Bailout plan voted down in Congress!!!!! Thank God stand strong

[topgame85]

I don't get how my fellow Americans got like this it is very disappointing, I am glad that you want to be told what to do with your money by the people you elect, there is no FOR BETTER OF THE WHOLE, take care of yourself and yours and don't worry about everyone else, the fact that the government can imprison and take money from us just because they think it will benefit someone else around us is absurd we are supposed to have personal liberties and the money we make is supposed to be ours to spend as we see neccesary, if this passes its further regulation which is why we are in this place to begin with and the dollar will be destroyed forever

[Tchocky]

I like a lot of what is said here. But I put the folly on the Democrats for not passing the bill. The Republicans got almost 45% to vote to pass it, after they altered the original bill more in their favor. It was the Dems who didn't carry their party.

Yes...I agree Pelosi failed to deliver enough votes from her party but 95 Democrats voted against while 133 Republicans voted against. I think Nancy alienated some Republican members by slamming the GOP but that's water under the bridge. They need to get this done ASAP before the markets collapse any further.

[jjgold]

The market might crash now

Panic

Could be some great buys

[durito]

Nasdaq -9.14%
DJIA -6.17%
S&P500 -7.5%

Credit markets frozen. Good work guys.

[MonkeyF0cker]

Too bad ya can't short anything right now...

[topgame85]

Freedom is not free Durito

[BadNina]

The Democrats have enough votes to shove this through if they really wanted to.

[topgame85]

The Democrats have enough votes to shove this through if they really wanted to.

Exactly, no one group is to blame 95 dems voted against it only 10 or so more woulda had to back it

[ritehook]

Recession is a natural part of any market economy.

It weeds out the losers. By so doing, makes the economy stronger in the long run.

But if these financial institutions are "too big to fail," and such is the mantra we've been hearing, than they should be nationalized.

Before "conservatives" had a stroke over that, understand that the Founders determined that the fed govt should have a monopoly on the issuance of money - read the Constitution.

Private banks, like the Fed, are not supposed to be issuing our money, with interest. Lincoln opposed that also.

The granting of credit, backed by govt, is the same as issuing money. It's constitutionally illegal.

But if the granting of large-scale credit is going to be done, let it be done semi-privately. By some semi-governmental agency like the USPS, which despite being top-heavy is still one of the best mail delivery agencies in the world.

Immediately, best to let all these wounded financial institutions fail, and have the govt buy them dirt cheap. Then, when the markets recover, as they will, sell them off at a profit.

Giving private corporations public money is absurd. And therre were still a lot of gold in those lush retirement packages the incompetent CEO's were to get.

[Brock Landers]

market destroyed today, down over 7%

[MonkeyF0cker]

Get used to it. This bailout is NOT going to save the markets from sinking. Things are going to get worse...

[losturmarbles]

The GOP is just caving into public sentiment. This bill is necessary to stop the global economy from sinking any further...

well if thats this case then we need to let these global economies pay the bill then.

... The House Republicans are responsible for killing this bill. They don't want the Democrats to get the credit for any upside this bill brings....

the democrats want to get "credit" for bailing out people that have no business being in a mortgage to start with, and then taking profits from the taxpayers to set up a slush fund to be used by groups like La Raza and ACORN, groups that were partly to blame for the mess to start with.

... The average American doesn't understand the ramifications if this bill fails...

the average american doesnt understand the ramifications if this bill passes.

... The GOP is willing to risk this economy getting worse to win an election...

How? by not letting the Dems have their way?? The economy doesn't hinge on this bailout. the damage has already done.

if you want to remedy the situation, you get rid of the federal bank (and our incompetent government.) if there's anyone responsible for all the bank failures and mortgage failures it all goes back to the fed. do yourself a favor and research how fiat money works. now of course the government is/was complicit with the fed, so they are just as much to blame.

[smitch124]

I'm gonna go look for a good shopping cart before they're all taken!!

[fiveteamer]

Guys who are currently not in the market and are flush with cash will make a tidy sum buying on the cheap.

[Brock Landers]

biggest point drop in one day in Dow history, but no where near the % drop of october 1987

[MonkeyF0cker]

Actually what you said is mostly untrue, losturmarbles. The bailout was proposed by Bush. It's not something the Dems are yearning for. And part of the reason it was shot down by Dems is because they want more Republican support for it in the event that the markets tank again before the election, making them partly to blame as irrational voters will question the bailout's effectiveness and blame the Dems for an unsatisfactory resolution. They don't want to take the blame on this crisis, and understandably so...

