$700 Billion Bailout

[Rex Kickass]

well, from what i read, thats way too bats*** crazy left wing for me to trust. i at least trust MSNBC, FOX or CNN to report actual news, even though their selection of stories is slanted. that seems like TheTrumpet or 9/11 was an inside job type site. no offense.

The Atlantic is a wonderful magazine. One of the few left that really tries to be an old school, everything from current affairs to short fiction kind of magazine.

[Texsox]

The Atlantic is a wonderful magazine. One of the few left that really tries to be an old school, everything from current affairs to short fiction kind of magazine.

 

They all suck if it isn't what someone agrees with.

[Cknolls]

Wow. Bob Casey on MSNBC just said that they were close to a deal on the bailout, then McCain showed up... and all of a sudden things started to fall apart. hmm....

 

And a reporter on MSNBC (Howard Fineman) is saying right now that after John McCain came in and started talking to people, including John Banner (sp??), Banner came out and said the deal was off.

 

Harry Reid is about ready to come out and hold a press conference saying McCain is screwing over the deal and parachuted into a fire fight in his own party and only made the situation WORSE.

 

 

Glad there is no politicking occurring in Washington.

[Cknolls]

Atlantic Monthly isnt some hack publication. It's been around since 1857. But it is mostly editorial.

 

So has the NY times.

Edited September 26, 2008 by Cknolls

[Cknolls]

So someone tell me why, if the Dems have the votes in the House to pass this, and there are at least 40 Repubs in the Senate in favor, this is not already voted on and passed?

 

Political cover, maybe?

[Rex Kickass]

So someone tell me why, if the Dems have the votes in the House to pass this, and there are at least 40 Repubs in the Senate in favor, this is not already voted on and passed?

 

Political cover, maybe?

 

I'm willing to guess that there are 20-30 democrats opposed to the bailout which would make the deal DOA.

[Cknolls]

I'm willing to guess that there are 20-30 democrats opposed to the bailout which would make the deal DOA.

 

 

But that is not what Frank, Reid, and Schumer have said. They all said House republicans are holding up passage. Are they lying or politicking?(new word).

[southsider2k5]

Just remember when this plan ends up being a disaster, these are the people who were voting on it...

 

http://mobile.washingtonpost.com/detail.js...p;p=1&all=1

 

But Democratic leaders, who said they hope to approve the bailout plan by the end of the week, were having their own trouble rallying the rank and file. House Democrats summoned to a lunchtime meeting to discuss the proposal yesterday received a glossary of financial terms, such as "credit default swap" and "illiquid assets."

[kapkomet]

These people have no f'in clue. Seriously.

 

That's why I don't want the government running anything.

 

[Rex Kickass]

But that is not what Frank, Reid, and Schumer have said. They all said House republicans are holding up passage. Are they lying or politicking?(new word).

 

I think what they are saying is that they can not pass it on Democratic votes alone, and that the bailout wont have the intended immediate psychological effect as well if there isn't broad bipartisan support.

 

If you have 190 to 200 out of roughly 230 Democratic votes on a bipartisan plan and cant get enough Republican votes to get the bill passed, I think its reasonable to assume that it is the House Republican caucus that is failing to get the bill passed.

[lostfan]

I think what they are saying is that they can not pass it on Democratic votes alone, and that the bailout wont have the intended immediate psychological effect as well if there isn't broad bipartisan support.

 

If you have 190 to 200 out of roughly 230 Democratic votes on a bipartisan plan and cant get enough Republican votes to get the bill passed, I think its reasonable to assume that it is the House Republican caucus that is failing to get the bill passed.

The Republicans are trying to push their own plan now to counter the Dems, because they think this plan is too socialist (well, f***ing duh, but there is a reason this is a last resort). My interpretation of their plan is that they're going to give tax breaks to corporations so they can buy off some of the debt or what have you, and less regulation. Which... actually sounds kind of awful to me right now. Spending tax dollars (since tax breaks like this are pretty much a nicer way of saying spending tax dollars) to have companies consolidate among themselves, and don't watch over the thing. Great!

[Balta1701]

So someone tell me why, if the Dems have the votes in the House to pass this, and there are at least 40 Repubs in the Senate in favor, this is not already voted on and passed?

 

Political cover, maybe?

