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House approves massive economic bailout plan

talloulou said:
Unfreakingbelievable. What a disgraceful lot.
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Considering that many have the same opinion, it arguably shows a degree of political courage the Congress has too often lacked.
 
Iriemon said:
Considering that many have the same opinion, it arguably shows a degree of political courage the Congress has too often lacked.
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Bull****. They're a bunch of pansy ass cowards.

Any house member who voted no the first time and then switched to yes once the bill was bloated with all kinds of tacky tinsel deserves to be flogged.
 
Panther said:
.... and the Dow drops 100 points.
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Yeah that's the kicker. There's no evidence this crap won't do more harm than good.

Stupid freaking bastards. The precedent they have set in doing this!

It's shameful. Worst congress we've ever had in my opinion.
 
So both the Senate and the House approved this now... wonderful :(
 
Yeah, this will fix the problem. Take a bunch of my money and throw it at people who acted irresponsibly. That's definitely going to fix the problem. Hey, I think I need a bailout too. My research hasn't been going swimmingly as of late and I'm sure all it will take is just a few billion from the tax payers to fix it. Hell, I'll settle for a few 10's of millions. Isn't that cheap? Come on, my research needs it!
 
talloulou said:
Yeah that's the kicker. There's no evidence this crap won't do more harm than good.

Stupid freaking bastards. The precedent they have set in doing this!

It's shameful. Worst congress we've ever had in my opinion.
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You're entitled to your opinion. I certainly agree with the anger that this was necessitated, but watching the economic news over the past week or two IMO there is ample evidence that the economy is in very real danger of a serious liquidity crises and government intervention was very much warranted.
 
Iriemon said:
It's up 114 for the day, was it up 200 and dropped?
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It was up 225 before the vote started. When the vote hit 218, it dropped over 100 points pretty rapidly.

I think what Wall Street is saying is the equivalent to saying, "I wouldn't want to join any club that would have me as a member." :lol:
 
What a disgustingly large amount of money to be pumped to save the rich folks at the top.
 
I believe the House made the right decision. Congressmen took the days after the House rejected the legislation to consider the consequences of doing nothing and were exposed to growing indications of a rapidly deteriorating U.S. economy. IMO, a recession is already baked in the proverbial cake. Adoption and enactment of the legislation almost certainly will not change this.

Furthermore, the impact of the legislation will take time to help resolve the difficulties confronting the nation's financial system. Even with the Treasury Department's authority to purchase up to $700 billion in troubled assets that should begin to ease the intensifying credit crisis, the U.S. is likely to experience a period of de-leveraging and recession.

Select data from the time the Resolution Trust Corporation was created in 1989 follows:

RTC.png


Based on the historic experience concerning the milder 1989-94 housing bust and the experience of the 1989-95 Resolution Trust Corporation, several points are likely reasonable:

• The stock market might yet reach new lows.
• Stock prices are likely to recover more quickly than home values.
• No rapid recovery in home valuations is likely.
• Below average economic growth is likely to persist for at least the next few years.
• A recession remains a possibility. Recent economic data suggests that a recession is imminent, if not already in its early stages of unfolding.

In terms of possible losses to the taxpayers, the RTC lost approximately $0.30 for every dollar of assets it assumed. As a result, one should not expect that the legislation will lead to the taxpayers losing $700 billion. Losses will probably come to much more manageable levels ($100 billion to $300 billion).

Finally, much more difficult work will lie ahead even after the threat of systemic financial system failure is averted. A thoughtful and comprehensive examination of regulation and risk management will lie ahead. Best practices adopted following past banking crises in other countries and understanding of the factors that lead to asset bubbles will be necessary for an informed and effective policy response.

With today's decision by the House of Representatives, at least the process toward resolving the crisis can be started.
 
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Well I'm probably not as smart as donsutherland. But my take on the whole thing is that Congress has set a horrible precedent, the house rejected a horrible bill only to later be strong armed into approving the same horror with **** and vomit strewn on it. I absolutely question the legality of what they've done and in all likelihood the value of a dollar will now plummet.

So sorry if I don't think congratulations are in order.
 
I don't think anything could make me sicker than Pelosi and the lispy Barney Frank giggling and talking about what a wonderful day this is.

Jeezus.
 
talloulou said:
Well I'm probably not as smart as donsutherland. But my take on the whole thing is that Congress has set a horrible precedent, the house rejected a horrible bill only to later be strong armed into approving the same horror with **** and vomit strewn on it. I absolutely question the legality of what they've done and in all likelihood the value of a dollar will now plummet.
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There are intelligent people who fall on either side of the issue. One's position on the bill is not a measure of one's intelligence or lack thereof.

I very much hope that the measure will stabilize the banking system, necessary reforms will be devised, and Washington will regain a sense of fiscal discipline.

P.S. I hope my support for the bill didn't cost me drinking privileges at the Tavern ;)
 
donsutherland1 said:
There are intelligent people who fall on either side of the issue. One's position on the bill is not a measure of one's intelligence or lack thereof.

I very much hope that the measure will stabilize the banking system, necessary reforms will be devised, and Washington will regain a sense of fiscal discipline.

P.S. I hope my support for the bill didn't cost me drinking privileges at the Tavern ;)
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Nah, but you may get less for your dollar. :mrgreen:

What's going to keep the dollar from free fall?
 
talloulou said:
Well I'm probably not as smart as donsutherland. But my take on the whole thing is that Congress has set a horrible precedent, the house rejected a horrible bill only to later be strong armed into approving the same horror with **** and vomit strewn on it. I absolutely question the legality of what they've done and in all likelihood the value of a dollar will now plummet.

So sorry if I don't think congratulations are in order.
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My guess is that the bailout has, to a large degree, already been factored into the currency markets, as is evidenced by large drops against certain currencies in the last couple of weeks.

I haven't checked in the last couple of days, but the Sterling was actually down against the dollar, as the Brits are having their own financial problems have have been trying to promote dollar liquidity (the latter according to the journal, at any rate).

Anybody see any lists of who changed their votes this go round?
 
Now Bush is the only one left to stop this... Not the best news I have had today. Still, at least when I sell the boomers into slavery to pay off their debts, my conscience will be clear.
 
I think this will go down in history as the worst thing congress ever did. I really do.
 
I also think this is gonna kill McCain's campaign. His base expected him to know better, to do better, to back up his words with actions. He failed miserably. I doubt many base folks will leave him and join up with Obama. But they will leave him. Unless the economy looks to be turning around as a result of the bailout in the next few weeks, which I don't think it will, I think the base is gonna dump McCain like rats fleeing from a sunken ship.
 
talloulou said:
stock market refuses to rally.
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That's cause they're nothing more than a group of drama queens. "Oh pay attention to us...our irresponsible behavior and lack of oversight and regulation led us to face the consequences of our actions. Please, oh please remove the consequences of our actions! Why what sort of world would this be if we had to own up to our actions and take responsibility for the consequences there of!? Oh won't someone think of Wall Street!".
 
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