Best guess on if the Bill will pass Congress Sunday nite?

[Orchidflower]

Just spoke with a VP of a brokerage, and he says--with both Presidential candidates seeming to agree about the state of our financial economy and what should be done to rectify it--that he is giving it an 80% pass/20% not pass shot. Agree?

 

[Retire Soon]

yes.

Agreement Reached on Bailout Ahead of High-Level Meeting - WSJ.com

 

[Nords]

Just spoke with a VP of a brokerage, and he says--with both Presidential candidates seeming to agree about the state of our financial economy and what should be done to rectify it--that he is giving it an 80% pass/20% not pass shot. Agree?

In the current market & economy, that's the most important thing the VP of a brokerage could find worth discussing?

I'm waiting for one of my elected representatives to call me back to suggest asset allocations and good index funds with low expense ratios...

 

[FinanceDude]

In the current market & economy, that's the most important thing the VP of a brokerage could find worth discussing?

Well, she was the one who posed the question........

I'm waiting for one of my elected representatives to call me back to suggest asset allocations and good index funds with low expense ratios...

So, you want your Senator to tell you what Vanguard Funds to buy?

 

[Orchidflower]

Naw, the subject just came up in conversation with a broker I know (who just happens to be a VP). He expected a run on his brokerage if the bill didn't pass I think. He says he feels he will, at least, be able to sleep Sunday night maybe, since he believes it will pass.

 

[Orchidflower]

Nords, I am waiting for that phone call from Seattle, too. I'm being patient.

 

[FinanceDude]

I'm waiting for one of my elected representatives to call me back to suggest asset allocations and good index funds with low expense ratios...

Just a little thought, if Vanguard won't do that for you, why would your Senators??

 

[al_bundy]

it's going to pass, why else did warren buffet invest in goldman sachs?

 

[tightasadrum]

Sure this one will pass, and the next one too!

 

[W2R]

Lookin' good!!!

Tentative meltdown deal: Bush, McCain, Obama meet: Financial News - Yahoo! Finance

Confident but not yet celebrating, congressional leaders agreed Thursday on a multibillion-dollar bailout plan for Wall Street aimed at staving off a national economic catastrophe. President Bush brought the two men fighting to succeed him to a historic White House huddle on how to sell a deal to lawmakers who were still resisting.

 

[Nords]

Just a little thought, if Vanguard won't do that for you, why would your Senators??

Well, if I'm getting legislative advice from financial guys then it only seems fair that I should get financial advice from legislator guys.

Would you buy a used car from a financial advisor? Just kidding...

 

[Orchidflower]

And this means what? That stocks are heading up again somewhat? It will take me 2 years to remake what I've lost...but, hey! I can take a joke.

 

[haha]

Hitches Develop-Not Looking So Secure Anymore

Leaders Wrangle Over Bailout - WSJ.com

 

[al_bundy]

i'll probably never vote republican again after the stunt the house GOP pulled tonight, along with mccain

 

[LOL!]

I don't think it will pass until Friday a week at the earliest. Revolt is in the works and common folk want Wall Street types to pay: http://www.nytimes.com/2008/09/26/business/26bush.html?hp

So Congress has to look like they are making WallStreet pay so that they can look good during re-election campaigns. It ain't gonna go down easy, but it will go down.

See also: http://www.bloomberg.com/apps/news?pid=20601087&sid=avnxqWMsmExs

 

[REWahoo]

Better fasten your seat belts when the markets open tomorrow...

 

[Gone4Good]

i'll probably never vote republican again after the stunt the house GOP pulled tonight, along with mccain

I'm curious what the Republican consensus is on this (I suspect I know how the Democrats feel). It sure does look like McCain blew up the deal. Which might be OK if he takes credit for doing so AND has a better idea to put on the table. But I'm not seeing that.

 

[al_bundy]

latest word is that most of the senate supports it and the problem is the GOP House leadership

reason is every senator is a millionaire and successful. most of the House members are nobodys

 

[samclem]

I'm curious what the Republican consensus is on this (I suspect I know how the Democrats feel). It sure does look like McCain blew up the deal. Which might be OK if he takes credit for doing so AND has a better idea to put on the table. But I'm not seeing that.

