Bailout Agreement Voted Down - Stock Markets drop

[earth_as_one]

Hang on to your lugnuts, the $hit has hit the fan!

House Narrowly Defeats Bailout Legislation



In a narrow vote, the House today rejected the most sweeping government intervention into the nation's financial markets since the Great Depression, refusing to grant the Treasury Department the power to purchase up to $700 billion in the troubled assets that are at the heart of the U.S. financial crisis.

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/29/AR2008092900623.html?hpid=topnews

TSX is down another 7%

 

[Socrates the Greek]

Hang on to your lugnuts, the $hit has hit the fan!

House Narrowly Defeats Bailout Legislation

President Bush Had Urged Quick Approval

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Video

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Pelosi Speaks After House Defeats Bailout Bill
House Speaker Nancy Pelosi (D-Calif.) addresses the media after the House defeated a bailout package worth $700 billion.
» LAUNCH VIDEO PLAYER

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By Paul Kane, Lori Montgomery and William Branigin
Washington Post Staff Writers
Monday, September 29, 2008; 4:02 PM

In a narrow vote, the House today rejected the most sweeping government intervention into the nation's financial markets since the Great Depression, refusing to grant the Treasury Department the power to purchase up to $700 billion in the troubled assets that are at the heart of the U.S. financial crisis.

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/29/AR2008092900623.html?hpid=topnews

TSX is down another 7%

So much with the Conservative good fiscal management in the US……The CONS south of the boarder have given America a black financial eye……. The end will be unthinkable…..in the US…….

 

[darkbeaver]

The constituants have spoken through thier members the wispered rumours of the hempen noose and future trough sucking adventures. Let's see how long it takes for the pricks to cave? Before the end of the week they'll grovel and beg and waffle and beg forgiveness of the bankers I wager. This is an oportunity for Americans to save the world and they are for the most part blissfully unaware of it.

 

[#juan]

I don't know the terms of the bailout plan but this is going to turn into a full blown depression unless they do something. The stock market has been going up and down like a prostitute's pantyhose. I would bet money that somebody has been making a killing. If they can satisfy the house's objections, whatever they were, the bailout might be a good thing.

 

[Scott Free]

I don't think the bailout was a good idea. In the long run this will cause less harm IMO.

 

[Colpy]

I don't know, I'm very conflicted on this one........

 

[lone wolf]

If the fleeced have to suffer, so should they who fleeced them.

 

[Scott Free]

The bailout would have just created new capital that would have moved out of the USA.

The US needs to address its huge trade imbalance with China. The neocon idea of free trade is not working. Instead of racing to the bottom the US is plummeting. We will be too shortly.

 

[Lester]

The Dems will push thru a plan and the republicans will be shut out of the decision making process

 

[Socrates the Greek]

If the fleeced have to suffer, so should they who fleeced them.

That should be the only form of justice..................:x

 

[Socrates the Greek]

The greedy corporate elite should be left to eat some craw.
Even though it has been said that the elitists responsible for this mess will have food to eat and homes to live in and drive the expensive cars, the poor common man in some instances will break up with his family because it would be easier to live alone in an effort not to put up with the criticism and humiliation they may get on a daily bases from their spouses.
Or many are asked to move out because they do not work because of this hirable slow down.
All that because the guys like Conrad Black thought f uck the common man, my greedy belly comes first….
The problem some of these PIGS do not understand even though (in some cercals these PIGS are considered intelligent people), they only have one mouth to chew with and some of these scum they look stupid trying to eat at one time more then their mouths can hold at one time.
Nothing but swains, hogs, pigs, they are all that and more. The American people should rise and throw these ****ers in jail……………. :x

 

[MissAnnika]

the stock market crashed today by 800 points. the lowest it's been since 9/11 but thats all i know cuz i dont have anything to do with stocks and bonds

i heard that part of the problem is cuz people cant take out loans anymore from the bank cuz the banks are all going bankrupt. solution: if you cant afford something then don't f*cking buy it. cars r understanbable cuz you kinda need one, and can pay if off more easily than other things, but you dont need a house that badly, live in an apartment for a little while longer, no big deal.

 

[normbc9]

As an American I'm glad this rejection took place. We have elite corporate criminals who are now backed into a corner screaming for help. The emergency tones created by Bush are falling on some deaf ears. The Secretary of the Teasury should be fired for incompetence and he was the CEO at Goldman Sachs who just received some preferential treatment from him. If it was my call I'd thow them all in the same room with one gun and let them fight it out. Whoever emerged unscathed should then be tried for fraud and conspiracy to bankrupt a nation. The Greed disease has really run rampant recently in the US government.

 

[MissAnnika]

at any rate, the rest of us r left to suffer cuz our spokesperson is too dumb to know his ass from his head

 

[Praxius]

The Capitol is illuminated under stormy skies Sunday evening. The House of Representatives could reconsider its rejection of a financial bailout plan as early as Thursday.

U.S. legislators vote against $700B bailout; leaders urge them back to the table
http://www.cbc.ca/world/story/2008/09/29/us-bailout.html?ref=rss

A $700-billion US package negotiated by U.S. congressional leaders over the weekend to bail out the American financial industry failed a vote in the House of Representatives.

Despite pleas by President George W. Bush — who was phoning undecided legislators minutes before the roll call — as well as congressional leaders, Monday afternoon’s vote failed by a margin of 228-205.

Financial markets nosedived in the wake of the rejection of the deal, with the Dow Jones industrial average plummeting by 777.68 points, its biggest single-day drop, and Toronto's S&P/TSX composite index falling by 840.93 points.

