Bail out Agreement Reached

[titsrock]

I think the defeat of the bill and the very embarrassing way in which the vote went off has pretty much guaranteed that partisan politics and not "concern for the American people" was the real motivator. The Dems thought they could play it both sides--bring enough Republicans over to vote for the bill but allow their own Dems who face tough elections home to vote negative. I think the Pubs smelled that out and stopped it. HOWEVER...they may have just sunk John McCain and their own re-elections because if Pres Bush and Treasury Secretary Paulson are right and that the Depression is upon us...the Pubs just caved in for their own political necks and may have fucked the nation.

John McCain's presidential campaign may have been fatally stung. Remember all the shenanigans about suspending the campaign and going to Washington to get a deal done? And then saying in the debate that he'd vote for the deal? Ooops. Leadership gamble just blew up in his face thanks to the Republicans.

 

[titsrock]

At one point was down 705 but ended down 603. NASDAQ ended down 200. I've never seen it go that low

Dow
http://finance.yahoo.com/q/bc?s=^DJI&t=1d&l=on&z=m&q=l&c=

NASDAQ
http://quote.yahoo.com/q/bc?s=^ixic&t=1d&c=

We now have to consider DOW in percentage gains or losses...not in the actual point drop/gain. So, yes, a 600 pt drop is a shocker..it's not that big given the percentage loss --which is slightly over 6% loss now? The October '87 crash was much worse than today.

 

[AFA]

We now have to consider DOW in percentage gains or losses...not in the actual point drop/gain. So, yes, a 600 pt drop is a shocker..it's not that big given the percentage loss --which is slightly over 6% loss now? The October '87 crash was much worse than today.

That is absolutely correct. 200 down is historical either way on NASDAQ. They just said the 3rd worst percentage decline ever.

Lone Om3ga, "the voice of the U.K.", has been talking about the bank decline there, which is just starting to come on radar on the business news here. :thumbsup:

 

[titsrock]

I think American Democracy is crumbling in a public, embarrassing way. I've never seen politicians blame each other like they are doing today. This is getting nasty. I don't see how Dems or Pubs can come together in the House to "try again" and reach consensus. Everyone doesn't trust anyone. It looks like there is chaos in Congress and the message that is going to be the take away is that there is no more "bipartanship" in American Politics anymore. THAT is going to be Dubya's legacy...the parties can no longer get anything "major" done together. They can only work on minor, trivial issues...

 

[Facetious]

I think the defeat of the bill and the very embarrassing . . .]

As I said previous, the deal is made, in my estimation. Why not make some $$$$ and get some political mileage out of it up until the minute that they actually "pass" said bill ? You seem to be dead set on the political extremities.:dunno:

Why not capitalize on this opportunity ? Run it Down , buy it up.

-> BUY

 

[Friday on my mind]

I think American Democracy is crumbling in a public, embarrassing way. I've never seen politicians blame each other like they are doing today. This is getting nasty. I don't see how Dems or Pubs can come together in the House to "try again" and reach consensus. Everyone doesn't trust anyone. It looks like there is chaos in Congress and the message that is going to be the take away is that there is no more "bipartanship" in American Politics anymore. THAT is going to be Dubya's legacy...the parties can no longer get anything "major" done together. They can only work on minor, trivial issues...

Actually I think the partys are smarter and better than the people in general right now.Overwhelmingly calls to members of both parties have been against the deal.Democracy is failing allright.

 

[AFA]

I think American Democracy is crumbling in a public, embarrassing way. I've never seen politicians blame each other like they are doing today. This is getting nasty. I don't see how Dems or Pubs can come together in the House to "try again" and reach consensus. Everyone doesn't trust anyone. It looks like there is chaos in Congress and the message that is going to be the take away is that there is no more "bipartanship" in American Politics anymore. THAT is going to be Dubya's legacy...the parties can no longer get anything "major" done together. They can only work on minor, trivial issues...

I agree, and saw this coming over two years ago, (read my posts), both in the mortgage mess, and the failure of the economy although not presented that way at all by "our leaders", (most of whom make me physically sick when they open their mouths), talk about a solid economy recently who also assume we are at least as stupid and gullible as they are.

This could escalate into an unprecidented decline as I think that any crediblity the US had was lost with that war and the knowingly false reasons for going to Iraq. Stronger military is not a solution to this global mess. Responsiblity is.

I'm not completely sure the feds should do anything regarding Wall St. The fastest way to get this over might be to deal with it on Wall St. My neighbor tells me that he feels by far most economists say the fed should keep their hands off of the mess, and to me it's possible the feds are just looking to rescue their own interests and their friends.

