Economy Bailout Bill = Has failed

[240 is Back]

The DOW dropped 700 points instantly (then recovered some - only down 500 points at the moment.)

Turn on CNN or MSNBC.  If you own stock, you are having a bad day.  Republicans are refusing to give corporate welfare to big companies.  Bush wants $700 billion and refuses to tell us how he'll spend it.

If the bill fails, dollar will suffer for a short time, but may be stronger in the long run.

[TrapsMcLats]

I need to get a gun fast.

[BlueDevil]

oh the impurity of light shall touch the black

[Stark]

Dow plummets as House votes
The House, following four hours of heated and emotional debate, is voting on a sweeping $700 billion bailout of the nation's financial system. Investors are watching the vote closely. The Dow plummeted more than 700 points as votes against the bill mounted.

[240 is Back]

This may be a good thing though. 

Firms will realize they aren't going to get a pile of federal money to solve all their problems.  They're going to have to solve their own problems - cut spending, lay off unnecessary people, and cut CEO bonuses.

This was Bush's last big money grab before leaving office.  So far, Congress isnt' falling for it. 

[Stark]

This may be a good thing though. 

Firms will realize they aren't going to get a pile of federal money to solve all their problems.  They're going to have to solve their own problems - cut spending, lay off unnecessary people, and cut CEO bonuses.

This was Bush's last big money grab before leaving office.  So far, Congress isnt' falling for it. 

It's never unnecessary people that get laid off, it's always the once that cannot muster a full attacke the socialy poor and working class.

[240 is Back]

It's never unnecessary people that get laid off, it's always the once that cannot muster a full attacke the socialy poor and working class.

In most firms I've worked, you have people who spend 1-2 hours a day chatting, playing online, taking long lunches, wasting time.

If firms made people work more and goof off less, they can cut 1 in 5 employees.

Those people can go back to school, open a busienss, or ask themselves why they fcked around 2 hours a day at work.

[chainsaw]

They want the dow to drop a bit.
Everyone in the house sold thier stocks,
and will buy before they put it through
when the market will surely go up.

[Stark]

In most firms I've worked, you have people who spend 1-2 hours a day chatting, playing online, taking long lunches, wasting time.

If firms made people work more and goof off less, they can cut 1 in 5 employees.

Those people can go back to school, open a busienss, or ask themselves why they fcked around 2 hours a day at work.

It's the job of Supevisors and managers to ensure that.

[Emmortal]

Now's a great time to invest.  When the market is down, that's when you should be buying.  Only poor stupid people pull their money out when the market is down.  The rich are buying like madmen.

[240 is Back]

It's the job of Supevisors and managers to ensure that.

many of them are slackers as well.

Now's a great time to invest.  When the market is down, that's when you should be buying.  Only poor stupid people pull their money out when the market is down.  The rich are buying like madmen.

Agreed.  I'm spending some $ today

[shootfighter1]

I can't believe the original bill was going to give some of the profits (if there were any) to ACORN.  How f-cking stupid does the gov thing we are?  Thankfully, senators looked at the bill more carefully this weekend.

Community groups like ACORN, the urban league & others, in combination with the government, pushing sub-prime loans to people who didn't have the financials or responsibility to pay on these loans is one of the reasons we're in this mess.
I also want to see some regulation on CEO profits if banks are loosing $.  The captains must go down with the ship if its sinking.

[tommywishbone]

Power to the people!

[donrhummy]

This may be a good thing though. 

Firms will realize they aren't going to get a pile of federal money to solve all their problems.  They're going to have to solve their own problems - cut spending, lay off unnecessary people, and cut CEO bonuses.

This was Bush's last big money grab before leaving office.  So far, Congress isnt' falling for it. 

LMAO. Do you REALLY think that's going to happen? Seriously? Companies have run themselves into the ground and continued to give CEO bonuses. What's different now?

[240 is Back]

I heard one great idea today.

Put $700 billion into a US transportation system.  Something of an advanced, above ground subway that gets you places fast.  you'd solve the fuel crisis really fast.

[ManBearPig...]

From what I read (i dabble in stocks a little, nothing too serious), this is what the bill failing to pass has done/caused:

1. as 240 said, it'll bring back responsibility into these companies, knowing there's no "golden parachute"
2. shit companies will go under
3. we won't turn into communist China
4. the markets will rally sooner than if the bill passed, because the government would've cut a check for 700B for "assets" that are worth 0 essentially
5. it will stop,slow down, and possibly even raise the value of the dollar
6. the "bailout" would've caused a massive inflation due to the decreased value of the dollar
7. the "people" for once will win, meaning we won't have to pay for irresponsible lending fuckups

[JohnnyVegas]

Power to the people!

X2

The opposition tot he bailout- a bailout of millionaire and billionaire Wall Street brokers- was running 300-2 in So Cal.

