BAILOUT DEFEATED....

[oly884]

http://news.yahoo.com/s/ap/20080929/..._meltdown_1483

WASHINGTON - The House has defeated the $700 billion bail-out legislation for the financial industry.
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More than enough members of the House had cast votes to defeat the Bush administration-pushed bill, but the vote was held open for a while, apparently as efforts were under way to persuade people to change their vote.

On Wall Street, stocks plummeted as investors followed the developments in Congress.

http://finance.yahoo.com/echarts?s=^...urce=undefined

[tulsa_sr5]

Wow, i thought this was a done deal for sure. I'm so relieved they aren't going to pi$$ away billions trying to stop the market from making the correction it has to make. It's going to suck for a while no doubt, but better we not make it worse.

And I'm guessing a lot of speculators positioned themselves for a bounce off it passing today are get hurt in the market. My 401k is getting nailed, but in the long term this is just a blip.

Need to go write my congressman and thank him for voting right on this one.

[bamachem]

although i think this is going to make for a troublesome and "financially tight" upcoming fiscal year for a lot of companies, i do think this is the best thing for the PEOPLE of this Country, even if it does mean an economic retraction and loss of jobs for the short term. however, i also believe that this crisis (and failure to do anything about it) will actually give the republicans more of a black eye than the democrats, and i believe that this will be the deciding factor in obama being the next President of the United States. i probably won't loose my job, but it's a possibility since i rely on capital improvement projects to fuel my professional existence.

[mastacox]

This is great news for the country in the long term, even if it stings for a little bit. I for one am relieved, as I too thought it was going to be a "done deal."

If AIG is so big that it needs to be bailed out to "save" the market from a recession, it's better they die and are auctioned off in pieces to smaller companies willing to take up the slack. This will make the market more resilient against similar problems in the future.

Score +1 for the rational people that don't want to spend 1 trillion plus on saving some company that made poor business decisions. I do hope that any people that get bit by the company's failure are able to recover, however. Unfortunately, some people don't take the "investments may lose value" disclaimers seriously enough...

[corax]

here's one of my favorite rough indicators

http://www.kitco.com/charts/livegoldnewyork.html

Stocks dropped at about 1:30pm, gold prices shot up from ~$888 -> $908 ten minutes later - as a comparison, gold was at about $750/oz at the beginning of September (same as one year previous). Gold always goes up when people perceive $h1t hitting the fan

[Seanz0rz]

whoever becomes president, i want this guy as an advisor: http://www.cnn.com/2008/POLITICS/09/...out/index.html

let the banks fail.... purge the system of the problem.

[oly884]

If we go into a great depression or worse, then so-be-it. At this point, looking at how things are being handled, I doubt that it is going to ever get better. We need a bit of 'house cleaning' if you catch my drift.

Too many people these days are not paying attention to what is going on, or understand what hard work is. They live their lives full of Gucci, Prada, and A&F. Everyone thinks they are a 'high roller', they are mistaken, big time.

If/when it really starts to hit, life is going to become very interesting.

[tulsa_sr5]

whoever becomes president, i want this guy as an advisor: http://www.cnn.com/2008/POLITICS/09/...out/index.html

let the banks fail.... purge the system of the problem.

Sean, read that a bit ago, freaking outstanding.

I also read a comment earlier from one of the congressmen pushing the bailout saying he'd been assured "there's a wall of money waiting to flood back into the market after we pass this bailout" or something to that effect. I'd answer that 'wall of maney' is waiting for the market to finish correcting, not a bailout attempt. It's definitely going to be a rough ride for a while.

[oly884]

whoever becomes president, i want this guy as an advisor: http://www.cnn.com/2008/POLITICS/09/...out/index.html

let the banks fail.... purge the system of the problem.

I like that guy.

[arjan]

-- Wrong thread, sorry --