House votes down massive bailout measure

[ducks]

"Bush isn't a liberal or a conservative...he's a buisnessman"

oh ing bull . 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.

yeah bush is broke

[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 Cons ution and DoI serving as smokescreens for what really goes on.

[ducks]

how many times has donald trump filed for bankrapcy

8?

[1369]

And I think I'll have another beer.

[Viva Las Espuelas]

You're such a ing idiot. THERE ARE NO BANKS MAKING LOANS RIGHT NOW.

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 ing poster here.

idiocy. really
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.

[boutons_]

"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.

[BacktoBasics]

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.

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.

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.

[smeagol]

Coming from a guy whose countries National Rally Cry is DEFAULT...I find your post enormously amusing.

Care to discuss the issue at hand instead of thoughing cheap shots, dumbass?

[smeagol]

Sometimes, you need to suffer to understand.

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.

My view is they will suffer much more without the bailout.

[whottt]

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.

One second...Wachovia just dropped down to a dollar per share.

I gotta go jack off to celebrate this.


BBIAF.

[RandomGuy]

Closing bell:

Dow is down 777.68 points, or 6.98% loss for the DAY.

[temujin]

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.

"I want to see Buffet take this one up the ass royally."

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.

[BacktoBasics]

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.

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.

[1369]

Closing bell:

Dow is down 777.68 points, or 6.98% loss for the DAY.

Meh, I was there when it shed 22.6% for the day.

[MannyIsGod]

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.

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.

Its nto the average joe getting credit that is the issue here. Its big ing 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.

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 Sc e 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?

[DarrinS]

Closing bell:

Dow is down 777.68 points, or 6.98% loss for the DAY.

Good thing I moved my 401K money out of stocks weeks ago.

[temujin]

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.

Welcome aboard.

[smeagol]

One second...Wachovia just dropped down to a dollar per share.

I gotta go jack off to celebrate this.


BBIAF.

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).

Care to tall me again why not passing the bailout is such a good thing?

[temujin]

Good thing I moved my 401K money out of stocks weeks ago.

You didn't trust the market?

How unpatriotic............

[ChumpDumper]

Closing bell:

Dow is down 777.68 points, or 6.98% loss for the DAY.

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?

NASDAQ was down 9.1%.
S&P down 8.79%.

[whottt]

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.

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 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 ed 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?

[temujin]

Wachovia lended half a billion to a couple of -smart- businessmen to buy and run FC Liverpool.

Maybe that wasn't a good "investment"?

[MannyIsGod]

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.

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.

they care about the big companies who are investd heavily in the MBSes because when THEY go broke its not one person, its a TON of people. I'm not talking about a persons credit score, I'm talking about a corporations. Its not FICO dude.

[spurster]

"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.

[ChumpDumper]

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).

Care to tall me again why not passing the bailout is such a good thing?

Wow, that Wachovia deal is different from the WaMu buyout. The FDIC could be on the hook to cover a lot of debt this time around. That makes me uneasy as I don't know when that is all supposed to be sorted out. There will be several outright failures for the FDIC to deal with soon enough.