Another bail out at this point is just stupid. It wasn't that great of an idea the first time. If the economy isn't good enough for people to buy cars, they're not going to buy cars.
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Well that makes sense. There are plenty of run down joints all around the city. If you come across a link to the article or a description of their primary business it would be appreciated.
The first bailout was stupid, frankly. All bailouts are stupid. Bailing out large corporations or banks that are not competitive is simply hindering a real recovery of the economy, plus dousing gasoline on a current account deficit fire. Of course, my automotive industry relatives don't agree.
The first bailout was stupid, frankly. All bailouts are stupid. Bailing out large corporations or banks that are not competitive is simply hindering a real recovery of the economy, plus dousing gasoline on a current account deficit fire. Of course, my automotive industry relatives don't agree.
Some nice houses are up for sale for around ~40 k and no buyers. People can barely afford buying necessities, let alone buying a new car.
The first was sure stupid, and I wouldn't doubt if the goverment repeat such stupidity
Lots of what happens in the city is utter stupidity. Seems to me that many of the folks that live in Detroit don't have any self respect or pride whatsoever. Or perhaps they're just lazy. Very sad to see.
OP
1) I'll see if I can find the actual article for you. My pop might still have the issue somewhere.
2) I understood the theory behind the bail outs. Give the banks money so they can continue to loan and "stimulate" the economy, then eventually pay back the money with interest. All sounds nice until the banks decide to both not lend and not pay the money back (though some of the major banks have re-paid TARP funds many small banks haven't) with no punishment what-so-ever to the guys responsible for this crap.
It's quite disturbing.
2) I understood the theory behind the bail outs. Give the banks money so they can continue to loan and "stimulate" the economy, then eventually pay back the money with interest. All sounds nice until the banks decide to both not lend and not pay the money back (though some of the major banks have re-paid TARP funds many small banks haven't) with no punishment what-so-ever to the guys responsible for this crap.
It's quite disturbing.
OP
The theory was always misguided because we don't have a shortage of banks in this country. If one fails another can step in to do the job. But the TARP banks were not even useful banks; Goldman Sachs and the foreign Deutsche Bank do nothing besides trade the capital markets and deal derivatives. And of course they won't lend bailout money when they can buy US Treasuries, flip them at 3-4%, and pocket the spread, or use it to speculate in markets that were already battered down 50% during the heat of the crisis. This was nothing but a free lunch to the bankers and the architects of it had a stake in it all since they were former Goldman execs.
I guess a bailout of GM would do "more" for the economy considering they actually create a product, but I believe the premise remains the same -- moral hazard.
Speaking of Detroit, this is interesting.
http://www.guardian.co.uk/artanddesign/gallery/2011/jan/02/photography-detroit
I guess a bailout of GM would do "more" for the economy considering they actually create a product, but I believe the premise remains the same -- moral hazard.
Speaking of Detroit, this is interesting.
http://www.guardian.co.uk/artanddesign/gallery/2011/jan/02/photography-detroit
OP
I wouldn't doubt that, Such idiocy I see here too. My neighbor is a student and always complains about being in debt and bad economy, but somehow he end up taking OSAP, which is financial aid in the province of Ontario if we take then we have to pay back to the government once we get a job after graduating. He ended up using the government loan in a trip to Caribbean and wasted all of it. Now he is complaining again, because can’t take another one, already paying his bank loan and his job’s paycheck isn’t enough to live. People need to learn money managements. I don’t feel for stupid people like.
Man. I wish we were in the NFC West.
Just drove by that earlier today. My uncle was saying there was talk of rebuilding /restoring the station, but the idiots in the city didn't follow through with the plans.
Well, this is another good argument against government student aid. I know people with $100,000 in student loans that need to be repaid. Can't imagine that.
Just drove by that earlier today. My uncle was saying there was talk of rebuilding /restoring the station, but the idiots in the city didn't follow through with the plans.
Well, this is another good argument against government student aid. I know people with $100,000 in student loans that need to be repaid. Can't imagine that.
OP