Just watched on C-Span. At first they did an "aye/nay" and thought the ayes' carried to pass the bailout. After a roll call vote, it failed to pass, though it was a nailbiter. 20ish votes shy.
Wow.
Just watched on C-Span. At first they did an "aye/nay" and thought the ayes' carried to pass the bailout. After a roll call vote, it failed to pass, though it was a nailbiter. 20ish votes shy.
Wow.
7% down http://finance.google.com/finance?q=INDEXDJX:.DJI 3 hours till ASX opens...
Once again, the conservative, sandwich-heavy portfolio pays off for the hungry investor
- Dr John Zoidberg





Wooohoooo! Buy puts and watch out below!
Rebecca Avalon
Down 777. Jeez.
Everything was on track for passage until Pelosi opened her stupid mouth and made it a partisan thing.





yes, but did you also happen to notice that, as a result of the US not deciding to print up $700 billion additional dollars to finance this bailout bill ...
the price of oil is down
the price of gas is down
the price of food is down
the price of gold is up
Arguably those 'bitter clingers' who e-mailed their congressional representatives to death may not be as easily indoctrinated or as economical ignorant as many politicians and mainstream media pundits have assumed.
don't read too much into that statistic ... because 'points' lost on a DOW average of 11,000 mean far less than 'points' lost on a DOW average of 380Dunno any financial terms, but wow! "Single biggest drop in history" is what those news dudes keep saying
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We have hope not all of our Congressmen are for sale!
Today we witness a "fly to quality": gold has shown it's true monetary value!
I can hear the phones ringing on capital hill from here!
People who have been fucked over for the last ten or fifteen years don't want to hear about fat cats getting bailed out.
Until they can prove and show this is not what will happen with the bill, they will continue having threats before the election.
(After the election I expect it to be business as usual of fucking over main street.)





I wonder if they'll care when their 401K's and their retirement accounts drop to nothing? Or when their employer's can't make payroll? Or when their bank closes? Or when they get laid off? Or when they can't get that loan for a new car? Or when that credit card no longer works? Should I go on? All of these are very real possibilities if nothing is done.





^^^
and you know what? that's fine. america's fake-economy of consumption rather than production needs to be scrapped, even if the scrapping and reforming into a producing economy is painful in the short and maybe medium term.










is being able to 'temporarily' pay one's bills via spending ever more borrowed money ( eventually ending in credit counseling or bankruptcy filing with associated losses) any better than taking the losses now, clearing the decks, adjusting lifestyle to match actual income potential, and beginning to rebuild ?Really? How are you going to pay your bills?
Don't worry though. The Democrats have the votes to pass a bailout measure over Republican objections.





i can't see how governments didn't learn from germany the perils of printing money to cover shit they can't afford.
yes, it's tragic and it's screwing us downunder as well - and yeah, we had our share of shady mortgage practices so... eh.
it's free market tho' - and we're due!!!!! (as my grandma says)





i and my spouse are in recession/depression-proof industries-- that is, we can make money in our chosen lines of work whether there's a boom or a bust.
also, unlike the average american, we have and maintain savings and don't carry debt of any kind.
plus, even if somehow we couldn't work at our current professions, we already have much of the kit and knowledge needed to be self-sufficient and not even have bills like electricity or water/sewage. that is, we have paid-in-full property we could live on and live off (not a loan on some land or a house, but the actual property). heh, the idea that a 600k home loan on a sub 150k salary means you're 'rich'/have 'wealth' is part of the mindset that needs to go.
also, safety net of friends, relatives and church members. we live in community and that means we can support and be supported by a community if the crap hits the fan economically.
Last edited by miabella; 09-29-2008 at 10:54 PM. Reason: x-posted, no edit















The problem is that governments DID learn an important lesson from Weimar Germany ... that the only effective way to pay off a HUGE and totally unmanageable debt owed to foreign creditors is to devalue the currency ... which effectively allows every $1,000,000 in foreign debt to be paid off with $1,000 in actual 'purhasing power' (by devaluing the currency 1000:1). Arguably there are many financial 'elites' who see this as the ultimate solution to paying off America's huge trade deficit Treasury Bond debts held by China, Japan, Russia etc.i can't see how governments didn't learn from germany the perils of printing money to cover shit they can't afford.





You need to refine your use of 'we' !!! Granted that SOME Americans will be in for some hurt ... the uber-rich investor class who will take paper losses on their stocks / bonds / securities ... low income Americans who will 'lose' the home or car they could never afford in the first place ... financial / real estate employees who will lose their jobs as a result of the re-establishment of reasonable creditworthiness standards upon would-be home buyers ... civil service and gov't contractor employees who will lose their cushy jobs are a result of a fall in tax revenues thus gov't spending levels ...You're putting your ideology ahead of reality. We are in for a world of hurt if something isn't done soon
However, OTHER Americans will benefit greatly from a slowing of US dollar depreciation i.e. slowing the US dollar price rise of oil, gas, food etc. ... financial institutions perhaps paying rates of interest on savings / CD's that actually exceeds the real rate of US dollar inflation ...
But as I already posted, don't get too worked up over today's NO vote. The Democrats have the votes to pass a bailout measure over Republican objections.










i'm taking my cues from baby naut. today he lost a significant chunk of change of the money his grandparents have for him buried in industrials. at 11 months old, he's happy, laughing and still eating his vegemite toast.
if more people could be happy with vegemite toast, there would be less complaining about this, and less over-commitment.
i'm with mel on this one.





You know I only heard this shit from the news and they didn't tell me what the actual plan WAS... it was to PRINT MORE MONEY WTF?! I'm with Naut... HELLO GERMANY. STUPID IDEA.
Thank G-d it flunked.
And haha I have investments in gold. Sweet.
Look like a woman
Think like a man
Act like a lady
Work like a dog
- My Great Grandmother Bessie's Recipe for Success


Oh....that evil little Pelosi just ruins everything doesn't she. Give me a break, she called out the Bush Administration....and administration that fucks up everything it touches.
Pelosi ruined nothing. Why wasn't McCain in Washington "suspending his campaign" to make sure there was a solution like he said he was going to do....oh wait that was just a BS campaign tactic!





heh. no, i am blessed and fortunate, and i am not happy or cheerful about the fact that most won't be as well situated. but this current economic situation is a choice between suffering for a little while, and for somewhat fewer, vs suffering for a very long while and for many, many more. kinda 'least crappy of crappy options' deal.
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