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(MSNBC)   Well, the bailout was fun while it lasted. Hilarity ensues   (msnbc.msn.com) divider line 2158
    More: News  
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39877 clicks; posted to Main » on 29 Sep 2008 at 1:57 PM (6 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2008-09-29 02:12:29 PM  
Time to start investing in defense and arms manufacturer stocks again.
 
2008-09-29 02:12:29 PM  
EKU Colonel: What I've been watching of the Dow:

-600
-550
-575
-400
-454
-625
-705
-650
-600
-525
-475
-425
-450
-475 now


---------------
We're back to -559.13
 
2008-09-29 02:12:30 PM  
You can thank A) Nancy Pelosi and her inability to resist the urge to make this partisan, and B) think-skinned republicans.

Opponents said part of the reason for the opposition from Republicans was what they termed a partisan speech by House Speaker Nancy Pelosi, said one GOP source.

"Pelosi's partisan speech has caused our members to go berserk and may cost us any remaining chance to pass the bill," the source said.

Pelosi had said that Congress needed to pass the bill, even though it was an outgrowth of the "failed Bush economic policies" of the last eight years.
 
2008-09-29 02:12:31 PM  
try fect taa daa: we could see it drop below 10k today.

I seriously doubt that. If it did I think that would be the end.
 
2008-09-29 02:12:36 PM  
Roll call anyone????
 
2008-09-29 02:12:37 PM  
I can't look. What's happening now?
 
2008-09-29 02:12:39 PM  
Mr. Mudbug: in before the epic thread became epic...

shock and awe - the failout fails.

So what was wrong with diving up the $700B amongst the taxpayers instead of bailing out the big corps?


That was basically the "economic stimulus" package (a smaller number, though they're talking about another).
 
2008-09-29 02:12:39 PM  
namegoeshere: Aeonite: The bill failed because neither Obama or Biden voted.

McCain 2008

Psssssst...
Probably because they are farking SENATORS!!!!! Not reps!


Wow that guy's a farkin' Trig!
 
2008-09-29 02:12:43 PM  
Wasn't going to matter anyways.
 
2008-09-29 02:12:48 PM  
Aidan: I'm glad. I will endure much hardship to ensure that my child and his peers do not have to have a 70% tax burden when they grow up. If that means I'm working two jobs and we stay in a trailer, so be it. For once, I'm grateful to the Republicans.

Right... We won't have a 70% tax burden if this passes. Read the article again. House members don't want to vote for it, because it's politically unpopular, despite being the smart thing to do. Most analysts agree that we may even make a profit from this, as we have in the past.

Just because the unwashed ignorant masses think they'll be sticking it to Wall Street fat cats, doesn't make it so. Without the bailout, there might not be two jobs for you to work as credit dries up.
 
2008-09-29 02:12:56 PM  
Lincey: SweetDickens: Simple solution: Give each US citizen 18 years old and above 500k. Which equals roughly 700 billion. Tax it now we have roughly 370k each....Guess what? We will pay off our houses, credit cards and still have some bling money left. Wow just think, stimulating the economy by getting rid of the middle man. Yes it works....Alaska does this every year and people do use the money for their pleasure and pain.

You have my vote


You should give him a calculator first, and maybe use on yourself.

/His plan requires $70 trillion and massive inflation
 
2008-09-29 02:12:59 PM  
Aeonite: The bill failed because neither Obama or Biden voted.

House rejected it. The 2 people of which you speak are senators. Thank you, drive through

/106
// 2 in one day
//slashees!!11!
 
2008-09-29 02:13:04 PM  
Hey, maybe today's a good day for the Republicans to remind everyone how they wanted to invest Social Security into the stock market.
 
2008-09-29 02:13:10 PM  
Ron Paul was such a fringe candidate because, seven months before the primaries began, FNC/CNN decided he was. Now you've got two candidates for prez who support the bailout that America doesn't want. Meanwhile, Paul was right all along.

/Anyone else notice it limits taxes on CEO income? That isn't the same as limiting CEO income, methinks.
 
