General Question

mingyeow's avatar

What personal worries do you have about the financial crisis, and where do you go for answers?

Asked by mingyeow (2points) September 28th, 2008

I am trying to understand the impact about the financial crisis on everyday people like us. I am talking to a lot of people, and most of us seemed totally confused. As such, would like to find out what personal worries you have, and where you go to find answers. Would be great if you specify your location and profession too!

Observing members: 0 Composing members: 0

24 Answers

scubydoo's avatar

I myself don’t agree with the buyout. I personally think that the business should run their course and if they have to go under , so-be-it. unfortunately, from what i’ve gathered from several people around me, I’ve found that not alot of people seem to care about it and some have no idea what is even happening. Alot don’t seem to even care, which I find sad. I hate to see anyone loose their jobs, but I also don’t think that I should have to pay for someone else’s mistakes, esp when top CEO’s are bringing in millions. It also seems like that the bailout will in the end just be price fixxing. I think , imo, that if the would just let the market run it’s course , then it will eventually stabalize back out and start gaining again. In my opinion, the bailout will just make matters worse at a later date.

PredatorGanazX's avatar

The questions now is time .. how long will it takes to get better from the looks of it, a long long time for sure.

Snoopy's avatar

@scuby In principle, I agree w/ you….let the chips fall where they may. Businesses will close due to bad human decisions.

The issue is that these problems are so wide spread and pervasive that it will cause significant financial problems for people who don’t deserve to be punished. Most everyone’s retirement accounts would implode and home values would plummet. World financial markets would seize.

Most don’t believe that a bailout is a good idea. But is the least bad idea….the other being the “let the chips fall where they may” idea…..

kevbo's avatar

IMHO, this is a sham, and we’re getting hosed. By sham, I mean a planned and manufactured crisis to consolidate wealth and ramrod a corporatist agenda. Listen to the SEC segment of the “enforces” episode of This American Life. Read Naomi Kein’s most recent articles. If you really want to scare yourself, check out Alex Jones’ sites.

The drama of the past few weeks has been just that—drama. Pageantry. There’s an agenda, and no matter the talk, the action is following the agenda. Sure, they’ll sand down a corner to create the appearance of compromise or of a reining in on the national news, but Wall Street is still going to get its money.

syz's avatar

I just do what I usually do: work hard for my money and try not to make bad financial decisions.

fireside's avatar

There’s really no way of knowing what will happen until the bailout is finalized. Here is the most recent news on the plan:

Pelosi also apparently found middle ground on a plan to allow the federal government to recoup money for taxpayers if the asset-purchase program isn’t making money after a certain amount of time. A House leadership aide said early Sunday morning that details were not immediately available. But the general concept was to provide Congress with a mechanism that would be triggered perhaps within five years to allow lawmakers to offset some, if not all, of the bailout costs.

I agree with Kevbo to some extent that this may have been a manufactured crisis, similar to the WMDs in Iraq. Congress balked on giving a greenlight to the 3 page plan put in front of them, which messed up the money brokers script, and now they are trying to find a suitable arrangement.

deaddolly's avatar

i work in the health care field and live in Milwaukee.

I think many ppl have no clue. They’ve read about the depression era, but cannot concieve of it happening again; to them.
I’m ok, so it won’t have much of an impact on me…yet. Tho higher gas/oil prices will have an impact on everyone sooner or later. The bailout seems to be just putting a bandage on things. We (Americans)are so strong, yet we still do such stupid things.

A college friend of my daughter said there are some places in NC, that have no gas and/or are limiting gas amounts that you can buy. WTF?

scubydoo's avatar

@kevbo and @deaddolly i’m inclined to believe. I to like dead believe it is putting a bandage on things. sooner or later
the bandage will burst and spring a leak. and yes , I live in NC and there are a few places mostly mid state that are/were without gas and limited the amout you could purchase. BUT, at some of those places, esp around where I live, people were going inside the store to prepay for the set amount and then hanging up the pump and swiping their credit card to by pass the system that was in place. smart , but also created long lines at the pumps.
i have another question that deals with this same problem about the bailout. sorry to enclude the question here, but i thought it would be best to keep it in this same thread. Has anyone looked at teh Paulson plan. or more importantly the draft for proposal for bailout? the part where it reads,

“Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.” link

how does anyone feel about that part of the plan?

fireside's avatar

@scuby – yeah, that was a total crock and probably the biggest reason why there was no deal in place last week. also probably the reason his was down on his knee in front of Nancy Pelosi at their first big meeting.

kevbo's avatar

As of today (9/28), it looks as if public sentiment has made the appearance of a debt in the original plan. What struck me with the news footage is how ashen are the faces of Pelosi, et al. Either they are tired or really f-king scared.

scubydoo's avatar

I’ve been working all day so I’m behind on news for today. has there been a vid posted of todays happenings?

kevbo's avatar

* dent *
(Freud would be proud)

scubydoo's avatar

thanks fireside

scubydoo's avatar

I wonder why pauslon says. “we’ve been working on this for a long time” odd thing to say considering it’s a recent problem. maybe I’m looking too much into it lol..

fireside's avatar

I’m betting that they’ve been working on it for over 100 of the last 140 hours, so that is a long time : )

Snoopy's avatar

@fireside Just to clarify, in a recent interview, Nancy Pelosi herself said that Hank Paulson’s kneeling was meant for levity at a partiuclar moment in a hallway between meetings.

I am only posting this to clarify that Paulson wasn’t actually, literally begging….as some who read that post might infer…

In any event, it certainly sounds that the Democrats have enough votes to push the bailout thru but don’t want to do it w/out Republican support to provide political cover for themselves…..

fireside's avatar

Thanks for the clarification, I never knew what to make of that kneeling thing

The vote just failed in the House
206 to 227 (still one vote left)

Snoopy's avatar

@fireside. Oh my. Wow.
Failed. Yikes!

fireside's avatar

@Snoopy – Yeah, and then moved right into voting on whether the Treasury should issue limited edition commemorative coins for the military…..

FYI – the vote changed after my last post: 205 to 228 (still failed)

I think that one of the Nay votes will call it back up for reconsideration, but I’m not sure.

Snoopy's avatar

@fireside. Yes I am certain this isn’t over. I will be curious to see if/when it does pass, what exactly will be different in that version of the bill vs. the current version.

robmandu's avatar

All we hear about is pain on Wall Street and Main Street. How about Sesame Street? People are living in trash cans there. Just sayin’.

scubydoo's avatar

@ Rob… don’t worry. the Bush administration will cut funding to Sesame streetsome more. so the people on Wall Street won’t have to live in a trash can.. they have a million dollar life style to keep up with ya know. lol

Answer this question




to answer.

This question is in the General Section. Responses must be helpful and on-topic.

Your answer will be saved while you login or join.

Have a question? Ask Fluther!

What do you know more about?
Knowledge Networking @ Fluther