Bailout bill fails

[W2R]

Quote:

Originally Posted by OAG Tomorrow is a Holiday and by Wednesday there will be no chance this particular piece will pass. Positions will have set into concrete by then. I think her majesty the speaker of the house sealed the doom of this thing in her speech just before the vote. Even many in her party said she did.

Tomorrow is a holiday? Gee. I wish I had a holiday tomorrow. Must be just for Congress or something.

Edited to add:

Quote:

Originally Posted by lazygood4nothinbum cspan announced a few minutes ago no meeting again until thursday (tonight starts jewish new year). happy new year everyone

Happy New Year, Lazy and everyone! I didn't know that. We feds don't get it as a holiday.

[donheff]

Quote:

Originally Posted by OAG Tomorrow is a Holiday and by Wednesday there will be no chance this particular piece will pass. Positions will have set into concrete by then. I think her majesty the speaker of the house sealed the doom of this thing in her speech just before the vote. Even many in her party said she did.

The Republican leadership said the same thing. It's Nancy Pelosi's fault. The dems essentially responded that "Your feelings are hurt so you throw America under the bus?" It will be interesting to see how this plays out in our living rooms.

[DragoMuseveni]

Lol. I just realized that I had a checking account at WaMu (now Chase), and a 401k account at Wachovia (now Citi). I must be bad luck for banks. Lol.

For 1/1,000,000 the cost of the bailout I will pull my funds from Chase and Citi and put them under my mattress. It'd save you all tons over the long run... Lol, someone call up Paulson.

[Bestwifeever]

It's Rosh Hashanah, W2R.

I think Pelosi can kiss her future in politics goodbye. Plenty of blame to go around for both sides, but she should have held back in politicking with something like this. I am definitely voting any incumbent out in this election, no matter who they are.

To me this bill was like any other investment decision taxpayers/the US would be buying assets at their low and later the assets would be sold at their truer value, which could actually be beneficial. But that's me.....

[SecondCor521]

Quote:

Originally Posted by CompoundInterestFan Didn't we have hundreds more bank failures during the S&L scandal?

In an article in my local newspaper today, they had a graph of bank failures over time. At the peak of the S&L mess, over 500 banks failed. So far this year there have been 11. However, two of the largest three bank failures of all time have been this year (I believe it was IndyMac and Wamu).

2Cor521

[haha]

This is a good day to spend with a bottle of Absolute, a little blue pill and 3 horny girls. I know where I can get the 1st 2.

ha

[Dawg52]

Quote:

Originally Posted by haha This is a good day to spend with a bottle of Absolute, a little blue pill and 3 horny girls. I know where I can get the 1st 2. ha

Good idea. I'm headed for the liquor store.

[Rustic23]

Dawg,
It appears you are in favor of the bill. Therefore you might rethink your 'not going to vote R'
Your Republican congressman was the only Mississippi congressman to voter for the bill

JACKSON, Miss. (AP) - Three Mississippi congressmen voted against the $700 billion financial bailout that failed in the House.

Republican Chip Pickering was the lone Mississippi congressman to vote for the package.

Democrats Travis Childers, Bennie Thompson and Gene Taylor voted against it.

[Martha]

Quote:

Originally Posted by Bestwifeever It's Rosh Hashanah, W2R. I am definitely voting any incumbent out in this election, no matter who they are.

At least see how they voted. Mine voted in favor of the plan.

[W2R]

Quote:

Originally Posted by haha This is a good day to spend with a bottle of Absolute, a little blue pill and 3 horny girls. I know where I can get the 1st 2. ha

Somehow this plummeting market just doesn't seem all that sexy to some of us gals!!

Good luck on that.

[Westernskies]

Quote:

Originally Posted by donheff Except this would not have piled another $700B in debt. It might have piled up none depending on how the assets bought ultimately performed.

Exactly- especially if we put the IRS in charge of servicing delinquent mortgages. Those folks are ruthless...

