Bailout bill failing in House

[Specop 007]

Originally posted by: halik

Originally posted by: SP33Demon
GOLD UP 5%, "I'm rich, btch!"

DUG is up 20%

SKF up 21% which I find quite suprising.

 

[waggy]

back to 533.

usually buy when it goes down..but went down to fast for my taste.

though..seems to be leveling off so might.

 

[Specop 007]

Originally posted by: senseamp

Originally posted by: Wreckem

Originally posted by: senseamp
I think Republicans wanted to vote against this bill so they can have their dignity but still have it pass so they wouldn't get beat up. Now they are gonna get hurt so bad, and yet so good

How so? The economy isnt going to crash and burn before Nov. 4. And right now the American people are opposed to the bailout.

Until they get their 401k statement and see a 10% haircut. Americans say a lot of things.

Except for us long termers. I have another 30 some years of working. A hard crash today just helps me that much more tomorrow, as bad as that sounds. In fact, I think I may look into a Roth 401K now that I think about it......

 

[shiner]

Originally posted by: Craig234

Originally posted by: shinerburke

Originally posted by: SP33Demon
GOLD UP 5%, "I'm rich, btch!"

Hehe. I've had 90% of my investments in gold for almost 3 years now.

Lucky you, it turns out. How did you decide to do that?

I've been saying for years, since the mid 90's, that the economy was being driven by bad credit. No great realization there since every thinking person saw it.

I just kept watching the signs and near the end of 2005 decided to shift most of what I have into gold. I honestly thought the correction was just around the corner then. I'm actually surprised it has taken until now to hit.

 

[RichardE]

Originally posted by: waggy
back to 533.

usually buy when it goes down..but went down to fast for my taste.

though..seems to be leveling off so might.

Usually there is a bounce back near the end of the day.

 

[Craig234]

Originally posted by: RichardE

Originally posted by: Craig234

Originally posted by: shinerburke

Originally posted by: Wreckem

Originally posted by: galperi1
Link to Roll Call

Looks like 94 democrats and 132 republicans can look forward to a world of hurt come election day

You are stupid if you think a bailout package wont be passed between now and then. They'll have one by the end of the week.

Yep....for some reason you and I are the only ones to realize that. Everyone else is busy either screaming about the sky falling or playing partisan politics. Neither of which is more helpful than a one legged man at an ass kicking contest.

I'll go on record predicting some program is very like to pass in the coming days.

They'll talk to the no votes, find out what's needed to change, and pass something.

Unless some of the yes votes wanted to vote no, and now have the balls to do it.

This could be a clusterfuck

Well, that's a speculative issue I'm trying to estimate. I don't see the calculations of those who voted yes likely changing much. Right off the top, they'd have a flip flop to explain.

 

[SP33Demon]

Originally posted by: halik

Originally posted by: SP33Demon
GOLD UP 5%, "I'm rich, btch!"

DUG is up 20%

/craps pants, please tell me you own that. :beer:

 

[Craig234]

Originally posted by: shinerburke

Originally posted by: Craig234

Originally posted by: shinerburke

Originally posted by: SP33Demon
GOLD UP 5%, "I'm rich, btch!"

Hehe. I've had 90% of my investments in gold for almost 3 years now.

Lucky you, it turns out. How did you decide to do that?

I've been saying for years, since the mid 90's, that the economy was being driven by bad credit. No great realization there since every thinking person saw it.

I just kept watching the signs and near the end of 2005 decided to shift most of what I have into gold. I honestly thought the correction was just around the corner then. I'm actually surprised it has taken until now to hit.

I've thought on similar lines over the same time period with factors such as the pressure from our increasing debt, but did not feel sure enough on gold to pull the trigger. Congrats.

On the other hand, I have stayed with a nice part in cash for years waiting for this to happen, and that has sort of worked to my advantage now.

 

[First]

Extremely disappointing. Hopefully cooler heads prevail and we get something through over the next 24-48 hours. Otherwise we're looking at a deep global recession, at minimum.

 

[Balt]

Originally posted by: RichardE

Originally posted by: waggy
back to 533.

usually buy when it goes down..but went down to fast for my taste.

though..seems to be leveling off so might.

