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  • From: Akka Homestead <akkabhomestead AT yahoo.com>
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] Is it serious, or is it not?
  • Date: Wed, 1 Oct 2008 09:38:32 -0700 (PDT)



Lisa K.V. Perry wrote:

>
> This is what I don't get. The calls to Congress from the American people
> against the Bailout Bill, were as low as 35:1 to as high as 90:1 from what I
> heard. Congress voted with the people. In other words, we, the collective
> we, were actually represented per the number of calls.

Being picky here, but not Congress, just the House of Reps.  The Senate has
not voted yet.


>
> Yet, Bush and now heads of state from around the world, are imploring
> Congress to do "the right thing" to "pass this bill now" when in fact,
> Congress did the right thing by voting the Bill down.

Once again, think Illuminati, Bilderbergers, the richest of the rich, the
ones who control banking and more worldwide.  If we vote no, then we can
actually send them a small defeat.  The plan will only make the rich richer. 
They have hedged their bets.

>
> Yes, from what I've read, if the Bill doesn't pass credit will tighten
> further nad we'll have turmoil with a capital T, but it won't be the end of
> the world.

Exactly what I think.



>
> But now, with all the pressure, Congress will probably manage to find the
> extra votes. They will hopefully re-design a better bill with the taxpayer
> less on the line than they would have been yesterday.
>

I don't have much hope for the Senate to be strong.  With McCain and Obama
both pushing, as well as Pelosi and Bush, it will be a small miracle if it
doesn't pass.  It will pass, especially with all that power behind it, and in
the end, we will be no better off than we were 6 months ago, or last week.  I
think we will be worse off, and more and more industries will line up for the
dole.

I have written my reps and senators, have you?

Akka




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> >Hey, wait a minute, James <G>. I'm as philosophically opposed to any
> bail-out as you.


Bob, it's not your philosophy I was referring to but rather your worries as
above stated.

>
> >I'm concerned how even small businesses, in cities, and in small towns, can
> function in a new economic paradigm, thrust upon them with no notice.
>
>

Several things about this: This very topic was on a local talk radio program
this morning, to wit; "Gasp! Won't this dry up all the local credit so no
one can buy a house or car or borrow for business." Several local bankers
(bankers of local banks, First Tennessee, Highlands Union, etc.) called in and
said they had plenty of money to lend ON A TRADITIONAL BASIS. That is, if you
wanted a mortgage loan, you had to have at least 20% down and that downpayment
could not be another installment loan. If you wanted to buy a new car, you
had
to have a down payment and the approval of the loan would be based on your
income and credit history.

When people clutch their chest having the 'big one' over credit drying up, it
is almost invarialby they type of utterly unwise credit that has been the
coin of the realm for the past decade or so. Good ridance to it.

Some of our cities around here became debt junkies and addicted to
maintaining a good credit rating. They are going to suffer some, and to that
I say,
good! Some (like Abingdon, Va) funded most of their projects cash on the
barrel
ahead of time and they are going to do fine.

In a word, the notion that people, companies, businesses, and even cities
that have used sound, wise business practices are going to suffer in the
absence
of unwise and bad credit is bogus. Those wallowing in the 'credit is good,
more credit is better' mire ought to get singed and mend their ways,
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