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Sep 30, 2008 00:50

I don't really understand the whole financial world and all the drama taking part in it right now. I REALLY don't understand how someone can work for Washington Mutual for 17 days and get a $20 million severance package when they went under ( Read more... )

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adarkjewel September 30 2008, 17:26:29 UTC
I heard one economist describe it this way: The house/country is on fire. We can either put out the fire or stand around watching it burn and bitch about who started it.

Should we bail out Wall Street? It's not my place to say. But as it stands now, here's what Washington says will happen if we don't:

* Housing prices will not rebound any time soon.
* The public will have a harder time getting mortgages, credit cards, car loans, etc.
* Credit companies will start lowering limits, even for upstanding customers.
* Those with ties to Wall Street (banks, investment firms, accountants, builders, etc.) could end up jobless.
* Those who would normally run a business on credit won't be able to do so any more (which means no expansions, renovations, etc.).
* Student loans will be next to impossible to secure.
* World markets, which often base their trading on Wall Street, won't continue to decline.
* Retirement accounts, such as 401(k)s will continue to take a beating.

If the bailout passes, the American public will end up footing the $700 billion bill. Oh, and throwing money at the problem may not actually solve it. Definitely a damned if you do, damned if you don't situation. Here's hoping some really smart people come up with a great solution.

For more answers to your questions: http://www.mercurynews.com/restaurants/ci_10584901?nclick_check=1

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whoretence September 30 2008, 17:38:37 UTC
Thank you. That made sense. :)

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