RE: $700 Billion Bailout
The magnitude of the recession or depression depends on how much the mortgage crisis chokes off credit, consumer spending, and business spending.
I heard from a republican congressman on the radio today that much of the mortgage-backed securities are actually owned by foreigners and some of them are already being bailed out by their own governments. So if our government did the bailout, to a large extent we'd be bailing out foreigners. That made me feel a little better about not doing it.
I just hope the economy doesn't get bad. I was doing pretty well and I was expecting a good Christmas season. I was feeling pretty scared earlier today, but now I'm leaning more towards thinking this problem has been exaggerated. The news is always trying to say that the economy is terrible, but at the same time I've had good sales. I hate how the news reporters act like it's a disaster just because consumer spending is "only" up a little bit from the previous year. I will GLADLY take any increase or for it to stay the same as it was!