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Oh Shit.
Dow has been down as much as 700 today, and stabilized about 350 down for the afternoon.
As soon as this news hit the market, it plummeted to 530 down as of this post.
This could well be the largest single point loss of the Dow Jones Average ever.
I know a few conspiracy theorists who will be jumping up and down saying "THEY'RE GOING TO HERD US INTO FEMA DEATH CAMPS NOW, AREN'T YOU HAPPY!"
Hopefully they will head to the hills to avoid this and get eaten by bears.
the real republicans showed up today.
Here we go.
Isn't it good news that they just didn't reflexively throw money at this problem?
very good news.
This is outstanding.
DURING A presidential election - at nut cutting time; A SERIOUS financial crisis.
Congress is impotent. President is lame duck.
Does this bailout REALLY need to happen? Calls into congressional offices are running 100 to 1 against; but the people don't know wtf; they're just pissed. Congressment "don't want to lose theirs jobs" (btw, asshole congressmen; you're supposed to be their to serve the people; you should have a real job back home for when you're done).
Anyway, their are TWO individuals who have dominated the news for a couple of months. THEY, RIGHT NOW, are the only political leaders this country has. If this is so damned important - THEY are going to have to go out on a limb, speak to the American people, and get it done. AT LEAST one of them HAS to step up, take the bull by the horns, get on his bully pulpit, and get enough Americans behind this to jam it through. Either one could call a news conference and at least attempt to do so.
My predeiction? Both a couple of self-important, power hungry pussies. Even though they EACH know it NEEDS to happen, neither one is going to go out on limb. If neither tries to fix this in a real, substantive way. Neither deserves the presidency.
That, or maybe this really isn't that important for anyone outside of WalStreet?!
I'm glad some of them finally listened to their constituents...I'd been hearing numbers of almost 10-1 against the bill. I also haven't seen a single economist who thinks that this will FIX the problem, and the ones who I have seen aren't too sure what will/will not happen if the bailout is passed/not passed.
what's not so funney is how close it was........the nay votes represent the people the yea votes represent the $$$$$$ and slime........amazing the people won out.
I heard one rep say that although this is a risky venture he would vote for it and not risk the futures of his kids and grandchildren even though it would not be a popular vote.
Those damn republican bastards!!!
Now if only they would listen their constituents when it comes to other issues like the Iraq war.Quote:
Originally Posted by KenMcCoy
Bush is totally in with the Democrats and Obama on this one....careful who you call a Republican.Quote:
Originally Posted by JoeChalupa
:) Finally.Quote:
Originally Posted by cool hand
Tweety is on msnbc bitching about the republicans killing the deal. LOL
Hey the dems have the majority...so they couldn't even get their own party in line.
But he's always been a bastard.Quote:
Originally Posted by whottt
Quote:
Originally Posted by KenMcCoy
All the coroporate money is behind the Democrats on this...every last bit of it. The fact that the Republicans are going against that and executing the will of their constituents does loads for their credibility. Redemption.
Both ends of the spectrum hated the idea.Quote:
Originally Posted by KenMcCoy
(shrugs)
We'll see. I didn't like it, but know that it was the least bad option.
I can only hope that no bailout happens and we get our wish.
We aren't going to like the result.
I heard that the banks were already planning on asking for more for their mortgage backed securities from the government than they were worth....they were going to eff the American Taxpayer.Quote:
Originally Posted by RandomGuy
For such a fan of altruism you should be celebrating this vote down...when the banks stop being greedy then they deserve to be bailed out.
Make no mistake about it...the Republicans are the ones trying to make this bill work for the American Tax Payer so they don't get screwed by Wall Street.
It all depends on what the foreigners do who are holding a vast amount of US debt.Quote:
Originally Posted by KenMcCoy
If they start looking elsewhere.
My guess is a self-sustaining negative feeback loop. Bad thing A causes Bad Things B and C, that cause more of Bad Thing A, etc.
As I have said, we'll see. Dow Jones Ave looks to be closing around 600 points down.