The WSJ link posted by Ha Ha gives a glimpse of the alternative plan proposed by some of the Republicans. It involves government-backed insurance (funded at least in part by the financial industry) rather than a straight infusion of cash.

The Democrats don't need the Republicans. They have enough votes to pass the bailout on their own, and Bush will sign it. The Republicans will get none of the credit. Democrats will be the heroes, and if they like their approach, they should just vote for it--they saved the world! They will have built and passed the biggest, most expensive, most gorged and bloated expenditure of taxpayer money ever!

And, the people are mad about it.

 

[Gone4Good]

And, the people are mad about it.

Sometimes "leadership" involves doing things that aren't popular.

Plus, I'm not really sure I saw an alternative plan in the WSJ article, or much of a difference at all, really. Unless someone can explain to me how offering insurance on the troubled assets is somehow better, or even different, than buying them. One difference I can think of is that typically an insurer takes all the downside risk and the owner keeps all the upside . . . doesn't exactly sound like an improvement to me.

 

[Bikerdude]

They will have built and passed the biggest, most expensive, most gorged and bloated expenditure of taxpayer money ever!

And, the people are mad about it.

There in lies the problem. The politicians up for reelection are scared sh*tless.

 

[youbet]

The Democrats don't need the Republicans. They have enough votes to pass the bailout on their own, and Bush will sign it.

While channel surfing the various cable news and financial networks during the day today, I heard several hosts/analysts say that same thing. That the Dem have the votes to pass it but don't want to do so without significant support from the GOP reps.

In fact, thinking about it I recall Chuck Schumer was being interviewed mid-afternoon and he emphasized that the Dems don't want to pass a package without significant GOP votes making it clearly bipartisan.

Wonder why? The Dems are generous and want to share the credit? The Dems are CYA and don't want to shoulder all the blame if the package doesn't work? Dunno.......

Edit: from the WSJ article ha posted above:

House Speaker Nancy Pelosi, a California Democrat, earlier in the week said she wouldn't push the bill without Republican support.

 

[samclem]

While channel surfing the various cable news and financial networks during the day today, I heard several hosts/analysts say that same thing.

And you'll recall Harry Reid had claimed he was told that McCain would support it. McCain denied it, but I believe Reid wants very much to have McCain on board before signing anything.

I don't know if McCain is actually holding things up. This must infuriate Reid and Pelosi. They dislike McCain deeply, (Reid has made it personal) but are too afraid to move ahead without his cover. If they don't move ahead, and the markets crump--they are to blame. If they do move ahead and the Amrican public rebels against the costs and the giveaways of this package, their party will be punshed at the ballot box. They are in a bad spot, and (hopefully) McCain will use his available leverage to improve the bill (reducing taxpayer liabilities as much as possible and keeping the bill focused on the problem). If so, he'll be able to rightfully hold this out as an improvement he's responsible for.

Gee, I wonder if this really IS important enough to delay that li'l ol' debate by a couple of days. Obama says no. McCain is looking smarter and smarter. Where did Obama spend the night? Oh, in Washington. Yep--he blinked.

 

[DragoMuseveni]

I don't know if McCain is actually holding things up. This must infuriate Reid and Pelosi. They dislike McCain deeply, (Reid has made it personal) but are too afraid to move ahead without his cover. If they don't move ahead, and the markets crump--they are to blame. If they do move ahead and the Amrican public rebels against the costs and the giveaways of this package, their party will be punshed at the ballot box. They are in a bad spot, and (hopefully) McCain will use his available leverage to improve the bill (reducing taxpayer liabilities as much as possible and keeping the bill focused on the problem). If so, he'll be able to rightfully hold this out as an improvement he's responsible for.

It's the world's most expensive game of chicken...

 

[eridanus]

Wonder why? The Dems are generous and want to share the credit? The Dems are CYA and don't want to shoulder all the blame if the package doesn't work? Dunno.......

They want to share the blame on this hastily created plan.