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FORUMS General Discussions Business Significance of AIG Bailout!
TOPIC: Significance of AIG Bailout!
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Well, here's my point. I was listening to Naomi Klein, of "Shock Doctrine" fame. And she had some good points.

I'm happy with a strong growing economy. And I'm not even necessarily talking about some kind of monetary payback.

What I want to know is what will be put into place to prevent or reduce the chance of this happening again.

Fullerton CA
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"Let's hope that we, the taxpayers, get something for the trillion we will put out for the coming bailout... "

I would say a healthy growing economy would be a nice pay back.

BTW, I have two home mortgages with Washington Mutual.

Mountain Ranch CA
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You know we won't. We won't even get a thank you.

Spencer TN
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Let's hope that we, the taxpayers, get something for the trillion we will put out for the coming bailout...

Fullerton CA
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If WAMU goes under can I forget my credit card bills?? :)

Spencer TN
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Wow! What a day on Wall Street. I'm sure the entire world has just let out a huge sigh of relief. Our economics crashing would have put the world markets in a tail spin. The last two days because of our terrible markets the Russian stock market wasn't even able to open. If we go down the tubes...everyone follows us.

Good news.... the Feds have already MADE over $15 billion in the AIG transaction because at the end of the day AIG's stock has gone up 60%. Several companies that were going to file bankrupcy or were looking for buyers now have some breathing room. Washingtom Mutual who was looking to fold now has stock that has risen 24% and that means they might not have to close their doors. Merrill Lynch is up 17% and Lehman Brothers is up 323%. The Feds made a great move and hopefully over the weekend they will iron out the details so Congress can vote on it early next week.

The last thing we need is our banking system to collaspe and all credit comes to a halt. Everyone in the economic world agrees that this would have been a meltdown for the USA and our government stepped in an haulted it.

Mountain Ranch CA
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TBR, I understand that. Property values fluctuate across the country. I was giving my experience only. A similar home and property in Chattanooga (75 miles away) was over $160,000.00 when we bought this house. In Yakima WA (where Rachel's family lives) we were looking at over $200,000.00. However cost of living and what people make also fluctuates across the country. My job however pays pretty much the same anywhere in the United States. I would never be able to live in Southern California, or Manhattan, or Chicago. I am perfectly happy where I am. I have the mountains and peace and quiet. My kids have a good school and the people here are very friendly.

The cost of living here is great.

If someone here makes $50,000 a year they would have to make $77,000 a year in Southern California to live the same lifestyle. Look at how much extra money you would have here. If we were to move there:

Groceries will cost: 16%more Housing will cost: 162%more Utilities will cost: 12%more Transportation will cost: 11%more Healthcare will cost: 24%more

If you make $77,000 a year in Southern Cal, you can live like a king here. You would only have to make $49,000 to have the same lifestyle plus: Groceries will cost: 14%less Housing will cost: 62%less Utilities will cost: 11%less Transportation will cost: 10%less Healthcare will cost: 19%less

That is the price you pay for living in paradise. No matter where you live you can't live beyond your means forever. (generalizing "you")

Spencer TN
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If you could find a 1400 sq ft house on 2.5 acres in San Diego, you would pay a lot more than $65K.

In fact, you can not buy a one bedroom condo for $65K.

The house next to me, 4 bdrm, 2100 sq ft, on a quarter acre, was on the market for $569K. Three years ago it would have been at least 100K more, and would have been snapped up in minutes.

Fullerton CA
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Exactly! Why should we have to buy their homes for them? They made the leap, not us. Let them float or fall on their own. People who live too far above their means get what they deserve for playing a risky game.

Spencer TN
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Why hasn't the government stepped in and done something about the unethical practices of lending institutions then? If a person can only afford a $80,000.00 home then why didn't the feds jump in and stop the lending company from putting them in a $200,000.00 home. The lender knew they would forclose on them. The buyer must have known in their gut that they couldn't afford it. It is a gamble and they lost. Why should I have to buy their homes for them? Why should you? Maybe they need to learn a lesson. Maybe the lending institution and the person who fixed the paperwork should be held accountable not someone next door or someone 1,500 miles away.

When we bought our house we qualified for way more than we could afford to pay back, however we chose a 1,400 sq ft brick rancher with 2.5 acres for $65,000.00 over the home loan the lender wanted to give us. I pay $450.00 a month instead of the $1,600.00 a month they tried to get me on. Could I have paid it? Yes until last year when I was injured. We would have lost our home if I would have made that deal. Every month I made a payment I put another months payment in savings so if anything happened my kids would still have a home. It's not my fault others can't, don't or won't do this. It is not my responsibility to pay for their homes.

If workers comp companies would not delay procedures because they are too expensive and costing more attorney fees than necessary, cause more surgical procedures (because of waiting) and paying more in medicines then that money would still be there.

In 2001 I injured my back at work. Damned near broke it. I went to the ER the next day when I couldn't hardly walk. After the DR told me I needed to see a specialist the WC company would not return my calls. I worked ( driving, throwing heavy tarps and chains)with a blown disc for 5 months, until I threatened to get a lawyer. When they returned my call to send me to a back specialist they tried to send me to family doctors, podiatrists, and 3 OBGYNs. Finally they got me in touch with a specialist. When I first went to see him in March 2002 he removed me from work and put me in PT. By July he said I would have to have a spinal fusion. The WC insurance company refused saying it was too expensive and their RD (who I never even talked to) said it was not needed. I was on over $3,600.00 a month in medications. After my attorney finally got me a second opinion through the WC ( they scheduled me for a DEC 2002 consult) I was approved for surgery in March 2003. And was finally released to go back to work in Sept 2003.

I spent an additional year in the system in pain when it was not needed. They spent more in wages and medication than they would have spent on the surgery a year earlier. Not to mention attorney fees and court costs due to me having to file numerous times to see doctors, have tests run, get my medications and other things. WC companies do this to almost everyone that they are assigned. Where's the government to step in and control their spending, neglect and bad policies?

Spencer TN
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TOPIC: Significance of AIG Bailout!