Thread: Bailout rejected! American economy screwed?

Bush confident bailout bill will stabilize economy - Los Angeles Times

House rejects Wall Street bailout plan

The vote was 205 for and 228 against. The Dow falls about 500 points on the news.
By Richard Simon and James Gerstenzang, Los Angeles Times Staff Writers
11:50 AM PDT, September 29, 2008

WASHINGTON -- The House today rejected a $700-billion Wall Street bailout that would have been the biggest government intervention in the financial system since the Great Depression, sending the stock market into a sharp downturn and leaving President Bush's plan to bailout the economy in doubt.

The vote was 205 in favor of the measure and 228 against. The Dow Jones industrial average fell about 500 points in early afternoon trading on the East Coast.

How much more could Bush make an arse of being Pres? He seems to be cramming in as many fuck-ups as humanly possible to make sure he crawls out of the White House with the worst legacy ever.

DOWN IN FLAMES

Why so serious?





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But seriously....really.

Today was the for public consumption show, now it's time for the backroom dealing.

Backroom or backalley!?

House nixes $700B bailout bill in stunning defeat


By JULIE HIRSCHFELD DAVIS, Associated Press Writer 22 minutes ago



WASHINGTON - In a vote that shook the government, Wall Street and markets around the world, the House on Monday defeated a $700 billion emergency rescue for the nation's financial system, leaving both parties and the Bush administration struggling to pick up the pieces. The Dow Jones industrials plunged nearly 800 points, the most ever for a single day.



"We need to put something back together that works," a grim-faced Treasury Secretary Henry Paulson said after he and Federal Reserve Chairman Ben Bernanke joined in an emergency strategy session at the White House. On Capitol Hill, Democratic leaders said the House would reconvene Thursday in hopes of a quick vote on a reworked version.
All sides agreed the bill could not be abandoned.
On Monday, not enough lawmakers were willing to take the political risk — just five weeks before the elections — of backing a deeply unpopular measure that many voters see as an undeserved bailout for Wall Street.
The bill went down, 228-205, even though Paulson and congressional leaders proclaimed a day earlier that they had worked out an acceptable compromise in marathon weekend talks.

House nixes $700B bailout bill in stunning defeat - Yahoo! News

Originally Posted by jimbo

nearly 800 points

I don't know a lot about it, but that seems like a lot.

^ just the beginning.... the economy is at the point of collapse

one would do well to stock up on food staples

^^Well, it's a record mate!

As for me, I just sent an email to a realtor in Florida asking to be alerted when secure condos and gated community townhouses in high end tourist areas or within golfing complexes get listed.

Every problem presents opportunities.

Well, it's time to clean the house.

Originally Posted by Intrepid

Every problem presents opportunities.

Yes, and opportunistic investors follow this thinking like a code of honor!

I'd be quite surprised if your realtor didn't have those listed already....

Those are listed, but havent found the one that fits my criteria yet.....

Originally Posted by markle

BTW Can anyone say "IT'S THE ECONOMY, STUPID"

Not in Thai. I can order lunch though!

Let it crash. We need the stupid prices to fall, if we prop up this economy, not only will encourage inflation, but we'll fuel the debt which will mean Bernanke will start printing more dollars, which will further fuel inflation.

We need the prices to face reality, not some speculators dream of reality. If this keeps up the disparity between rich and poor will become larger than it already is. The two good ideas I've seen in this whole mess were, the Republicans idea that Wall Street itself should fund this bailout and that they need to limit the compensation given to executives.

“Last week another bank went under but its CEO could walk away with $19m,” says the narrator. “John McCain’s advisor, Carly Fiorina…left with $42m. Barack Obama says it’s got to change.”

Does anyone know where your money went?

At least we can credit politicians for being consistent: putting their narrow interests before those of their country. Congratulations to the ones who pander to constituents' luddite fears rather than demonstrate leadership to move the country forward. They may keep their jobs at the next elections, but they will be remembered merely as ignorant seat warmers, timeservers, and blockhead impediments...fondling themselves with one hand and pointing the finger of blame with the other.

Idiots.

So the end of the world is this week? I thought it was last week. Or is it next week?

The whole rescue package had a bad smell about it....and rule #? of the Gnomes of Zurich is 'don't throw good money after bad'. (I saw some expert stating that there is 41 trillion of bad debt out there, and that less than 1 trillion was going to make little difference).


Paulsen, Bernanke et al should do the decent thing and fall on their swords because they are no longer TRUSTED, not even by republican politicians. While the spivs and shysters on Wall Street and financial sectors are standing around, looking aghast with their hands out waiting for someone else to pick up the bill, the smart business people are moving on, building and creating real value and wealth.


There will be pain for many (its always the small guy), and I hope they remember why during the coming legislative cycles. However the markets will sort it out in time.