I have herd similar numebrs all across the US-and there was a HUGE FU rally last friday at 5PM opn Wall Street by everyday folks.

Those Wall Street idiots made this mess and got rich over it-I sure the fuck am not going to fork over $2,300 (from every man, woman and child in the US) to fix their fucked up  mess.

[ManBearPig...]

I heard one great idea today.

Put $700 billion into a US transportation system.  Something of an advanced, above ground subway that gets you places fast.  you'd solve the fuel crisis really fast.

what's your thoughts on a 700B public works project?  something along the lines of creating another city of Phoenix or what not?  Picking a random spot in bumblefuck Idaho and creating a metropolis?

[JohnnyVegas]

LMAO. Do you REALLY think that's going to happen? Seriously? Companies have run themselves into the ground and continued to give CEO bonuses. What's different now?

ALL you have to do to STOP the bullshit CEO "bonuses" is to stop allowing them to be tax deductable-BOOM! Problem solved.

I say pay as much as they want to, or can afford to pay-but with NO tax deductions on it.

Free market baby.

Take away the tax deductions and the bullshit inflated CEO pay problem solves itself overnight.

[BM OUT]

The DOW dropped 700 points instantly (then recovered some - only down 500 points at the moment.)

Turn on CNN or MSNBC.  If you own stock, you are having a bad day.  Republicans are refusing to give corporate welfare to big companies.  Bush wants $700 billion and refuses to tell us how he'll spend it.

If the bill fails, dollar will suffer for a short time, but may be stronger in the long run.

Thank God for republicans in the house.It once again shows how absolutely pathetic Pelosi is as speaker of the house.If she had any pull at all she could have gotten it through.Think republicans would have gone against Tom Delay like that?

Fairly amusing that it was the dems that protected Fanny Mae and Freddy Mac,wouldnt try to corral them,fought any attempt to reign them in,and now THEY want to have us believe that they can save us.

[240 is Back]

what's your thoughts on a 700B public works project?  something along the lines of creating another city of Phoenix or what not?  Picking a random spot in bumblefuck Idaho and creating a metropolis?

I dunno... it's intriguing.

Maybe use the $700 billion to completely "Defeat oil".  

Use a few millions bucks as award money, and let the scientists have two years to come up with something better than oil/gas, and a converter to make it work on existing cars.

Then use the remaining $699 billion to develop it.

[ManBearPig...]

I dunno... it's intriguing.

Maybe use the $700 billion to completely "Defeat oil".  

Use a few millions bucks as award money, and let the scientists have two years to come up with something better than oil/gas, and a converter to make it work on existing cars.

Then use the remaining $699 billion to develop it.

did you know that in the early 80's Chrysler went bankrupt and was bailed out by the Fed, much like today, (i think it was 3B back then), and one of the terms of the bailout was that they had to develop an alternative energy car or else they wouldn't get the funds?
Almost 30 years later, those alternative energy Chryslers that are all over the road today sure are nice to drive.  BTW, the bailout was never paid back.
I honestly think until the oil is tapped dry, whether it's in Saudi Arabia or your backyard, we won't see any significant progress in this arena.  Unless you want sails on your pickup.

[tbombz]

I heard one great idea today.

Put $700 billion into a US transportation system.  Something of an advanced, above ground subway that gets you places fast.  you'd solve the fuel crisis really fast.

Barney Frank was a huge proponent of doing something similar, rebuilding the nations infrastructure and roads, when the "stimulus package" was being developed last year.

really, its the best way to get the economy going. we learned that in the new deal from the ccc & tva (shoot my memory is wincing as i recalled those abbreviations from high school history classes   ).

yet the government keeps throwing money at the problem in all the wrong ways.

[240 is Back]

Thank God for republicans in the house.

Agreed.  Thank goodness for people in BOTH parties that stood up to bush.

It once again shows how absolutely pathetic Pelosi is as speaker of the house.

Eh, face it... John Boener couldn't rally the repubs to obey him.  And mccain, their leader, is hiding.  Mccain claimed to be the republican leader of the party... yet he's AWOL on this deal.

Both parties are split on this issue.  mocking pelosi when john boenner couldn't get Bush's own part to back him... weak.

[240 is Back]

Let's be honest guys - and talk all the repub/dem issue out of it.

Bush got to borrow $4.5 trillion bucks over the last 7 years, most of which went to military spending firms and foreign banks.

Bush got to "lose" 2.3 trillion on 9/10/2001 that nobody mentioned.

Bush got his patriot act and his 2 wars (maybe 3 if he hits iran when obama wins)

Bush didn't get his way on this issue, a nice golden parachute/blank check for all his coroprate interests.  Perhaps congress is finally wise to him.  They wanna keep their jobs...