Bailout bill failing in House

[Genx87]

Originally posted by: GTKeeper

Originally posted by: LegendKiller
I hope ever fucker who called a senator to kill this, loses their job, their families lose their house, and they can't get a loan.

Only then, will they understand. This is what we get when we allow ignorant fucks to remain so.

LK,

I think the problem is that people don't understand what this bailout is all about. I think Paulson needs get up there and say.... if you want to avoid the great depression and a MASSIVE contraction of our economy, let this bill fail.

Peple don't realize how much an economy is dependent on credit!!!!!!!!!!!! If the credit goes 'poof' good luck in letting any industry thrive or grow.

No credit = ....
company failures
massive layoffs
massive unemployement

Exactly, people think this is some blank check to the banks. This is to keep the credit markets liduid to provide loans to business who provide jobs. When a business can't secure a loan for some of its basic functions who do you think it will hurt more? The exec who has millions in the bank or the avg joe relying on that paycheck?

I dont think the media has helped this at all either by painting it like some giant paycheck to fat cats on wall street either. It is just fucking amazing the same pattern happened after 29 and we are going down the same fucking road to ruin.

 

[LegendKiller]

Originally posted by: Wreckem

Originally posted by: K1052
Just when I think Congress can't be any more worthless they manage to surprise me.

All this bill does is delay the inevitable. Pushes the problem to younger generations.

We cannot solve the proble by printing and borrowing more money.

This did nothing but buy time. Time for the mortgage problem to work itself out. The vast majority of mortgages *WILL* pay. Those that don't would result in recoveries.

Let's say 50% of mortgages default, resulting in only 50% recoveries. That means we would lose only $175bn.

That's pretty damn small considering the problems it will cause, and those defaults and recoveries are pessimistic.

 

[shiner]

Good lord. This isn't the end of the world.

They will go back to the drawing board, craft a new bill, get it to the house for another vote and it will pass.

Maybe not the first time or the second, but eventually something will be acceptable to all the no votes and will pass.

 

[CADsortaGUY]

Originally posted by: GTKeeper

Originally posted by: LegendKiller
I hope ever fucker who called a senator to kill this, loses their job, their families lose their house, and they can't get a loan.

Only then, will they understand. This is what we get when we allow ignorant fucks to remain so.

LK,

I think the problem is that people don't understand what this bailout is all about. I think Paulson needs get up there and say.... if you want to avoid the great depression and a MASSIVE contraction of our economy, let this bill fail.

Peple don't realize how much an economy is dependent on credit!!!!!!!!!!!! If the credit goes 'poof' good luck in letting any industry thrive or grow.

No credit = ....
company failures
massive layoffs
massive unemployement

Yes. This was VERY poorly sold by everyone involved. Paulson, Bush, Pelosi, etc. They all just said - "you need this" with no rational explaination behind it. Pelosi went a step further and tried to attach patriotism to it...or atleast tried to in an attempt at blaming Rs.

 

[SP33Demon]

Originally posted by: OptimisTech

Originally posted by: CADsortaGUY

Originally posted by: OptimisTech
Oh, and for those of you on monthly pay cycles, there is a REAL chance you will not get a check tomorrow.

:roll: What scare tactic email did you buy into?

Read a book. 90% of businesses use short-term loans to meet payroll every month. If the credit markets seize (which they almost surely will now.) they won't be getting those loans. If you were lucky enough to have payroll processed already, you'll get paid. If not, be ready. Did you really think you were invulnerable to this and you could ignore it?

Then those businesses can get a loan from Bank of Am, Chase, Citi, Wells, or any other bank that will be fine. What's that you say? Their credit rating sucks? Too bad.

 

[pstylesss]

They'll be revoting soon.

 

[Specop 007]

I had heard one of the add ons on the bailout bill was some 150 billion for a group called ACORN. As I understand it quite a few people called in pissed as all hell because of the uport for this group. I wonder if that was one of the big holdups and the bill wil be rewritten without support for any special group......

 

[LegendKiller]

Originally posted by: Vic

Originally posted by: NaughtyGeek

Originally posted by: halik
hello unemployment...

lmfao

Obviously you've bought into the "we're all gonna die" propaganda. The most effective tool in all of history for getting large populations to agree to immensely stupid policies/ideas is fear. Apparently it's working on you.