[fiveteamer]

I just love the "free market" guys who every response to every problem is "let the free market decide..." "let the free market dictate"... are now BEGGING for government handouts.

why not let the free market now decide?

[MonkeyF0cker]

Guys who are currently not in the market and are flush with cash will make a tidy sum buying on the cheap.

Uhh. Not any time soon. Why do you think short selling is currently banned?

[fiveteamer]

Talking about a year from now etc... Not next week.

[durito]

I just love the "free market" guys who every response to every problem is "let the free market decide..." "let the free market dictate"... are now BEGGING for government handouts.

why not let the free market now decide?

fine by me.


but when no one can get a loan for anything and unemployment hits 10% in a year I doubt it will still be fine for you.

[MonkeyF0cker]

Talking about a year from now etc... Not next week.

A year? If you think this will be corrected in a year, you are very sadly mistaken.

[losturmarbles]

Actually what you said is mostly untrue, losturmarbles. The bailout was proposed by Bush. It's not something the Dems are yearning for. And part of the reason it was shot down by Dems is because they want more Republican support for it in the event that the markets tank again before the election, making them partly to blame as irrational voters will question the bailout's effectiveness and blame the Dems for an unsatisfactory resolution. They don't want to take the blame on this crisis, and understandably so...

the original bill was proposed by bush, and it got shot down. mostly because it gave the power to the treasurer secretary to make basically any decision he wanted to to without question.

that was amended and the most recent bill has all the addons and other bs from the democrats. remember 700 billion is the floor, NOT the ceiling. its going to end up a hell of a lot more.

and why not either side come clean, they are both equally responsible for the shit, and this bill isn't going to fix the underlying problem. ie the federal reserve.

[topgame85]

If you have job security you have nothing to worry about, and the market will correct itself things get worse before they get better

[durito]

If you have job security you have nothing to worry about, and the market will correct itself things get worse before they get better

What do you do?

[fiveteamer]

I work at Taco Bell.

Do not need any loans.

[topgame85]

I work at a small privately owned limo company with contracts and an owner with deep pockets, on top of that I am the best/favorite employee in the company, I personally have absolutely nothing to worry about even if things get tight here it will be the drivers who suffer not the office staff for the simple fact the owner won't go out of buisiness because he can fight through slow times because he is well off and does not take out loans to finance his buisiness, payhs for everything straight cash and our contracts are with companies who are making record profits even in down times

[MonkeyF0cker]

the original bill was proposed by bush, and it got shot down. mostly because it gave the power to the treasurer secretary to make basically any decision he wanted to to without question.

that was amended and the most recent bill has all the addons and other bs from the democrats. remember 700 billion is the floor, NOT the ceiling. its going to end up a hell of a lot more.

and why not either side come clean, they are both equally responsible for the shit, and this bill isn't going to fix the underlying problem. ie the federal reserve.

It's not a good position for anyone on either side of the aisle, thus the hesitancy of it's passage. No one side wants to take the blame. There are a lot of problems I have with both sides of the bill, honestly. Hopefully, they can come to a sensible compromise.

[fiveteamer]

LOL Yum! Brands is safe, so is my job.

My shift starts in a few hours.

I kinda feel sorry for others, though.

[Ganchrow]

Bottom line Bank of Canada is considered low investment grade not high like the U.S.

In fact, federal Canadian debt is triple-A rated at S&P.

[accuscoresucks]

Too bad ya can't short anything right now...

should be able to if not then its not a free economy anymore


i remember this broker back in late 2001,you could borrow easy borrow 14-1 leverage but the fees where crazy,and if you got stuck on thw wrong side POOF to your acct

[durito]

In fact, federal Canadian debt is triple-A rated at S&P.

That's kind of like being A+ at TOW.

[MonkeyF0cker]

Uhh. Where have you been? The SEC has had a temporary short selling ban in effect since the 19th, essentially on any company that requests it...

[accuscoresucks]

sounds like greedy bs to me
screw the markets

[Bill Dozer]

They will take another stab at it unfortunately. They need to let it bottom out.

[MonkeyF0cker]

Well, they shouldn't have put the silly short selling ban in effect if they truly want it to bottom out, Bill. There were a lot of traders that had to scramble to get out of tons of positions because of it. But they are trying to artificially inflate the market with the short selling ban, not bottom it out. The financials need market capitalization to survive right now. Bottoming out the market would defeat virtually everything they're trying to accomplish right now. But once the bailout is complete and when (or if?) short selling is reinstated on these companies, we may see a significant plunge in the markets. It will be interesting nonetheless...