bailout bill vote

MayDay10

If McCain's drive for this election is bipartisan cooperation. Aren't his statements and indication of Hypocrisy?

jimed14

PEPPER wrote:

Shortly after the bailout vote, a statement from the campaign of Sen. John McCain (R-Ariz.) blamed the loss on "the Democratic leadership: Senators [Barack] Obama and [Harry] Reid, Speaker [Nancy] Pelosi and others.

"Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families," said the statement, released in the name of senior policy adviser Douglas Holtz-Eakin.

Here is the text of the statement:

“From the minute John McCain suspended his campaign and arrived in Washington to address this crisis, he was attacked by the Democratic leadership: Senators Obama and Reid, Speaker Pelosi and others. Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families.

“Barack Obama failed to lead, phoned it in, attacked John McCain, and refused to even say if he supported the final bill.

“Just before the vote, when the outcome was still in doubt, Speaker Pelosi gave a strongly worded partisan speech and poisoned the outcome.

“This bill failed because Barack Obama and the Democrats put politics ahead of country.” — McCain-Palin senior policy adviser Doug Holtz-Eakin

Before McCain Came To Washington, Senate Democrats Called On McCain For Leadership In Economic Crisis

Again, my biggest issue with the bill was how it was originally borught to the public, Paulsen's 3 page, no accountability plan ... the public was NEVER going to go for this after that.

But McCain saying it was Obama's fault? laughable. Furthermore, John McCain said he could go to Washington and get the House votes to pass this bill ... and he failed. He made an ass of himself by making this huge grandstanding move by suspending his campaign, by McCain putting politics first, and he flopped.

I *don't* blame McCain for this bill failing, I don't think he ever had any influence on these House republicans ... but, I think it's ridiuclous to blame Obama, and more rediculous looking like an ass of a leader.

DriftingByTheStorm

Brain of J.Lo wrote:

Can I just say that I love that the phrase "crap sandwich" has been introduced into the political lexicon?

with a marshmallow...

Rep. Paul Broun (R-Ga.). wrote:

"This is a huge cow patty with a marshmallow stuck in the middle of it"

Strangest Tribe wrote:

Glad it failed

The talking heads on CNBC are incensed.
i have mixed feelings.
Like Ron Paul, on principle i am ecstatic.
As to what this portends for the real economy, i unfortunately have some grave concerns.

jimed14 wrote:

indeed, they may need to concede more to the house repubs and then reintroduce.

in the mean time ... we'll see if businesses, even small businesses start feeling a huge crunch to get credit, and of so ... will businesses start failing .... or ... is the sky not really falling?

Do you want me to tell you it is going to be very real or do you want to see a 7 hour old headline (read: BEFORE the bailout failed) that is a good predictor?

Headline: Libor/OIS spreads blow out;crisis in Europe deepens

For the innocently clueless: LIBOR.

jimed14 wrote:

again, I'll be honest ... I'm still not convinced, either way, if this was good or bad.

Depends on your criterion.
In the long run, if no bail out passes, it COULD be phenomenal for the country. In the short term it could be absolutely devastating.

But just remember, even if ALL bailout fails, you still have the Federal Government which itself can just do some combination of martial law and industrial\financial nationalization.

And even if NONE of that happens, the assholes CAN still probably find a way back to dominance.

I'm all for letting the markets inflict their cruelest wrath upon guilty and innocent, but just know that the guilty -- if not sentenced in a court of law -- still stand to come out on top, with the added irony that the innocent got ultimately fucked.

It makes a tough choice for sure.

g under p wrote:

My main problem with all of this is that in 2 years 2010 we'll right back where we are now.

We'll be FAR worse, and with ZERO respect to the current "crisis"

In 2011 Social Security goes NEGATIVE.
The government spends every penny it makes on SS taxes.
How much shit you think we are in when we not only no longer have that tax revenue to pad the coffers, but we actually OWE more than we recieve, with the imbalance escalating each year?

The US has big big problems all across the board.

Keiran wrote:

I have a feeling that the bailout will eventually pass. The rich will get richer and the rest of us will pay for them to do so.

Some bailout bill will all but certainly pass.
If it gets REAL hairy, Bush will just enact NSPD-51, and do whatever needs done to keep the Fat Cats secure in their "birthright". "They" are already starting domestic insurgency preparations. Don't think they won't just commandeer the economy if need be to in order to protect everything they've worked so hard for.

jimed14 wrote:

Barney Frank kills me ...

Pelosi was just asked if her speech caused the bill to fail ...

Frank stepped in ... he said (paraphrasing) "wait ... so, the republicans had the 12 votes to pass this bill, but, then, a little speech hurt their feelings? So, their feelings mean more than the welfare of the country? 'Someone hurt my feelings, so, I want to punish the country' .... I'll make an offer ... give me the 12 names and I'll go talk uncharacteristicly nicely to them ... and tell them what wonderful people they are, and could they NOW think about the people of this country?"

