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Bail Out Plan Rejected?

Posted by DaVincisBlogLog • 9/29/08 • Subscribe to this Discussion [RSS] • Report This Topic
Topics: biden, bush, Economy, mccain, obama, palin, politics

Is it time to start worrying?

User Comments

9/29/08

LoveIan

It was time to start worrying 5 years ago.

Now things are even more serious.

[reply]
9/29/08

ModelElaine

Where did you hear that? I just heard it was approved

[reply]
1. 9/29/08
  
  DaVincisBlogLog
  
  I heard on the news it was rejected just now...stock market is down 500+
2. 9/29/08
  
  ModelElaine
  
  I have to turn the tv on. what channel?
  
  Stock market's been down for a while. since it's closed now they just reported at the close
9/29/08

LoveIan

money.cnn.com/2008/09/29/news/economy/bailout/?postversion=2008092914

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9/29/08

DaVincisBlogLog

CNN is still reporting

[reply]
9/29/08

Rozie818

cnn announced it
dow dropped 600

[reply]
9/29/08

xmarks

Time to buy stocks in indexed funds while the panic is fresh.

[reply]
1. 9/29/08
  
  DaVincisBlogLog
  
  yeah that's if it bounces back
2. 9/29/08
  
  xmarks
  
  There is almost always a bounce (except for the times that there wasn't a bounce).
3. 9/30/08
  
  xmarks
  
  The market is up 308. Now sell.
9/29/08

timethief

Speaking at The White House this morning, Bush said the bill is needed to keep the economy from falling apart. In a preliminary vote held before 2 p.m., the House of Representative voted down the $700 billion Wall Street bailout plan 206-227, despite President George Bush's warning earlier today that failing to pass the plan would cause "prevent economic damage."

House party leaders froze the vote with one absenting vote remaining, in order to convince representatives to sway their votes. As of 2 p.m., only two "nay" voter have switched sides so far.

More than two-thirds of House Democrats voted for the bailout, while half of House Republicans voted against the plan. The vote in the House was 205 for and 228 against.

The Senate is expected to vote on the plan on Wednesday.

U.S. equity markets are under heavy pressure mid-day after the financial bailout failed to gain Congressional approval.

Currently the Dow is down is down 580, The Nasdaq is down 148 and the S&P 500 is down 80. The Dow had been down 700 points.

www.ny1.com/content/news_beats/politics/86426/bailout-plan-fails-in-house/D...
online.wsj.com/article/SB122269697819485709.html?mod=googlenews_wsj
www.streetinsider.com/General+News/Stocks+Crash+As+Financial+Bailout+Plan+F...

[reply]
9/29/08

mikeny07

I hope we don't have another depression here. People think in 2008 that it can never happen. Im moving to Mexico if it does happen.

People don't want the companies being bailed out.

[reply]
1. 9/29/08
  
  xmarks
  
  If there is a depression, it will hit Mexico too. There really isn't anywhere to run.
9/29/08

mikeny07

I know. But I would think Mexico is far cheaper to live in than New York is.

[reply]
9/29/08

DaVincisBlogLog

Seriously now they're playing the blame game?

[reply]
1. 9/29/08
  
  xmarks
  
  They are just afraid for their jobs, like many of us. I bet if lined up those who voted for the bailout, you would see a much greater number of congress who are NOT up for re-election in November. More of those who are up for re-election probably voted against it.
  
  IMO, there will be a plan and the compromised plan will probably be better than this dog.
9/29/08

mikeny07

Same with the immigration issue. Nobody talked against it because they won't get the votes then.

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9/29/08

DaVincisBlogLog

it's too much...people are fighting over gas here in atlanta

major car dealerships are closed

stock market is down 600+

what next?

I hope this is just a prelim and that they'll bring SOMETHING better to the table than blaming eachother

[reply]
9/29/08

Jeunelle

You don't want to know what's next.
Some of us may have to prostitute ourselves.
Don't get any ideas punks, I will resort to robbing people on the subways.

[reply]
1. 9/29/08
  
  ekim941
  
  If no one has any money, prostitution and robbery won't work.
2. 9/29/08
  
  Jeunelle
  
  Says who?
  People do wear expensive jewelry on the trains and carry blackberry's,
  Ipods and Apple computers.
9/29/08

mikeny07

You failed to mention that the Dems could have passed this bill on their own if more voted for it. They control the majority in the House. Over 90 of them didn't vote for it.

This may turn more onto McCain come November if people find this out.

en.wikipedia.org/wiki/United_States_House_of_Representatives

[reply]
1. 9/29/08
  
  DaVincisBlogLog
  
  thank you for pointing that out...either way both parties failed.
  
  on this particular bill
2. 9/29/08
  
  clioandme
  
  Why would some Democrats voting against it be a plus for McCain. I don't see how it's relevant either way.
9/29/08

MidwestMom

Perhaps the failure of this measure has more to do with politics and the fact that it was a re-worked version of a package from the Bush Administration.

