House defeats $700B financial markets bailout - Stocks tank

  • Posted by a hidden member.
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    Sep 29, 2008 6:30 PM GMT
    The bill, in its present form, was flawed. Clearly, though, something needs to be done to shore up Wall Street.

    http://ap.google.com/article/ALeqM5ioHc80xKMiATnqCpK0cDKJzk_nPQD93GHP602
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    Sep 29, 2008 7:38 PM GMT
    Hey RJ mods - What's up? Why don't my posts show up on the front page?
  • CuriousJockAZ

    Posts: 19129

    Sep 29, 2008 7:43 PM GMT
    I think a certain # of posters need to respond to an initial post before it gets to the front page.

    I think it's a good thing it didn't pass, because it feels like someone is trying to railroad it down our throats quickly rather than to take the time to get it right.
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    Sep 29, 2008 7:45 PM GMT
    Yeah, I agree, AZ. I was strongly opposed to the initial proposal, and moderately opposed to the revision (along the lines of what Caslon posted, earlier in the day). That said, the markets are tanking, so I think that Congress should forego its recess and get 'er done. From the Main St. point of view, I think there still lacks the level of oversight and accountability needed for a $700Bn expenditure.
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    Sep 29, 2008 7:46 PM GMT
    I just recovered from fainting as I'm in agreement with CuriousJockAZ. I'm thinking it's directly from the top, this hard push. He needs something to salvage his putrid legacy.
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    Sep 29, 2008 7:47 PM GMT
    I agree - the banks had no oversight!! So, okay - here is $700 Billion, but don't worry - use it how ever you like??? It is definitely flawed.
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    Sep 29, 2008 7:48 PM GMT
    McGay saidI just recovered from fainting as I'm in agreement with CuriousJockAZ. I'm thinking it's directly from the top, this hard push. He needs something to salvage his putrid legacy.


    LOL - I know it. See, AZ, there is at least one topic on which we can find common ground. icon_razz.gif
  • CuriousJockAZ

    Posts: 19129

    Sep 29, 2008 7:50 PM GMT
    Weeeeeeeeeeeeeeeeeee GROUP HUG!!!!!! icon_lol.gificon_lol.gificon_lol.gif
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    Sep 29, 2008 7:55 PM GMT
    Right! Here's $700 Billion, now you've got 5 days to come up with a thorough and prudent way to invest it. Take the top research economists from the 10 to Universities and give that as a question and they'd laugh.

    Now, here a test. It's 400 pages long and contains 4000 questions. You've got an hour to complete it and get at least 80% of it correct. Okay, GO!
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    Sep 29, 2008 7:56 PM GMT
    Do I have to use a number 2 pencil?
  • drakutis

    Posts: 586

    Sep 29, 2008 8:09 PM GMT
    I like cheese!!!!
  • drakutis

    Posts: 586

    Sep 29, 2008 8:10 PM GMT
    And puppies!!!
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    Sep 29, 2008 8:15 PM GMT
    drakutis saidI like cheese!!!!


    ????

    From the 1940s Warner Brothers cartoon, "Men From Mars"?

    "Are we men, or are we mice?"

    "I like cheese!"

    THWAPPP!!!!
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    Sep 29, 2008 8:23 PM GMT
    NNJfitandbi saidBush called the play wrong. He was used to creating dire emergencies and then getting exactly what he wanted. But HIS capital became "toxic" long ago. (Sorry about the metaphor.)

    A little more time to solve this sounds like a good thing.


