Bailout bill fails

[unclemick]

'God Looks After Drunkards, Fools, and The United States of America.' No word on his opinion of Congress - I'll stick with Mark Twain for that.

By the the by - The Saint's won and I 29 headed north of KC was jammed coming back from New Orleans - Chief's beat Denver.

Auto deduct is rebalancing as I type - Target Retirement.

And lest I be remiss - Pssst - Wellesley!

heh heh heh - Oh and overpacked the jumbo shrimp - getting the shrimp smell out of the back of an SUV is the new project - now that's something to worry about. .

 

[Tempesta]

Anyone think this is just McCain's playing politics? keep everyone hanging, then come Thursday McCain will rally house republican to pass the bill. It will accomplish 2 things

1. He wants to be seen as savior
2. market rally and bill pass will distract people from how horrendous sarah palin is in the debate

 

[lazygood4nothinbum]

367 views in 227 minutes. so much for security in early retirement.

"Currently Active Users Viewing This Thread: 117 (54 members and 63 guests)"

screw this. i'm going back to work. (are there any jobs?)

 

[DragoMuseveni]

Not true. That's what it's initially limited to, but they may very well find that it isn't enough. It's just an artificial limit.

I could be oversimplifying here, but aren't bank failures a sign that capitalism is working? Don't we need failures for the system to work? Didn't we have hundreds more bank failures during the S&L scandal?

And what do you think they're doing with this bill? They're not sure it's going to produce the results they're claiming. I think anything at this point is rolling the dice.

I'm not an economist, so I don't know. However, the vast majority of the politicians urging support for the bill aren't economists either. And there are plenty of economists who don't support the bailout. So like I said, tough to know who to believe.

In normal times I would agree with you. These are not normal times. I'm worried about how messy it could get if we don't do anything.

Yes I know that letting businesses fail is good for the economy and I know why that is. Everyone reading this board can give the reasons for that in their sleep. But do you really want to see how bad it can get without something in place to stabilize things?

 

[camberiu]

BTW, where are the people who used to make fun of the "tinfoil hats" and "piglet sodomizers" anytime someone sounded an alarm here?

 

[lazygood4nothinbum]

I think they will just do some more posturing, and vote again tomorrow, or WED. Then it will pass.

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

Anyone think this is just McCain's playing politics? keep everyone hanging, then come Thursday McCain will rally house republican to pass the bill.

i had that thought but didn't share it here so as not to soapbox. (i found the same posturing with the debate when he tried to show that he was too indispensible to attend.)

 

[huusom]

I'm for the bail out if we jail all responsible parties such as goverment officials, bankers and the people who applied for those loans knowing that they can't afford to pay back.

Other than that, just let the free market rights itself.

 

[Janet H]

BTW, where are the people who used to make fun of the "tinfoil hats" and "piglet sodomizers" anytime someone sounded an alarm here?

Trying to figure out is they should dump Alcoa now or later.
eclectech : the tinfoil hat song

 

[OAG]

I think they will just do some more posturing, and vote again tomorrow, or WED. Then it will pass.

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.

 

[Dawg52]

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

I wish the markets would close for the next 2 days. BTW, just heard Donald Trump say he thinks oil will drop to the $20-30/bl range. And that is the silver lining to all the mess. Hard to believe.

 

[W2R]

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:

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]

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]

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]

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]

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]

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]

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]

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]

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.