Hi! My name is Miguel Moreno and I write you
on behalf of soitu.es, a Spanish information website. We are
preparing a special report for tomorrow about
the world economic crisis and me myself I'm
in charge of getting ready an album about how
is flickr seeing the crisis, so I would
select some of the pictures in the group
"Economic Cluster of 2008". I'm
afraid we can't afford paying for the
pictures yet (I hope maybe some day we will
be big enough to pay for every photo), so I'm
asking you for permission to publish this
picture, obviously under your user name (or
other if you prefer) and linked to this site.
I hope you will allow us. Thanks in advance.
Posted 14 months ago.
( permalink
)
We'll see whether those guys are still
laughing when they have to fire everyone
because they can't buy next week's coffee.
Posted 14 months ago.
( permalink
)
Ah, you know what? I totally believe what the
news media tells me without reading the bill
myself. We totally should have gone into
Iraq, until the media told me we totally
shouldn't have. Right on!
Posted 14 months ago.
( permalink
)
that is so stupid. whoever made that sign is
an idiot along with most of the american
people who are against this bill. this bill
is not meant to help "rich people"
although that may be a BY PRODUCT because
rich people are included within the general
american population. this bill will help the
american economy on a whole, which affects
EVERYONE in this country. if you have a
retirement account, which most people WITH
JOBS do, you can say good bye to it.
Posted 14 months ago.
( permalink
)
Actually this picture and the warm reception
it has received goes to prove how ignorant
people are about finance and economics.
Sorry guys, the 'rich folks' have already
pocketed the money. The reason this bill is
so important (and why it will be passed) is
because the economic fallout of ignoring this
situation means your parents aren't going to
be able to retire anytime soon, or with any
comfort (seeing as how the stock market
reacted). It means its going to be much
harder for you to find a job as companies can
no longer borrow at affordable rates and
begin layoffs because they can't afford to
recapitalize and invest in fixed assets. It
means you won't be able to afford that your
first home because interest payments are
unbearable. It means that these fat cats
will continue to rake in the cash because
there is no limit on their paychecks etc.
etc. etc.
The bankers took your money and ran already.
This bill (if it works) might result in a
profit for the government if they pay the
right price for these illiquid assets. Which
means you probably won't be stuck with this
tax burden you're all shitting your pants
over. Anyone heard of the lost decade in
Japan? I think people underestimate the
risks/rewards of this bill and what it means
for the average American. You are all
ignorant, no wonder your representatives are
afraid to vote for the legislation.
Posted 14 months ago.
( permalink
)
beth.marta says:
"Actually this picture and the warm
reception it has received goes to prove how
ignorant people are about finance and
economics.
Sorry guys, the 'rich folks' have already
pocketed the money. The reason this bill is
so important (and why it will be passed) is
because the economic fallout of ignoring this
situation means your parents aren't going to
be able to retire anytime soon, or with any
comfort (seeing as how the stock market
reacted). It means its going to be much
harder for you to find a job as companies can
no longer borrow at affordable rates and
begin layoffs because they can't afford to
recapitalize and invest in fixed assets. It
means you won't be able to afford that your
first home because interest payments are
unbearable. It means that these fat cats will
continue to rake in the cash because there is
no limit on their paychecks etc. etc. etc.
The bankers took your money and ran already.
This bill (if it works) might result in a
profit for the government if they pay the
right price for these illiquid assets. Which
means you probably won't be stuck with this
tax burden you're all shitting your pants
over. Anyone heard of the lost decade in
Japan? I think people underestimate the
risks/rewards of this bill and what it means
for the average American. You are all
ignorant, no wonder your representatives are
afraid to vote for the legislation. "
Alright, I personally just signed up so I
can reply to this ignorant post above me. You
said, "This bill (if it works) might
result in a profit for the government if they
pay the right price for these illiquid
assets." meaning you don't even know if
this will work in the end.
That's where everyone has a problem with
this bill. You're going to put future
generations on a tax-burden that could be
worse for the economic recession we have
right now. Our country could still go
bankrupt like Argentina back in 2001 and will
have almost a TRILLION dollars in debt to add
to it.
The problem is the Federal Reserve, it has
no oversight what-so-ever. That's the real
enemy, they worked with Congress to pass
those cancerous sub-prime mortgages into the
markets and slashing rates, so everyone could
have "Affordable" housing which is
not achievable when people can't afford the
god-damn loans!
Everyone needs to wake-up and vote against
all incumbents who vote for this bailout
bill. It's complete and utter crap while
sticking it to everyone. Rich to poor. The
Federal Government is taxing us without
representation. Complete crap, do your
research, this bill passes and 10 to 15 years
from now we will be in the next true Great
Depression. Guaranteed. Take the hit now and
payoff the debt.
Posted 14 months ago.
( permalink
)
"Alright, I personally just signed up so
I can reply to this ignorant post above me.
