(no subject)
Be cool
Ramit Sethi has an excellent video on what you can do to stay ahead during the current financial crisis. His advice is spot on - looking for blame is irrelevant, and the best thing most people can do is save, save, save.
American taxpayers are about to shell out a lot of money - the government has already bought out assets that went sour, and with the recent AIG bailout and the Paulson plan I think it's clear that the administration's not going to impose market regulations any time soon. For me the AIG bailout was a final checkpoint - determining whether the government would put an end to the payouts or try to slow down the decline by creating more credit. I don't like the idea of the government buying up bad assets because it sets a precedent of bailouts as the answer to the decline - and more companies would obviously accept government handouts rather than fold.
The new plan bothers me because of the complete lack of oversight that accompanies it the Paulson plan would claim to be immune from review "by any court of law or by any administrative agency". At a point where people have little trust in the government - with the decline in regulation that fuelled this destruction in the credit market, hefty executive payouts, the uncertain fate of healthcare and the Iraq war - I hope that this plan isn't strongarmed through Congress.
This American Life has an excellent primer on the sub-prime meltdown: here. It's an hour long but well worth the time.
Ramit Sethi has an excellent video on what you can do to stay ahead during the current financial crisis. His advice is spot on - looking for blame is irrelevant, and the best thing most people can do is save, save, save.
American taxpayers are about to shell out a lot of money - the government has already bought out assets that went sour, and with the recent AIG bailout and the Paulson plan I think it's clear that the administration's not going to impose market regulations any time soon. For me the AIG bailout was a final checkpoint - determining whether the government would put an end to the payouts or try to slow down the decline by creating more credit. I don't like the idea of the government buying up bad assets because it sets a precedent of bailouts as the answer to the decline - and more companies would obviously accept government handouts rather than fold.
The new plan bothers me because of the complete lack of oversight that accompanies it the Paulson plan would claim to be immune from review "by any court of law or by any administrative agency". At a point where people have little trust in the government - with the decline in regulation that fuelled this destruction in the credit market, hefty executive payouts, the uncertain fate of healthcare and the Iraq war - I hope that this plan isn't strongarmed through Congress.
This American Life has an excellent primer on the sub-prime meltdown: here. It's an hour long but well worth the time.