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  #1  
Old 09-29-2008, 01:51 PM
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Bail out Failed the House

Dems 140 95

Repub 65 133


Yea 205
Nay 228
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  #2  
Old 09-29-2008, 01:54 PM
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wow, the Repubs said no.....
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  #3  
Old 09-29-2008, 01:55 PM
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Bail out for rich white guys in NYC paid for through extortion of middle class taxpayers.

No thanks,

B
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  #4  
Old 09-29-2008, 02:11 PM
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For a minute the Dow was down 690 points,,,,, YIKES!!!
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  #5  
Old 09-29-2008, 02:22 PM
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Yay!! Wait, it didn't pass? Hmm...Then they're going to have a hard time paying this back.

http://www.reuters.com/article/ousiv/idUSTRE48O9B920080925

Quote:
By John Parry and Jamie McGeeever

NEW YORK/LONDON (Reuters) - U.S. banks and money managers borrowed a record amount from the Federal Reserve in the latest week, nearly $188 billion a day on average, showing the central bank went to extremes to keep the banking system afloat amid the biggest financial crisis since the Great Depression.

The data on borrowing from the Fed closed out another day of high anxiety in global money markets. Key measures of funding stress hit record levels on both sides of the Atlantic as nervous market participants awaited developments from Washington on a $700 billion U.S. financial bailout plan.
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  #6  
Old 09-29-2008, 02:50 PM
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And-
http://www.bloomberg.com/apps/news?pid=20601087&sid=ahwz_k5JvuB8&refer=worldwide
Quote:
Sept. 29 (Bloomberg) -- The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.

The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. The Term Auction Facility, the Fed's emergency loan program, will expand by $300 billion to $450 billion. The European Central Bank, the Bank of England and the Bank of Japan are among the participating authorities.
But at least the executive didn't get more power, I guess? One black-hole is as good as the next, it doesn't make a difference.
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  #7  
Old 09-29-2008, 02:59 PM
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Nobody can come out and explain what this means because if they did it would cause a panic – it may anyway.
What it means is that your credit cards will be cancelled soon. If you work for a business that uses a line of credit they may not make payroll next Friday. Car dealers are folding because they can not floor plan their inventory. Foreign investors may sell the bonds they hold and drive up interest rates. Farmers are unable to finance the seed and fertilizer they need for the winter wheat crop.
If foreigners don’t support the bond market two months from now the government will be forced to cut payrolls and suspend Medicare and social security payments. They’ll print the money to avoid that and people will convert it into anything of real value driving prices up very fast. Once this gets rolling it will be very hard to stop.
Obviously they can’t say stuff like this
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  #8  
Old 09-29-2008, 02:48 PM
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Quote:
Originally Posted by Botnst View Post
Bail out for rich white guys in NYC paid for through extortion of middle class taxpayers.

No thanks,

B
Too few people see it that way B but I agree with you. People cannot fathom the amount of money the sellers/traders/hedgers make, they get a glimps at some CEO pay that is smitten to Wall Street, with a Net Worth of less then 50 Million your a piss ant.
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  #9  
Old 09-29-2008, 03:44 PM
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Quote:
Originally Posted by Botnst View Post
Bail out for rich white guys in NYC paid for through extortion of middle class taxpayers.

No thanks,

B
Extortion of the middle class ... is that so?
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  #10  
Old 09-29-2008, 02:48 PM
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Consider this:

Why do we need a government bailout in the first place? The idea was the gov would buy all these bad assets and free up capital for banks to start lending again.

BUT

Why does it have to be the gov't? Is the private sector not capable of healing itself? Case in point: C buys WB. C bought what it wanted and cost the taxpayers nothing! If WB assets were truly toxic, then why was there a non-gov't buyer???

Something is not worthless if there is someone out there who is willing to pay money for it. Granted it will be much less than initially thought but hey, let the market decide who stays and goes.
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  #11  
Old 09-29-2008, 03:16 PM
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This only furthers my belief that life essentials - food, shelter, and clothing - should not be prey to wild-ass speculation. The housing bubble should never have happened.
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  #12  
Old 09-29-2008, 03:38 PM
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It's probably the splash of cold water that our credit-hungry society needs. Needless to say, the overseas manufacturing economies will really get dented as Americans do some major belt-tightening. Where will China send all those poisoned chocolates now?
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  #13  
Old 09-29-2008, 03:42 PM
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Quote:
Originally Posted by raymr View Post
It's probably the splash of cold water that our credit-hungry society needs. Needless to say, the overseas manufacturing economies will really get dented as Americans do some major belt-tightening. Where will China send all those poisoned chocolates now?
Those poor, little, SUV-driving, McMansion owning folks; what will become of them?
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  #14  
Old 09-29-2008, 04:21 PM
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"We" have already lost. $700bil is a drop in the bucket of what the Fed is going to pump in to the banks as "loans". It's all about consolidation, now the stocks are low enough to gobble up.
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  #15  
Old 09-29-2008, 04:35 PM
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Ron Paul's thoughts...
http://www.youtube.com/watch?v=lFh6PU6qM9Q
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