Bailout bill fails
 

http://money.cnn.com/2008/09/29/news...ex.htm?cnn=yes

This is going to sound terrible but there is only one word that can capture the true essence of what is happening in the market right now: sodomy.

God help us.

This is actually a brilliant move by the Republican Party... they don't pass the recovery bill today so the market crashes. The rich folks buy up lots of under valued stocks, then McCain gets his party to unite and pass a bill within a matter of days, the markets rebound like it's on a trampoline and the rich sell their stocks for a handsome profit. McCain saves the country and wins in November by a landslide - Republicans win all the way around - really a brilliant move :tro:

Let the blame game begin......

Posted in the wrong section, anyway it isn't going to be pretty, hold tight and try not to let emotions get the better of us. Hopefully the bottom is not far away.

Good. They deserve it. Gov't doesn't have the money to give. Either have to borrow it, or print it. So, for people (like myself) that have their money in dollars, the last thing we want our Gov't doing is printing more, and destroying 10-20% of our money's value. That's what this would do. Do I care that people won't be able to get loans? I live within my means for operating expenses. I care, but people need to get back to living off the money they have. THIS IS HOPEFULLY THE START OF AMERICANS LIVING WITHIN THEIR MEANS. Not just regular Americans, but the companies that they keep trying to scare everybody with. Everybody needs to wake up, and stop living off credit. I don't do that, and I am in no hurry to bail out companies that say they need credit. Stop giving your CEO 40 million a year while claiming you can't get money to cover daily operating expenses. Tired of it. I was made fun of for not putting my money in this or that. I refused. The people saying this has to be done are the same people telling me I had to invest in this or that. Too bad. I ain't for bailing you out because you gambled with your money in stocks , or anything else. That's one reason they tell you this has to be done(if you don't then they will lose money on their stocks etc.) FCK OFF.

YOU JUST DON'T GET IT!

no, he doesn't. everyone has debt, the point is not to have too much, and to use your available credit wisely.
so, the loans tighten up. folks can't buy houses, cars, whatever. what do you think happens, scuds, to those in the housing and real estate businesses, dealerships, factories, etc, etc? they lose their jobs because the buying well dries up. not everyone can pay cash for every big ticket item they buy. and, like a small snowball that you push over the edge, it just gets larger and larger as it rolls down hill....more jobs lost, less money, and so it goes.

i never thought about this outcome, the bill not passing. back to the drawing board, and hopefully a solution.

Over 90 democrats voted no. Pelosi had to make a partisan speech before the vote.

More Democrats voted yes than no. It's pretty funny seeing John Boehner blaming Pelosi and 'partisanship' for the bill failing when over two-thirds of his party voted no.

I DON'T HAVE DEBT. What will happen? Americans will have to start to live with discipline. Americans need to try it. THIS BILL FAILED, because we are not for pissing away the value of our savings just to socialize the losses of crooks, and people that gambled in the stock market. Be responsible next time. We don't want to socialize these losses. That's just the way it is. If you can't get new loans, then don't buy it. Revolutionary!! We need to correct the way Americans act with money. Start.

Not enough did. Over 90 (94?) voted no and they are the reason why the bill didn't pass. That and the idiot Pelosi with her grandstanding partisan hackery speech that turned about 12 republicans votes the other way.

There are idiots in both parties. Deal with it and spare me the bulls.hit.

That guy isn't much. The Ohio Italian guy with the bad toupee(who went to jail) would be better.

Yes that'll solve this problem. :rolleyes:

Scudds I agree 100%, FANTASTIC POST!

you don't pay a car note, own a house with a mortgage? i have very little debt myself, but i have some all the same. you can make debt work for you-i mean, who can save the tens of thousands of dollars it takes to buy a house so as to avoid a mortgage?
and go tell all the autoworkers they're all out of work, as no one can borrow. yeah, that'll make their day.
and everyone who has a 401k is in the stock market to some degree.