That means that virtually all of the gains for the stocks in that average (holding aside that the composition has changed somewhat) for the last 8-9 years have been wiped out.
:rolleyesQuote:
Originally Posted by whottt
You say that but all I hear is : :blah:blah:blah:blah:blah
I guess we can all go to the ballot box this fall and blame our scapegoat of choice.
Ron Paul strikes again!
That pipe is closed. They've alraedy said there will be no more investment until this bill is passed. How do you think today made them feel? The self sustaining negative feedback loops is exactly WHY there are people so worried adn these fuckers are playing politiacl games. "yaeh we'll vote" "GOTCHA!"Quote:
Originally Posted by RandomGuy
Yeah, you go tell that to your consituants when banks start dropping like flies and in turn companies who rely on short term loans fail to meet payroll and ulitmately fail as well. Gonna be great!
HAHAHAH PELOSI GOT TOLD
Awww shit, no paycheck?
This is another instance I disagree with president Bush on. If he wasn't the lesser of two evils, twice, we might have had a better president!Quote:
Originally Posted by whottt
How many times have I said president Bush was way to liberal for me? McCain is too liberal for me too. Still, the lesser of two evils.
If president Bush was a conservative, he would veto such a bill if passed by congress.
They should have thought about that before giving out all those bad mortgages. It's on them...not the American Tax Payer. And the market will be back. This country has the best and most reliable financial infrastructure in the entire world...it will continue to remain an attractive market for both foreign and domestic investors.Quote:
Originally Posted by RandomGuy
If our market has to bite the bullet for a while...so be it, sometimes the message is more important than the dollar.
And the banks that are in good standing right now and aren't carrying a ton of bad mortgages are going to get a huge boost in domestic depositors and are going to be an attractive invesemtn for foreign investors.
I don't call it the end...I call it a changing of the guard.
PS: Those mortgages aren't going anywhere...my advice to you is hold.
Shit happens...it'll bounce back. If you don't do the bailout and let the markets run themselves (no forced inflation by manipulating the fed interest rate) the market will be up 10% six months from now.Quote:
Originally Posted by RandomGuy
Quote:
Originally Posted by RandomGuy
Didya figure how a Capital Gains tax works yet?
Get back to me when you do...smarty.
wassit say 'bout the prez that his own party dissed him on a bill that he pleaded to get passed and even went on primetime over?
Anyone know what Goldman Sachs is doing today? I'm hoping they drop below 115 and I hope they stay there for the rest of Buffet's life...I want to see Buffet take this one up the ass royally. Kiss that 500 million annual profit out of the pocket of the American Tax Payer goodbye...cocksucker.
Yeah that'll stick it to all those goldman sachs investors too! Those rich fuckers!Quote:
Originally Posted by whottt
Dow dopped 700 points because of the bailout defeat. I wonder who's to blame..
CongressQuote:
Originally Posted by George Gervin's Afro
HAHAHA Obama got me a tax cut!Quote:
Originally Posted by MannyIsGod
Awww shit, no paycheck???
More of 1929.
Springtime 1929.
It' amazing how history repeats.
Less often than the Spurs in the NBA finals, but still...........
hahaQuote:
Originally Posted by Oh, Gee!!
Bush : "I'm very dissapointed."
No shit W. Noooo shit.
Quote:
Originally Posted by KenMcCoy
Down 700 points now...
Honestly, I think the plan was workable and would have had some beneficial effect to mitigate the worst of it.
But hey, let's do it your way and we'll see what really happens. I think you are very very wrong about that, but it is beginning to look like your viewpoint holds sway at the moment.
If nothing happens and the market goes up to 11,000-12,000 in six months you get the bragging rights, I guess.
When it doesn't happen, I will be here saying "I told you so.". See you in March.