Nah, if you work in banking or finance, this vote pretty much really is your pink slip (that is, if you haven't already gotten yours as part of the many banking failures thus far this year).

The rest of you will be getting your pink slips next year.

What's sad is that our education system has declined so far that people can't even begin to understand this.

 

[LegendKiller]

Originally posted by: SP33Demon

Originally posted by: OptimisTech

Originally posted by: CADsortaGUY

Originally posted by: OptimisTech
Oh, and for those of you on monthly pay cycles, there is a REAL chance you will not get a check tomorrow.

:roll: What scare tactic email did you buy into?

Read a book. 90% of businesses use short-term loans to meet payroll every month. If the credit markets seize (which they almost surely will now.) they won't be getting those loans. If you were lucky enough to have payroll processed already, you'll get paid. If not, be ready. Did you really think you were invulnerable to this and you could ignore it?

Then those businesses can get a loan from Bank of Am, Chase, Citi, Wells, or any other bank that will be fine. What's that you say? Their credit rating sucks? Too bad.

Fool, they won't be lending. NOBODY is lending. Are you too dense to understand that? Their capital base is so depleated that they are only floating along too.

 

[OptimisTech]

Originally posted by: JS80

Originally posted by: Ocguy31
We are watching history here folks....

We are watching history repeat itself. 1929 all over again. Pull liquidity during time of crisis and watch systemic failure. Unbelievable.

Our cultural ability to ignore history never ceases to amaze and confound me.

 

[CADsortaGUY]

Originally posted by: Specop 007
I had heard one of the add ons on the bailout bill was some 150 billion for a group called ACORN. As I understand it quite a few people called in pissed as all hell because of the uport for this group. I wonder if that was one of the big holdups and the bill wil be rewritten without support for any special group......

That was not part of the bill when it went to the floor.

 

[LegendKiller]

Originally posted by: Genx87

Originally posted by: GTKeeper

Originally posted by: LegendKiller
I hope ever fucker who called a senator to kill this, loses their job, their families lose their house, and they can't get a loan.

Only then, will they understand. This is what we get when we allow ignorant fucks to remain so.

LK,

I think the problem is that people don't understand what this bailout is all about. I think Paulson needs get up there and say.... if you want to avoid the great depression and a MASSIVE contraction of our economy, let this bill fail.

Peple don't realize how much an economy is dependent on credit!!!!!!!!!!!! If the credit goes 'poof' good luck in letting any industry thrive or grow.

No credit = ....
company failures
massive layoffs
massive unemployement

Exactly, people think this is some blank check to the banks. This is to keep the credit markets liduid to provide loans to business who provide jobs. When a business can't secure a loan for some of its basic functions who do you think it will hurt more? The exec who has millions in the bank or the avg joe relying on that paycheck?

I dont think the media has helped this at all either by painting it like some giant paycheck to fat cats on wall street either. It is just fucking amazing the same pattern happened after 29 and we are going down the same fucking road to ruin.

The class war from the ignorant people won't end. All they care about is neolithic retribution, they can't think beyond their noses about the implications for themselves.

 

[NaughtyGeek]

Originally posted by: LegendKiller

Originally posted by: Wreckem

Originally posted by: K1052
Just when I think Congress can't be any more worthless they manage to surprise me.

All this bill does is delay the inevitable. Pushes the problem to younger generations.

We cannot solve the proble by printing and borrowing more money.

This did nothing but buy time. Time for the mortgage problem to work itself out. The vast majority of mortgages *WILL* pay. Those that don't would result in recoveries.

Let's say 50% of mortgages default, resulting in only 50% recoveries. That means we would lose only $175bn.

That's pretty damn small considering the problems it will cause, and those defaults and recoveries are pessimistic.

If that's the case then why are the institutions that aren't heading into the crapper injecting their cash into the market to "save" it?

 

[mshan]

I've seen economists suggest 5 year recession with no government intervention; say 2 years recession with it, but getting more of a u bottom and slower recovery, rather than a hard v shaped bottoming and brisker recovery with the former.

After their united Black Wednesday stand, I think Congress is realizing that market will continue to correct in a violent, but controlled manner while they are at least deliberating and talking.

If were really on the precipice of Armageddon, they would have passed the bill.