Create a huge fire, then put it out, and look like hero's.

 

[bodie54]

The economy is anything but my forte, and I'm sure this is a terribly simplistic question, but as to these devalued assets; aren't there solvent institutions other than the government that can purchase them and service them, while allowing those who have so mismanaged them to fail, as they deserve to?

 

[AFA]

The economy is anything but my forte, and I'm sure this is a terribly simplistic question, but as to these devalued assets; aren't there solvent institutions other than the government that can purchase them and service them, while allowing those who have so mismanaged them to fail, as they deserve to?

Most of these were mismanaged because they are failing. In the pursuit of commissions everyone was signing up people for mortgages for more money than they could possibly pay back and not only are they losing their homes, wrecking their credit, but the banks can't cover the losses. There are too many.

Some larger banks are coming in and buying them up as their value is only worth their assets minus their liabilities, loosely divided by the number of shares. However what is seen as too much of a red herring the feds want to buy up, to protect the banks from going bankrupt because then they can't pay back those with savings accounts and investment vehicles.

The FDIC has a limit to how many banks it can insure the accounts to $100,000 at one time. Like an insurance company you pay to insure your home, that's fine as long at their isn't a natural disaster that knocks out 1,000 homes or 3,000 homes, then they can no longer afford to pay out claims, and will fold leaving their creditors in the crapper.

This is like allowing a greedy individual or group to spend and go into debt to gamble in Las Vegas and when they lose everything, the Mirage hotel says, forget about it, we'll cover you, and pay you your golden parachute to take private jets off to your next business venture.

 

[AFA]

After market brought the Dow down to -777.68

 

[Friday on my mind]

After market brought the Dow down to -777.68

And tommorows a Tuesday!:eek:

 

[AFA]

Friday[/URL][/B] on my mind, post: 2540339, member: 44516"]And tommorows a Tuesday!:eek:

Yes, some might consider that unlucky! :thumbsup:

21 years and it's almost October.

 

[Friday on my mind]

Yes, some might consider that unlucky! :thumbsup:

21 years and it's almost October.

Yes I was thinking more of Tuesday Oct 29,1929 though instead of 87.


http://www.lowermanhattan.info/images/timeline/history/1929_buy_apples.jpg

 

[Torre82]

Yes I was thinking more of Tuesday Oct 29,1929 though insteadd of 87.


http://www.lowermanhattan.info/images/timeline/history/1929_buy_apples.jpg

Only a month away. :frowns at that thought:

Wouldnt that be some bullshit? lol.. history looks close to repeating itself. Big, big losses keep me wondering if any of the stores around here will even be open a month, a year from now. SHit.. forgot to take my bike inside. brb. hehe

 

[bodie54]

Most of these were mismanaged because they are failing. In the pursuit of commissions everyone was signing up people for mortgages for more money than they could possibly pay back and not only are they losing their homes, wrecking their credit, but the banks can't cover the losses. There are too many.

Some larger banks are coming in and buying them up as their value is only worth their assets minus their liabilities, loosely divided by the number of shares. However what is seen as too much of a red herring the feds want to buy up, to protect the banks from going bankrupt because then they can't pay back those with savings accounts and investment vehicles.

The FDIC has a limit to how many banks it can insure the accounts to $100,000 at one time. Like an insurance company you pay to insure your home, that's fine as long at their isn't a natural disaster that knocks out 1,000homes or 3,000 homes, then they can no longer afford to pay out claims, and will fold leaving their creditors in the crapper.

OK thank you very much for taking the time to answer, AFA :hatsoff:

 

[Facetious]

How can a bill be written without complete understanding as to why the matter occurred in the first place ? If we had a competent government, the FBI would have been dispatched years ago. Where are the indictments ?

Q for AFA - All we've been hearing is that as long as an account is FDIC Insured, the investor is fine, at ease, nothing to worry about.

Complete Hogwash ?

 

[AFA]

How can a bill be written without complete understanding as to why the matter occurred in the first place ? If we had a competent government, the FBI would have been dispatched years ago. Where are the indictments ?

Q for AFA - All we've been hearing is that as long as an account is FDIC Insured, the investor is fine, at ease, nothing to worry about.

Complete Hogwash ?

The FDIC only has resources to protect the investments at a few banks, if they all were to go, no, there is no backup as with most things in this govern'ment. It's just a matter of a short time before they run out of cash for the guarantees.

 

[AFA]

Yes I was thinking more of Tuesday Oct 29,1929 though instead of 87.


http://www.lowermanhattan.info/images/timeline/history/1929_buy_apples.jpg

Oct. effect was considered bad luck up until a few years ago, so let's see what happens.