Do We Need 700 (money laundering news) Billion Bailout?

October 1st, 2008 admin Posted in finance |

By ratetake

Some people cheered today, some didn’t. Many taxpayers saw today’s decision as no more debt added to our economy. Yeah, hard time will come in the future, but who knows economy will bounce back somehow. That was what is written all over the web on many blogs and articles.

So who didn’t cheer today? Who else, Wall Street and rich people as they saw their income and investments plummet. But why didn’t cheer isn’t just because of them being selfish with money, it is also because this affects everyone.

Not many people realize that if your bank cannot longer lend money, you cannot qualify for car loan, student loan, business loan or almost any kind of loan. The credit market will be frozen and banks will not lend money any more. And we will be in a deep recession that who knows how long it will take time to get out. Banks will be scared to lend money, what if borrower does not repay, we cannot afford more debt as it is now.

The most important is how we got here at the first place and yes everyone blames banks and their “special loan programs” such as interest only loans and adjustable rate loans. But these loans were made by banks to help homeowners to get that house they wanted. Banks never pushed you to get these loans, remember you as a taxpayer were the one signing the paper that you want this loan. Education was missing how these programs worked and now many people simply could not afford to repay their mortgages. So therefore, banks went down, bankrupt.

Or look at it from perspective of your business or even your boss. What if your boss needs financing to continue daily operations or your boss needs money to make payroll and he or she cannot qualify for a loan. What happens than? You lost your job. Economy will suffer because of this.

Even we will have more debt, and yes many will disagree that no more bailout, our economy strives on credit and that is what is missing right now. The credit has been frozen and banks do not want to release any more capital. It will slowly start to affect everyone that has loans and mortgages to future homeowners who cannot qualify for loans.

But many people do argue that they do not want to cover someone else’s mistakes just because Wall Street screwed up. They do not want to be paying that huge debt in the future that even their kids will be stuck with it. Situation is difficult as of right now, and problem is that we are in this situation today, this minute, this second. We cannot wait any longer before economy goes to deep recession. We have to act now even though a huge billion dollar debt will be added. But however, this allows credit markets to open up, start lending money and keep economy going so you can keep your job and get that loan for your car, education or even business.

Remember, if this bailout is not approved, your investments, 401K or any other investments you have will go down. Your hard earned money will disappear slowly and it will take years before your 401K and maybe even stock market will gain the strength it used to have. Everyone will loose and unfortunately, the bailout is needed to keep things going.

Or would you rather not have bailout and see what happens? This is your future and your decision.

Martin Lukac represents RateTake Refinance RateTake matches consumers with mutiple lenders offering low mortgage rate quotes. For more information please visit Do we need 700 Million Bailout?

British Tourists - Spend, Spend, Spend!
By Roger Munns

On the day travel companies reported a surge of people taking an overseas holiday, the Bank of England issued yet another warning that the British economy could be in recession within the next six months.

And in Europe, countries like Germany and France along with other members of the Eurozone, reported that their economies had actually got smaller in the last quarter.

But despite clear warnings of hard times ahead for the next year at least, nothing it would appear seems to stop the British taking their holidays.

A recent report shows that British tourists spent around 64 billion sterling (around 100 billion US dollars) between them last year - pretty impressive for a country with a population of 60 million people.

And at a time when belt tightening is recommended by finacial institutions to weather the storm ahead, around a third of British families spend ten per cent or more of their disposable incomes on holidays, with many explaining that they ‘live for their holidays’ - and the survey proves this to be the case.

A British company who run European travel related internet sites say that ‘In times of gloom, a holiday is something people can look forward to. It reminds them of happier times in the past and of good times to come - we’re not surprised that holidays are regarded as an essential rather than a luxury item when it comes to planning the family budget.’

And while the holidays industry might be relieved to read that British people intend to keep spending their money on holidays, they will need to keep their finger on the pulse of the travelling public as Britain’s economic downturn could shift where they are heading.

Up until recently Spain was a clear winner for British tourists, and the island of Majorca was the most popular destination. This changed in 2008 as the British pound slipped in value against the Euro, and suddenly Turkey - which has her own currency and was still good value for tourists when buying their holiday money - overtook Majorca for the number 1 spot.

There are some areas in the 15 countries that make up the Eurozone though that have done well this summer despite the poor currency exchange rate for the British tourist - Malta is one example.

Low cost flights helped turn Malta’s tourism industry round from being in the doldrums just three years ago to one now that is doing well and is confident of the future.

The former British colony is popular not just because it is in the Mediterranean - like Majorca - but it is easy for the British to adjust as soon as they step out of the airport. The language is English and the cars drive on the same side of the road for example.

Paceville is the nightlife capital of Malta. Most of the venues of Paceville are located on four main streets that spread out from the main square. These streets are Dragonara Road, Wilga Street, St. Georges Road and St. Rita Steps. A police presence is always nearby, keeping the denizens of the clubs safe and orderly. A taxi rank is also located in the main square, for those who need a lift.

St. Paul’s Bay is the ideal vacation spot for tourists who like some variety. Whether they want to take a meandering stroll around the harbour and look at the Mediterranean, to indulge in a coffee and something sweet, or simply to relax and take in some rays, St. Paul’s Bay is a good Malta holidays area and has a range of hotels.

For eating out, St. Paul’s Bay has a good choice of restaurants. The area is well appointed by many tourist-friendly cafes and restaurants. For a taste of more upscale dining there is Old St. Paul’s Bay, where there are generally upmarket eateries, and all around the bay there are many good fish restaurants that serve up some of the best fish that Malta has to offer. For a little window shopping, tourists can take a stroll around the many shops located in the old village.

For a taste of the more modern side of the St. Paul’s Bay region, there is the seafront at Bugibba, the hub of nightlife in the area. Here, there are a selection of trendy boutiques and restaurants. When the sun sets, Malta can go down market as well as up market and there are karaoke bars in Bugibba, but there is also the casino and a cinema.

With more British tourists visiting the island during their economic downturn, they might help the Malta economy through Europe’s recession - the Malta holidays industry will be glad the British regard their holidays as a necessity!

The British love affair with Malta is explained in more detail at yourmalta.com and they include low cost airlines who offer a cheap flight to Malta - Luqa Airport.

Also featured is the good Malta weather and an array of Malta hotels

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