IMO, main risk now, like on Black Wednesday, is some accidental trigger sending things spiraling out of control in ways they can't later control or contain.

 

[GTKeeper]

Originally posted by: Genx87

Originally posted by: GTKeeper

Originally posted by: LegendKiller
I hope ever fucker who called a senator to kill this, loses their job, their families lose their house, and they can't get a loan.

Only then, will they understand. This is what we get when we allow ignorant fucks to remain so.

LK,

I think the problem is that people don't understand what this bailout is all about. I think Paulson needs get up there and say.... if you want to avoid the great depression and a MASSIVE contraction of our economy, let this bill fail.

Peple don't realize how much an economy is dependent on credit!!!!!!!!!!!! If the credit goes 'poof' good luck in letting any industry thrive or grow.

No credit = ....
company failures
massive layoffs
massive unemployement

Exactly, people think this is some blank check to the banks. This is to keep the credit markets liduid to provide loans to business who provide jobs. When a business can't secure a loan for some of its basic functions who do you think it will hurt more? The exec who has millions in the bank or the avg joe relying on that paycheck?

I dont think the media has helped this at all either by painting it like some giant paycheck to fat cats on wall street either. It is just fucking amazing the same pattern happened after 29 and we are going down the same fucking road to ruin.

No kidding. I am just sitting at my desk shaking my head.... we basically have 2 options here

1) let the bailout fail = something so bad that you will wish the government gave 1.4 trillion when it could

2) give the bailout and get ready for a long, drawn out recession as credit tightens up more and all this bad debt is gotten rid off (long term), yes the next few years will suck for everyone, but at least people with good credit will still be able to get SOME KIND of loans

if #1 happens, expect a MASSIVE knee jerk reaction and a MASSIVE literal evaporation of wealth in a very short period of time. Then god only knows how long it will take us to recover

 

[OptimisTech]

Originally posted by: CADsortaGUY

Originally posted by: OptimisTech

Originally posted by: CADsortaGUY

Originally posted by: OptimisTech
Oh, and for those of you on monthly pay cycles, there is a REAL chance you will not get a check tomorrow.

:roll: What scare tactic email did you buy into?

Read a book. 90% of businesses use short-term loans to meet payroll every month. If the credit markets seize (which they almost surely will now.) they won't be getting those loans. If you were luck enough to have payroll processed already, you'll get paid. If not, be ready. Did you really think you were invulnerable to this and you could ignore it?

So again, what scare tactic email did you buy into?

Just because the lending has tightened and will likely tighten again does not mean you will not get paid or that there will be no lending. Stupid fear mongers...

Actually, that's EXACTLY what it means. That's why "tighten" and "seize" are two different words.

 

[Specop 007]

Originally posted by: CADsortaGUY

Originally posted by: Specop 007
I had heard one of the add ons on the bailout bill was some 150 billion for a group called ACORN. As I understand it quite a few people called in pissed as all hell because of the uport for this group. I wonder if that was one of the big holdups and the bill wil be rewritten without support for any special group......

That was not part of the bill when it went to the floor.

I wondered if that had made it through or not. Not that it matters I suppose.

 

[LegendKiller]

Originally posted by: NaughtyGeek

Originally posted by: LegendKiller

Originally posted by: Wreckem

Originally posted by: K1052
Just when I think Congress can't be any more worthless they manage to surprise me.

All this bill does is delay the inevitable. Pushes the problem to younger generations.

We cannot solve the proble by printing and borrowing more money.

This did nothing but buy time. Time for the mortgage problem to work itself out. The vast majority of mortgages *WILL* pay. Those that don't would result in recoveries.

Let's say 50% of mortgages default, resulting in only 50% recoveries. That means we would lose only $175bn.

That's pretty damn small considering the problems it will cause, and those defaults and recoveries are pessimistic.

If that's the case then why are the institutions that aren't heading into the crapper injecting their cash into the market to "save" it?

Where are institutions injecting their cash?

You have the pulse of the credit markets?

 

[bobcpg]

Originally posted by: Insomniator
Lol @ no paychecks tomorrow. You must be absolutely insane.

Thank god this has been voted down.

:thumbsup: Roger That!

