Bail out doesn't pass!

[Glenn]

Stock market down 777 points today. How much will it be down tomorrow?
Im tired of congress acting like children. They rather hurt everyone to get their way and will not sit down to do a little giving and taking to get something done.
First I think they need to have someone talk to the nation in plain everyday language to say what the newest bill says and does. Right now everyone only hears 10 second sound bites which are biased to the leaning of who ever is saying it. Alot of what is being said is totally wrong or has been changed.
Others are saying lets let them all fail and the fat cats can go down the tubes. Well for every fat cat that will have to get rid of a few toys 10s of thousands if not 100s of thousands of workers will be out on the streets. Do we want high double didget unemployment with foreclosures hitting numbers that havent been seen since the depression?
What caused the problem? Many things did. Fraud, greed, wanting too much. Ive heard of to many stories from people I know about no question asked loans where the application were total lies. Buyers, real estate people, loan officers, brokers all lied in many cases to make a buck. When this is all said & done many of these failed loans should be looked at & if there was Fraud people should be fined & even more so go to jail. Put a few thousand in jail, put it in the papers, on TV and see how that also might help the future.
Everyone needs to get serious & work together to work on the immediate problem then work for long term answers. And remember to vote in Nov. If we dont change congress it will only be more of the same. Sorry for the long post but Im really ticked.

 

[segpm08060]

Bill Clinton last day the Dow was 10587.59
Today the Dow is 10365.4
Today the Dow dropped 778 points

That was your retirement. Seven years of it. Gone. And if George Bush and John McCain had their way, that would have been your Social Security money too. Gone. Seven years of growth, seven years of your life, wiped out and more to come.

House Republican leaders couldn't get House Republicans to vote for the bill. Catch that? The House Republican leadership wanted the bill to pass but their own members en masse defied the leadership and voted against the bill. So whose fault is that? Nancy Pelosi? Uh, how about Republican leaders in the House, the White House, and John McCain who promised to get the House Republican votes that was needed. Nancy is a scapegoat. The bailout is a political nightmare. She was right though when she said "the Party is over"

 

[bsnyder]

Cost of bailout: $700 billion
Cost of market value lost today: $1.2 trillion

 

[Geoff_M]

But will you agree that the republicans had an equal part in the failure?

Sure.... Now it would be refreshing if some of the Obama partisans would say the same. But sadly, they keep the blinders on...

And if George Bush and John McCain had their way, that would have been your Social Security money too. Gone. Seven years of growth, seven years of your life, wiped out and more to come.

BS... Obama's Social Security Whopper

 

[LuvDuke]

Bill Clinton last day the Dow was 10587.59
Today the Dow is 10365.4
Today the Dow dropped 778 points

That was your retirement. Seven years of it. Gone. And if George Bush and John McCain had their way, that would have been your Social Security money too. Gone. Seven years of growth, seven years of your life, wiped out and more to come.

House Republican leaders couldn't get House Republicans to vote for the bill. Catch that? The House Republican leadership wanted the bill to pass but their own members en masse defied the leadership and voted against the bill. So whose fault is that? Nancy Pelosi? Uh, how about Republican leaders in the House, the White House, and John McCain who promised to get the House Republican votes that was needed. Nancy is a scapegoat. The bailout is a political nightmare. She was right though when she said "the Party is over"

Doncha know 67% Republican nay votes are practically the same as 40% Democratic nay votes. And Nancy played mean and called them names.

However, John McCain did take credit for the negotiated bailout bill.

McCain takes credit for bill before it loses

Sen. John McCain (R-Ariz.) and his top aides took credit for building a winning bailout coalition – hours before the vote failed and stocks tanked.


http://www.politico.com/news/stories/0908/14088.html

Talk about having the Midas touch in reverse.

 

[TLSnell1981]

Doncha know 67% Republican nay votes are practically the same as 40% Democratic nay votes. And Nancy played mean and called them names.

However, John McCain did take credit for the negotiated bailout bill.



Talk about having the Midas touch in reverse.

Nancy....is that you?

 

[MoniqueU]

I wish this hadn't turned into a partisan thread. Bottom line is they didn't have the votes from either side. There was records amount of mail from constituents against this bill. In principal I was against it. Personally though I need this to pass for our own economic health in our family. I am sure the lawmakers that voted either way were as conflicted as I am. The political speaches and holiday talk in DC need to stop and it is time to get back to business for the people. That being said these clowns that have had a chokehold on washington for so long need to go. I don't care what side of the aisle they were on. I know I will not be voting for any incumbant the next chance I get. It is time to clean house in congress and I hope people on both sides remember this.

 

[Anewman]

I wish this hadn't turned into a partisan thread.

Me too but...

Majority of Democrats voted for the bill.
Majority of Republicans voted against.

Nope this is not a partisan issue.

 

[TLSnell1981]

Me too but...

Majority of Democrats voted for the bill.
Majority of Republicans voted against.

Nope this is not a partisan issue.

Really?

 

[Geoff_M]

Me too but...

Majority of Democrats voted for the bill.
Majority of Republicans voted against.

Nope this is not a partisan issue.

You're right. It was the partisans in both parties, the conservative partisans on the right and the liberal partisans on the left that joined together to torpedo the bill. The problem was there weren't enough representatives in the middle to make it work.

 

[LuvDuke]

Nancy....is that you?

Nope.

 

[TLSnell1981]

I am hearing the bill had a couple of constitutional problems. Hopefully, there will be more talk about this later.

 

[Goofycampers]

Nancy Pelosi and her cohorts bloated this bill with so much cr** I'm not surprised that 40% of DEMOCRATS didn't vote for it. And she has the nerve to call the republicans unpatriotic! If they were serious about this being agreed upon they would have brought a more serious proposal to the table.

