How could they vote to reject the plan ? OMG

I already seeing local toy shops here closing down one by one. I reserved a toy in a local shop last week, and I couldn't reach the owner anymore when I got there yesterday night. It's shutdown !! Total lost.

And some shops even sold their toys 1/3 of the original price. The kamen rider SIC which is supposed to be around USD$30, it was now selling around $10. The owner said the next wave will be the RAH figure. Those selling around $80 before, will be selling at around $20.

Even apartment can be suddenly discounted 20% in just a few days !

Do they have any pus items? I'd like to pick up some at a discount.

Don't panic. Everything will be alright. It's actually a good thing it didn't pass. Those bastards (financial institutions) were set to gain too much. Did you notice that they lobbied hard to get the Credit Card Holder Bill of Rights to fail? A couple of the provisions in the bill was that you would have almost four weeks to pay your credit card rather than sending you a bill 15 days before due. Also, it would curtail some of the no-reason increases in your APR. At the same time the govt. is trying to bail them out, they fight this bill hard to F* the consumer again. So they want their cake and to eat it too. I'm glad the rescue plan failed because it wasn't a rescue plan for you...it was a rescue plan for the banks.

But recognize that it's a buyers market...buy stock, buy toys, buy a home. The economy will bounce back and will it does, it'll come back hard. Remember I said this.

Damn, I'm worked up today!

Things are cyclical, the bailout was dreamed up by cronies of the worst president in US history.

It would fail just as everything they touch has fallen apart. POTUS isn't fit to manage a McDonalds.

I was in a huge discussion a week ago about this, and said there was NO WAY they would pass this bill. Bob thanks for pointing that stuff out, I would have been more worried if this passed. It would cost the average tax payer about 2,000 dollars a year. Fuuuuuck that. To bail out the companies that screwed over tons of people, cut employees and destroyed a market? Wow. Oh and lets cap CEO pay at a measley 10 mill. hahahaha so ridiculous. Also lets have the companies have no financial responsibility to payback these "loans", as one CEO said, "we can't predict the future" soooo basically there were like fuck it give us your money we lost after stealing it from all of you. Cool. Good riddance.

If the bill is passed, is there any condition in the bill that will control paying those ibanks guy with big salary and bonus ? Looks like the bill will continue the ibaners' paycheck for a longer period instead of helping the majority citizens

Right ! What goes down must goes up eventually

I don't know why I think of this image when reading about this topic, but I do.
Please note: chuck taylors on girl with back to you.

Posted this in the other thread:

http://www.cnn.com/2008/POLITICS/09/29/ ... index.html

I tend to agree. Skip the bailout, let everything return to market value.

Good article. That CRA does need to go, I remember every time Bush would talk he would talk about home ownership bla bla bla. All I could think was how screwed everyone was going to be when they bought these homes during that time and the adjustable rates went up.

Also people who got in mid way on the housing boom bought for 500k in my neighborhood, the model of house I live in soon was going for 1.2 million with no upgrades at all in the span of three years. So neighbors started borrowing against that equity with similar adjustable rates and remodeling their houses like crazy. Many had to sell low just to recover, luckily nobody I knew had to forclose, and that causes many problems with work, family, etc.

To save companies that did this to people without properly educating them and convincing them that this market was here to stay with real estate workshops and everybody and their mom in the mortgage or realtor biz how could they be suprised this happened?

Then Bush would come on TV and people would talk about economy and he would brag about how many people own houses and look prouder than hell about it. Even as job rates declined and spending was down, hmmmmmm thats kind of weird, did nobody else wonder why this was happening? I can't believe this is such a suprise to people that the market went to shit. Its only bad if somehow the government can cause enough public panic so they can pull the bullshit with their little bank buddies and get us to foot the bill to save their "relationship" with them.

If you know who your representative is you can see how they voted here:
http://clerk.house.gov/evs/2008/roll674.xml

And if you don't know who your rep is you can find that out here:
http://www.house.gov/

There's bound to be a revised bill in the works. Contact your rep and let'm know what you want or in this case, don't want!

Good comment. There will be a revised bill tomorrow. There'll be working all night on this. At the end of the day, the bailout is the right thing to do. It'll get the economy going again.

