Quote from: Claire de Lune on September 29, 2008, 01:33:13 PM
You're right, Nichole. The world will certainly survive if nothing were done and things would work themselves out eventually. It will likely take a number of years and there will be a great deal of pain and suffering for all people. Liquidity will be bone dry as there are no institutions for anyone to borrow from. No home loans, no credit cards, no loans for business - nada. As I've said, I don't like the bail out but the alternative is worse. Also, the current package is for more palatable than the original one.
Ya know, this scenario is not the only one. Other economists and "bankers" have actually made different suppositions that have it that the collapse of the casino-interests on Wall Street may well actually boost the abilities of non-giganormous banking institutions and the credit-liquidity is a matter of banks not wanting to release money now to other banks as a means of blackmailing the government into doing what they want the government to do which is to provide the players with a no-strings attached bailout.
That you two accept the direction of "czar" Paulson and his Goldman Sachs cronies, doesn't mean that "worst case" as you see it is inevitable.
You can cede whatsoever you wish, Claire, but I've hardly made the following comment to either of you, nor appealed to my own irresistable knowledge as did this:
Quote from: Lisbeth on September 29, 2008, 10:37:56 AM
Quote from: Nichole on September 26, 2008, 09:22:19 PM
Actually, for the both of you who may know banking, at whatever level, but not history or, apparently economics: feudalism was about as far from the banking interests in Genoa, Augsburg, Florence, Siena, and Venice as Wall Street is from Chihuahua.
Those people invented your precious system that's too big to fail, too important to have anything but it's own way. And then taught the English about how to create a Bank of England and, thus, your former lives. Illiterate, unsophisticated and rude they were not.
And people in the cities were no more "part of the land" than you are in SF.
Good grief! Get knowledgable before you make some blanket statement based on a rumor you heard in 9th grade, please.
Nichole
Oh, Puuulease, Nichole!!! You're blowing it out your ass. I've never heard anyone on Susans question my knowledge of history before. I know all about the Fuggers and their mideaval banking system. What do you know about securities exchange?
Quote from: Claire de Lune on September 27, 2008, 11:13:11 AM
I have a BA in economics, Nichole. And I'm a student of history. Was in school, continue study for entertainment and knowledge. Ask me about the War of the Roses.
Ask me about the War of the Roses and I'll you about my family's personal part in it.
which of course was conveniently deleted to leave things looking as if I just unleashed on one of you.
Please.
Nichole
Posted on: September 29, 2008, 04:32:49 PM
The fact that "corrections" occur seems to always be the way of the world when it's me or you whose accounts are getting hit by the "corrections." The market fell because people started selling the stocks of the banks that had been holding the treasury to ransom to bailout their poor judgements and losing bets.
And, so people would have to pause and wonder if they fell due to the non-passage. This tactic is as transparent as Saran-Wrap, Claire, and we all know it.
Heck, if I had all my money on the bet that the bailout was gonna go forward with the "changes" that have been reported I'd be pulling money outta the bank stocks as well, at least the major players who are holding all those mythic "securities." I'm thinking the "security" of a gryphon farm would be much more secure than the packaging of debt that cannot be paid-off as a "security."
Heck, maybe we're seeing some real valuation occurring in the market.
Nichole