[FinanceDude]

Quote:

Originally Posted by haha This is a good day to spend with a bottle of Absolute, a little blue pill and 3 horny girls. I know where I can get the 1st 2. ha

Number 3 is also possible...........

[Bestwifeever]

From Pelosi's speech as reported in the Boston Herald:

In her speech, Pelosi had assailed Bush and his administration for reckless economic policies. "They claim to be free market advocates when it’s really an anything-goes mentality: No regulation, no supervision, no discipline. And if you fail, you will have a golden parachute and the taxpayer will bail you out. Those days are over. The party is over," Pelosi said.
"Democrats believe in a free market," she said. "But in this case, in its unbridled form, as encouraged, supported, by the Republicans — some in the Republican Party, not all — it has created not jobs, not capital. It has created chaos."

[haha]

Quote:

Originally Posted by Bestwifeever From Pelosi's speech as reported in the Boston Herald: In her speech, Pelosi had assailed Bush and his administration for reckless economic policies. "They claim to be free market advocates when it’s really an anything-goes mentality: No regulation, no supervision, no discipline. And if you fail, you will have a golden parachute and the taxpayer will bail you out. Those days are over. The party is over," Pelosi said. "Democrats believe in a free market," she said. "But in this case, in its unbridled form, as encouraged, supported, by the Republicans — some in the Republican Party, not all — it has created not jobs, not capital. It has created chaos."

She has looked pretty good all through this. Actually, she looks good period!

Ha

[Purron]

I spent the day with my mom blissfully unaware of what was going on and come home to this mess. I gotta tell you this is really scary to me. I thought they were confident this thing would pass in the House and now this happens. It would have been better to delay the vote until it was sure to pass or just dump the whole plan come up with another course of action.

[Bestwifeever]

IMO she should have left her partisanship at the door. She would have been golden if the bill had passed....

As reported at Politico (I have no idea what sites are for what party, so apologize if this one is pro/con either party): http://www.politico.com/news/stories/0908/14089.html:

Quote:

Even as the wreckage of the Wall Street bailout bill was still smoldering on the House floor Monday, Republicans held a news conference in which they blamed "partisan" remarks by the House Speaker Nancy Pelosi (D-Calif.) for scuttling the bill. But anyone who looked at the transcript of Pelosi’s speech released by her office might have been puzzled by the complaints. The transcript seemed relatively tame – with only relatively mild shots at the Republicans in the text. But a review of the video of Pelosi’s comments shows the speaker deviated substantially from her prepared remarks when she stepped into the well of the House at about 12:20 p.m. Monday afternoon – delivering a series of ad-libbed jabs at President Bush and his party. Pelosi’s office continued to distribute the as-prepared version of her remarks as late as 1:24 p.m. – an hour after she had delivered the more incendiary version of her speech on the House floor.

[Dawg52]

Quote:

Originally Posted by Rustic23 Dawg, It appears you are in favor of the bill. Therefore you might rethink your 'not going to vote R' Your Republican congressman was the only Mississippi congressman to voter for the bill JACKSON, Miss. (AP) - Three Mississippi congressmen voted against the $700 billion financial bailout that failed in the House. Republican Chip Pickering was the lone Mississippi congressman to vote for the package. Democrats Travis Childers, Bennie Thompson and Gene Taylor voted against it.

Yes, I saw that. I'm glad he did. But it doesn't change my opinion of republicans as a whole. I don't trust either party for that matter.

[REWahoo]

Quote:

Originally Posted by FinanceDude Number 3 is also possible...........

It would appear with the financial downturn you've decided to branch out into another career field....

[FinanceDude]

Quote:

Originally Posted by REWahoo It would appear with the financial downturn you've decided to branch out into another career field....

That looks like my Halloween costume........

[riskadverse]

Wall Street is craping bricks . . . maybe Main Street will be too, but it does look like Main Street still has some power in making the politicians pay attention to them. I think the no vote was due to posturing - everyone thought it would pass, so they covered their ass by voting no. A no vote meant they would not have to answer to their constituents, either now or when wall street asks for more.