But I still hate the financial institutions. They'll suck the blood out of you $20-35 at a time (late fees, overdraft fees, interest, misc. costs, etc.).

Problem with that is no one know the market value. And when banks are no longer lending to each other having more fail has a knock on effect on all the others. As a result they have to pass higher charges on to customers.

How about this?

http://a1611.g.akamai.net/f/1611/26335/ ... se_fix.pdf

thanks for posting this.

i work for a financial institution, and while i understand the frustration a lot of people have with passing charges on to the consumer, it's important to realize that stabilizing this mess and increasing consumer confidence are the most important aspects of this bill.
increasing the FDIC limit will do this I think, and that addition was really great in my opinion.

and for those who don't know, the amount needed to cover the "bailout" is actually quite a bit less than $700 billion. it was put through in that amount to cover all of it without having to ask for more.

if you think the economy is fine and that this bailout isn't necessary to rebuild consumer confidence and strength in the dollar, i think you need to re-assess your thought process. obviously you're living in some fantasy world that i'm not a part of, and i see a lot working in this industry every day.

This is very, very true. While I don't like alot of the details of the bailout, the fact is that financial institutions NEED to be lending to each other. We also saw the market take a dive when it wasn't approved. That isn't only "sticking it to the man" but affects eveyone with any sort of portfolio. It affects foreign markets, as well.

this scares the living hell out of me
and just seems to be the start of it.

wish i had a fucking time machine.

Something needs to be done but if you factor in the track record of the Administration that drafted the bill it doesn't seem possible that it will be anything but a spectacular failure long term.

In all likelihood another bill will need to be drafted to fix the work of President Dipshit's cronies.

This will likely be a bandage to restore confidence for a bit though.

Trusting a former Chairman and CEO of Goldman Sachs (who was nominated by the Shrub) with 700 billion $ is almost comic.

Only thing I'm certain Paulson can handle is providing copious and constant brown nosing to an extremely powerful buffoon. I suspect Goldman Sachs will make out quite well if this goes through.

Trusting any part of the government with this project is fucking ridiculous.

Screw the bailout, if they want to blow 700 billion for a good cause, set up a health care system for all children under 18 and let them mismanage that instead. ;p

I don't think anyone thinks the economy is fine. That's not the issue why people are opposed to it. I think the bailout hasn't been thoroughly thought through and that worries me. It pisses me off that a bunch of people who screwed this thing up aren't going to be held accountable. With enron and some of the others they were put to trial but with this everyone gets a free do over.

It easy to point out the errors of the government and the big business and they should be dealt with, but how do we punish OR deal with the people who got housing loans for a 250K house when they really could only afford a 150K house.
I still have no idea why I should help 'bail out' any person or business without it getting paid back.

And the new one has freaking earmarks and 'tax credits'

especially keep using our tax money for paying salary to those ibankers' salary who had been selling those repackaged "mortgage loan" to other victims.

I'm mainly referring to the ceo's and higher ups who took insane severance packages with this money. It has been shady for awhile with these loans and it finally caught up.

And you're right the earmarks that they got for everyone to agree are entertaining...Rum Earmark?

1. Raising the FDIC limit to 250,000 doesn't mean jack to most people
2. Most people with over 100,000 already know how to manage it (not all, most)
3. These people screamed "free market" when making a killing and guys like Neil Cavuto would I FART A LOT constantly about government bail out, now they are on the news going help us.
4. If the government somehow convinces everyone that this is a good idea by causing panic its the same as Iraq, its a badly thought quick fix, like putting 700 billion dollar gum on a hole in a boat and walking away.

also I heard that dividing 700 billion dollars among all the tax paying adults evenly would work out to be about 200k each. Wouldn't that alone save the housing market? The average couple in america would be able to buy a house free and clear, why save a company a corporation that fucked itself, and give those people who had bad loans strict regulations on how they can spend the money, maybe as home credit only, they can only exchange it to a bank for a house.

I dunno, that seems more reasonable to me than the bailout plan.
So would building houses out of stacks of money actually.

7,000,000,000 / 200,000 = 35,000

I think we have more than 35,000 people in North America...

You're missing a few 0's Loco.

700,000,000,000 / 200,000 = 3,500,000

So $700 billion divided among 3.5 million people is $200k each.
Wow...