2008-09-29 02:13:15 PM  
So I see this playing out in a few ways:
a) situation gets worse, in a last minute panic they pass the original legislation stating that it's an emergency
b) A better (for taxpayers) deal is drafted
c) Everyone gets tired of it, like we did with the immigration debate, allowing them to pass whatever they want under the radar.
 
2008-09-29 02:13:17 PM  
scavenger: try fect taa daa: we could see it drop below 10k today.

I seriously doubt that. If it did I think that would be the end.


There are too many bargain hunters out there for it to drop that low. It'll recover, and there is a lot of money to be made off the panic sales.
 
2008-09-29 02:13:19 PM  
OilTheBlade: I heard Pelosi tried to claim it passed on a voice vote, until the "nays" went nuts. Can anyone verify that?

Didn't see anything like that.
 
2008-09-29 02:13:20 PM  
Ok...so they voted down the amendment...so is what they are voting on now the original 3-page bill with no changes?
 
2008-09-29 02:13:22 PM  
Well, back to work for me. I've been a stay at home dad for 2 years. Guess we won't be able to afford it now.

Welcome to McDonald's... how may i help you!
 
2008-09-29 02:13:25 PM  
i just watched the DOW go form -700 to -530 then back to -620 all in the last three minutes.
 
2008-09-29 02:13:25 PM  
milhouse?: You know whose safe? Bankruptcy attorneys (woo-who! - I am one) and debt collectors.

bottom feeders are always safest when an environment crashes.

/i keed.
 
2008-09-29 02:13:26 PM  
Good thing McCain suspended his campaign so he could get this all wrapped up and approved.

Guess he really does put being elected over the needs of the country, since he was supposed to be saving us all.
 
2008-09-29 02:13:30 PM  
GilRuiz1:
Well, here's a 2004 video of YOU, Rep. Barney Frank, during a set of Freddie Mac and Fannie May hearings saying that the companies were just fine and didn't need fixing. That's where you said: "I see nothing in here that suggests that safety and soundness are an issue."


Went too fast. Video is here: video pops.
 
2008-09-29 02:13:30 PM  
You mean that government representatives listened to the people? WTF??

/waiting for Bush to declare "temporary" dictatorial powers
 
2008-09-29 02:13:31 PM  
images.icanhascheezburger.com
 
2008-09-29 02:13:34 PM  
Lincey: SweetDickens: Simple solution: Give each US citizen 18 years old and above 500k. Which equals roughly 700 billion. Tax it now we have roughly 370k each....Guess what? We will pay off our houses, credit cards and still have some bling money left. Wow just think, stimulating the economy by getting rid of the middle man. Yes it works....Alaska does this every year and people do use the money for their pleasure and pain.

You have my vote


You might want to double check the math before voting. $700 billion spread out among all Americans over 18 is more like $3500.
 
2008-09-29 02:13:45 PM  
Petulant Dwarf:
My assets can be quickly converted to liquid.


same here.

i45.photobucket.com
 
2008-09-29 02:13:48 PM  
Whoops? WTF happened to the vote?
 
2008-09-29 02:13:48 PM  
BigLawMonies: GO GO GADGET DEMOCRACY


...keyboard, screen, etc...
 
2008-09-29 02:13:53 PM  
"Like the Iraq war and the Patriot Act, this bill is fueled on fear and hinges on haste," said Democratic Rep. Lloyd Doggett, R-Texas.

Let me 2nd or 3rd the ?????????
 
2008-09-29 02:13:53 PM  
http://www.cbsnews.com/stories/2008/09/29/national/main4484536.shtml

House rejects bailout plan. On CBS News Dot Com.

NOW it's official, subby...
 
2008-09-29 02:13:59 PM  
The auto manufacturers got their $25 billion bailout on Friday already. F, GM, and DAI should be good picks to go upstream in a down market.
 
2008-09-29 02:14:03 PM  
Good, I hope it fails and Fannie and Freddie get what they deserve, as well as the idiots who hold their strings.