You said, "This bill (if it works) might
result in a profit for the government if they
pay the right price for these illiquid
assets." meaning you don't even know if
this will work in the end."
Thanks for reiterating my point? Yes, I was
implying there is a chance it won't work.
But the alternative is far worse. This isn't
just America's problem, this is a global
issue, with ramifications far more serious
than anything we've seen since the Great
Depression.
"Our country could still go bankrupt
like Argentina back in 2001 and will have
almost a TRILLION dollars in debt to add to
it."
huh? You mean when Argentina stopped
pegging their currency? After the crash on
Tuesday foreign investors were actually
fleeing TO the American dollar, it gained
against all foreign currencies. Its still
the most trusted currency. The US won't
default on its debt because they'll print
more money if they need to, thats the beauty
of a fiat currency (although inflation is a
whole other issue). And a TRILLION dollars
of debt? No, it won't even be close to that.
The government would be buying these assets
at a steep discount and making a liquid
market for them, and in a few years they'll
resell them to investors.
"The problem is the Federal Reserve, it
has no oversight what-so-ever. That's the
real enemy, they worked with Congress to pass
those cancerous sub-prime mortgages into the
markets and slashing rates, so everyone could
have "Affordable" housing which is
not achievable when people can't afford the
god-damn loans!"
I agree. The federal reserve needs more
oversight but so does the entire financial
system in general. This bill is one more
step in that direction. The derivatives
market is about to implode and people are
manipulating prices across the board by
spreading vicious rumors after short-selling
stocks, benefiting from other's misfortunes.
The free market ideology took a huge hit, we
can't afford to ride this one out in the
hopes that the invisible hand will shove us
toward prosperity ten years down the line.
But I hate taxes as much as the you do, don't
blame this bill though, blame Bush's 'fiscal
conservatism' which has left America swimming
in foreign debt after an unnecessary war.
Anyway deftones, the point I was trying to
make is that most people have never read a
newspaper (including the majority of people
on this board) and don't know anything about
this issue. They don't understand the merit
of this bill. Although I disagree with you
about the issue, in your defense, at least
you have sound reasoning for not supporting
it.
Posted 14 months ago.
( permalink
)
Deftones, this ones for you buddy. Take
your pick, the Financial Times, The NY times,
or the Wall Street Journal, they all agree
with me and I sure as hell trust them on
economic issues more than I trust you.
Posted 14 months ago.
( permalink
)
It seems to me that this bill merely delays
the inevitable. Some will try to have you
believe that this crisis is because of a
"sub-prime mortgage" scandal. Seven
hundred billion in defaulted mortgages?
BULLSHIT! The mortgage thing is just a speck
of the whole picture.
Where do you think the seven hundred
billion is gonna come from? I'll tell you.
We're gonna print up this cash,and the result
will be further debasing of the money we each
have, the further decline of the dollar on
the international market, and run-away
inflation,too. And this is just a few of the
repercussions that we will suffer.
Indeed,this will become a global crisis,
but the American taxpayer will be footing the
bill.
On the other side of the coin,if this bill
is not passed, the effects of this crisis
will be felt almost immediately. This is a
"no win" situation. Before it gets
better,it's gonna get very bad. Folks are
gonna suffer.
If you hold your money,it's value will
decline. If you spend it,do it wisely. If you
have debt, pay it as quickly as you can.
Hang on,folks. This has potential to get
really tough.
I saw this photo here: www.flickr.com/groups/thenextgroup/discuss/72
157607640806...
Posted 14 months ago.
( permalink
)
thanks to everyone who laughed at this. tips
from serving coffee help pay my rent. you get
tips when you suspend the craziness of real
life for a second with something like idle
banter or a joke. bartenders do it all the
time. it's why people go to bars, it's why
people take a break and get a cup of coffee.
it's a person to person thing. does anyone
really think this was critical discourse on
the current economic situation? good lord, i
hope not. for those who posted to call it out
as ignorant, maybe you should take a break
and get a cup of coffee or something. your
fretting about it is not going to fix it.
it's way out of your hands. who's running
your life anyway, you or someone who took the
money and ran? exercise your basic freedom.
that we think we need to be preoccupied with
these decisions is terrorism. note them? yes.
be informed? for sure. let them f**k up my
day? nah, i work too hard.
Posted 14 months ago.
( permalink
)
Sign up for a free account, or sign in (if you're already a member).
Guest Passes let you share your photos that aren't public. Anyone can see your public photos anytime, whether they're a Flickr member or not. But! If you want to share photos marked as friends, family or private, use a Guest Pass. If you're sharing photos from a set, you can create a Guest Pass that includes any of your photos marked as friends, family, or private. If you're sharing your entire photostream, you can create a Guest Pass that includes photos marked as friends or family (but not your private photos). Learn more about Guest Passes![?]
ChrisI1024
says:
Hi, I'm an admin for a group called Economic Cluster**** of 2008, and we'd love to have this added to the group!
Posted 15 months ago. ( permalink )