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-   -   Best guess on if the Bill will pass Congress Sunday nite? (https://www.early-retirement.org/forums/f28/best-guess-on-if-the-bill-will-pass-congress-sunday-nite-39094.html)

Orchidflower 09-25-2008 12:01 PM

Best guess on if the Bill will pass Congress Sunday nite?
 
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 09-25-2008 12:04 PM

yes.

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

Nords 09-25-2008 12:21 PM

Quote:

Originally Posted by Orchidflower (Post 720330)
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 09-25-2008 12:32 PM

Quote:

Originally Posted by Nords (Post 720347)
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........;)

Quote:

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? :D:D

Orchidflower 09-25-2008 12:38 PM

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 09-25-2008 12:39 PM

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

FinanceDude 09-25-2008 01:01 PM

Quote:

Originally Posted by Nords (Post 720347)
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 09-25-2008 01:10 PM

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

tightasadrum 09-25-2008 02:06 PM

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

W2R 09-25-2008 02:14 PM

Lookin' good!!!

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

Quote:

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 09-25-2008 02:41 PM

Quote:

Originally Posted by FinanceDude (Post 720378)
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 09-25-2008 02:48 PM

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 09-25-2008 06:51 PM

Hitches Develop-Not Looking So Secure Anymore
 
Leaders Wrangle Over Bailout - WSJ.com

al_bundy 09-25-2008 06:59 PM

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

LOL! 09-25-2008 07:06 PM

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: https://www.nytimes.com/2008/09/26/bu...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: https://www.bloomberg.com/apps/news?p...d=avnxqWMsmExs

REWahoo 09-25-2008 07:08 PM

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

Gone4Good 09-25-2008 07:14 PM

Quote:

Originally Posted by al_bundy (Post 720535)
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 09-25-2008 07:20 PM

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 09-25-2008 07:33 PM

Quote:

Originally Posted by . . . Yrs to Go (Post 720545)
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 09-25-2008 07:42 PM

Quote:

Originally Posted by samclem (Post 720562)
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. :confused: 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.


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