Michael Moore opposes the bill:
I hope that plea to Obama to oppose this works out well for him.Quote:
Monday, September 29th, 2008
The Rich Are Staging a Coup This Morning ...a message from Michael Moore
Friends,
Let me cut to the chase. The biggest robbery in the history of this country is taking place as you read this. Though no guns are being used, 300 million hostages are being taken. Make no mistake about it: After stealing a half trillion dollars to line the pockets of their war-profiteering backers for the past five years, after lining the pockets of their fellow oilmen to the tune of over a hundred billion dollars in just the last two years, Bush and his cronies -- who must soon vacate the White House -- are looting the U.S. Treasury of every dollar they can grab. They are swiping as much of the silverware as they can on their way out the door.
No matter what they say, no matter how many scare words they use, they are up to their old tricks of creating fear and confusion in order to make and keep themselves and the upper one percent filthy rich. Just read the first four paragraphs of the lead story in last Monday's New York Times and you can see what the real deal is:
"Even as policy makers worked on details of a $700 billion bailout of the financial industry, Wall Street began looking for ways to profit from it.Unbelievable. Wall Street and its backers created this mess and now they are going to clean up like bandits. Even Rudy Giuliani is lobbying for his firm to be hired (and paid) to "consult" in the bailout.
"Financial firms were lobbying to have all manner of troubled investments covered, not just those related to mortgages.
"At the same time, investment firms were jockeying to oversee all the assets that Treasury plans to take off the books of financial institutions, a role that could earn them hundreds of millions of dollars a year in fees.
"Nobody wants to be left out of Treasury's proposal to buy up bad assets of financial institutions."
The problem is, nobody truly knows what this "collapse" is all about. Even Treasury Secretary Paulson admitted he doesn't know the exact amount that is needed (he just picked the $700 billion number out of his head!). The head of the congressional budget office said he can't figure it out nor can he explain it to anyone.
And yet, they are screeching about how the end is near! Panic! Recession! The Great Depression! Y2K! Bird flu! Killer bees! We must pass the bailout bill today!! The sky is falling! The sky is falling!
Falling for whom? NOTHING in this "bailout" package will lower the price of the gas you have to put in your car to get to work. NOTHING in this bill will protect you from losing your home. NOTHING in this bill will give you health insurance.
Health insurance? Mike, why are you bringing this up? What's this got to do with the Wall Street collapse?
It has everything to do with it. This so-called "collapse" was triggered by the massive defaulting and foreclosures going on with people's home mortgages. Do you know why so many Americans are losing their homes? To hear the Republicans describe it, it's because too many working class idiots were given mortgages that they really couldn't afford. Here's the truth: The number one cause of people declaring bankruptcy is because of medical bills. Let me state this simply: If we had had universal health coverage, this mortgage "crisis" may never have happened.
This bailout's mission is to protect the obscene amount of wealth that has been accumulated in the last eight years. It's to protect the top shareholders who own and control corporate America. It's to make sure their yachts and mansions and "way of life" go uninterrupted while the rest of America suffers and struggles to pay the bills. Let the rich suffer for once. Let them pay for the bailout. We are spending 400 million dollars a day on the war in Iraq. Let them end the war immediately and save us all another half-trillion dollars!
I have to stop writing this and you have to stop reading it. They are staging a financial coup this morning in our country. They are hoping Congress will act fast before they stop to think, before we have a chance to stop them ourselves. So stop reading this and do something -- NOW! Here's what you can do immediately:
1. Call or e-mail Senator Obama. Tell him he does not need to be sitting there trying to help prop up Bush and Cheney and the mess they've made. Tell him we know he has the smarts to slow this thing down and figure out what's the best route to take. Tell him the rich have to pay for whatever help is offered. Use the leverage we have now to insist on a moratorium on home foreclosures, to insist on a move to universal health coverage, and tell him that we the people need to be in charge of the economic decisions that affect our lives, not the barons of Wall Street.
2. Take to the streets. Participate in one of the hundreds of quickly-called demonstrations that are taking place all over the country (especially those near Wall Street and DC).
3. Call your Representative in Congress and your Senators. (click here to find their phone numbers). Tell them what you told Senator Obama.
