Well, since the gov’ment under George Bush says we have nothing to worry about, we have nothing to worry about, since lord knows that man never tells an untruth. Bailing the private entities out WILL cost taxpayers money. Money that will go to the wealthy, mostly entrenched men, who caused the crisis in the first place.

We have guys still running around openly teaching folks how to create multiple corporate entities to get massive amounts of credit to buy real estate. They plan to never have to take responsibility for bad decisions. All political proposals so far still intend to hand more money to the dishonest, incompetent ones instead of those who are not greedy, and do their housing activities right and for the good of many.

Let’s face it, the same wall streeters that we are paying dearly to avenge their deaths in the towers’ brethren are still cheating folks worldwide and taking their wealth back to their caves. It’s never enough for them. Bad paper was pasted worldwide, and now it is coming home to roost.

Bank bailouts cost our futures dearly. We have corps denying folks their promised retirements and health care. But Bush said it is all good and the mission is accomplished. So I feel all IS well and we shall all be happy, fat and wealthy beyond measure for all times. GB never lies, and neither do his buds. Smoke a big, oily fattie for me and call me in the morning GB! My hero…ya gotta love him!

>>>”Bad paper was pasted worldwide, and now it is coming home to roost.”<<<

Congratulations, Slugger. That is one of the worst mixed metaphors I’ve ever read.

The one thing for certain is, those who have stored up wealth should not feel so secure. Our future does not only have the crash of banks to look forward to, but also the stock market. They both are going to crash.

People should ask themselves, if all their wealth were to suddenly vanish, then what?

If their were to suddenly disappear, then what?

If they were to lost their retirement income, what then?

While we are at it, we have better start praying to God that He fix the hearts of those who could cause our economy to come tumbling down at the snap of a finger to fix their hearts to not do cause such a drastic thing. No matter what things will never be the same. America has made its bed and will suffer the consequences for having its heart fixed in the wrong direction without seeing fit to change.

The only thing one has to look forward to are their prayers that God will be with them. People who are willing to turn their hearts right will make it through these hard times that are surely to come. One should also remember that God listens to the prayers of the righteous, not the unrighteous. So people, I hope truly desire to change to be right in God’s sight.

Some will, but many will not, but those who do will be able to count on the safety net of God, the others will not be able to.

Those who say that they are in control of their own destiny and life will soon learn that that have never been true, but are only a myth.

This economy is going to totally fall; this is the one thing all can count on. The fact that this is going to happen, the less conflict we have with other countries, the better for the U.S.

The one thing for certain is, those who have stored up wealth should not feel so secure. Our future does not only have the crash of banks to look forward to, but also the stock market. They both are going to crash.

People should ask themselves, if all their wealth were to suddenly vanish, then what?

If they were to lost their retirement income, what then?

While we are at it, we have better start praying to God that He fix the hearts of those who could cause our economy to come tumbling down at the snap of a finger to fix their hearts to not do cause such a drastic thing. No matter what things will never be the same. America has made its bed and will suffer the consequences for having its heart fixed in the wrong direction without seeing fit to change.

The only thing one has to look forward to are their prayers that God will be with them. People who are willing to turn their hearts right will make it through these hard times that are surely to come. One should also remember that God listens to the prayers of the righteous, not the unrighteous. So people, I hope truly desire to change to be right in God’s sight.

Some will, but many will not, but those who do will be able to count on the safety net of God, the others will not be able to.

Those who say that they are in control of their own destiny and life will soon learn that that have never been true, but are only a myth.

This economy is going to totally fall; this is the one thing all can count on, other than their faith in God. People who thought that their stored up wealth was their security will learn that they were wrong in their thinking.

The fact that this all is going to happen, the less conflict we have with other countries, the better for it will be for the U.S.

I even had someone tell me once, if they lost everything and was left with nothing, or could not care for themselves, they would kill himself. How sad it is that such a person does not understand who is his true strength is and who is the One who can see him through in hard times. If only this person would change turn away from evil and have faith.