Yeah. I don't know about Frank as a representative (he is definately fairly far up the establishment ass) but he is unintentionaly hillarious as a "media" personality (and he is the most prominent congressional correspondent on CNBC, the only news i really watch).

teskeinc wrote:

the piper was already paid, we had a chance to stabalize the markets, it wasnt giving 700 billion to wall st. , it was about trying to allow people access to borrow money, just wait and see what happens.

You mean, it WAS about giving 700 billion to Wall St. so it would not hold Main Street ransom by virtue of its own flawed central banking mechanism.

jbalicki10 wrote:

I agree, lots of good bargains right now!!!

I would just caution that the averages are NOT substantially lower than any near term lows, and that while you may be finding some good individual stocks out there in the next few days, you are risking another 10-20% downside in the markets in general right now.

IMHO, ANY risk you don't NEED to take right now, you should not.
If you can afford and are willing to stomach MORE short term losses, go for it ... but this is no kiddies market, and this CERTAINLY is not a bottom. (famous last words? )

OTHER THOUGHTS:

Steve Liesman (senior analyst for CNBC, and on someones payroll) just said in reference to the voice of the American people by way of their Congressional representatives: "This reminds me of an old phrase -- Chump Don't Want No Help, Chump Don't Get No Help! -- if the American people don't trust their leaders enough to know whats good for them, well then they are going to get what is coming to them." ...

ooh. The Man is PISSED.

On the bright side, Rick Santelli (my boy, Mr. Brutally Honest, down in the bond pits) just RAILED AGAINST THIS BILL, and was literally screaming furiously that "they never tried setting up help for the small banks, of Main St! HOW MANY OF THOSE TYPE OF DEALS HAVE THEY CONSIDERED? NONE! NOTHING! It has never even crossed their minds!"

I mean he went as ape shit as I've ever seen him get.
God bless the man.

Strangest Tribe

Thanks Drifting... Your post just gave me a petit mal seizure.

jimed14

Strangest Tribe wrote:

Thanks Drifting... Your post just gave me a petite mal seizure.

that's hilarious.

indeed, my questions are answered .. the sky is falling, along with the moon, the stars, the sun ... we need those French & Swiss scientists to get that atom smasher going and create some black holes to put us out of our misery.

Strangest Tribe

jimed14 wrote:

that's hilarious.

indeed, my questions are answered .. the sky is falling, along with the moon, the stars, the sun ... we need those French & Swiss scientists to get that atom smasher going and create some black holes to put us out of our misery.

This all just leads me to say... We need a new PJ album to listen to while we lose our homes and get real skinny.
I do have to say the new TV on the Radio is melting my mind right now though.

I can get thru a lot of bad shit with some good music....

mammasan

PEPPER wrote:

Shortly after the bailout vote, a statement from the campaign of Sen. John McCain (R-Ariz.) blamed the loss on "the Democratic leadership: Senators [Barack] Obama and [Harry] Reid, Speaker [Nancy] Pelosi and others.

"Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families," said the statement, released in the name of senior policy adviser Douglas Holtz-Eakin.

Here is the text of the statement:

“From the minute John McCain suspended his campaign and arrived in Washington to address this crisis, he was attacked by the Democratic leadership: Senators Obama and Reid, Speaker Pelosi and others. Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families.

“Barack Obama failed to lead, phoned it in, attacked John McCain, and refused to even say if he supported the final bill.

“Just before the vote, when the outcome was still in doubt, Speaker Pelosi gave a strongly worded partisan speech and poisoned the outcome.

“This bill failed because Barack Obama and the Democrats put politics ahead of country.” — McCain-Palin senior policy adviser Doug Holtz-Eakin

Before McCain Came To Washington, Senate Democrats Called On McCain For Leadership In Economic Crisis

While Obama is out there trying to reassure the public that things will get done. That the process in Congress is not always smooth and clear, McCain is pointing fingers. Who is acting like the leaders now. The candidate who is trying to reassure the nation or the one trying to point finger so his ailling campaign can get a boost.

meistereder

Funny thing. I lost more money in my 401k today than I would have paid in taxes to pay for this bailout. I have a feeling we're all going to pay a lot more in the months to come, whether you own stocks or not.

acutejam

digster wrote:

These people are all going back to get re-elected. They've got to put the blame on anyone but themselves.

Sidetrack: But yeah, I'll vote my guy out if you vote your's out!

We're all sitting here knowing our politicians are messed up, but it reminds me of the baseball strike. So pissed at baseball, vowed to never go back to the park and watch games. But then, 1/2 a year into the next season, well ok, baseball in general sucks, but these guys playing here, MY TEAM, i've known them for awhile, they're really ok guys, so maybe it's ok to see them play every now and then. Now I'm a freakin season ticket holder!

