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House passes the $700B+ bailout deal (updated)

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*shakes head in disbelief*

I think something needed to be done, but this bailout wont FIX anything. Sure, it will pay-off moron financial institutions for their moron practices, but it wont prevent it from happening again. Unbelievable. Also unbelievable that it was so loaded down with unrelated bullshit.

D or R... I dont care. I am voting out incumbents.
 
This ridiculous decision just made me change my vote for president. I'm gonna McCain to see how much more fucked up this country can get. Yes, 8 years of fuck up isn't enough for people apparently, they want another 4 years. Bonus fuck up when (not if, but when) McCain drops dead and Palin takes over.
 
Originally posted by: 351Cleveland
*shakes head in disbelief*

I think something needed to be done, but this bailout wont FIX anything. Sure, it will pay-off moron financial institutions for their moron practices, but it wont prevent it from happening again. Unbelievable. Also unbelievable that it was so loaded down with unrelated bullshit.

D or R... I dont care. I am voting out incumbents.
Click to expand...

Step 1 complete.

What you are referring to is Step 2. Just make sure you vote for which ever candidate you believe will provide the best shot at reforming the regulations and enforcement necessary to prevent such a thing from happening again. Also keep in mind who deregulated us in such a way that got us into this mess. *HINT* It wasn't Obama.



Originally posted by: PC Surgeon
Anyone miss the little gem from the FED last week? I think it was $600 billion in "liquidity" infused to the system. How long till our dollar is worth pesos?
Click to expand...

Oh...I don't know. How long will it be before the demand and value of these mortgages go up to the point where the Fed sells them all and banks on it?
 
Originally posted by: PC Surgeon
fuckin punks are gonna pass it.
Click to expand...

I love how so many people in this country are ignorant. You have no clue what would happen wiht this bill, do you. This is about main street, not Wall Street.

Your reasons for not wanting the bailout are probably rooted in emotion (how dare they spend my money on this). You don't get it. What the gov't is doing is investing your money and most think it will result in a very profitable investment.

 
Originally posted by: Engineer
Stock market sold into the rally. From 300 to 150 in a few minutes.
Click to expand...

Why is the market dropping now? I was expecting it to jump like 10% once the bailout passed.
 
Originally posted by: SleepWalkerX
The sad thing is if this bailout passes and jobs aren't created, banks continue to fail, and we still reach a major depression (which will be a magnitude longer than it needs to be) I won't bother saying I told you so because its not going to matter. We'll still continue justifying theft from others using whatever means possible (the government in this case) as long as we stand something to gain. Its a horrible way to live.
Click to expand...

Without the bailout. There WILL be a depression. There WILL BE alot more jobs lost than without it.

I hope you do realize that unemployment rates will continue to worsen with the bill. No disagreement there. The bill should prevent double digit percentage unemployment.
 
Originally posted by: blipblop
ugh... so my dollar is going to be worthless soon.
Click to expand...
You would think people would have came to this conclusion sooner...y'know, with Bush adding $4 trillion to the national debt, and running up a deficit of 1/2 trillion in his latest budget proposal.

This bailout bill is just gravy.
 
Originally posted by: IHateMyJob2004
Originally posted by: PC Surgeon
fuckin punks are gonna pass it.
Click to expand...

I love how so many people in this country are ignorant. You have no clue what would happen wiht this bill, do you. This is about main street, not Wall Street.

Your reasons for not wanting the bailout are probably rooted in emotion (how dare they spend my money on this). You don't get it. What the gov't is doing is investing your money and most think it will result in a very profitable investment.
Click to expand...

Good, that will provide them with the money they will need to bail these firms out again in a few years after their next get-rich-quick scheme blows up.
 
I only hope they have some time at the end of the day to walk over to the smithsonian and personally wipe their asses on the constitution.
 
Originally posted by: Special K
Originally posted by: Engineer
Stock market sold into the rally. From 300 to 150 in a few minutes.
Click to expand...

Why is the market dropping now? I was expecting it to jump like 10% once the bailout passed.
Click to expand...

The expectation of it passing was probably mostly priced in.

Had the House failed to pass it I don't want to speculate what would have happened.
 
Originally posted by: Xavier434
Originally posted by: 351Cleveland
*shakes head in disbelief*

I think something needed to be done, but this bailout wont FIX anything. Sure, it will pay-off moron financial institutions for their moron practices, but it wont prevent it from happening again. Unbelievable. Also unbelievable that it was so loaded down with unrelated bullshit.

D or R... I dont care. I am voting out incumbents.
Click to expand...

Step 1 complete.

What you are referring to is Step 2. Just make sure you vote for which ever candidate you believe will provide the best shot at reforming the regulations and enforcement necessary to prevent such a thing from happening again.
Click to expand...

See... in my world, you reform before rewarding. Yes.... this is REWARDING incompetence or, worse, criminal behavior. Then again, stupid isnt criminal...

Oh well. I am going to go home tonight, take all the pillows and blankets in the house, throw them down in front of the television, and watch a movie with the kids. Afterall, THAT is what it is all about... not this bullshit in Washington.
 
Originally posted by: 351Cleveland
Originally posted by: Xavier434
Originally posted by: 351Cleveland
*shakes head in disbelief*

I think something needed to be done, but this bailout wont FIX anything. Sure, it will pay-off moron financial institutions for their moron practices, but it wont prevent it from happening again. Unbelievable. Also unbelievable that it was so loaded down with unrelated bullshit.

D or R... I dont care. I am voting out incumbents.
Click to expand...

Step 1 complete.

