700 Billion Buy out plan defeated.....

[Darklord Dave]

Should be interesting to see where we go from here.

We go down, down, down.

Without this plan no bank will loan money for a mortgage, a college loan, no more credit cards issued. They will get more aggressive about collecting on debts that are owed, which will lead to more individuals declaring bankruptcy. More homes will be foreclosed on and the housing market will continue to plummet. As consumer spending goes down businesses will tighten their belts, unemployment will skyrocket.

It's going to a very painful next few years.

 

[spartan]

does that mean I'll be able to get hold of a Hulk PF for dirt cheap??? lol

(just trying to lighten up the mood here)

By the way, I do think that it all depends on the people's mood.
I just dont like how the media always see the dark side of things, with every bit of good news we get "but the crisis is hardly over..." attached in the end. We know the crisis is not over but use your power to create some optimism for gods sake...

 

[jbinny]

This problem started more than 18 months ago and FM/FM is only a minor part of it. Blaming politicians of any stripe doesn't make much sense here. This is a problem created by Wall Street greed and an amoral financial system.



The last time I checked we only had a narrowly Democratic House and a deadlocked Senate. Maybe someone died?

When Bill Clinton throws his own party under the bus and sides with the republicans from the mid-late 90s in wanting to increase lending restrictions, you can see who is to blame.

 

[Darklord Dave]

does that mean I'll be able to get hold of a Hulk PF for dirt cheap??? lol

(just trying to lighten up the mood here)

By the way, I do think that it all depends on the people's mood.
I just dont like how the media always see the dark side of things, with every bit of good news we get "but the crisis is hardly over..." attached in the end. We know the crisis is not over but use your power to create some optimism for gods sake...

There is no optimism to create unless Congress has an epiphany and sees the light before they break. There is no forseeable upside to the defeat of this plan.

Except that congress has probably killed any chances McCain had of winning the election.

 

[Mesa]

We go down, down, down.

Without this plan no bank will loan money for a mortgage, a college loan, no more credit cards issued. They will get more aggressive about collecting on debts that are owed, which will lead to more individuals declaring bankruptcy. More homes will be foreclosed on and the housing market will continue to plummet. As consumer spending goes down businesses will tighten their belts, unemployment will skyrocket.

It's going to a very painful next few years.

It gets worse than that. Now big businesses are being rejected credit that they need to perform daily operations. Businesses take out loans on a regular basis to purchase raw materials and pay their employees, and as those items get processed into the end product and sold for profit, thay get to pay back those loans with interest. If you have banks denying big business credit, big businesses can't operate, and then you get unemployment. We need liquidity back into the economy, but it all seems to have been gobbled up by profits from wallstreet who sold worthless loans/credit to banks and banks took the loss and now wont extend further credit.

 

[Brent72]

Hard to be optimistic when all the chips are clearly on the table. Dave summed it up almost perfectly by essentially saying we're sccrewed. Sad, but true.

And for those of you who are staunchly partisan choosing to blame only Republicans or Democrats, the bottom line is that they're both equally at fault by putting party politics over the good of the country. Anyone who thinks "their" party is the right one while the other is wrong doesn't have a clue as it takes two to tango and both sides of our political system have failed us putting the country in this mess.

 

[spartan]

Except that congress has probably killed any chances McCain had of winning the election.

Maybe... just maybe... that is a good thing...

 

[pixletwin]

Wachovia Financial just crashed and burned.

 

[scubasteve]

Except that congress has probably killed any chances McCain had of winning the election.

And Katie Couric!

 

[CornerStoreComics]

Wachovia Financial just crashed and burned.

That's not exactly true.
"The FDIC noted that Wachovia did not qualify as a failed bank, unlike Washington Mutual, which collapsed last Thursday"

This was a predatory business move by CitiGroup to gain prime banking real estate in ALL the major markets. That isn't to suggest that Wachovia was flying high, but 'crash' was not yet imminent.

 

[pixletwin]

That's not exactly true.
"The FDIC noted that Wachovia did not qualify as a failed bank, unlike Washington Mutual, which collapsed last Thursday"

This was a predatory business move by CitiGroup to gain prime banking real estate in ALL the major markets. That isn't to suggest that Wachovia was flying high, but 'crash' was not yet imminent.

Thats good. I was going by the Title of that article I read... damn Yahoo news group.

 

[Brent72]

Maybe... just maybe... that is a good thing...

Not really. Does anyone really think Obama and his lack of experience doing anything is what this economy needs? He could very well make things even worse at this point.

 

[barbelith]

It gets worse than that. Now big businesses are being rejected credit that they need to perform daily operations. Businesses take out loans on a regular basis to purchase raw materials and pay their employees, and as those items get processed into the end product and sold for profit, thay get to pay back those loans with interest. If you have banks denying big business credit, big businesses can't operate, and then you get unemployment. We need liquidity back into the economy, but it all seems to have been gobbled up by profits from wallstreet who sold worthless loans/credit to banks and banks took the loss and now wont extend further credit.

Yes. Personally I would like to see every executive from every failed bank forced to repay the last eight years of pay and bonuses. Nationalize those institutions. Fire the entire top management and ban them from working in the financial sector for 10 years. We never learn.

But it is in none of our interest to put the brakes on liquidity.

 

[pixletwin]

Yes. Personally I would like to see every executive from every failed bank forced to repay the last eight years of pay and bonuses. Nationalize those institutions. Fire the entire top management and ban them from working in the financial sector for 10 years. We never learn.

But it is in none of our interest to put the brakes on liquidity.

me too. I say let it go to ashes and hopefully rebuild something less....erm..... gluttonous.

 

[barbelith]

Does anyone really think Obama and his lack of experience doing anything is what this economy needs?

He has a polling edge over McCain on this issue.

He could very well make things even worse at this point.

Things will get worse no matter who's in charge. On the bright side, after Obama wins you can blame him for something that wasn't his fault and most people will believe you.

 

[Spartan Rex]

There is no optimism to create unless Congress has an epiphany and sees the light before they break. There is no forseeable upside to the defeat of this plan.

Except that congress has probably killed any chances McCain had of winning the election.

Hardly.
The majority of polled americans arent for the bailout.

 

[Spartan Rex]

He has a polling edge over McCain on this issue.



Things will get worse no matter who's in charge. On the bright side, after Obama wins you can blame him for something that wasn't his fault and most people will believe you.

Turnabout is fair play.

 

[The Craw]

just as long as the sarah connor chronicles is on tonight we'll be ok.

 

[Darklord Dave]

Hardly.
The majority of polled americans arent for the bailout.

That is most likely because it's called a "bailout" and they don't fully understand all the ramifications.

Analysts are saying that it will pass eventually because there is no other option. But whether the DOW is "just" down 800 points or another 2000 when it happens, remains to be seen.

 

[Spartan Rex]

That is most likely because it's called a "bailout" and they don't fully understand all the ramifications.

Analysts are saying that it will pass eventually because there is no other option. But whether the DOW is "just" down 800 points or another 2000 when it happens, remains to be seen.

ZOMG
I agree.
Mark it down in your diaries peeps.