I'm not talking about individuals here I'm talking about it wiping out other companies in competely different sectors.

Neither am I.  People is a generalization that can be applied to individuals, companies and even countries.

hey, read these
http://www.fedupusa.org/node/64
http://www.fedupusa.org/

it's all wrong.
don't give into fear, it says.

These links say that the failing of WaMu and Wachovia were  on purpose.....Giant conspiracy. No one believes that.

yeah, I don't know about a giant conspiracy.  but if you follow the site, they believe that Paulson and the bush admin and the congress knew the mess we were suppose to be in - that's their theory.

why else did they continue to do things that most economist believed were wrong?

maybe the Fed and the government wants more control - take over the free market.

either way, most believe $700 billion is a waste of money - our money

maybe we need to do this.

http://www.denninger.net/letters/fixit.pdf

The bailout plan is a very bad idea. Give $700 billion to Wall Street so they can blow it again. Wall Street needs to be regulated and new policies need to be implemented to prevent the financial crisis from getting worse. The corrupt dealings of banks and insurance companies have led to the financial crisis.

Incompetent US government under the leadership of President George W. Bush over the past 8 years has contributed significantly towards the current financial crisis.

I'm not entirely sure as I haven't been watching this all that closely but wouldn't the bail-out come with extremely stringent conditions. I'm fairly sure that the government won't allow this to happen again in the near future.

Also policies and regulations won't stop the crisis getting worse, only luck or a bailout can do that. Basically the concern is that a systematic failure will happen with one banks collapse causing even more banks to collapse - once a significant portion of the financial sector has fallen over (perhaps it has right now) the effect will overflow and companies outside of the financial sector who need to get more liquidity but can't will start to collapse as well.

At this point a financial armaggedon (think great depression) is looking unlikely in the near future as outside of the financial sector there have been few signs of collapse and unemployment rates have stayed steady but it certainly is nowhere near impossible if the current problems don't get fixed.

All I know is the bigger the crisis, the more the dollar rises in my country. The higher it gets, the lesser are my chances of traveling to the US in January.

So, damn you Congress!!! :(