Here's "The Bill"

[audtatious]

If anyone wants to see what the Gov is up to

http://www.foxbusiness.com/pdf...t.pdf

[confedup]

A couple of concerns about the bill from what I have seen/heard:

1. "If the government loses money, the financial industry will pay back the taxpayers." = Those who did not screw us still may have to pay2. "Allows the government to purchase troubled assets from pension plans, local governments, and small banks that serve low- and middle-income families." - Uhm, arent most of those listed "in trouble"?3. There is nothing in the bill about bipartisan oversight4. The bill was given out on Sunday, is 600+ pages and Congress is supposed to vote on it today? How wonderful our Gov is........5. The ring leaders of the bill are the same ones who got us in the trouble in the first place by saying there was nothing wrong and ignoring requests into more regulation. How can we trust these people?

Seems that group ACORN is starting to make a stink about using the money to help bail out what Obama calls "Main Street" as well.

[audtatious]

Looks like Wall Street is taking care of their own.

Citigroup to buy Wachovia banking operations http://biz.yahoo.com/ap/080929....html

So, is there really a need for this bill at all? Bank gets weak and gets gobbled by another. Sounds like "another day in the neighborhood" to me.

[audtatious]

Well, the vote is currently 227 - 206

Guess it is going to fail. The dem's only needed a few left-leaning republicans to vote and they could have passed the bill. As it stands, seems a number of Democrats (94) did not vote for it either.

[96Qowner]

The Dow has dropped 600 points.

But a crappy bill will hurt us for a decade or more.

[G_whizz]

Unbelievable!

Soo for those that follow stocks... where would you invest right now?

[f1seb]

Bill didn't pass. But they will probably vote on it again since it only needed 13 votes. They'll just pay some of those politicians off to change their mind.

[audtatious]

Wait until the fallout seems over, then invest

Here's some comments about the bill:

"This is a huge cow patty with a marshmallow stuck in the middle of it," said Rep. Paul Broun (R-Ga.)"

House Republican leader John Boehner of Ohio, called the bill a "crap sandwich"

Anyway, Pelosi gave a "blame Bush" speech before the vote. Again, the Democrats are taking NO responsibility in this at all. They have a bill they are trying to pass that has crap in it with no oversight. They have now just given a speech and blamed the Republicans for it not passing. It does not matter that they are only 13 votes shy of passing it and there were 94 Democrats that opposed it. It does not matter that Pelosi would not let discussion to happen during session on the bill itself. It does not matter that Pelosi did not stop the procedure in order to pull people aside to work out the votes. Pelosi threw crap on the Administration and the Republicans and pressed forth to get a vote when she knew they did not have enough votes to pass the bill. Pelosi has done a crappy job in running this whole thing and she along with those who are primarily responsible for this mess are trying to deflect it away.

[96Qowner]

Unbelievable!

Soo for those that follow stocks... where would you invest right now?

Be thinking commodities, natural resources, etc, anything that goes up with inflation. Inflation is now guaranteed for the next several years, in fact it could get really ugly. We're gonna have to pay for the war AND this financial mess. The only way to do that is to print dollars like crazy and devalue the currency. In fact, the money supply went up 10% last month alone.

http://www.investopedia.com/ar...5.asp

[Jesda]

Didn't pass this time... could the GOP finally be doing its job?

[audtatious]

Could be.

Of course, the spin will be that Republicans are trying to punish people as they are against this bailout bill AND they are the ones who caused the problem.

The sheeple will probably listen. It would not surprise me if Pelosi and gang want this to keep going until the election as they feel it would give Obama more votes.

[96Qowner]

Dow closed at -777.68

Good work, Nancy. She's blaming it on everyone else. She couldn't even get 94 of her own Party to vote for the stinker.

What a effective Speaker, huh? ~L-L-L-Loser~

[audtatious]

That surprises you?

I would have thrown the bill out based on the couple lines that were mentioned earlier.

[96Qowner]

It occurs to me that Pelosi was giving political cover to 40% of her own Party, thought she had the Republican votes to pass it, and got double-crossed.

Now she's gonna have to make more Dems pony-up.

[ishkabibble]

Nobody is voting for the bill because it would be politically damaging to do so. Voting for the bill is going against the will of their constituents.

As for investing, I'm hanging on to a lot of cash for now and will buy a couple of financial and index funds once I get a signal that a bottom is reached. Or you can follow Greg's previous advice - the Dow is on its way up up up, and invest in oil!

[96Qowner]

The Dow closed up 485 today (Tues, Sep 30th). Apparently, the sky did not fall when the bailout bill failed. Go figure.

777-485 = 292 = down 2.65%, a rather typical swing.

Big whoop.

[HashiriyaS14]

The Dow closed up 485 today (Tues, Sep 30th). Apparently, the sky did not fall when the bailout bill failed. Go figure.

777-485 = 292 = down 2.65%, a rather typical swing.

Big whoop.

The market is still expecting some kind of "rescue legislation" to be passed. The headlines to this effect have been bolstering the Dow.

Rest assured that a complete failure to pass any sort of bailout/rescue would result in a downturn WAY bigger than 700 points.

[96Qowner]

Last night I caught a little bit of Suze Orman talking about how disastrous it would be if the government, in its infinite wisdom, did not step in and save the financial industry. She figured the Dow would drop to 8000-8500, and that it would take several years to recover. 8500 would be a 23% drop, just like the crash of 1987. Been there, done that, the world did not end.

I don't think it's wise for the government to buy real estate with the sole intent of keeping valuations at current levels. If the Street is willing to buy equities today on the speculation that $700 Billion in taxpayer money is going to keep prices inflated, it'll be willing to buy equities once the bad debt has been washed out of the system. I'd rather let the market correct than saddle every man woman and child in this country with an additional $2000 (700 Billion/350 million) debt "invested" into overpriced real estate.

I'd rather let the house-flippers and moronic bankers and hedge fund/derivatives investors take a bath. If the idiots who decided it was wise to lend money to people who had no visible means of paying it back, lose a few million or billion, that sure leaves a lot of innocent people off the hook for their $2000.

In an economy based on $80-100 crude, real estate is simply not worth what people paid for it. No amount of borrowed money will change that.

Of course, I could be wrong. We KNOW the jerkoffs who caused this mess were wrong. Seems like a fair gamble to me.

[S13_love]

Im actually glad they turned down this bill, there is more than one option (knowing our government going to the "nationalization option" would be really bad) to help solve this financial crisis, and like someone else said in another thread, the last thing we need is more government.

Also I found this article and it kinda made me laugh:

http://www.time.com/time/natio...ation

-we are known as the "little guy"-recommended that it should have been called the "Consumer Protection Act" (sounds familiar for some reason)-this almost sounds like they want us to believe we are headed into a economic apocalypse...well the link between the "financial economy" and the "real economy" is rather weak, some people dont realize this

[audtatious]

Depends on how gullible you are. My oldest daughter called my sister the other day and told her the stock market crashed and we are all gonna die.

At least she knows not to call me with that BS

[audtatious]

Some additional info within the bailout bill concerning energy and global warming

[szh]

Some additional info within the bailout bill concerning energy and global warming

Sigh ... now these additions are what get me irritated with politicians and how they seem to find different ways to slip things by us all the time! What the f do these have to do with the bailout?

Yet more reason for me to require my representatives to soundly reject the bill ...

Z