Sandhusker said:They'll vote for one before this is done, but this allows them to say that they voted "No" and will give them some leverage on getting a few more things changed.
Mike said:Also, every credit card transaction would have been denied.
kolanuraven said:Mike said:Also, every credit card transaction would have been denied.
Locking down those things would prob be the best move for society as a whole ever done.
I know 2 " ol' maid" sisters who took on every store credit card made and every offer that came in the mail for those 0% credit card deals, in " the good ol' days" and now between them they've got close to $35K in credit card debt alone......and both are BROKE.
Mike said:I really don't know how I feel about the bill rejection. Part of me says yea, and part says nay.
One week from last Thursday, we were just a few hours and/or transactions away from a complete meltdown.
Every check written in the USA would have returned as NSF, whether the actual account balance would cover this check or not.
Also, every credit card transaction would have been denied.
Scary part is.....just as soon as this happened, there would have been a run on the banks as no one has ever seen......and none would have been able to cover the deposits.
aplusmnt said:Mike said:I really don't know how I feel about the bill rejection. Part of me says yea, and part says nay.
One week from last Thursday, we were just a few hours and/or transactions away from a complete meltdown.
Every check written in the USA would have returned as NSF, whether the actual account balance would cover this check or not.
Also, every credit card transaction would have been denied.
Scary part is.....just as soon as this happened, there would have been a run on the banks as no one has ever seen......and none would have been able to cover the deposits.
I see the situation as serious but I do not see it as doomful as you painted. I think the market could actually work through this by itself to some degree. I think things are over exaggerated by those wanting to money or appear to have solved the problem.
But then again I do not understand how so many businesses will not be able to pay their pay roll if credit freezes. I borrowed money for payroll twice in my life once when I was 22 years old. The next 22 years I never relied on loans for payroll. How could all these businesses be shut down if they can not get a loan for payroll?
kolanuraven said:It now truly seems that most business' are within 48 hours of total meltdown ON A GOOD DAY!!
It seems that the old idea of " nest egg" for a rainy day exists no more.
Mike said:aplusmnt said:Mike said:I really don't know how I feel about the bill rejection. Part of me says yea, and part says nay.
One week from last Thursday, we were just a few hours and/or transactions away from a complete meltdown.
Every check written in the USA would have returned as NSF, whether the actual account balance would cover this check or not.
Also, every credit card transaction would have been denied.
Scary part is.....just as soon as this happened, there would have been a run on the banks as no one has ever seen......and none would have been able to cover the deposits.
I see the situation as serious but I do not see it as doomful as you painted. I think the market could actually work through this by itself to some degree. I think things are over exaggerated by those wanting to money or appear to have solved the problem.
But then again I do not understand how so many businesses will not be able to pay their pay roll if credit freezes. I borrowed money for payroll twice in my life once when I was 22 years old. The next 22 years I never relied on loans for payroll. How could all these businesses be shut down if they can not get a loan for payroll?
I got my info directly from a friend in one of my Senator's office in D.C.
You are not normal if you don't borrow for payroll from time to time.
All construction companies do it because they don't get paid weekly, or monthly.
Did you see where Caterpillar made an operating loan of $1.5 Billion the other day and is paying 8.7% interest?