Usually there is a bounce back near the end of the day.

I think any bounce back is going to be pretty temporary if Congress doesn't get anything done this week. At the moment I think there's still hope that they will which is keeping the market 'up'.

 

[Delta6Echo]

Alright. I've heard the doom-and-gloom but I think that every homeowner wants to know how this will impact their mortgage/taxes/values. Will the bail out help the housing industry or will it be much of the same?

Will the government essentially take all the bad debt (loans) and provide work-out options for homeowners who want to stay in their homes but cannot afford the mortgage?

 

[ElFenix]

Originally posted by: CADsortaGUY

http://www.youtube.com/watch?v=ey3ZlsmIkz4

12:21 eastern, what time was the vote?

 

[waggy]

Originally posted by: RichardE

Originally posted by: waggy
back to 533.

usually buy when it goes down..but went down to fast for my taste.

though..seems to be leveling off so might.

Usually there is a bounce back near the end of the day.

yeah because people like me like to buy cheap.

i just can't pull the trigger and spend the money though.

 

[Craig234]

Originally posted by: Specop 007

Originally posted by: senseamp

Originally posted by: Wreckem

Originally posted by: senseamp
I think Republicans wanted to vote against this bill so they can have their dignity but still have it pass so they wouldn't get beat up. Now they are gonna get hurt so bad, and yet so good

How so? The economy isnt going to crash and burn before Nov. 4. And right now the American people are opposed to the bailout.

Until they get their 401k statement and see a 10% haircut. Americans say a lot of things.

Except for us long termers. I have another 30 some years of working. A hard crash today just helps me that much more tomorrow, as bad as that sounds. In fact, I think I may look into a Roth 401K now that I think about it......

Only if you buy today, *and* it goes up.

On the American people: they tend to react to what they see happen. If the bailout went through, then whatever effects it had on the dollar, they'd complain about, and not notice too much whatever problems the bailout prevented. If the bailout doesn't go through, they won't notice much whatever problems did not happen for the dollar, but they will notice whatever bad effect it has on the financial industry.

 

[NoStateofMind]

Once the bailout goes through (and it will) it will open the door for more money to be flushed down the toilet. Oh yeah, and we pay for it.

 

[CPA]

Originally posted by: Craig234

Originally posted by: galperi1
Link to Roll Call

Looks like 94 democrats and 132 republicans can look forward to a world of hurt come election day

For voting how their constituents apparently want them to by a 100 to 1 margin?

exactly. poll after poll showed Americans did not want this.

I can't believe I'm agreeing with Craig on this issue.

 

[Craig234]

Originally posted by: Dari
What was going through her fucking mind? BTW, 94 Democrats also voted against this bill but many will see this as a Republican and Pelosi problem.

The Republicans are likely to use Pelosi as a scapegoat as needed for voting againt their president's plan agreed to by their own congressional leader.

That 'because she insulted them with a speech' thing is terribly weak though, and I'm glad Barney Frank pointed that out.

 

[GTKeeper]

Originally posted by: Delta6Echo
Alright. I've heard the doom-and-gloom but I think that every homeowner wants to know how this will impact their mortgage/taxes/values. Will the bail out help the housing industry or will it be much of the same?

Will the government essentially take all the bad debt (loans) and provide work-out options for homeowners who want to stay in their homes but cannot afford the mortgage?

For the common folk here is the impact:

Most will lose their houses if they had an ARM type of loan since they will not be able to refi into a fixed rate one.

For everyone else, higher taxes to pay for everything.

 

[ElFenix]

Originally posted by: GTKeeper

For the common folk here is the impact:

Most will lose their houses if they had an ARM type of loan since they will not be able to refi into a fixed rate one.

For everyone else, higher taxes to pay for everything.

impact of what, the failure?

 

[CanOWorms]

Originally posted by: Craig234

Originally posted by: LegendKiller

Originally posted by: Atheus

Originally posted by: LegendKiller

Originally posted by: Atheus
The company I used to work for collapsed a couple of months ago due to credit being withdrawn - previously unsecured loans suddenly required security which did not exist. Some of us got paid and some didn't.

This was after some comparitively minor jitters in the UK economy - I'm sure many people people in the US will indeed be affected directly by this.

