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(MSNBC)   Well, the bailout was fun while it lasted. Hilarity ensues   (msnbc.msn.com) divider line 2170
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39873 clicks; posted to Main » on 29 Sep 2008 at 1:57 PM (5 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2008-09-29 02:50:23 PM
Thank heavans that some of our elected representitives didn't get fooled by this manufactured 'crisis'. Now we can have real and open hearings on this problem and figure out how to deal with the banks' problems and the middle classes economic concerns. All this bill did was to transfer 700B to the richest most irresponsible people on the planet.
 
2008-09-29 02:50:33 PM
Here is the breakdown again:

Democrats: Ayes 140, Noes 95
Republicans: Ayes 65, Noes 133

So it is 1/3 of Democrats and 2/3 of Republicans who voted against it. Not really a party line vote.
 
2008-09-29 02:50:33 PM
mrshowrules: Credit will be next to impossible to get now and you are enterring a period of hyper inflation and you are glad you are renting?


"Next to impossible" is a fair bit of overdramatic exaggeration. It's part and parcel to the media overselling this "crisis".

Sure, 20 year old Taco Bell cashiers won't be able to get loans on $500K houses anymore. And that's a good thing.

But if you have the down payment, and you have the credit history, then you can get the loan. Good old fashioned credit fundamentals still apply here. (Think pre-bubble market.) No crisis.

Why? Because banks are holding a bunch of foreclosed properties. They are actually eager to sell them. They would rather have a mortgage, as a liquid tradable instrument, than the physical property on their hands.
 
2008-09-29 02:50:42 PM
ulairix
Is this bad?
 
2008-09-29 02:50:43 PM
"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.

So we're going to suffer through a meltdown because the Republicans are upset about Pelosi saying things that weren't nice?

If you are going to be in politics, then grow a farking backbone. If you don't like the bill and don't like the idea then have the guts to say so. Or get out. Don't walk out there and say you didn't vote for it because you think somebody is being a meanie.

Cantor is sounding like a whiny little kid.
 
2008-09-29 02:50:47 PM
Well tobacco is still up for the day. Smoke 'em if you got 'em
 
2008-09-29 02:50:48 PM
Pelosi (D): fark you, fark you, fark you, YOU'RE COOL, fark you. Okay vote.
 
2008-09-29 02:50:51 PM
Mebbe if Bush hadn't been pissing Billions down the drain in Iraq he might've been able to muster enough support for it.


Stop treating taxpayer dollars like we enjoy throwing it away!!
 
2008-09-29 02:51:09 PM
Nabb1: Doesn't explain the 94 "nay" votes from the House Democrats, though, does it? I still fail to see why Nancy's partisan lobbing was necessary. Unless she know it didn't have enough support to pass anyway and decided to just be pissy about it.

I would assume that is a valid reason.

The bailout plan they currently had is a ridiculous idea and, as the days kept passing, more and more people probably realized that (especially the people that will be voting for someone this november).

Of course, my opinion on this current bailout plan is different from my opinion on whether there needs to be a bailout.

I just think it is funny that over the past week a bunch of conservatives suddenly realized they were still conservatives.
 
2008-09-29 02:51:22 PM
I didn't hear the Pelosi speech. Is the text online?
 
2008-09-29 02:51:44 PM
Corvus: timmy_the_tooth: We're losing that money no matter what, might as well save the bailout money for something that will put people to work when we have 35% unemployment.

So you answer is waiting for the 35% unemployment.

Ok I think that we should try all we can to stop that in the first place. Anything we could do to stop it would be much less costly in the long run.


No... my answer is not to panic and not to follow any plan that George W. Bush comes up with -- he's never been right before.

My plan is a real stimulus plan, take the $700b and invest it in roads, bridges, and ending our dependence on oil in this country. This "plan" that Bush wants is an unprecedented grab for power and treasure that will only benefit the very rich because they are very rich.

I happen to think that 35% unemployment is inevitable at this point. The bubble has burst my friend, no amount of fake "shoring" up with tax revenue that we will never have is going to fix that.
 
2008-09-29 02:51:50 PM
pixistick: whcrow: Barrack is now taking credit for the bill not passing.

Wow... that is all

Source?


Watching CNN , the communist news network.
 
2008-09-29 02:51:54 PM
JimmyCarter'sSecondTerm: -- Soviet Union suffers worst wheat harvest in 55 years.
-- Labor and food riots in Poland. Soviet Troops invade.
-- Cuba and Nicaraugua reach troop strength goals of 500,000. El Salvador and Honduras fall.
-- Greens Party gains control of West German parliament. Demands withdrawal of nuclear weapons from European soil.
-- Mexico plunged into revolution.
-- NATO dissolves. United States stands alone.