Politicians suck, but gee, my guy kinda brings it home for us every now and then. RESIST -- VOTE THEM ALL OUT! VOTE ANTI-ENCUMBANT!

meistereder

acutejam wrote:

Sidetrack: But yeah, I'll vote my guy out if you vote your's out!

We're all sitting here knowing our politicians are messed up, but it reminds me of the baseball strike. So pissed at baseball, vowed to never go back to the park and watch games. But then, 1/2 a year into the next season, well ok, baseball in general sucks, but these guys playing here, MY TEAM, i've known them for awhile, they're really ok guys, so maybe it's ok to see them play every now and then. Now I'm a freakin season ticket holder!

Politicians suck, but gee, my guy kinda brings it home for us every now and then. RESIST -- VOTE THEM ALL OUT! VOTE ANTI-ENCUMBANT!

Don't tell me you're a Giants fan.

acutejam

DriftingByTheStorm wrote:

... on principle i am ecstatic.
As to what this portends for the real economy, i unfortunately have some grave concerns.

Well put. Hated this bailout from the get-go, but the implications of letting this house of cards fall.... amazing vice "they've" got us in.

acutejam

meistereder wrote:

Don't tell me you're a Giants fan.

Further sidetrack: I've come to grips with that long ago.... But WE'RE ALL CUBS FANS NOW!

g under p

Strangest Tribe wrote:

Thanks Drifting... Your post just gave me a petit mal seizure.

I just got finished homework with my daughter and needed that laughter and after Drifting's post (Thank you) I'm going back to put her to bed.

Peace

g under p

Strangest Tribe wrote:

This all just leads me to say... We need a new PJ album to listen to while we lose our homes and get real skinny.
I do have to say the new TV on the Radio is melting my mind right now though.

I can get thru a lot of bad shit with some good music....

Where's the SONG BREAK thread?

Peace

Commy

g under p wrote:

Where's the SONG BREAK thread?

Peace

you should check that AShes Divide song on that thread...good stuff

DriftingByTheStorm

g under p wrote:

I just got finished homework with my daughter and needed that laughter and after Drifting's post (Thank you) I'm going back to put her to bed.

Peace

is this more laughter at the expense of my "misguided" "fearmongering" or what?

What's so funny, I don't get it.
:(

ajedigecko

meistereder wrote:

Funny thing. I lost more money in my 401k today than I would have paid in taxes to pay for this bailout. I have a feeling we're all going to pay a lot more in the months to come, whether you own stocks or not.

how close are you to retirement age? if you are 30-40 something....you will be fine.

Anon

Bloodbath begins on Aussie market...
The Australian share market lost $53 billion in early trading this morning after the US Congress rejected the Wall Street rescue package.

Just prior to the local market open, Prime Minister Kevin Rudd and Treasurer Wayne Swan attempted to soothe nervous markets and pledged to lobby the US to pass the Wall Street bailout plan...

Not that that will make a difference. When did we ever worry about what effects our actions have on the rest of the world.

Dirtie_Frank

I posted this in another thread, but looks like it can fit here too:

If it is such a great plan why did 94 Democrats also vote no? To blame this all on the Republicans is foolish. There are a lot of people that do not support this Socialist type fix. You point the finger at McCain but where is the mighty Obama? Not one Party is going to fix this; if it should be fixed at all. Donald Trump said this is like an economic Enema. Cleaning up all the inflated prices, for example oil. Oil dropped $10 today. Maybe we should hold onto this money and invest it in Off Shore Drilling and Alternative Energy Development. This would produce multiple jobs, also keeping Multiple Billions of Dollars in the US instead of sending the money to other Oil producing countries. I think this all would fix the economy the way it was meant to be fixed; by hard work not hand outs. Just my .02

ajedigecko

Dirtie_Frank wrote:

I posted this in another thread, but looks like it can fit here too:

If it is such a great plan why did 94 Democrats also vote no? To blame this all on the Republicans is foolish. There are a lot of people that do not support this Socialist type fix. You point the finger at McCain but where is the mighty Obama? Not one Party is going to fix this; if it should be fixed at all. Donald Trump said this is like an economic Enema. Cleaning up all the inflated prices, for example oil. Oil dropped $10 today. Maybe we should hold onto this money and invest it in Off Shore Drilling and Alternative Energy Development. This would produce multiple jobs, also keeping Multiple Billions of Dollars in the US instead of sending the money to other Oil producing countries. I think this all would fix the economy the way it was meant to be fixed; by hard work not hand outs. Just my .02

good post "....an economic enema." i like it, i have been trying to find an analogy for what has been going on and trump had it all along.

by the way.....why did you capitalize Enema?