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Originally Posted by dalakhani
First of all, Warren Buffett didnt "rescue" Goldman Sachs. TMQ loses a lot of credibility off of the top with that distortion of the truth. Buffett was given a sweetheart deal and Goldman definitely needed the capital but if anyone thinks that they couldnt have gotten it in another manner is simply not informed (snipe you can ask you know who and he will tell you the same thing).
This "bailout" needed to be done fairly quickly. Rumors of this bailout are the only thing that keeps the markets from going over the side of a cliff. There is no time to cater to make everyone happy.
Congress has bought an extra couple of days by acting as if this is definitely going to get done. Look at what happened when it failed? People keep talking about the 777 points on the dow monday but no one is looking at Libor and the cost of short term commercial paper. This is extremely precarious. When those rates and spreads start to get out of whack the system can completely lock up and if that happens... Lets just say they need to act fast.
Tomorrow will be an interesting day.
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OK, Fu, so explain this to me. I'm probably playing Devil's Advocate but my question is why the hell should I care?
I own a house, can easily pay my mortgage, am happy with my life, basically I'm the person that worked my limited assets and my credit right and never got so rich I'm getting ****ed over now. My job is secure.
So how the hell is this my problem? Some rich people with money in the stock exchange will lose money. Those same rich people that don't want to take a small tax increase to help people like me out. Why should I bail them out? What is my doomsday scenario?