/Looks like I chose wisely when I invested in brass, lead, and gunpowder instead of the market.


Do you have a newsletter?

/Likes the cut of your jib...
 
2008-09-29 02:51:56 PM
we are farked!
 
2008-09-29 02:52:12 PM
milhouse?: timmy_the_tooth: 3. What we shouldn't do. Waste $700b "bailing out" the richest people in the world for their bad investments. That money is only going to go toward paying for the excesses of Wall Street, sure, they'll "cap" salaries and what not, but no one is going to get back the exorbitant salaries and payouts and bribes that got us into this mess in the first place. If you want to use that $700b wisely, why don't we fix our crumbling infrastructure? That will create jobs, make wealth, keep houses, and all of the stuff we are supposedly not doing right now.

So basically, you have no idea what the plan actually did.


You know, since the Fed pumped $630 Billion into the market today (new window), without the bailout bill, what exactly did that plan actually do?
 
2008-09-29 02:52:15 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


Both of you, back to 6th grade. For ease, lets just say EVERYONE get the a cut.

US Population is ~300M.

So we have 700,000,000,000.00 divided by 300,000,000.00.

Now for 6th grade math. You can remove the alike zeros. Which leaves you with...

7,000/3 = $2,333.33 for every person. PARTY FARKING ON.

On the other had, if you want to GIVE EVERYONE say, $300,000.00, you can simply multiply the first two number and then tack on ALL the zeros.

So 300,000,000 times 300,000 = $90,000,000,000,000 which is 90 TRILLION dollars.

/BTW, I got this email too. Instead of like all my other friends on the thread, I thought bullshiat and checked the math. Its not just for 6th graders you know.

//Life, you weren't told there would be math, but too farking bad, its there anyway, kicking your ass.

///Didn't use a calculator, hoping I didn't screw up.
 
2008-09-29 02:52:34 PM
JimmyCarter'sSecondTerm: -- Soviet Union suffers worst wheat harvest in 55 years.
-- Labor and food riots in Poland. Soviet Troops invade.
-- Cuba and Nicaraugua reach troop strength goals of 500,000. El Salvador and Honduras fall.
-- Greens Party gains control of West German parliament. Demands withdrawal of nuclear weapons from European soil.
-- Mexico plunged into revolution.
-- NATO dissolves. United States stands alone.

/Looks like I chose wisely when I invested in brass, lead, and gunpowder instead of the market.


my bottle, gas, oil, and wick investments wont be doing to badly either.
 
2008-09-29 02:52:35 PM
Weaver95: I still have a lot of unanswered questions here. Why call the vote if they didn't have the votes to pass it? was there a last minute change? if so - why?

You are right. The assumption was this vote would not be called unless they had the votes.
The only other thing I can think of is that the dems might have wanted to try to squeeze them and lay a big market selloff at the GOP's feet, in order to try to get a better negotiating position.

That seems more hardball than I would have expected from the dems, but Rahm Imanuel could totally have done it.
 
2008-09-29 02:52:39 PM

Pfft. Issues, shmissues. All's I know is Wall Street is full of rich people, rich people are all bad, the word Wall Street was used in conjunction with $700bn and taxpayers, therefore by my infinite middle America wisdom, $700bn bailouts are bad.

/newsletter
//subscribe
///slashies
Why did 94 Democrats vote "no"?
/election year
//most unpopular bill ever
 
2008-09-29 02:52:45 PM
www.theboxset.com

"A person is smart. People are dumb, panicky dangerous animals and you know it."
 
2008-09-29 02:52:56 PM
infinitedigits: IStateTheObvious: Furiousxgeorge

That chart you display only is valid if you pick and choose the donors you include. Here is the real information:

Obama ranks 2nd in Fannie/Freddie contributions (new window)

Then why is your chart only showing $21,550 in Fannie/Freddie contributions for McCain? There is $147,450 floating in air according to the other chart...


I do not own nor am I affiliated with opensecrets.org in any way. And you should research the track record of the NY Times. They dont do much to try and hide their biases. I will believe a nonpartisan group about anything before I believe anything that comes from NY Times (or the NY Post for that matter).

Perhaps you should research the discrepency yourself and find out the truth. You will learn more that way anyway. I dont have time right now.
 
2008-09-29 02:53:02 PM
Time to start panning for gold again.
 
2008-09-29 02:53:04 PM
Given that the 1/2 the house is up for re-election and that the bailout is very unpopular.. they are saving their own asses instead of going with their parties leadership.