When you screw up in life, there is hell to pay. Each and every one of you reading this knows that basic lesson and has paid the consequences of your actions at some point. In this great democracy, we cannot let there be one set of rules for the vast majority of hard-working citizens, and another set of rules for the elite, who, when they screw up, are handed one more gift on a silver platter. No more! Not again!
Yours,
Michael Moore
[email protected]
MichaelMoore.com
P.S. Having read further the details of this bailout bill, you need to know you are being lied to. They talk about how they will prevent golden parachutes. It says NOTHING about what these executives and fat cats will make in SALARY. According to Rep. Brad Sherman of California, these top managers will continue to receive million-dollar-a-month paychecks under this new bill. There is no direct ownership given to the American people for the money being handed over. Foreign banks and investors will be allowed to receive billion-dollar handouts. A large chunk of this $700 billion is going to be given directly to Chinese and Middle Eastern banks. There is NO guarantee of ever seeing that money again.
P.P.S. From talking to people I know in DC, they say the reason so many Dems are behind this is because Wall Street this weekend put a gun to their heads and said either turn over the $700 billion or the first thing we'll start blowing up are the pension funds and 401(k)s of your middle class constituents. The Dems are scared they may make good on their threat. But this is not the time to back down or act like the typical Democrat we have witnessed for the last eight years. The Dems handed a stolen election over to Bush. The Dems gave Bush the votes he needed to invade a sovereign country. Once they took over Congress in 2007, they refused to pull the plug on the war. And now they have been cowered into being accomplices in the crime of the century. You have to call them now and say "NO!" If we let them do this, just imagine how hard it will be to get anything good done when President Obama is in the White House. THESE DEMOCRATS ARE ONLY AS STRONG AS THE BACKBONE WE GIVE THEM. CALL CONGRESS NOW.
He might try calling McCain.
:blah:blah:blahQuote:
Originally Posted by whottt
Michael Moore agrees with whottt.
Hmmm????
Quote:
Originally Posted by MannyIsGod
You let me know when the sky hits you Manny...I'm not gonna hold my breath.
Bush isn't a liberal or a conservative...he's a buisnessman. I voted for him because he's a business man who loves America...that was the choice we had.Quote:
Originally Posted by Wild Cobra
People who blame this solely on Wall St. are idiots.
The whole country was living a party, and the party is over. Mains St carries as big of a blame as Wall St.
It's not a liberal vs conservative thing...it's business vs the people. Moore's an idiot...but he's definitely not a corporate idiot.Quote:
Originally Posted by smeagol
And what happens if they do pass a bill??? It's not like everything is fine and dandy if the bill passes. Everyone will say "Yaaay!!! we can get credit again!!!" That's what was wrong in the first place. So, not only will people be borrowing like nothing happened (the cause of the problem) but now the dollar will be even more worthless because you just injected 700 Billion into the system.Quote:
Originally Posted by RandomGuy
Cavuto on the market cleansing itself and killing off the weak right now.
"It's ruthlessly efficient. It's kind of like watching hot dogs being made. It's not a pretty process but it doesn't curb my appetite for hot dogs"
:lol
Moore's in idiot in the complete sense of the word . . . no caveats.Quote:
Originally Posted by whottt
You're right Whottt. All of the banks are goign to fail and the people will not feel it. Only Wall St. You're right, the credit industry won't loan out money. The only people that are going to get hurt by this are the corporate execs, not the people who's paychecks rely on thsoe short term loans.
I mean what the fuck do you people think? Honestly?
All the banks are going to fail?Quote:
Originally Posted by MannyIsGod
Damn, guess I need to unearth the mason jars buried in the backyard.
:lmao
I think congress now is just fucking with Bush:
"President Bush vowed to "address this economic situation head on." " :lol
You know, I never really thought of it that way. You are 100% right in my view from that perspective. It doesn't change how I feel about him, I always thought he was an honorable man attempting to do what he thinks is right. I just don't agree with him half the time.Quote:
Originally Posted by whottt
Krugman's blog:
OK, we are a banana republic
House votes no. Rex Nutting has the best line: House to Wall Street: Drop Dead. He also correctly places the blame and/or credit with House Republicans. For reasons I’ve already explained, I don’t think the Dem leadership was in a position to craft a bill that would have achieved overwhelming Democratic support, so make or break was whether enough GOPers would sign on. They didn’t.
