US's declining economy

[Scott B]

I was just watching president Bush's address on the economy, and it was kind of scary. He was saying how if the $700 billion rescue package wasn't applied as soon as possible, that foreclosures WOULD go up, businesses WOULD close, and the country would enter a depression. I'm not saying I approve of the spending of the taxpayers' $700 billion, but it must be done to save our country

Opinions on this?

 

[CoolFinalFan]

something defintlety has to been done... actually the whole world is at a economic crisis! What do WE do? I have not a clue but something must be done We as a consumer still have to spend money, even if it's on basic needs of life, that keeps the economy moving....
Any thoughts people!

 

[galaxyAbstractor]

Well.... No changes in Sweden, here the economy goes up instead (for now). The banks did need the close out other countries for putting their money in the bank here because when the US thing happened, every country went to sweden to put their money (according to Metro, swedish Newspaper)

 

[Scott B]

Hopefully things will get better and I hope congress approves the plan

 

[Spartan Erik]

I'm not an economist so I can't measure how bad our economy is, but it seems like we do need some help before we end up heading down that path.

However, businesses should be liable to pay back the government once they get back on their feet.

 

[networker]

I'm no economist either but an economies
natural cycle is to go up and down,so
things will get better.
The U.S Iraq/Afghanistan war budget is no
doubt putting a strain on things though.

 

[swl1990]

Well its not just a case of your economy though. If this bill doesn't get voted through then the UK's economy is just going down and down too as will half the world. As some guy said up there^ sweden switzerland etc. will be sitting pretty with the amount of money being put into their country.

 

[alexandgruntz]

New Zealand is talking about a free trade agrement with the US. Let's hope there's an economy to trade with!

 

[Brandon]

Yes, the $700 Billion would be paid back, with interest I think was said.

 

[shodan16]

It's kind of ironic that President Bush is the only president we've ever had that has an MBA.

 

[Spartan Erik]

It's kind of ironic that President Bush is the only president we've ever had that has an MBA.

Regardless it is not the president that determines the economy. In our situation, it is up to Wall Street and Congress to determine what's best.

Personally I'm happy the bailout didn't pass. If businesses made bad loans out of sheer greed, they should be punished. People who were taking out those loans and knew they couldn't pay them off should be punished as well.

Yes our economy will be in a recession, but this is the economy finally correcting itself. Why should my taxes go to pay CEOs who get paid $18 million to work 3 weeks before their company goes under (i.e. WaMu). If Congress passes any bailout, I want a break down of where every dollar is going.

 

[kkenny]

It's kind of ironic that President Bush is the only president we've ever had that has an MBA.

Really. I mean it really is ironic, but either way this economy is so bad that either way not everyone is going to be happy with the outcome.

 

[fempower]

The money wasted on the war (especially Halliburton and such other overpaying) was a major source of trouble. Also, people spending what they couldn't actually afford (Why do some purchase 2nd houses they can't really afford, when others can't even afford a 1st? It's just greedy.). The $700 billion was to be loaned at a much higher rate than normal to institutions that are already in trouble. How were they going to raise the money to pay it back? Not so easy for them.