New York City--The defeat of the bailout plan yesterday--and the fact that the House is now out of session for two days making any action impossible--provides lots of time for everyone concerned to panic. But in the spirit of shoring up confidence, consider the bright side:
The bailout plan and its defeat overshadowed Wamu's collapse, the largest bank failure in history and its subsequent transfer to Chase.
Ditto, Wachovia, aquired by Citi in a deal which included an assumption of billions in liability by the FDIC--again with people barely noticing.
The bailout drama overshadowed the Fed's pouring an estimated $660 billion in credits--almost the same amount of the bailout--into credit markets in a sort of off balance sheet rescue, proving that this crisis is all about confidence and psychology, not actual dollars and cents.
And, of course, Secretary Paulson's bailout plan of Wall Street that ignored the underlying mortgage crisis wasn't all that great to begin with.
So cheer up (easier if you don't own any stocks). When the House gets back, maybe they'll pass something better. And at this rate, by Thursday, there may be even fewer banks left for the government to have to save!
With the market in
With the market in shambles
recently, it is becoming tougher and tougher to get a loan. The standards for
getting a loan are getting harsh, and limits on credit cards are going down.
The worst part is that this might only be the beginning of an already bad
situation. Some fear that consumer and businesses will stop borrowing money all
together. Most people with good credit can still get a loan if they have a
steady job and are not currently in debt. But not all people meet these
qualifications and can be accepted for a standard loan. But thankfully for
them, payday loans are still readily available to consumers to provide extra
cash when they are in need. If something unexpectedly goes wrong and you need
money to fix it, but are currently facing financial difficulty, you can still
apply for a payday loan with a very high chance of being accepted, much higher
than a standard bank loan. All you need to be accepted for a payday loan is a
steady income, so that you will be able to pay your loan back. You usually
don’t even have your credit checked. The best part is that in most situations
you will likely pay only about 15% interest on your loan.
Post Courtesy of Personal Money
Store
Professional Blogging Team
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