Market Turmoil

William Grim · 2008-09-22T15:44:08-05:00 (Monday)

Oil is up; markets are down. And so it begins again. To add, we have a huge tax bailout on the way this time, amongst other things. How do you think it will affect you for the next 20 years?

Tony · 2008-09-22T23:35:04-05:00 (Monday)

I am not as worried about the prices of oil as I am this "bail out". High gas prices aren't good for anyone, but so far they haven't gone so high that we absolutely cannot drive. Also, the high gas prices have motivated research into alternative fuels, which at least is something good that is coming out of it. However, the bail out could hurt us a lot more than people think.

I know right now it doesn't seem like this could happen, but where does this stop? What happens when the auto industry starts to crash more than it already has? Do they get a bail out? You know how many people that effects every year, let alone the number of people it has effected in the past 10 to 20 years? A lot more people than these mortgages and the 401Ks (that would have been lost if they went under) would effect (IMHO).

I am not going to pretend that I know everything about this issue because I do not, but I do know that this country was never one to allow our government to control companies like this, or use tax payers money to bail out companies of their choosing. Another company to think about is the airlines. They have been on the verge of crashing forever. How many people does that effect? Hundreds of thousands, but they don't get bailed out! What about the Mom and Pop store that can't keep up with the large corporations moving in like Wal-Mart etc..? Do they get bailed out? When you or I are struggling who is their to bail us out?

My point is that this breads bad behavior that a capitalist society cannot afford. These companies now know in the future they can make these same bad decisions and just get bailed out again. Like I said before, I don't know everything about this issue, but what I know is they said everyone would lose their 401Ks and the economy would crumble and we would all be in the worst shape of our lives. But, do we know that is true? Is that a fact? Was this really needed?

On the other hand, if we HAD to have this bail out, why is nobody being held responsible? There has to be some sort of repercussion to this. I believe the companies should have to pay it all back, and the people who caused this should pay just like the CEOs of Enron, this includes any Senator and Representative that had a hand in this from either party. But, being an election year you probably won't see anyone pay for this. Just my opinion.

I have said a lot, sorry it was so long.

Tony

Bryan · 2008-09-23T05:52:33-05:00 (Tuesday)

I don't think I, or anyone, can honestly say how it's going to effect them 20 years later. In the immediate future though it's threatening my job. That's enough for me to focus on the immediate and worry about the future later.

Tony · 2008-09-23T10:39:16-05:00 (Tuesday)

Completely understand. However, sometimes short term fixes are what hurt us long run. But, I agree, you need to do what you can to make sure you make it now. Good luck!

Jerry · 2008-09-23T12:56:24-05:00 (Tuesday)

Quote from: Bryan on 2008-09-23T05:52:33-05:00 (Tuesday)
I don't think I, or anyone, can honestly say how it's going to effect them 20 years later. In the immediate future though it's threatening my job. That's enough for me to focus on the immediate and worry about the future later.

Hey Bryan, a bad job market is a good time to work on that graduate degree. I might be convinced to do a masters thesis with you :-)

Bryan · 2008-09-24T10:51:13-05:00 (Wednesday)

Quote from: Jerry on 2008-09-23T12:56:24-05:00 (Tuesday)
Hey Bryan, a bad job market is a good time to work on that graduate degree. I might be convinced to do a masters thesis with you :-)

So it is, so it is. Like I said, who knows what the future holds.

William Grim · 2008-09-24T20:33:16-05:00 (Wednesday)

Heh, today was quite interesting as well. The stock market swung up and down based on the remarks by Paulson and Bernanke.

My personal opinion is that a bailout will be the cheapest long-term solution, but who knows? I don't want to pay any of this, and it would be nice if Americans woke up to their spending habits and realized the country can't always borrow (amongst other things like improving primary and secondary math/science education). As part of this bailout, I want to have part ownership in the companies and houses that benefit from the bailout. You know, like being able to stay in any house while I'm walking down the street when I get tired and just take a nap.

Well, anyway...

Bryan · 2008-09-26T07:22:23-05:00 (Friday)

another bank down...

William Grim · 2008-09-26T09:56:59-05:00 (Friday)

Quote from: Bryan on 2008-09-26T07:22:23-05:00 (Friday)
another bank down...

Not really though. Like Merrill, they got bought out. I guess this means I'm gonna be able to use more bank branches now!