Public opinion, from what I have heard, was against the measure. It is possible that representatives were responding to pressure from their constituents NOT to pass it.

Hopefully, it will be possible to write more acceptable legislation aimed at helping citizens, rather than large corporations. If credit markets slow in the short term, we will all have to take the situation as it comes.

[reply]
1. 9/29/08
  
  DaVincisBlogLog
  
  yeah I can agree with you there...I wonder where the market will end today
9/29/08

thefly

I say, withdrawal all your money before the crumbling banks depreciate its value all away right before your eyes and bury it in your backyard. The market closed at -777.68, wowza! This is the largest drop in U.S. history. No one is gonna be able to get credit so grab your money and hope you dont lose your job.

buzz buzz

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9/29/08

DaVincisBlogLog

lol, hope not

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9/29/08

TheWorldsDresser

I just got a news feed on my phone about this. Down 777???? I just...I have no words...

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9/29/08

jackpayne

Desperation is in full bloom. Just today the Fed injected $600 billion into the system. You know what that means, they are resorting to debasing our money. Big time. Overtime. This means they've got the printing presses rushing out new money at break neck speed. At this rate I wonder how long it will be before we, like the Germans after World War I, will need a wagon full of money to buy a loaf of bread.

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9/29/08

mikeny07

The money is safe if you have bank CD's right? I don't see why nobody is mentioning them on TV.

You can get 5% interest on them. Why buy the T bills paying 1%? I must be missing something.

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9/29/08

DaVincisBlogLog

I think the money is the money...so if it's worth less and you're gaining interest on paper

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9/29/08

okokokok

As my neighbor told his son the other day. . . "Today is the first day of the end of our money. . ."

[reply]
1. 9/29/08
  
  DaVincisBlogLog
  
  hmmm quite grim
9/29/08

Educationblogs

Bring back the Gold standard.

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9/29/08

harleyblues

My take why can't the government give these funds to all Americans . than the economy is sure to rise with spending, people would be able to afford homes,cars etc,..
wouldn't it make it an even playing feild? wouldn't the economy stabilize than?

[reply]
1. 9/29/08
  
  DaVincisBlogLog
  
  my guess is that would probably cost way more money... but it would be a nice solution if they could make it work. People aren't good with money though so there's no garantee it would help
9/29/08

aftercancer

This is really nuts. There are loads of other proposals out there, why isn't anyone looking at them instead of blaming each other all over the news?

[reply]
1. 9/29/08
  
  DaVincisBlogLog
  
  because it's easier than doing something
9/29/08

PetLvr

Well .. history has probably shown us that with the drops of stock markets .. there will be more money made than lost. Of course, with the difference that the people making money were watching the markets and aren't afraid to go back in them, while the ones losing money are watching the news or will pull out so they don't lose everything and not give a chance to bounce back.

btw ... Toronto Stock exchange was down as well ... -840.93
www.ctv.ca/servlet/ArticleNews/story/CTVNews/20080929/TSX_down_080929/20080...

I might be shopping in my non-RRSP account tomorrow.

[reply]
1. 9/29/08
  
  DaVincisBlogLog
  
  yeah it's about knowing when to take the risk and when to cut your losses
9/29/08

clioandme

Front page news in Britain, France, and Germany. (I cannot read other languages.) Asian stock markets are dropping right now.

[reply]
1. 9/29/08
  
  ekim941
  
  The "Nay" felt around the world.
2. 9/29/08
  
  ekim941
  
  You can't read British?
3. 9/30/08
  
  Theresa111
  
  Like a billy goat ... naaaaayyyyyyy
  
  They just said no to make the press look silly.
9/29/08

timethief

Viewpoint: Why the bail-out would not work
Ann Pettifor, author of 'The coming first world debt crisis' and executive director of Advocacy International, argues that only a system-wide fix of economic policies will restore stability.
news.bbc.co.uk/2/hi/business/7642664.stm

[reply]
1. 9/29/08
  
  ekim941
  
  Shhh, you're ruining the placebo effect.
2. 9/29/08
  
  timethief
  
  OOPS! OMMMmmmmmmmmmm
3. 9/30/08
  
  Theresa111
  
  Are placebos illegal?
9/30/08

DaVincisBlogLog

lol yeah they give em to everyone..

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9/30/08

DaVincisBlogLog

Hey I was wondering if anyone has any ideas they think may work

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9/30/08

psychosolodiver

NO BAIL OUT! Let the market adjust by itself. It will be painful, but devaluing the dollar by printing more money is no way to solve this "crisis."

[reply]
1. 9/30/08
  
  DaVincisBlogLog
  
  yeah I would hate for that to happen...money is power and as soon as we lose that it's over