Seems this could have been avoided if the Bill the Repubs proposed in 2005 passed, some additional accountability within fanny and freddy might have prevented this. But...That would have meant the few socialists that made millions off these sub prime loans would have made less money. So the entire Democratic party voted it down.

That's some excellent work there, Lou.
 
2008-09-29 02:14:06 PM  
Petulant Dwarf: Bailout or no bailout, I am safe.

I rent, I don't own.
I have no money in the stock market.
I don't work in the savings and loans industry.
My assets can be quickly converted to liquid.


I wouldn't be so sure of that. I'm in your situation too, except I do have money in the stock market (not much anymore). Unless you like in a yurt and grow and raise your own food, you'll be affected.
 
2008-09-29 02:14:10 PM  
The Republican Party just put their politics ahead of the economic well-being and survival of this country. Shame on them.
 
2008-09-29 02:14:11 PM  
Don't bail, jail.
 
2008-09-29 02:14:11 PM  
smooshie: CNN Front Page Image:



Yay! New facepalm pic!


ROLFcopter
 
2008-09-29 02:14:16 PM  
Oldiron_79: People talk about how unstatesman it is that we have senators yelling at each other, In the 1800s we had sanators beating each other with canes.

Indeed. Some people losing some teeth over this might be good for the country. C-Span ratings will definitely improve.
 
2008-09-29 02:14:17 PM  
Call up 12 best scholars in economics, lock them in a hotel conference room to create a plan to rescue economy in 7 days. It's not a time to let clueless lawyers to make an economy plan.
 
2008-09-29 02:14:19 PM  
falser: You mean that government representatives listened to the people? WTF??

/waiting for Bush to declare "temporary" dictatorial powers


5, 4, 3, 2...
 
2008-09-29 02:14:23 PM  
PurplePimpSaber: Ok...so they voted down the amendment...so is what they are voting on now the original 3-page bill with no changes?

got me. but the House didn't pass the bill in it's current form and that deal was supposed to fly through the Congress.

Now they go back to the table and rework the deal while the markets go into freefall.
 
2008-09-29 02:14:30 PM  
buy volatility, easy money
 
2008-09-29 02:14:36 PM  
Cain I has fall of the Western Civilization nao?.
 
2008-09-29 02:14:40 PM  
You couldn't even get your own party on board Johnny? Looks like you're not qualified to be president.
 
2008-09-29 02:14:42 PM  
Looks like I picked the wrong week to quit sniffing glue.

/Yes, I know this isn't the Olympic Airlines thread
 
2008-09-29 02:14:44 PM  
Good things that COULD come out of this:

1. Stop forcing home building. It is NOT a measure of the economy. Keep up existing neighborhoods and quit destroying what little is left of the environment.

2. The dissolution of the Libertarian moron party. Everything they stood for has been proven false, again.

3. Remove the perception of the stock market being a 'sure' thing. It's gambling, it's supposed to be risky. Companies should focus more on sustained, efficient production and less or none on quick, short term profits.

4. The smashing of the illusion that the hyper elite are somehow our 'pals' and have our best interests at heart and are not basically a pack of rabid jackals devouring anything they can get their jaws into.
 
2008-09-29 02:14:50 PM  
The market, the market, the market's on fire
We don't need no bailout let the motherfarker burn!
 
2008-09-29 02:14:57 PM  
Percentage wise we're not even in the top 10 stock market drops in history.
 
2008-09-29 02:15:04 PM  
EKU Colonel: The bill's been defeated according to wire services. Whoops.

I didn't support this bill in the first place, but it's going to be interesting to watch the market crash. I'm glad I don't have stock in...anything. Now's the time to buy.

/may actually be able to afford Google...


Yeah, apparently I should have waited just *little* longer. THIS IS GOOD STUFF THOUGH.
 
2008-09-29 02:15:14 PM  
"Dad, does this mean that assets need to be priced in more realistic terms?"

"Yes, son. It does."

This is great.
 
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