you are so dead wrong about 15-20% unemployment without the bailouts, it is not even funny. By that reasoning, we need to enrich the kings because they MAY give us a job. Sounds like a recipe for a monarchy or oligarchy to me. Then again, isn't that what we already have. If people stopped relying on the rich guy to give them a job (with taxpayer money, I might add), and instead tried to innovate or develop a business on their own - be it trading, or basket weaving, then maybe we would have some ORGANIC growth. But know, Americans think they are entitled to a job, just like we think we are entitled to just about everything. So, we turn to the rich guy (banks/large corps) to keep us employed. Thus, the rich guy keeps getting all the money - be it from the very people he employs, or worse, from the tax money of the majority who are seeking employment.
Furthermore, the tax money aka the bailout money isn't being used to create jobs, it is not even being used to pay back the debt. Rather, it is being used to fund the trading of people/corps that are already rich.
Still think the bailout was good? If people read more, they would know these things, but 90% of Americans are either ill-informed or uniformed. The gov't counted on this to put a positive spin on just about everything from the bailouts to phony improving job picture. An example would be that nonsense about how if it wasn't for the Bush-Obama bailouts, we would be even worse off. Yeah, maybe short-term, but if we really are a great country, we would emerge even stronger.
Sorry for the rant, but we as Americans, have worked too hard to make this country what it is/was. I still believe we can remain a great country, but we have incur some pain first.
>>I disagree because they are just band aids in which we need to deal with the problem later. In that time we take on more debt.<<<
Yes, we will have to convert the budget deficits to surpluses and reduce the overall debt. But that will be easier in a growing economy. And that's what the bailout will make possible.
>>>I agree because if there were no bail out we would be dealing with 15 to 20% unemployment. The CEO's or President's that put us in this situation should be put in prison for wrecking peoples lives. There mistakes and people just doing the job they were told get fired. <<<<
Couldn't agree with you more.....I hate those weasels.
I don't know about 6000, but I agree with the worldwide collapse. China is overbuilding like everyone else now. Their econ will collapse too like everyone else's. This may actually be good. The world econ has gotten out of hand for the past 10 years, more like 20 in the US. A massive deleveraging was supposed to occur last year (the market was trying to price that in by falling to 6500), but the US and Europe put in all these bailouts/credits to prop up the econ artificially. The problem is, no one really knows what the indices should be at 10k for the DOW?, 8k, 6k? Honestly, I think we need to go back to 7500. Why? Because that is about where it was in 1996-7, before all this debt-financed nonsense started. And assuming no more monkeying around with capitalism occurs, the economies and financial markets around the world can rebuild organically instead of artificially. Will we see 7500? Who the hell knows? Probably not because of gov't pressure to keep the markets from dropping, and being what they are supposed to be - free.
>>>Honestly, I think we need to go back to 7500.<<<<
Nope. Tomorrow, Germany approves the bailout. We rally. We go back up to 10875 and then fall back. The recovery is still on.....its just not going as fast as we once thought. Consequently, chart after chart is putting in an inverted head and shoulders. The left shoulder is in and the head is going in now as I type. In a month, we put in the right shoulder. Then the markets resume their upward trend.