Hey, I just looked, the Dow is down 777, maybe that's good luck :D

Oh pffft. It's not like all the people who will lose their jobs because of this won't be able to find a new job.
;)

Your right, we should all work, save our $ and put it under our mattress in our rented house and as soon as we save $200,000+(depending on where you live) we can look at buying that home. I will need to buy a gun and protect my house and my cash for fear of theives because I can not insure the cash that I have saved because I can't use an insurance company, etc. and if my home happens to burn down, flood, or be robbed I lose everything I worked for and I have to start over. Your system works awesome! I am not sure why I didn't think of it first. :eek:

Remember how the sissies reacted to the anthrax scare at the capitol? How is this any different? They can't get anything done, yet people still fervently support their beloved party of choice.

In my lifetime I will witness the fall of the American Empire. Hell...it could be in the next 5 years. We're being governed by morons.

Sad to say but true.

Isn't that the truth. I think that if this wasn't an election year things would be much different.

I am not against people getting loans, but they want to have the same scum (that made these bad loans) be the ones in charge of the loaning. That is an example of repeating the same mistake(which is the definition of the word "stupid.") That's the very 1st thing wrong with this plan. No accountability whatsoever. Give the same crooks more money to loan. No, miss "I want less Gov't," I am not interested in saving the stock market. This a-s-s you voted for wanted to have people putting their social security money in the stock market. He was wrong. Now he has zero crediblity on economic issues whatsoever.

And let me really offend some people now.

The Greatest Generation and their children are to blame. They let this s.hit happen because they feel entitled to do whatever they please. Future generations be damned.

I don't really like these debates, but isn't the gist of what SCUDS is saying true? Isn't fiscal irresponsibility by America what pretty much got us into this situation?

I'm basically a bleeding heart liberal, and I'm all for helping out those that need help, but how would this bailout necessarily fall into that category?

How they voted...

http://www.marketwatch.com/news/stor...E8753D34363%7D

anyone notice I voted yes??

The companies that made the bad loans have already been hurt and they are paying dearly for the fiscal irresponsibility that lead most of them into the situation. The problem is that there are no investors for very good, creditable consumers/businesses due to the issues and problems in the market place. Without the government stepping in and buying a lot of these investments, good honest businesses and consumers will not be able to obtain the financing that they normally could get. The government could actually profit by buying up these securities and some estimates are anywhere from $1-3 trillion yes trillion dollars in profit, by buying and holding these investments; however this depends on what price they buy them at. There is a liquidity crisis in the market that is affecting all financial institutions no matter if they ethically or unethically offered financing. The bailout is not all about letting bad businesses out of their fiscal irresponsible decisions.

actually... according to the link you posted... 60% of Dems voted yes and only 1/3 of Repub's voted yes...

Does that make bush a closet Dem like I've always believed?

;)

:tro:

I hate to say it as I am a Investor, but someone had to pay for the outlandish policies by some of these sub prime lending companies. Is it possible to feel bad but good at the same time...:zz:

Thanks. Makes some real sense.

Actually the major banks that are still standing survived because THEY DIDNT do the crazy lending for the most part.

Bank of America, Chase, Wells and Citi DID NOT offer neg am loans which were the worst. Wells dipped their feet into some subprime but not to the level of the investment banks that are tumbling left are right.

Of those banks named, the only real exposure they have left is to high LTV mezz financing and some ALT A.

In plain English, these banks didnt do they bad lending for the most part.

it's still not that simple. you have the lender, and the person who sought the loan. then you have the lender who then sells the mortgages as an asset to an investor. then you have the loan fail, the bank stuck with the house, and an investor who 'owns' a note on a house that's worth far less than the house itself. now mulitply that by hundreds of thousands. so, banks retreat and tighten the credit market. except for those with excellent credit, loans will not occur. multiply that by millions. you've just cut off the spending power of tens of millions of people.
so, ignore the problem and tell everyone to change their habits-that solves no problem. well, it won't matter if nothing is done, as so many people will be out of work, they won't be able to buy anything anyway.

part of the bailout was supposed to include more regulatory measures as well.

yeah, the kernel in that post is true, it is rampant spending/borrowing that got us into this mess.
however, we have to find a way OUT of the mess, or it will only get tremendously worse.
do we need to spend 700 billion to do it? that i'm not so sure of.

:tro:
I agree with about 90% of this, which is about 85% more than most of the things for me in this area of the forum.

yeah, what he said.

In your opinion, does the federal government belong in the market place though?