What's sad is that 3/4 of these people are IT geeks, or live with their parents, or are some type of libertopian fool. They don't realize how the economy works, never realizing that while the stock market is pretty, the credit market drives everything. It always has, always will.

Well I'm a geek, and a liberal, so I don't know wtf that's supposed to mean...

It means you're the exception to the rule.

I think generalizing 'geek' to one party is like generalizing the US to one party.

You do know geek capitol is Silicon Valley, in the liberal SF bay area, and that other tech areas are often oases (plural of oasis?) of blue, like Austin in Texas?

But there are many techies who have an immature political view, the 'Ayn Rand' hate the poor sort of approach. Both cultures are there.

Silicon Valley isn't as liberal as San Francisco. It's a more conservative, especially among much of the engineers. It is full of FOBs & older people after all.

I can think of a lot of technology areas that are in conservative areas, too. It really depends on the industry.

 

[Wreckem]

Originally posted by: Craig234

Originally posted by: Dari
What was going through her fucking mind? BTW, 94 Democrats also voted against this bill but many will see this as a Republican and Pelosi problem.

The Republicans are likely to use Pelosi as a scapegoat as needed for voting againt their president's plan agreed to by their own congressional leader.

That 'because she insulted them with a speech' thing is terribly weak though, and I'm glad Barney Frank pointed that out.

The GOP House members stopped supporting him when he stopped supporting them. The last holdouts bolted during the Farm Bill fiasco.

 

[shiner]

Originally posted by: GTKeeper

Originally posted by: Delta6Echo
Alright. I've heard the doom-and-gloom but I think that every homeowner wants to know how this will impact their mortgage/taxes/values. Will the bail out help the housing industry or will it be much of the same?

Will the government essentially take all the bad debt (loans) and provide work-out options for homeowners who want to stay in their homes but cannot afford the mortgage?

For the common folk here is the impact:

Most will lose their houses if they had an ARM type of loan since they will not be able to refi into a fixed rate one.

For everyone else, higher taxes to pay for everything.

Stupidity will get you every time.

 

[Wreckem]

Originally posted by: GTKeeper

Originally posted by: Delta6Echo
Alright. I've heard the doom-and-gloom but I think that every homeowner wants to know how this will impact their mortgage/taxes/values. Will the bail out help the housing industry or will it be much of the same?

Will the government essentially take all the bad debt (loans) and provide work-out options for homeowners who want to stay in their homes but cannot afford the mortgage?

For the common folk here is the impact:

Most will lose their houses if they had an ARM type of loan since they will not be able to refi into a fixed rate one.

For everyone else, higher taxes to pay for everything.

People need to get used to higher taxes.

The US Govt will have to continually raise them over the next 30+ years irregardless of this bailout.

 

[Specop 007]

Originally posted by: GTKeeper

Originally posted by: Delta6Echo
Alright. I've heard the doom-and-gloom but I think that every homeowner wants to know how this will impact their mortgage/taxes/values. Will the bail out help the housing industry or will it be much of the same?

Will the government essentially take all the bad debt (loans) and provide work-out options for homeowners who want to stay in their homes but cannot afford the mortgage?

For the common folk here is the impact:

Most will lose their houses if they had an ARM type of loan since they will not be able to refi into a fixed rate one.

For everyone else, higher taxes to pay for everything.

Refi's werent a sure thing and higher taxes to pay for what? Thats 700 billion we dont have to pay for.....

 

[Bitek]

What a bunch of bullshit. 2/3 of Republicans voted no letting this bill fail. Its was supposed to be a bipartisan effort, and instead the reps bailed on their end of the deal letting this fail and the markets crash to score political points. They thought they let the Dems just vote the thing thru and take all the political fury for passing the "wall street bailout" while they would try to claim the high road of opposing this HUGELY unpopular bill, yet comfortable the needed bill would get passed.

Now Dems come up slightly short (only 60% voted for it) and the Reps are AWOL. If only half of Reps voted for it it would have passed and both parties would be responsible for passing the hated but needed bailout. That is putting Country First, letting things go to shit for political points is Party First and that's what 2/3s of Reps and 1/3 of Dems have one.
WTF