    If Bush sincerely wanted this bailout, then perhaps he should have negotiated with the Minority Leader to present this package. He should resign, tomorrow.
  • GQjock

    Posts: 11649

    Sep 29, 2008 8:26 PM GMT
    The House Reps had the Fear of God put into them

    The amount of calls that were comin' in was around 100 to 1 against this thing
    ...it sucked

    NO OVERSIGHT ... are they kidding me?
    Having no regulation or oversight was how we got into this damn mess to begin with

    NO Help with Renegotiating Mortgages ... the only real value most of these houses have is to the people living in them

    And WAY TOO Much power given to the treasury
    The Executive Branch has been made into a monarchy already
    The treasury doesn't need to be made into the holder of the crown jewels
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    Sep 29, 2008 8:31 PM GMT
    CuriousJockAZ saidWeeeeeeeeeeeeeeeeeee GROUP HUG!!!!!! icon_lol.gificon_lol.gificon_lol.gif


    I agree too!

    Group hug is a euphamism for orgy right? That means we're all having an orgy?

    Guys?

    Where's everyone going...?
  • drakutis

    Posts: 586

    Sep 29, 2008 8:41 PM GMT
    Red_Vespa said
    drakutis saidI like cheese!!!!


    ????

    From the 1940s Warner Brothers cartoon, "Men From Mars"?

    "Are we men, or are we mice?"

    "I like cheese!"

    THWAPPP!!!!


    I remember that one!! icon_lol.gif
  • HndsmKansan

    Posts: 16311

    Sep 29, 2008 8:45 PM GMT
    dowal said
    CuriousJockAZ saidWeeeeeeeeeeeeeeeeeee GROUP HUG!!!!!! icon_lol.gificon_lol.gificon_lol.gif


    I agree too!

    Group hug is a euphamism for orgy right? That means we're all having an orgy?

    Guys?

    Where's everyone going...?



    Well I can tell you where I'm going, its out to see a half dozen clients. This might not have been the best bill, but unless something is done in the near term, the markets are going to hell in a handbasket. No, I'm not happy, not at all. When the public realizes whats happened to their savings as a result of this, I would expect public sentiment to shift...... I'm trying to hug my clients....
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    Sep 29, 2008 8:48 PM GMT
    This is one of those times that I'm very very happy to be like most gay people in that I don't have children. There's gonna be a lot of Tiny Tims this Christmas.

    santa.gif
  • drakutis

    Posts: 586

    Sep 29, 2008 8:50 PM GMT
    Now my bank Wachovia, is selling to Citigroup. I know it won't affect my money( hopefully), but it raises concerns about what could happen. At this point I believe anything is possible. But I'm clinging to hope that that things will get better!

    I still like cheese and puppies, but not together and I don't eat puppies!! Just the cheese, but the puppies may like the cheese too, so I may have to share the cheese which wouldn't be so bad.
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    Sep 29, 2008 8:51 PM GMT
    I'm waiting for the aerial photos of Wall Street showing the 'clear evidence' of the development of WMDs.
  • Posted by a hidden member.
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    Sep 29, 2008 8:53 PM GMT
    That would be the bodies ejecting themselves from the windows of the buildings on exhange place.
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    Sep 29, 2008 9:00 PM GMT
    bgcat57 saidI'm waiting for the aerial photos of Wall Street showing the 'clear evidence' of the development of WMDs.


    A-men. And is it any wonder why the vast majority of Americans opposed this bill? The Bush administration has cried wolf far too often.
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    Sep 30, 2008 2:05 AM GMT
    Tonight, Lou Dobbs seemed to consider Congress' failure to pass the bailout as a "victory" for average Americans. I'm not sure that I agree, but he made some cogent points. I especially agreed with his premise that none of the little guys (small businesses or individuals) will benefit from the bailout, although in the end, it may be a necessary evil to forestall another great depression.

    What's your take?
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    Sep 30, 2008 2:12 AM GMT
    ruck_us saidTonight, Lou Dobbs seemed to consider Congress' failure to pass the bailout as a "victory" for average Americans. I'm not sure that I agree, but he made some cogent points. I especially agreed with his premise that none of the little guys (small businesses or individuals) will benefit from the bailout, although in the end, it may be a necessary evil to forestall another great depression.

    What's your take?

    The little guys depend on available credit to make their businesses work just like the big guys do.