power to be had with it and the ways to achieve it. Even when people spend money to make the houses do the same thing. I would ask the public to be sure that they're buying a house not for it's looks but for the cost that they can pay for. If they want a house that makes them look like they're rich then they should save up the green. And remember this....the rich don't always live in fancy houses which in turn they fake how much they have so that they can go to the food banks and get free food when they can go to the grocery store and buy three hundred dollars worth of food. see how much more that makes you angry.
You also forgot to mention FDIC did not exist back in the 30s. That's where I know for a fact we will never suffer a Depression as deep as that again. We may have a deep Recession but I seriously doubt there will be another Depression. Sorry to be the only optimistic person out here. Also, the government is causing people to unnecessarily panic. If bank runs occur it will have a lot to do with them. Like this morning with Bush and his fear mongering. Because you have a lot of ignorant people out there that don't understand what's protected and what is not.
Caused by bank panics? This was a fabricated lie from major banks across the US, so they had the chance to establish the unconstitutional Federal Reserve. The Great Depression was started by the Federal Reserve, they abused and neglected the Gold standard. They devalued, and inflated our currency, after all, the GS restrained the government from heavy spending, hyper-inflation, and other mal-investments. "I sincerely believe that central banking systems are more dangerous to our liberties than standing armies."- Thomas Jefferson. "I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men." -Woodrow Wilson, after signing the Federal Reserve into existence. PS, it's not our duty to sustain financial failures, the government broke it, and they need to let the free market fix it.
You are also forgetting that as people started withdrawing money from their accounts, the RR Ratio went to zero. The Federal Reserve cut interest rates, but failed to inject liquidity into the banks to compensate for the drop in the RR and CD Ratios. As for the bailout, I don't think it's cool to give $350 Billion unconditionally to the President and Treasury Secretary. Had they regulated the entire bundle, then I'd probably support it.
Depressions -- that's what they called recessions back then -- happened ALL THE TIME. When the Great Depression started, there was no reason to suspect it was going to be ANY DIFFERENT than the countless depressions that had come before it... So what do you want to do, bailout EVERYTHING? (If you do, you're not alone: that appears to be the policy of President Bush.)
Why don't people understand that this is the fault of the Democrat Party coercing mortgage companies and banks into lending people money for homes who couldn't afford them? Obama's top two former advisers were the CEOs of Fannie throughout the 90s --- the Obamination is in over his head in this calamity. The frightening thing is that the liberal lemmings are such moronic ideologues that they don't care if it's true or not --- they want the Obamination.
You know, I never thought I would actually agree with you Alabama Man, but right now, I do!