BWAAAAA HAAA HAAA HAAAAA..... DOOOMMMMEEDD!!!!!! WE'RE ALLLLL DDDDOOOOO'MMMMMM.... ED!!!

*gasps for more air*

BWWAAAAAA.... ok I'm done now.

When the critical vote was tallied, too few members of the House were willing to support the unpopular measure with elections just five weeks away.

Ample No votes came from both the Democratic and Republican sides of the aisle. Bush and a host of leading congressional figures had implored the legislators to pass the legislation despite howls of protest from their constituents back home, who balked at the price and the perception that the government would be using taxpayer dollars to bail out greedy financial tycoons.

"While the legislation may have failed, the crisis is still with us," House Speaker Nancy Pelosi said at a news conference after the bill's defeat .

"What happened today cannot stand," she said. "We must move forward, and I hope that the markets will take that message."

Nope.... just wait until tomorrow..... the whole market is gonna bleed out like a decapitated pig.

Pelosi added that the discussions leading up to the bill were wholly bipartisan, with both parties committing to provide half the votes needed for the measure to pass. In the end, two-thirds of Democrats voted for it.

"We delivered on our side of the bargain," Pelosi said.

Representative John Boehner, the Republican minority leader, who supported the deal, said Congress has more work to do.

"We have no choice but to work to try to find a solution to make sure that we save our economy,” Boehner said after the vote.

In Colorado, Sen. Barack Obama, the Democratic presidential candidate, said: "Democrats, Republicans, step up to the plate, get it done."

Um..... the people are who they are supposed to represent.... do and you're screwed. That's what democracy is supposed to be. The people don't want their money blown on a stupid plan that may not even work in the end, going completely to waste.... their money.

You can't order your party to vote something against the people who elected them.

I'm pretty sure many also got one or two death threats, based on some of the reports I have been watching and hearing in regards to some "Very nasty phone calls"

Yeah, good luck with that situation.

His Republican rival, Sen. John McCain, also urged his fellow congressmen to go back to the table.

"Now is not the time to fix the blame," he said. "It's time to fix the problem."

Members of the House were discussing a motion to reconsider their vote later, with top Democrats and Republicans attempting to arm-twist enough members to cover the razor-thin margin blocking the deal's passage. A revote was not expected before Thursday when the House plans to reconvene.

Roy Blunt, the Republican House whip, said that he had counted 12 more Yes votes on his side going into the roll call — seemingly enough for a one-vote victory — but that he thought several members were dissuaded at the last minute by a "partisan" speech by Pelosi.

She just spoke the truth, deal with it.

"We could have gotten there today had it not been for the partisan speech that the Speaker gave on the floor of the House," Boehner said. Pelosi's words, the Ohio Republican said, "poisoned our conference, caused a number of members that we thought we could get to go south."

The Republican leaders didn’t specify which of Pelosi’s remarks they considered to be unduly partisan. Pelosi made reference to "bipartisan efforts" in her perorative speech before the vote, but also briefly blamed Bush's policies for the economic turmoil.

Yarp.

There`s more to it on the web site, but in a nut shell..... it`s all screwed over now.

Added:

I think the next little while is going to be quite interesting..... :twisted:

 

[Northboy]

This could be the tip of the iceberg.

There appears to be an increasing of threats of default in the municipal bond market.
They've had a series of interest rate increases in short term paper which is hampering the cash flow of counties down there.If this lets go through a combination of tightening credit and increasing rates, that's a new game entirely.

 

[TenPenny]

I would hope that all good liberals (small l liberals) are cheering this. After all, the markets only went up due to the greed of some right wing capitalists. I'm sure you'll all be happy when your pension plan implodes, because, after all, anything that hurts capitalists must be good. And, you know, people and companies that are making money never actually hire people to do any work, so this meltdown can only be good for us all.

So cheer along with me!

 

[Kreskin]

Tha Canada Pension Plan fund would've dropped by about 5% today. That can only be a bad thing for the rich and a good for the middle class. - Do I have this figured out TP?

 

[MissAnnika]

unfortunately common people like me cant do anything about it, so i'm left with no choice but to sit back and wait to see what happens

 

[Fingertrouble]

I don't think for a second that anyone really likes the idea of spending up to $700 Billion to prop up the markets, but it needs to be done.

Everyone has to stop saying that it is bailing out Wall Street. Those a** holes may have started the problem, but the fact is it's all about credit now and when small businesses need short term loans for peoples pay checks or to purchase inventories or settle accounts and they cant get loans, guess what....unemployment and foreclosures loom.

There is a huge fire burning right now and it needs to be put out. You don't sit idly by while the fire rages, just because you don't like those who started the fire. You put the fire out, in other words you deal with the problem and then once that is under some sort of control, then you take action to prevent it happening again and to stop those idiots for getting the economy into so much trouble in ther first place.

Those who voted against the bill were afraid that they wouldn't get re-elected if they voted "YES". the fact is that the Bush Administration did a sh*tty job explaining the issue to the American people. They should have been trying harder to get people to understand that it is a credit issue, not a Wall Street "bail out". if nothing is done, another Great Depression will be upon the USA and it will more than likely cost FAR more than $700 Billion by the time the economy recovers. Whether the regular Joe or Jodie on the street ends up paying through their taxes for a bail out, or through enduring a great depression and all that entails (joblosses, repo's etc), it will always be the everyday person who has to take the brunt.

Of two ugly, ugly choices, I would suggest passing the bill would have been the better fork in the road to take. While the outcome is far from certain, at least there would have been some confidence that credit would be available to sustain small business and therefore keep job prospects alive and therefore keep some strength in the economy.

Just my 10 cents worth.....but I am not using that 10 cents to by ANY stock right now....