Just heard the news the House has passed the 700 zazillion dollar pork barell bill. This will mark the beginning of the end of America as a world power. I am sure this will make half of this board estatic that America is failing.

Rest in Peace America, I truly loved you

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Its better to have fussed and crabbed then never to have fussed at all - Lucy

It is Bushco that marks the beginning of the end for America.

You fools cheer-led the entire debacle.

Listen shithead, it was the democrats that created Fannie Mae/Freddie Mac, it was the democrats who would not allow oversight. It was the democrats who extorted the banks to give loans to people who could not repay them it was the democrats the democrats the democrats.

You are an idiot of the first order

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Its better to have fussed and crabbed then never to have fussed at all - Lucy

ROTFLMFAO!

I thought it was January 20, 1981

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"If you're going to tell people the truth, be funny or they'll kill you." -- Billy Wilder

"Never believe anything in politics until it has been officially denied." -- Otto Von Bismark

Not speaking on the pork barrel aspect, but as for the bail out. Was the RTC the end of America back in the 1980/early 1990's? It was basically the same thing.

I found this online don't know how much of it will come true but it at least offers somekind of an idea. any comments?
What Happens After the Bailout?
Posted Oct 01, 2008 10:04am EDT by Henry Blodget in Investing, Recession, Banking
Related: jpm, wfc, c, bac, gs, ms, ^gspc
From ClusterStock, Oct. 1, 2008:

Now that the government has been terrified into rubber-stamping the bailout, what happens now?

In our opinion, here's the most likely scenario:

Hank Paulson & Co. survey the banking industry and decide who will stay and who will go. JP Morgan (JPM), Citi (C), Wells Fargo (WFC), and Bank of America (BAC) will stay. Goldman (GS) will probably stay. Morgan Stanley (MS) might stay. Everyone else in trouble could go. The government doesn't need to save all banks. It just needs to save some.
Within a month or two, Paulson buys $250 billion of worthless assets. He pays more than market value, but not an egregious amount more (because the public will be watching these early rounds). Over the next six months, he buys $700 billion of assets...and then he--or his successor--asks Congress for more money.
Confidence improves modestly, but banks continue to hoard capital and credit markets stay tight. Loans stay expensive and hard to get. This keeps pressure on the economy.
The credit crunch filters through to consumers: Credit cards, home equity loans, mortgages, car loans, etc., get more expensive, putting more pressure on consumers and forcing them to cut back further.
The economic news continues to get worse: American consumers continue to pull back, housing continues to fall (as of July, the year over year declines were still accelerating), companies begin to cut back, which leads to layoffs--which puts more pressure on consumers.
The global economy continues to weaken: Europe, Asia, and, eventually, emerging markets. This is already happen, and everyone else is later in the cycle than we are.
The stock market continues to fall, as corporate earnings come under increasing pressure and hope for an early 2009 recovery fades. Analysts are still expecting huge growth in S&P 500 earnings for next year. These estimates will get cut by at least a third.
The government enacts further measures to try to stop the fall in asset prices (stocks, houses)--including an expansion of the bailout plan--but these don't work. Governments always try to do this. They never succeed. All they do is delay the inevitable.
A new round of white-collar prosecutions send a new posse of corporate villains to jail. Some will be guilty. Some won't. All will be hated.
The government announces a new New Deal, finally investing in the country's infrastructure, in the hopes that this will stimulate the economy (which it will). Investments include broadband, green tech, wireless, physical infrastructure, et al.
Eventually, asset prices will bottom: Housing down 40% in real terms, the stock market down at least 50%. With luck, this will happen by early 2010, so the recovery can begin. Warren Buffett loads the boat with stocks, but by that time, most people are too depressed (and poor) to follow him.
Unlike Japan, we finally force our banks to write down assets as far as they need to be written down...and then recapitalize them. This is what we should have done in the current bailout, but we'll get it right next time (we hope).
We gradually begin a long-term economic recovery, one in which consumers save a greater percentage of income, thrift and saving again become admirable qualities, we gradually begins to wean itself off international oil, and the bacchanalian decades of the 1990s and 2000s become an embarrassing memory.
The stock market finally begins a new, long-term bull market, in which stocks once again return 10%+ per year. Unfortunately, most Americans will be so sickened by the stock losses they've sustained since 2000 that they'll miss many years of it.

[quote=TakuanSoho;622490]Not speaking on the pork barrel aspect, but as for the bail out. Was the RTC the end of America back in the 1980/early 1990's? It was basically the same thing.[/QUOTE

Tak, I sincerely believe this is the begining of the nationalization of the American banking system. I sincerely believe this is the second coming of the "New Deal" which will lead to the end of any pretense of free enterprise.

We should just go ahead and start working on 5 year plans, 10 year plans, communes and re-education centers.

Its over folks, its over. Russia moved to capitalism, the United States moved to "planned economies" Move over Cuba, we're moving in

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Its better to have fussed and crabbed then never to have fussed at all - Lucy

No, in reality it was Feb. 10, 1947, when Federalism was incoporated to mean total NATIONALISM, thus effectively relieving the State/We the people of their individualism, and making our state constitutions as well as our national currency nothing but outhouse paper.

Such as the 85 billion for AIG that we will be getting all of it back?

AIG to keep core insurance, sell assets to pay U.S. loan: Financial News - Yahoo! Finance

Again people, the goal here is not to waste money but to minimize economic harm. Giving AIG time to properly sell of assets is the best way of achieving this, and if the government does it well, the true cost is next to nothing. For AIG they did it well and we will be paid in full.

Now for the rest of the money, paying "above market value" is not a problem. People who say such things are economic illiterates. Of course we are "paying above market value", that is what a bailout it.

What people forget is that the market value changes over time. What a liquidity crunch is in a nutshell is a scenario when there are few buyers, and in such situations the market value is artificially low. The goal of the governments action is to allow the assets to be sold later, when the market value increases. If done properly this will cost the government little, but at the same time greatly reduce the economic damage that would happen without the bailout.

Now of course the devil lies in the details, and it is possible for the government to lose everything, but theoretically the concept can and has worked in the past.