I assume Pelosi calls a new vote; but if it fails, then what? I guess write a bill that is actually, you know, a good plan, and try to pass it — though politically it might not make sense to try until after the election.
For now, I’m just going to quote myself:So what we now have is non-functional government in the face of a major crisis, because Congress includes a quorum of crazies and nobody trusts the White House an inch.
As a friend said last night, we’ve become a banana republic with nukes.
Honestly, do you actually believe ALL banks are going to fail. You need to stop drinking so much kool aide.Quote:
Originally Posted by MannyIsGod
Bad choice of words on my part. Obviously all the banks are not going to fail. Do all the banks need to fail for this to be an incredibly bad shit storm? No.
Exactly. It's distasteful to bail out the super rich, but our fortunes are tied to theirs. Cutting your nose to spite your face and all that.Quote:
Originally Posted by MannyIsGod
That's why I don't fear it. There are plenty of banks still out there to make loans! Why should we pay off the CEO's who gambled and lost?Quote:
Originally Posted by MannyIsGod
Quote:
Originally Posted by MannyIsGod
Materialist.
Interesting.Quote:
Originally Posted by Findog
This Washington Post analysis (http://voices.washingtonpost.com/the...l?nav=rss_blog) makes this interesting point:
"It's no coincidence then that of the 205 Members who voted in support of the bill today, there are only two -- Reps. Chris Shays (R-Conn.) and Jon Porter (R-Nev.) -- who find themselves in difficult reelection races this fall. The list of the 228 "nays" reads like a virtual target list for the two parties."
The stupidity of some in here is astonishing.
You guys think what happened to day is great?
It will take years foir the US to recover from this and the recovery will not happen without suffering. That suffering can have many levels, but there will be suffering. Maybe, just maybe, the bailout would've had the least level of suffering for the "people".
surfing NRO to gauge GOP opinon on this...
Quote:
A Moneyman Reacts [Kathryn Jean Lopez]
An e-mail from a Western-state bank president:
I can only offer the perspective of someone who manages money for a living, rather than someone who follows politics closely.
The failure of the House to pass the bill – combined with the resulting bickering – will likely lead to a substantial market sell-off. We’re seeing part of that occur right now, but we may well see much worse over the coming days as the inevitable sell-off hits overseas markets, followed up by another collapse at home as forced selling really kicks in and many institutional investors are required to liquidate their leveraged positions. While it would be nice if all this was confined to a few select Wall Street bad apples, the reality is ordinary people will be hurt very badly as their investments deteriorate and the economic environment turns even more negative. Unemployment will likely spike sharply from here, and the lack of available credit will impair many small businesses that rely on credit lines to finance their operations.
How any of this could possibly be construed as a positive for either McCain or the Republican Party is beyond me (and I say this as a life-long Republican)? In fact, it would seem much more likely to me that the House Republicans just handed the election to Obama on a silver platter. Blaming the vote on Pelosi’s antagonistic remarks seems especially dumb, and I expect to see Barney Frank-type comments all over the MSM tonight and throughout the week.
No doubt this was a lousy bill – everyone agrees on that. But the consequences of not passing it, or something like it, are going to be far reaching. Clinging to the “small government” mantra as things collapse around us will probably not resonate well with most voters in November.
09/29 04:03 PM
Do you think those mortgage backed securities are simply going to evaporate?Quote:
Originally Posted by MannyIsGod
Or that credit debt?
I hope they do...but somehow I have a feeling that's not going to happen Manny.