 

[Charade]

Ahhh, how are 67% and 40% the same? According to our friends on the other side of the aisle, the 67% of the Republicans who voted against the bailout are practically the same as the 40% of the Democrats who voted against it. HUH?

No wonder the Republicans can't run a government. They can't add.

Huh? You needed just TEN more Dems to pass this.

What happened?

 

[Anewman]

I am hearing the bill had a couple of constitutional problems. Hopefully, there will be more talk about this later.

Well details of the bill are all over, lets reserve judgment either way.

Nancy Pelosi and her cohorts bloated this bill with so much cr** I'm not surprised that 40% of DEMOCRATS didn't vote for it. And she has the nerve to call the republicans unpatriotic! If they were serious about this being agreed upon they would have brought a more serious proposal to the table.

Well since details of the bill are all over the place feel free to post your examples of said bloat.

 

[Charade]

How's the 401K looking, John? How's that deregulated free market working for you now? I bet regulation is starting to look real good.

Actually, it's still slightly up for the year.

 

[Anewman]

You're right. It was the partisans in both parties, the conservative partisans on the right and the liberal partisans on the left that joined together to torpedo the bill.

Have to agree...

IMO(no need to agree with it)
Some far left Libs felt that McCain was trying to play the knight in shining armor role, and voted Nay.(I am not saying he was)

Most(obvious majority) conserves dont want a democratic controlled congress to come to the rescue either.

Neither of the above groups really care about their constituents, it is all about TRYING to make their respective party look better than the other.

 

[rie'smom]

Quote:
Originally Posted by The Mystery Machine View Post
Pelosi says Dems delivered on their bargain, half of the votes, and the Repubs did not deliver their half of the votes.

Why she gave an irritating jab prior is odd.

But bottom line the Repubs are the reason it failed.


Believe that if you want to but then Dems are the reason for the fiasco in the first place. See these excerpts from Investors business Daily:

http://ibdeditorial.com/IBDArticles.aspx?id=306370789279709


Financial Crisis Started in Clinton Administration?



The Real Culprits In This Meltdown

Big Government: Barack Obama and Democrats blame the historic financial turmoil on the market. But if it's dysfunctional, Democrats during the Clinton years are a prime reason for it.
By INVESTOR'S BUSINESS DAILY | Posted Monday, September 15, 2008 4:20 PM PT

"Obama in a statement yesterday blamed the shocking new round of subprime-related bankruptcies on the free-market system, and specifically the "trickle-down" economics of the Bush administration, which he tried to gig opponent John McCain for wanting to extend."

"But it was the Clinton administration...that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street's most revered institutions."

"Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making."

"The untold story...is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but 'predatory.'"

"Yes, the market was fueled by greed and overleveraging in the secondary market for subprimes, vis-a-vis mortgaged-backed securities traded on Wall Street. But the seed was planted in the '90s by Clinton and his social engineers."

"As soon as Clinton crony Franklin Delano Raines took the helm in 1999 at Fannie Mae, for example, he used it as his personal piggy bank, looting it for a total of almost $100 million in compensation by the time he left in early 2005 under an ethical cloud."

"Other Clinton cronies, including Janet Reno aide Jamie Gorelick, padded their pockets to the tune of another $75 million."

"Raines was accused of overstating earnings and shifting losses so he and other senior executives could earn big bonuses."

"At the same time, the Clinton administration was pushing Fannie and her brother Freddie Mac to buy more mortgages from low-income households."

"The Clinton-era corruption, combined with unprecedented catering to affordable-housing lobbyists, resulted in today's nationalization of both Fannie and Freddie, a move that is expected to cost taxpayers tens of billions of dollars."

"There's a political root cause to this mess that we ignore at our peril. If we blame the wrong culprits, we'll learn the wrong lessons. And taxpayers will be on the hook for even larger bailouts down the road."

"Obama and Democrats on the Hill think even more regulation and more interference in the market will solve the problem their policies helped cause. For now, unarmed by the historic record, conventional wisdom is buying into their blame-business-first rhetoric and bigger-government solutions."

"While government arguably has a role in helping low-income folks buy a home, Clinton went overboard...which only led to lenders taking on hundreds of billions in subprime bilge."

 

[CowboyCO]

Bill Clinton last day the Dow was 10587.59
Today the Dow is 10365.4
Today the Dow dropped 778 points

That was your retirement. Seven years of it. Gone. And if George Bush and John McCain had their way, that would have been your Social Security money too. Gone. Seven years of growth, seven years of your life, wiped out and more to come.

House Republican leaders couldn't get House Republicans to vote for the bill. Catch that? The House Republican leadership wanted the bill to pass but their own members en masse defied the leadership and voted against the bill. So whose fault is that? Nancy Pelosi? Uh, how about Republican leaders in the House, the White House, and John McCain who promised to get the House Republican votes that was needed. Nancy is a scapegoat. The bailout is a political nightmare. She was right though when she said "the Party is over"

Dems have a majority. They could pass it despite the Repubs if they could garner enough support. They could not. That's not leadership.

And the only way you lost 10 years of gains according to the DOW is if you were in an index fund and never moved it, ever. That would be stupid. Good growth funds were gaining 15%-20% per year for the last 15 years and that compounds. My guess is you don't invest much... But you spin a lot.

 

[marybet]

Huh? You needed just TEN more Dems to pass this.

What happened?

No, we needed 10 more Republicans to pass this bill. The Democrats delivered their votes, the Republicans did not.

Two-thirds of the Democrats voted for it only one-thrird of the Republicans. It needed to be a bipartisan bill, not a Democratic bill.

Spin it anyway you want, that was the deal and it didn't happen.