:lmao
I think congress now is just fucking with Bush:
"President Bush vowed to "address this economic situation head on." " :lol
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: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