Start Bailing
By Johnny Roosh
House approves historic $700 billion financial bailout bill
Financial-Rescue Package Wins Final Approval With House Vote of 263 to 171
According to preliminary numbers, 172 Democrats voted in favor of the bill while 62 opposed it; and 91 Republicans voted for it and 108 voted against it.
Bush to quickly sign bailout bill
The Market reaction?
Let’s just say it’s not down. (1PM)
October 3rd, 2008 at 1:11 pm
Not overall for the day, but it is at this moment down from where it was this morning–96 points up vs. over 200 points up.
I don’t know whether the drop vs. the morning has anything to do with the bailout–certainly the 700+ point drop of a few days back seems to show what happens to investor confidence when one is killed–but it’s not altogether clear skies for this.
And besides, Wall Street also cheered many of the measures Hoover and Roosevelt used to extend the 1929 crash into a decade long Depression. It’s not as if we ought to simply trust the investors here, no?
October 4th, 2008 at 9:00 am
The stock market crunch had me concerned. I’m as vulnerable as anyone; I’m sitting on a large mortage that needs constant care and feeding. A layoff could sink me.
But I didn’t feel anything close to despair until yesterday’s vote.
As they passed it, I didn’t think I’d actually throw up…and I didn’t; until Barney Frank and Nancy Pelosi came to the lecturn and took a bow.
Friends, we have been well and truly fUcKed.
October 4th, 2008 at 12:12 pm
Yes Swift, we have, by Wall Street and it’s false promises of ‘a rising tide lifting all boats’ as they cut jobs, salaries, and benefits to ingratiate the ultra-wealthy.
It appears you don’t have the courage to recognize a spade as a spade, that vast amounts of the overall wealth of the country (as a percentage) moved upward in the past quarter century, and then recognize who promoted those policies. Instead, it’s more convenient for you to pander to your own racial hatred and blame blacks and the welfare state for the fact that you’re not rich. That way, you don’t have to confront your own employer, or consider collective bargaining to do so, in order for you to see labor get a fair shake in this economy. No, no, blame the faceless beaurocrat, or even Nancy Pelosi, after all she’s just a woman, from San Fransisco, home of all things gay in your eyes. And then, Blame Barney Frank, I mean, he’s gay, so he’s worth hating. Certainly DON’T blame Phil Gramms or Ronald Reagan for deregulating the banking industry, taking local money and investing it in sub-prime, high risk loans (and as a lesson Swift, CRA does NOT = subprime) – and rather than investing it locally, investing it seeking maximum returns for the banks (not investors or savers really). No no, look for any reason to blame someone else, certainly not your economic theory/philosophy that can’t POSSBILY be at fault – even though it’s failed now twice in the 70 years to reign in myopic capitalism – nope, it’s the 1978 CRA, THAT’s what did it, even though CRA is generally 3-5% of a bank’ls loan balance sheet, while subprime was up to 40% in places like Countrywide. Personal responsibility be damned, self critique go to hell, we have to blame somoene, might as well make sure we don’t learn from history, and find some one else to blame. And Tom, maybe the large mortgage you took out, is indicitave of a great number of others who are in the same boat, guys like Mitch included, who, just to pay bills, as costs skyrocketted during the early 2000’s, took out ever larger HELOCs to cover costs because money was cheap (pleae explain to me how CRA made money cheap Tom – more people I know in banking blame Greenspan than any even minor reference to CRA) – because the NEEDED the money just to survive, and hoped like hell things would get better… but they didn’t get better because the wealthy, you know, those who were supposed to ‘invest in America”, instead invested in China, took the massive windfall profits, incorporated in Ireland and/or Bermuda to avoid paying their fair share of maintaining the environment that MADE them wealthy, and are now fleeing the country altogether. YEP, it was CRA Tom, it was Gay old Barney Frank, and bitchey old Nancy Pelosi that Fuxed you, it sure as hell wasn’t some corporate type like Jack Welch. Nooo, certainly not.
October 4th, 2008 at 12:14 pm
BTW Tom, Merril expects 70% of HELOC holders with credit scores above 700, to be at high risk of default. But again, that’s the fault of poor people, especially minorites, like blacks.. to quote Michelle Bachmann.
October 4th, 2008 at 1:41 pm
Yawn…
October 4th, 2008 at 2:09 pm
Penigma, Wall Street didn’t “promise” us anything. It has no duties. It is an abstraction. On the other hand certain specific individuals failed to uphold their well-defined responsibilities.
If the bank president is embezzling millions, you can’t blame “Wall Street” when the bank fails. You can, however, put the bank president in prison.
Did you know, Peev, that Frank was shacking up with one of the Fannie Mae executives that he was supposed to be overseeing? That is the sub-text of O’Reilly’s meltdown in his interview with Frank the other day.
October 4th, 2008 at 2:13 pm
And Peev, please give a link showing that Bachmann blamed minorities for Merril expecting 70% of HELOC holders with credit scores above 700 to be at high risk of default.
Let me explain to you how you could do that.
First, prove the proposition that Merril expects 70% of HELOC holders, etc, to be true. Then prove that Bachmann blamed this on minorities.
October 4th, 2008 at 3:10 pm
But again, that’s the fault of poor people, especially minorites, like blacks.. to quote Michelle Bachmann.
And now you’ve gotten into outright defamation, Peev.
Show me where Bachmann “blamed” “minorities”, as opposed to faulted (legitimately) the Community Reinvestment Act.
Do it NOW.
Oh, not to worry. You can’t (as usual). You are simply mindlessly parroting a lefty talking point – one that (as usual) you don’t really understand in the first place.
We’ve come to expect it.
Perhaps you’d like to discuss the effects of the Community Reinvestment Act? Go ahead – go find the current talking points. We’ll still be here.
October 4th, 2008 at 3:34 pm
In in interest of Fair and Balanced, I want to say…
Maligna, that is one of the most symmetrical, shapely and long paragraphs I have seen in some time…
(It’s the only thing positive I could think of)
Ugh.
October 4th, 2008 at 4:56 pm
peeve, you’re an idiot. You clearly do not understand the problem or the underlying reasons. Next time you decide to masterfully refute a strawman, do it on your own site. Unless your really a parody of the left sent to perform a moby to benefit the right. In that case, carry on.