Every crooked politician for themselves!... after all, a seat in the house is one of the cushiest jobs in the world.. and after you retire from the house with your lifetime health care and pension.. you can go work for a lobbyist or be on the board of one of the companies you were beholding to.

Fark uh-merica.. its CYA time!
 
2008-09-29 02:53:12 PM
improvius: Darconix: I, for one, think this is FANTASTIC NEWS!

I see no reason why a bunch of folks who make less than $100k should pay the salary of some millionaire for farking up his own company.

Because that company is essentially holding the middle class hostage.


i thought we didn't negotiate with terrorists.
 
2008-09-29 02:53:13 PM
Aexia: President Bush has been on the phones all day calling Republican Congressmen, telling them that if they don't vote for the bailout, he'll come to their districts to campaign for them.

This made me lol.
 
2008-09-29 02:53:16 PM
img90.imageshack.us

/Might as well.
 
2008-09-29 02:53:21 PM
The buyer they have on CNN (I think that's what his jacket means) is going to get a commentary job out of this. fark he's good.
 
2008-09-29 02:53:24 PM
img237.imageshack.us
 
2008-09-29 02:53:29 PM
Message to Wall Street and New York from "Flyover Country"


DIAF
 
2008-09-29 02:53:35 PM
FarKnight: ha-ha-guy: Bipartisan rejection!

The markets are going to be fun today.

Not really. Democrats largely supported it. Republicans largely rejected it. It's a partisan issue at its core.


The Dems could have passed it on their own. They have the majority.
 
2008-09-29 02:53:39 PM
Obama: "Just call me I'll be there".

The hot line is ringing Barry, 95 of your buddies are trying to make sure you fail. The dems could have gotten this done by themselves. If they keep this on the front page into Oct people will start paying attention to the social spending/lending programs that got us all into this mess and that doesn't bode well for the democratic party.

Democrats are stealing defeat from the jaws of victory.
 
2008-09-29 02:53:47 PM
Weaver95: Last I heard, he was in the Senate, not the House.

Well, then he should have stayed home...or off the phone :D
 
2008-09-29 02:53:48 PM
FarKnight: house.gov officially slowest website on the intraweb

So true :P
 
2008-09-29 02:53:58 PM
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.

Fail.
 
2008-09-29 02:54:06 PM
tricycleracer: /Might as well.

Gives me new meaning to "ow my balls"
 
2008-09-29 02:54:09 PM
MikeFallopian: Idiots. Farking useless idiots, all of them. They're worried about their constituents' reactions? Wait until the DOW is hovering just over 9000 and then let's see how your constituents reward you. This is supposed to be why we don't have a direct democracy: because the public at large is neither rational nor able to think long-term. People would rather see the economy tank than "reward" some rich CEO - Congress is supposed to rise above that petty bullshiat and do what needs to be done. Fark em.

At this point, I'm thinking it's just posturing. They're playing with the entire economy to see how well it will poll. Maybe later in the week they'll get on with the bailout.

As shiatty as the bailout's necessity is, it's nowhere near the catastrophe if all of these financial services companies go under and the Dow keeps plunging.

Or, worse: No bailout, the Federal Reserve uses its own authority to bailout the banks without Congressional approval (I believe this is possible) and inflation skyrockets to 1000%. At that point the U.S. would probably need rescuing by the IMF.
 
2008-09-29 02:54:10 PM
Kevin5280: "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.

So we're going to suffer through a meltdown because the Republicans are upset about Pelosi saying things that weren't nice?

If you are going to be in politics, then grow a farking backbone. If you don't like the bill and don't like the idea then have the guts to say so. Or get out. Don't walk out there and say you didn't vote for it because you think somebody is being a meanie.

Cantor is sounding like a whiny little kid.


You're going to have to try harder than that.
Many of the Republicans were wary of passing the bill so quickly, but were willing to go along with the bipartisan group just to stabilize the markets.

As soon as Pelosi heard that it would probably pass, she put out a partisan speech to bolster her candidate. The Republicans said, basically, "We were willing to go along with this just to get something done, but we're not going to vote for it if you're going to attach your political message to it".
 
2008-09-29 02:54:16 PM
HarryDeanStanton: Free market correction like a motherfarker

WIN!
 
2008-09-29 02:54:33 PM
Good, now the companies which partially caused this mess hopefully get to see the downside of the free market as opposed to just the upside of it.
 
2008-09-29 02:54:58 PM
Weaver95:
It's not looking good however. that bill was supposed to pass, I don't know yet why it failed.


I tried to call my representatives & senators to tell them "goddamn it don't vote for this bill!"