 

[CADsortaGUY]

Originally posted by: OptimisTech

Originally posted by: CADsortaGUY

Originally posted by: OptimisTech

Originally posted by: CADsortaGUY

Originally posted by: OptimisTech
Oh, and for those of you on monthly pay cycles, there is a REAL chance you will not get a check tomorrow.

:roll: What scare tactic email did you buy into?

Read a book. 90% of businesses use short-term loans to meet payroll every month. If the credit markets seize (which they almost surely will now.) they won't be getting those loans. If you were luck enough to have payroll processed already, you'll get paid. If not, be ready. Did you really think you were invulnerable to this and you could ignore it?

So again, what scare tactic email did you buy into?

Just because the lending has tightened and will likely tighten again does not mean you will not get paid or that there will be no lending. Stupid fear mongers...

Actually, that's EXACTLY what it means. That's why "tighten" and "seize" are two different words.

Lets see - your post said there was a REAL chance people will not get a check tomorrow. That is absurd. The lending market aren't seized - if they were then you'd likely be right but it's not the case.

 

[SP33Demon]

Originally posted by: LegendKiller

Originally posted by: SP33Demon

Originally posted by: OptimisTech

Originally posted by: CADsortaGUY

Originally posted by: OptimisTech
Oh, and for those of you on monthly pay cycles, there is a REAL chance you will not get a check tomorrow.

:roll: What scare tactic email did you buy into?

Read a book. 90% of businesses use short-term loans to meet payroll every month. If the credit markets seize (which they almost surely will now.) they won't be getting those loans. If you were lucky enough to have payroll processed already, you'll get paid. If not, be ready. Did you really think you were invulnerable to this and you could ignore it?

Then those businesses can get a loan from Bank of Am, Chase, Citi, Wells, or any other bank that will be fine. What's that you say? Their credit rating sucks? Too bad.

Fool, they won't be lending. NOBODY is lending. Are you too dense to understand that? Their capital base is so depleated that they are only floating along too.

What the hell are you talking about? Since when can't a small business get a loan from any of those companies? Put up or shut up.

 

[GTKeeper]

Originally posted by: CADsortaGUY

Originally posted by: OptimisTech

Originally posted by: CADsortaGUY

Originally posted by: OptimisTech
Oh, and for those of you on monthly pay cycles, there is a REAL chance you will not get a check tomorrow.

:roll: What scare tactic email did you buy into?

Read a book. 90% of businesses use short-term loans to meet payroll every month. If the credit markets seize (which they almost surely will now.) they won't be getting those loans. If you were luck enough to have payroll processed already, you'll get paid. If not, be ready. Did you really think you were invulnerable to this and you could ignore it?

So again, what scare tactic email did you buy into?

Just because the lending has tightened and will likely tighten again does not mean you will not get paid or that there will be no lending. Stupid fear mongers...

CAD, this is a very serious deal indeed. Here is a simple example.

Imagine that only 5% of car buyers could get loans as of tomorrow.... what does that do to the economy?

 

[DrewSG3]

For the first time I'm proud of my Congress

 

[LegendKiller]

Originally posted by: SP33Demon

Originally posted by: LegendKiller

Originally posted by: SP33Demon

Originally posted by: OptimisTech

Originally posted by: CADsortaGUY

Originally posted by: OptimisTech
Oh, and for those of you on monthly pay cycles, there is a REAL chance you will not get a check tomorrow.

:roll: What scare tactic email did you buy into?

Read a book. 90% of businesses use short-term loans to meet payroll every month. If the credit markets seize (which they almost surely will now.) they won't be getting those loans. If you were lucky enough to have payroll processed already, you'll get paid. If not, be ready. Did you really think you were invulnerable to this and you could ignore it?

Then those businesses can get a loan from Bank of Am, Chase, Citi, Wells, or any other bank that will be fine. What's that you say? Their credit rating sucks? Too bad.

Fool, they won't be lending. NOBODY is lending. Are you too dense to understand that? Their capital base is so depleated that they are only floating along too.

What the hell are you talking about? Since when can't a small business get a loan from any of those companies? Put up or shut up.

You have proof they can?

You still don't get it. You don't until you get bitch slapped in the face with it. by then it'll be too late.

however, when it happens, I guarantee you, I am going to bump this.

 

[Deleted member 4644]

It's failed. Unreal.