I believe that there is going to have to be some kind of a so called "bailout" deal agreed upon. I would be in favor of any that does not reward the Wall St. fat cats who have imo caused all of this in the first place. This scum should not come out of it richer while the genral public is left with the tab. JMO.

I will be the first to say that I don't have the answers and do not pretend to. I just hope that something can be worked out, imo it will have to be.

I will say that I was at the Barber Shop today and I have come to realize that there are not any of our lawmakers on either side of the isle that go to a Barber. The Senate and Congress must have stylist come in bc if they would ever walk into a Barber Shop they would learn exactly what should be done.

Why just this morning I heard at least three diffrent solutions and all three were the right ones.

Want an answer to any of our county's problems? Go to a Barber Shop, you can get an answer to anything.

Aren't we trying to send the message that greed is NOT good? Isn't greed what has gotten us in this current financial mess? I would think having Trump in such an exalted position would be, at best, sending mixed messages to the greedy clowns who put our country in this financial mess.

 

JS we do not agree on much and probably won't in the future but........... I certainly agree with you on this.

I will say that I was at the Barber Shop today and I have come to realize that there are not any of our lawmakers on either side of the isle that go to a Barber. The Senate and Congress must have stylist come in bc if they would ever walk into a Barber Shop they would learn exactly what should be done.

Why just this morning I heard at least three diffrent solutions and all three were the right ones.

Want an answer to any of our county's problems? Go to a Barber Shop, you can get an answer to anything.

 

:lol:

 

Or a bowling alley. On any given league night, 90 percent of bowlers turn into politicians and head coaches.

I do not support this buy out. For 2 reasons.

 

1. If I need to be bailed out when will the Government send me a check to get me out of trouble.

 

2. They (Fed. Gov't) knew that this was coming, so why is this such a major issue and we need to rush to solve the issue. It wasn't that big of a problem last summer.

 

I also heard today McCain say that the Gov't has 1 trillion dollars that could be used to help the issue. If this is true why are they want tax dollars to fix this issue.

I wish there was a 3rd option in this poll, because I honestly see positives and negatives either way the vote goes and as of now I am still straddling the fence on this one.

 

 

Sorry, but part of the issue with America leaders is to many options. Nothing is black or white. So I wanted everyone to get on one side of the fence.

 

 

 

 

 

 

....J/k

:lol:

 

Or a bowling alley. On any given league night, 90 percent of bowlers turn into politicians and head coaches.

 

:thumb::lol: and the other 10% can tell you why the 90% are wrong.

Donald Trump mentioned some accounting change that would take care of everything. Does anyone know what this would be?

It's the mark-to-market rule. It basically says that if the market value of an investment drops below your cost in the investment, you must adjust the value of that investment to its market value. For instance, you buy $100 worth of stock. as long as that stock had a market value of $100 or higher, you would show it on your financial statement at its cost of $100. If it dropped to $75, then you would drop its value to $75 on your financial statement and show an unrealized loss of $25.

 

The problem is that in the mortgage paper market, there was no market. No one wanted to buy this bad paper. The mark-to-market rule says that the paper then has a value of $0. Now we all know that the paper is worth something, if for no other reason because its collateralized with real estate. So the investment banks are having to recognize larger losses than they actually have.

It's the mark-to-market rule. It basically says that if the market value of an investment drops below your cost in the investment, you must adjust the value of that investment to its market value. For instance, you buy $100 worth of stock. as long as that stock had a market value of $100 or higher, you would show it on your financial statement at its cost of $100. If it dropped to $75, then you would drop its value to $75 on your financial statement and show an unrealized loss of $25.

 

The problem is that in the mortgage paper market, there was no market. No one wanted to buy this bad paper. The mark-to-market rule says that the paper then has a value of $0. Now we all know that the paper is worth something, if for no other reason because its collateralized with real estate. So the investment banks are having to recognize larger losses than they actually have.

isn't this the same type of accounting that Enron used and allowed them to claim profits that they didn't actually have?

Sorry, but part of the issue with America leaders is to many options. Nothing is black or white. So I wanted everyone to get on one side of the fence.

 

Exactly, that's why I wanted the "gray" option. :jump:

It's the mark-to-market rule. It basically says that if the market value of an investment drops below your cost in the investment, you must adjust the value of that investment to its market value. For instance, you buy $100 worth of stock. as long as that stock had a market value of $100 or higher, you would show it on your financial statement at its cost of $100. If it dropped to $75, then you would drop its value to $75 on your financial statement and show an unrealized loss of $25.

 

The problem is that in the mortgage paper market, there was no market. No one wanted to buy this bad paper. The mark-to-market rule says that the paper then has a value of $0. Now we all know that the paper is worth something, if for no other reason because its collateralized with real estate. So the investment banks are having to recognize larger losses than they actually have.

 

Perhaps the fair value method of accounting for investments should be adopted in the same manner that governmental units and non-profits account for these items.

isn't this the same type of accounting that Enron used and allowed them to claim profits that they didn't actually have?

Enron was a shell game involving offshore companies and hidden liabilities. Jeff Skilling to mark-to-market to a whole new level by recognizing gains on future anticipated profits of assets Enron didn't even own. Enron was as more an audit failure than an accounting principle failure.

It's the mark-to-market rule. It basically says that if the market value of an investment drops below your cost in the investment, you must adjust the value of that investment to its market value. For instance, you buy $100 worth of stock. as long as that stock had a market value of $100 or higher, you would show it on your financial statement at its cost of $100. If it dropped to $75, then you would drop its value to $75 on your financial statement and show an unrealized loss of $25.

 

The problem is that in the mortgage paper market, there was no market. No one wanted to buy this bad paper. The mark-to-market rule says that the paper then has a value of $0. Now we all know that the paper is worth something, if for no other reason because its collateralized with real estate. So the investment banks are having to recognize larger losses than they actually have.

 

Thank you for the explanation.

Dave Ramsey supports this as well. Which is good enough for me.

The Senate bill is just as bad as the bill rejected by the House yesterday. I hope one or both reject it.

Maybe that's what needs to happen for people to learn to live within their means. Sometimes painful lessons can be quite valuable.

 

True. If you and I live beyond our means and don't educate ourselves on our finances, will the government bail us out?

 

I understand the need to do something, but I have heard numerous alternatives to help the situation that don't involve giving King Paulson a checkbook worth $700 billion of taxpayer monies. They need to address the problem not just put an expensive bandaid on the wound.

 

A true bipartisan bill would go a long way and I think that if they are leaders, McCain and Obama need to come up with some terms that they can agree on and submit them together since they are supposed to be the leaders of their respective parties. Don't tell us what you are going to do, .. just do it.

Dear Secretary Paulson:

 

I am writing to you to let you know about my leaky roof. I guess I shouldn't have gone with the fly-by-night roofers last time, but I don't have the time, money or inclination to repair my roof. Because of the leaks, my house gets more and more water damage every time it rains. This is hurting the value of my house which in turn brings down the value of the neighborhood. In order to stave off an economic crisis, I am seeking funds from you and Mr. Bernke to repair said roof. I'm not sure how much it will cost to fix it right, so make your best guess and double it. I'm behind on my mortgage too, and I certainly don't want any forclosed houses in my neighborhood. If you have any trouble getting the funds I need, just get it from all my neighbors. I know they have money.

 

Sincerely,

HHSDad