Coming from a guy whose countries National Rally Cry is DEFAULT...I find your post enormously amusing.Quote:
Originally Posted by smeagol
U do realize banks also borrow from bigger banks to loan money out? So if banks cannot borrow money from their bigger brothers, then they won't loan money. period.Quote:
Originally Posted by Wild Cobra
Not to mention now the crisis will move on to jobs being lost now.
So yeah, I think it's a bad thing they did not pass this. We are fucked.
Whottt and? Whats the point? You think a severe drop in the markets and many companies and banks going under is going to solve that? WTF is your point? its no secret those securities are bad, but having many people lose their jobs does NOTHING to fix that problem.
And a dumb businessman at that.Quote:
Originally Posted by whottt
Wow...never thought I would see Findog agree with trickle down economics...Quote:
Originally Posted by Findog
You're such a fucking idiot. THERE ARE NO BANKS MAKING LOANS RIGHT NOW.Quote:
Originally Posted by Wild Cobra
God damn it, I can't take your idiocy anymore. You're going on the ignore list that boutons couldn't even stay on. You're the worst fucking poster here.
I would not put Bush in charge of a McDonaldsQuote:
Originally Posted by JohnnyMarzetti
They wouldn't loan out money in the first place. The criteria is through the roof right now. Bailing them out doesn't equate to better lending. That won't change until they fail by not writing enough loans because their criteria shot through the roof.Quote:
Originally Posted by MannyIsGod
The meat of the money is middle of the road credit. Which is now nearly completely eliminated. The bailout doesn't reverse the criteria to get loans.
Which is why they need to fail for full on reform vs. helping out a cause thats already in a mode that won't change.
Sometimes, you need to suffer to understand.Quote:
Originally Posted by smeagol
Ha, no revote until Thursday at the earliest. Peachy.
"Bush isn't a liberal or a conservative...he's a buisnessman"
oh fucking bullshit. He was failed businessman, affirmative action Harvard MBA included, that Poppy's friends and sweetheart deals (like the Dallas stadium) BAILED HIS INCOMPETENT BUSINESS ASS OUT.
Wrong dude. helps them get loans twofold. it gives them more capital on hand because they've sold teh MBS to the government which improves their credit rating, and it also clears their balance sheets of these securities which also improves their credit rating.Quote:
Originally Posted by BacktoBasics
Furthermore I see the trickle down effect of smaller banks borrowing from larger ones. Its going to get tight regardless. Due to the fact of the criteria being nearly unattainable by the average joe not the fact that they don't have the ability to lend.
yeah bush is broke:rollin:rollin:rollin:rollinQuote:
Originally Posted by boutons_
This is great entertainment until the NBA season starts.
America has always been fundamentally about money and how to tear it out of a pristine paradise, with the of the Constitution and DoI serving as smokescreens for what really goes on.
how many times has donald trump filed for bankrapcy
8?
And I think I'll have another beer.
http://i277.photobucket.com/albums/k...BeerBoobs3.jpg
idiocy. reallyQuote:
Originally Posted by MannyIsGod
http://www.timeswv.com/business/loca...273112608.html
Published: September 29, 2008 11:26 am W.Va. banks still making loans
By Justin D. Anderson
Charleston Daily Mail
CHARLESTON — Amid a tightening credit market nationwide, West Virginia banks still seem willing to float loans to the state's small businesses.
http://stickandballguy.com/blog/wp-c...oh-4900579.jpg
"yeah bush is broke"
do some homework on how dubya got his first millions. it wasn't through being a good businessman running a high-profit business.
I don't agree with this at all. Those foreclosures aren't going to disappear. Show me where it says that the government bought foreclosers are being cleared off the averages joes credit report.Quote:
Originally Posted by MannyIsGod
Its likely that some of that bad debt will be sold off at a % of the debt to collectors. Not saying that will happen right away but it will.
Oh and those people that had foreclosures likely had bad credit to begin with, thats why they went into foreclosure to begin with. So what if their 490 is now 540.