What you are referring to is Step 2. Just make sure you vote for which ever candidate you believe will provide the best shot at reforming the regulations and enforcement necessary to prevent such a thing from happening again.
Click to expand...

See... in my world, you reform before rewarding. Yes.... this is REWARDING incompetence or, worse, criminal behavior. Then again, stupid isnt criminal...

Oh well. I am going to go home tonight, take all the pillows and blankets in the house, throw them down in front of the television, and watch a movie with the kids. Afterall, THAT is what it is all about... not this bullshit in Washington.
Click to expand...

Normally, I would agree but developing a proper reform plan and putting it into action will take a lot of time or else you risk making big mistakes by half assing it. We did not have the luxury of the amount of time needed to do it that way. It is unfortunate that we did not, but no man or woman can write a bill that creates a 48 hour day.

Anyways, enjoy your time with your kids. I plan to do the same. 🙂
 
Originally posted by: Xavier434
Originally posted by: 351Cleveland
Originally posted by: Xavier434
Originally posted by: 351Cleveland
*shakes head in disbelief*

I think something needed to be done, but this bailout wont FIX anything. Sure, it will pay-off moron financial institutions for their moron practices, but it wont prevent it from happening again. Unbelievable. Also unbelievable that it was so loaded down with unrelated bullshit.

D or R... I dont care. I am voting out incumbents.
Click to expand...

Step 1 complete.

What you are referring to is Step 2. Just make sure you vote for which ever candidate you believe will provide the best shot at reforming the regulations and enforcement necessary to prevent such a thing from happening again.
Click to expand...

See... in my world, you reform before rewarding. Yes.... this is REWARDING incompetence or, worse, criminal behavior. Then again, stupid isnt criminal...

Oh well. I am going to go home tonight, take all the pillows and blankets in the house, throw them down in front of the television, and watch a movie with the kids. Afterall, THAT is what it is all about... not this bullshit in Washington.
Click to expand...

Normally, I would agree but developing a proper reform plan and putting it into action will take a lot of time or else you risk making big mistakes by half assing it. We did not have the luxury of the amount of time needed to do it that way. It is unfortunate that we did not, but no man or woman can write a bill that creates a 48 hour day.
Click to expand...

But now reform will never happen. Wall St got what it wanted and now it will ensure that there are enough lobbyists on Capitol Hill to prevent them from getting their hand slapped.
 
Originally posted by: 351Cleveland
Originally posted by: Xavier434
Originally posted by: 351Cleveland
*shakes head in disbelief*

I think something needed to be done, but this bailout wont FIX anything. Sure, it will pay-off moron financial institutions for their moron practices, but it wont prevent it from happening again. Unbelievable. Also unbelievable that it was so loaded down with unrelated bullshit.

D or R... I dont care. I am voting out incumbents.
Click to expand...

Step 1 complete.

What you are referring to is Step 2. Just make sure you vote for which ever candidate you believe will provide the best shot at reforming the regulations and enforcement necessary to prevent such a thing from happening again.
Click to expand...

See... in my world, you reform before rewarding. Yes.... this is REWARDING incompetence or, worse, criminal behavior. Then again, stupid isnt criminal...

Oh well. I am going to go home tonight, take all the pillows and blankets in the house, throw them down in front of the television, and watch a movie with my gf. Maybe a good porno, or finally get around to watching 21. Afterall, THAT is what it is all about... not this bullshit in Washington.
Click to expand...

Made some changes, but basically the same idea 😛
 
Originally posted by: BigDH01
But now reform will never happen. Wall St got what it wanted and now it will ensure that there are enough lobbyists on Capitol Hill to prevent them from getting their hand slapped.
Click to expand...

You cannot prove that anymore than I can deny it. Again, choose your vote wisely.
 
Originally posted by: K1052
Originally posted by: Special K
Originally posted by: Engineer
Stock market sold into the rally. From 300 to 150 in a few minutes.
Click to expand...

Why is the market dropping now? I was expecting it to jump like 10% once the bailout passed.
Click to expand...

The expectation of it passing was probably mostly priced in.

Had the House failed to pass it I don't want to speculate what would have happened.
Click to expand...

Right, but it's actually dropping now. If the expectation was already priced in, shouldn't the market just be holding steady?
 
Originally posted by: IHateMyJob2004
Originally posted by: polarmystery
Why does America always think in short term? Uggh...

Bailout = dumb.
Click to expand...

You think this was short term? How so?
Click to expand...

How is this not short term? There was no regulation reform attached to this bill. Finance and investment bankers WILL fuck up again and expect taxpayer to subsidize their fuck up. This bailout is slap in the face against main street.

I would've supported this bailout if they've attached serious AND binding regulation changes. Instead we get loaded with more pork and passed an even WORSE bill than the first one.
 
Originally posted by: Special K
Originally posted by: K1052
Originally posted by: Special K
Originally posted by: Engineer
Stock market sold into the rally. From 300 to 150 in a few minutes.
Click to expand...

Why is the market dropping now? I was expecting it to jump like 10% once the bailout passed.
Click to expand...

The expectation of it passing was probably mostly priced in.

Had the House failed to pass it I don't want to speculate what would have happened.
Click to expand...

Right, but it's actually dropping now. If the expectation was already priced in, shouldn't the market just be holding steady?
Click to expand...

Give it time.
 
In principle it's wrong to bail out the banks, and it sickens me to think private institutions driven by profits (with lax regulations) are getting picked up out of the gutter by Uncle Sam.

Having said that, I think this was necessary. I too fear that without the passing of the bill, our economy's overall health would have suffered much more in both short and long terms.
 
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