I am totally surprised that so many people do not know whether their life savings are insured or not. I, for one, do not have over $100,000 in a bank. If I did have $100,000, I would certainly do my homework first to see if I’ve put it in a safe place. Each depositor is insured up to $100,000 in an account. If you’ve also got additional money to place in a retirement account, your are insured up to $250,000. If your bank fails, you receive $350,000. If you have more money than that - you can use your spouse or child on one account, you on another - or go to a different bank an open up other accounts. It’s not rocket science. Does the government have to hold our hands to do everything??????

p.s. The only way that banks will fail is if people buy into the news that is being reported with scare tactics. The media neglects to inform people that in 1989-90, during the S&L crisis, there were 1500 banks on the “problem list” with the FDIC. Today, there are 90. There are approximately 8500 banks in the US, 90 on the problem list - which doesn’t mean that they will fail - just that there are problems that need to be addressed. There will be bank failures due to the credit crunch and the subprime mess, but nothing will come close to what happened during the S&L crisis - unless the public buys what the media is spewing.

The bellweather companies are Fannie Mae and Freddie Mac. Since there appears to be some negative sub-prime lending issues with these two, I’m not terribly comfortable at the moment that we won’t see other banks, even large lenders like these, fail. I agree though, the S&L crisis was pretty bad and the world didn’t implode then. Personally, I’ve always made sure my bank is insured by the Feds, and we all know not to keep all of our eggs in one basket.

Kathy,

With the Saudi’s having over a trillion dollars desposited in our banks. If they want to call the banks to fail, the only thing that they must do is pull this money out.

Of course some of you think to hell with the Saudi’s we will not allow them to remove their money, then think how every foreigner who invested in our banks and stock markey would want their money and the choas to this economy that would follow.

But, it is all going to fall regardless, not sure if it will be because of foreigners pulling their investments out of the American economy or what, but it is going to happen.

Also, in the event of a serious banking crash, I do believe that only $100K would be guaranteed no matter how many different banks that you have 100k in.

Also, if something so drasctic happens, do you seriously think that anyone would get even one red cent of their money back?

And what if what you got back was worthless paper, due to the dollar being worth so little?

I’m more concerned about Barack taking it as opposed to not being able to get it out of the bank. That is more realistic.

D. Walker, Instead of praying, why didn’t you devote your time to teaching idiots how to read, or explain to them that sub-prime loans are a path to the poor house.

I didn’t pray when I saw what was happening to our economy. I “invested” monies in a dozen different countries. I am doing quite well.

I couldn’t belive that sane human beings would have McCain and Hussein Obama as contenders for the President of this country.

If you think “prayer works”, pray that neither of them gets one vote.

Then we can start over.

Do you agree?

God isn’t going to save your assests.

Slugger, is there anything that you can’t blame on Bush? I wish life really was that simple…As for bailing out Fannie and Freddie, that is going to protect all of us in the long run. Financial system collapses are really ugly things (see the Great Depression) and you don’t want to be alive during one. I don’t disagree that the financial industry is wholly to blame for this, in fact this is the second time in the last 25 years (S&Ls being the other) that the financial industry has led us into recession because of their greed. But bottom line, we will lose for more in wealth, productivity, and future GNP if we just let Fannie and Freddie collapse. And don’t take my word for it, go check out the economic blogs like I do and read it for yourself…

D Walker, the Saudis do not have a trillion dollars sitting in a checking account. They have money invested, not deposited, which is completely different. No one with a trillion dollars is going to plunk that amount in a bank account and earn a tiny interest rate. That’s like saying the Chinese “own” America because they have invested in Treasury debt securities. They own nothing tangible, and you can’t trade in Treasury Securities for the White House. Foreign citizens and governments invest here because we have the most stable and free-market orientated economic system in the world, end of story.