Care to discuss the issue at hand instead of thoughing cheap shots, dumbass?Quote:
Originally Posted by whottt
I agree. I just question the judgement of those who think rejecting the bailout is a good thing. People are going to suffer no matter what, bailout or no bailout.Quote:
Originally Posted by DarkReign
My view is they will suffer much more without the bailout.
Quote:
Originally Posted by MannyIsGod
One second...Wachovia just dropped down to a dollar per share.
I gotta go jack off to celebrate this.
BBIAF.
Closing bell:
Dow is down 777.68 points, or 6.98% loss for the DAY.
"I want to see Buffet take this one up the ass royally."Quote:
Originally Posted by whottt
Buffet is yet ANOTHER business man.
He is probably going to be doing a LOT better than you in the very near future....
With or without the bailout.
Seriously Manny this might have been the dumbest thing you have ever said. Clearing money might help a FICO a little, I can agree with that, but the bad debt isn't coming off.Quote:
Originally Posted by MannyIsGod
Meh, I was there when it shed 22.6% for the day.Quote:
Originally Posted by RandomGuy
Its nto the average joe getting credit that is the issue here. Its big fucking companies. You're looking at this from your view as a salesperson who relies on credit to make some of your your sales, but not from a business exec who relies on credit to keep your business rolling.Quote:
Originally Posted by BacktoBasics
I'm not talking about 48 month loans, I'm talking about 3 months short term loans that are standard busines practice. While it sucks when Joe Schomoe can't get credit to put money into the economy, how much do you think it sucks when Corp Joe Schoe can't get the money to meet its payroll and inevitably goes under?
Quote:
Originally Posted by RandomGuy
Good thing I moved my 401K money out of stocks weeks ago.
Quote:
Originally Posted by boutons_
Welcome aboard.
That is not Wachovia the bank you are looking at. Those assets (the Bank) were bought by Citi. That is the residual Wachovia (securities firm, asset management operation, etc).Quote:
Originally Posted by whottt
Care to tall me again why not passing the bailout is such a good thing?
You didn't trust the market?Quote:
Originally Posted by DarrinS
How unpatriotic............
It will be interesting to see if/when the Dow goes below 10,000. Will folks see that as a floor or a jumping off point?Quote:
Originally Posted by RandomGuy
NASDAQ was down 9.1%.
S&P down 8.79%.
Quote:
Originally Posted by MannyIsGod
That was fun. I wish somehow the bill I owe them would die, as you seem to think it will, but for now I'll just celebrate that the assholes that gouged the shit out of me are going to be out of jobs.
So where were we?
The point is that the banks that are going to get their ratings downgraded deserve it...
If you and I miss a payment our rating gets downgraded...why should banks be immune to the same standards they hold us to?
All the banks are not going to go out of business, nor is money going to cease to flow into and around the United States of America.
If things get fucked up for a few days awesome...you'll survive and so will I.
Things should get a lot cheaper if that happens...I for one will celebrate it.
And for every bank that goes under another will grow.
It's alarmism plain and simple...and you are buying into it 100%. That's what they want you to do. Including the media.
If they are so scared then how come their first instinct was to up the price on their bad securities?
Wachovia lended half a billion to a couple of -smart- businessmen to buy and run FC Liverpool.
Maybe that wasn't a good "investment"?
Its not close to the dumbest thing I've ever said, you're not looking at it correctly at all. To be quite frank, no one cares about Jack down the street who went into foreclosure because he bit more than he could chew.Quote:
Originally Posted by BacktoBasics
they care about the big companies who are investd heavily in the MBSes because when THEY go broke its not one person, its a SHIT TON of people. I'm not talking about a persons credit score, I'm talking about a corporations. Its not FICO dude.
"The vote against the measure was 228 to 205, with 133 Republicans joining 95 Democrats in opposition. The bill was backed by 140 Democrats and 65 Republicans."
http://www.nytimes.com/2008/09/30/bu...30bailout.html
This will be interesting and more than a little scary with most House Republicans and many House Democrats playing a three-way game of chicken vs. President Paulson and the weak economy. I suppose we'll have to see the economy go more into the tank before Congress will act.