So uh, my news sources say that the deal passed. Now what?
So uh, my news sources say that the deal passed. Now what?
Get some of this:
It's good to know that exotic car payments will continue to be made all over NYC. Also, NYC won't have to worry about a glut of hyper-expensive property hitting the real estate market. The value of this bail out can't be over-estimated. I'm glad we rushed that through Congress and the Senate with the least amount of public debate and disclosure possible.
Has anyone seen what the details of this bill are? I haven't and it's already law.
Here's a link to the bill. They are voting on it Monday. It's 106 pages I hope they all at least read it before voting unlike the unpatriotic Patriot Act. I skimmed it and here are my takeaways.
I like that it establishes a financial stability oversight board made up of the Feb Chairman, Sec of Treasury, SEC chairman, HUD secretary, and Fannie Mae's boss...essentially the same people who screwed up and caused this problem to begin with.
We the people not only get to buy worthless assets from US corporations but we also get to pay to buy bad debt from foreign central banks as well.
Raises the national debt ceiling to $11,315,000,000,000.
God help us all.
Good find TJ. Thanks for the link. That's a whole lot of readin'.
Xceler8x wrote: Dude, don't make me take off my Buddy Holly glasses, get in my Prius, and come over there and emo you to death.
This should totally make it into the "Say What?!" section 
The House rejected the bill.
Hell yes!
EastCoastMojo wrote: Hell yes!
rethink that boss...
market down 500 instantly... and getting worse..
It's going to hit critical mass soon....
wachovia just got bought out. euro banks are going down.. Hopefully you have a secure job.
ignorant wrote:EastCoastMojo wrote: Hell yes!rethink that boss... market down 500 instantly... and getting worse.. It's going to hit critical mass soon.... wachovia just got bought out. euro banks are going down.. Hopefully you have a secure job.
Good. I hate Wachovia.
Look, all I'm saying here is that if a bailout is in fact the best possible solution, I would be pleased to see lawmakers take more time to study all of the ramifications and consequences instead of being rushed to move like has been demonstrated these past few days. I would have more confidence that it actually is in the best interest of the "average" American and not some temporary stop-gap measure with greater, more devistating consequences down the road.
Anyone else sitting at their desk in the recommended airline crash position?
Wachovia only sold it's debt laden assets to citi. Wachovia will continue as an investment house w/o any debt. Pretty shrewd move. 
I've got mixed feelings. On the one hand, yes - failure to pass the bailout will result in more contraction in the economy, drops in stock prices, drops in housing prices, etc. OTOH, I think that all of those have been over-inflated for some time now. They have been propped up to artificially high levels due to government meddling. I have a hard time accepting that more government meddling is the answer. If the market can't support a 12,000 point dow and an average home price of $250K, then no amount of meddling is going to change that. If they are able to put enough false pressures in place that artificially high levels do stabalize, then we haven't fixed the correction, we've just delayed it to a later date when it will be even bigger.
I've got CNN on in the background today. Not really watching it, but near as I can tell they've taken a break from speculating on whether or not Caribou Barbie is fit to be VP to inform me that the sky is in fact falling, and within the month we'll all be migrant farm workers straight out of a Steinbeck novel, traveling an economic wasteland hoping against hope for any jobs at all.
I knew I should have studied up on my hobo symbols.
My next 401k statement is going straight into the file unopened!
DILYSI Dave wrote: I've got mixed feelings. On the one hand, yes - failure to pass the bailout will result in more contraction in the economy, drops in stock prices, drops in housing prices, etc. OTOH, I think that all of those have been over-inflated for some time now. They have been propped up to artificially high levels due to government meddling. I have a hard time accepting that more government meddling is the answer. If the market can't support a 12,000 point dow and an average home price of $250K, then no amount of meddling is going to change that. If they are able to put enough false pressures in place that artificially high levels do stabalize, then we haven't fixed the correction, we've just delayed it to a later date when it will be even bigger.
funny enough i mostly agree.. prices were too high for the way people were being paid...
and the fact that these financial institutions are so interwoven into our GLOBAL economy will only bring everyone down now..
my job is pretty redundant and stupid at work.. I guess I'll start a pink slip death watch now..
http://www.politico.com/news/stories/0908/14088.html <--- btw.. biggest foot in mouth ever...
I don't have words for how crazy the whole situation is right now...
DILYSI Dave wrote: I've got mixed feelings. On the one hand, yes - failure to pass the bailout will result in more contraction in the economy, drops in stock prices, drops in housing prices, etc. OTOH, I think that all of those have been over-inflated for some time now. They have been propped up to artificially high levels due to government meddling. I have a hard time accepting that more government meddling is the answer. If the market can't support a 12,000 point dow and an average home price of $250K, then no amount of meddling is going to change that. If they are able to put enough false pressures in place that artificially high levels do stabalize, then we haven't fixed the correction, we've just delayed it to a later date when it will be even bigger.
i heart DILYSI dave!
The funny thing about the whole bailout is how the politicians either don't understand what is happening or think we are too dumb to understand. All this blaming the other party crap! When will they admit that it doesn't matter who was in charge of Fannie Mae in the 90's or who dislikes regulations...the root cause of this whole mess is having a fiat currency coupled with fractional reserve banking. Unless they start talking about addressing these issues, then whatever they end up passing will be just a little more fuel thrown on the fire in hopes that it will go out.
Really, should it be that if 8% of the depositors all show up and withdraw their money from the bank then the bank is bankrupt?
778 points.. diz-am
http://money.cnn.com/2008/09/29/markets/markets_newyork/index.htm?cnn=yes
For those interested in seeing how their representatives voted on "the bill" here is a spreadsheet that will tell you. Be sure to write your representatives and let them know how you feel about how they voted, as we all know this will be coming up for another vote soon! 
EastCoastMojo wrote: Linky For those interested in seeing how their representatives voted on "the bill" here is a spreadsheet that will tell you. Be sure to write your representatives and let them know how you feel about how they voted, as we all know this will be coming up for another vote soon!
My rep (McCaul) voted against it. I was proud of him for the first time. No government in mortgages!!!!
ignorant wrote:EastCoastMojo wrote: Hell yes!rethink that boss... market down 500 instantly... and getting worse.. It's going to hit critical mass soon.... wachovia just got bought out. euro banks are going down.. Hopefully you have a secure job.
piss on the gamblers of wall street. Its not the end of the world. It just means I don't have to pay for other people's houses.
GregTivo wrote: piss on the gamblers of wall street. Its not the end of the world. It just means I don't have to pay for other people's houses.
I understand completely.. But this is one of those moments when hindsight could be a real beeotch
that chart made me calm down alittle.. largest 1 day drop but not on 10 ten % drops
Just remember one thing. Just because the DJI got so high doesn't mean the value was actually there. We're not losing real value yet, just the imagined value of an ever expanding economy. People who don't get caught up in the excesses of growth won't be caught out when the contraction comes.
Just remember, real economic growth requires real energy (in labor and material), not in accounting numbers. Watch the inputs of energy, not the outputs of financial wizardry if you want to understand the real gains we've made. We're in for tough times, but the only thing that could cause a depression is government. So keeping the government out is best in the long run.
We could also use gov't that isn't about scare mongering. We all know leaner times are coming but how about leading instead of causing more panic? The media could help with that too by avoiding "the sky is falling" stories like the ones Baxter mentioned.
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