I don't mind a fix, but I do mind a 700 billion dollar interest free "loan" that I'm partially backing (with no obligation to pay the money back), when I have trouble getting a 50 dollar gas card.

Anyway, I couldn't call to tell them. The phone boards were overloaded. For days. Apparently there was a deluge of anger from constituents and voters. I heard statistics that it was as much as 100-1 against the bailout. This close to the election, a LOT of people would get voted out of office.

The Republicans don't want to own their own mess, and the Democrats don't want to own it without a majority of Republicans to back this up.

It's political musical chairs, and nobody wants to get caught when the music stops in 4 weeks. I'm surprised that it didn't fail by a wider majority actually.
 
2008-09-29 02:55:02 PM
Tyee: Obama: "Just call me I'll be there".

The hot line is ringing Barry, 95 of your buddies are trying to make sure you fail. The dems could have gotten this done by themselves. If they keep this on the front page into Oct people will start paying attention to the social spending/lending programs that got us all into this mess and that doesn't bode well for the democratic party.

Democrats are stealing defeat from the jaws of victory.


You sound undecided.
 
2008-09-29 02:55:04 PM
Where's Jesus during all of this?
 
2008-09-29 02:55:09 PM
MikeFallopian: Idiots. Farking useless idiots, all of them. They're worried about their constituents' reactions? Wait until the DOW is hovering just over 9000 and then let's see how your constituents reward you. This is supposed to be why we don't have a direct democracy: because the public at large is neither rational nor able to think long-term. People would rather see the economy tank than "reward" some rich CEO - Congress is supposed to rise above that petty bullshiat and do what needs to be done. Fark em.

It's our government's job to sell this plan to us. They have not done so. Their plan is sketchy at best. They have no real plan other than throw a LOT of money at a problem and hope for the best. So screw them, and screw Wall Street, if they can't come up with a plan that is better than the one they have right now.

You want a better plan? Here's one:

Take the 2006 tax return numbers and refund 1/2 of everyone's tax dollars to them, or $500, whichever is more.

The rich people will most likely take that money and put it in banks that they trust. Thus, those banks will have money to operate like they did before. The banks that people do not trust will go under like they should. They will be bought up by the stronger banks.

The middle class and poor will save some money, but more will spend it on bills or just plain blow it. This will stimulate the economy. And that money will eventually make it into people's bank accounts.

This is called the "trickle up" theory, given to me by my CPA relative. I think it makes more sense than the other plan.
 
2008-09-29 02:55:10 PM
Tyee: Obama: "Just call me I'll be there".

The hot line is ringing Barry, 95 of your buddies are trying to make sure you fail. The dems could have gotten this done by themselves. If they keep this on the front page into Oct people will start paying attention to the social spending/lending programs that got us all into this mess and that doesn't bode well for the democratic party.

Democrats are stealing defeat from the jaws of victory.


Do you know the difference between a Representative and a Senator?
 
2008-09-29 02:55:19 PM
Meh I just declared bankruptcy so I wouldn't have been able to get credit anyway. I for one am glad that this did not pass. I don't see why I should pay for the banks mistakes. Now before you go on your crusade that I am not paying for mine by declaring bankruptcy.. The punishment to me is I cant get credit for a while. Which seems like it would have happened anyway:)
 
2008-09-29 02:55:21 PM
suebhoney: Screw that, start squatting in those million dollar McMansions that will be empty :D

except that McMansions aren't even a significant fraction of the housing crisis. By and large the people defaulting and losing their homes are lower-middle class families who were persuaded that they could afford a home when that just wasn't true. Mainly because politicians know that home ownership is a benchmark for prosperity and they looked the other way when bad lending decisions offered a shortcut to home ownership.
 
2008-09-29 02:55:23 PM
Hahahahahahahhaa

They just showed a speech from McCain this morning talking about how Obama was wrong for not getting involved in the bill and he didn't show leadership by returning to Washington like him.

He took credit for the bipartisan support of the bill and blah blah blah

whoops!

I wonder if tomorrow he'll switch from working to get this plan passed and instead talk about how he stalled the terrible plan for the good of America.
 
2008-09-29 02:55:24 PM
Evil Camel: Thanks Dems!

Most Dems voted for it, most Reps voted against it.
 
2008-09-29 02:55:27 PM
msnbcmedia1.msn.com
I see a UFIA in your near future.
 
2008-09-29 02:55:27 PM
dwrash: Given that the 1/2 the house is up for re-election and that the bailout is very unpopular.. they are saving their own asses instead of going with their parties leadership.


The ENTIRE House is up for reelection every two years. 1/3 of the Senate is replaced every 2 years.
 
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