Well, for a bill like this debacle, I'd at least say political cover is important. I think I read somewhere that the Dem leadership didn't want to go forwards unless they could get roughly 100 or so Republican votes going along with theirs, so that it truly is a bipartite clusterf*ck. They're not stupid, like 60-70% of Americans say "No thanks" to this mess as written. If they're going to pass it, they're only going to pass it in a way that the Republicans can't attack them for it on the campaign trail.

[HuskyCaucasian]

OMG! It's GWB all over again!

Boehner and McCain discussed the bailout plan, but Republican leadership aides described the conversation as somewhat surreal. Neither man was familiar with the details of the proposal being pressed by House conservatives, and up to the moment they departed for the White House yesterday afternoon, neither had seen any description beyond news reports.

 

 

[EvilMonkey]

I don't know if this is in any of the pages i didn't read, but there are more that one dirty little secret in that bailout bill. Like this one put in by Dodd to siphon off money to groups like ACORN, instead of using sales with profits to cover sales with losses.

http://volokh.com/posts/1222499614.shtml#subscribe

) TRANSFER OF A PERCENTAGE OF PROFITS.-

 

(1) DEPOSITS.-Not less than 20 percent of any profit realized on the sale of each troubled asset purchased under this Act shall be deposited as provided in paragraph (2).

 

(2) USE OF DEPOSITS.-Of the amount referred to in paragraph (1)-

 

(A) 65 percent shall be deposited into the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Regulatory Reform Act of 1992 (12 U.S.C. 4568); and

 

(B) 35 percent shall be deposited into the Capital Magnet Fund established under section 1339 of that Act (12 U.S.C. 4569).

 

(3) REMAINDER DEPOSITED IN THE TREASURY.-All amounts remaining after payments under paragraph (1) shall be paid into the General Fund of the Treasury for reduction of the public debt.

 

So, each sale has it's own transaction rules. Lose money on sale #1, oh well. make money on sale #2, give 20% to Dems pet projects instead of covering the losses of sale #1. Not good.

[mr_genius]

ok screw this bailout. the Dems are insisting that their corrupt political organizations like ACORN are getting money from the bailout. no deal.

[Balta1701]

ok screw this bailout. the Dems are insisting that their corrupt political organizations like ACORN are getting money from the bailout. no deal.

If corrupt organizations like every bank on Wall Street that helped us get in to this mess can get a piece of it, then why not every corrupt organization in the country?

[mr_genius]

If corrupt organizations like every bank on Wall Street that helped us get in to this mess can get a piece of it, then why not every corrupt organization in the country?

 

fine with me. no bailout.

 

 

lol, A.C.O.R.N bailout. they really are pushing things if they think that stuff is going to fly. 100% of any profits from this bailout should go directly to the taxpayers in the form of paying down the national debt.

Edited September 27, 2008 by mr_genius

[Balta1701]

fine with me. no bailout.

I'd just like to point out...turns out that even Mr. G here and I can agree that this is a bad idea. Woot!

[NorthSideSox72]

Bailout package has FAILED in the house.

 

Dow down 500+ points, approaching 600.

 

Major indices down 5 to 6% on the day

 

[StrangeSox]

Bailout package has FAILED in the house.

 

Dow down 500+ points, approaching 600.

 

Major indices down 5 to 6% on the day

 

Falling, yes I am falling...

 

Dow down over 6%, S&P down over 7%. Ouch.

 

edit: in between the time I looked on google news and posted this response (1 minute), the Dow had shot up from -660 to -527. I *think* the market is a little volatile right now...

Edited September 29, 2008 by StrangeSox

[southsider2k5]

Bailout package has FAILED in the house.

 

Dow down 500+ points, approaching 600.

 

Major indices down 5 to 6% on the day

 

 

Wow, that was fun.

[NorthSideSox72]

Front page of CNNFN.com is using this image for the Bailout stories:

 

[Soxy]

So, on a scale of 1 to 10, how nervous should I be about this whole economic mess?

[NorthSideSox72]

So, on a scale of 1 to 10, how nervous should I be about this whole economic mess?

8

 

[NorthSideSox72]

So, on a scale of 1 to 10, how nervous should I be about this whole economic mess?

There is light at the end of the tunnel though. In fact, for long term investors (paper or real estate for that matter), this is a buying opportunity.