So then why did they not pass the bill?
Yep.
I hate Americans sometimes.
Because the republicans thought Nancy Pelosi’s speech was mean and they didn’t want to play with her any more, and the hardcore free market idiots think that a capitalistic economy should be free to fail.
Its all just a game and they are all ruffling each others feathers in a power struggle IMO. They have full intention of passing something but both parties want it to be on their terms. Really not the time for games and antics.
Because it’s an election year and no republican congressman who’s in something even close to a tight election (the same can be said for SOME dems) would be able to vote for this bill and expect to be re-elected. Congressional constituencies are too small and until we come up with a better way to sell this then congress will have too hard of a time passing something the majority of voters don’t want (b/c they don’t understand).
Don’t get it twisted, Pelosi’s speech did nothing but give republicans who weren’t going to vote for it anyway double sided political cover.
Although I think the dramatic sell off yesterday forced a lot of Americans to realize that when wall street coughs their 401k and retirement plans get the flu.
JoesTypeS comes from a wealthy family as well, so him concerned about the normal person gets me concerned and keeps me listening. Credit is something the normal person relies on probably more than Joe (No offense, and you may rely on credit just as much…)
Very good points.
Nothing is ever certain, but the “It will” part kinda makes me say “I hope not”
Let’s hope the people who have the ability to do things actually do the right things to move us towards a positive outcome. I hate sitting back and watching people in charge make dumb decisions based on uneducated speculation and then we suffer for it.
I am also sick of the way they make decisions based on their political career and not for what they should do. I hate politics.
Man, all I can say is Bush is lucky we didn’t go for his privatization of Social Security and dumping it into the stock market that was the cornerstone of his 2nd term agenda. He would have obliterated his opposition in the “worst president ever” contest.
Unless you’re from money made in the 30’s or a billionaire with enough global diversification (not me) then you stand to get fucked. And I don’t come from a wealthy family, I come from a successful family which means it’s new money. It’s money that relies on the economy of the United Sates to NOT crash. My family’s success only means that they’d be devastated slightly later than your average middle class family.
RE: WE RISK A CRISIS THAT WOULD LEAVE THE GREAT DEPRESSION IN THE DUST
Could you imagine a 20% reduction of SS cash? Fuck.
I am guessing the reduction in credit will be bringing more clients your way?
THESE ARE ELECTED REPRESENTATIVES.
THE PEOPLE CHOSE THEM.
end result: BLAME THE CITIZENS WHO ARE TOO LAZY TO GIVE A FUCK AND SIMPLY LISTEN TO THE RATINGS BONANZA THAT IS 24-7 NEWS CHANNELS.
!!!
BURN IT TO THE GROUND!
Potential sure, but without our co’s lines being increased we can’t do new business. We’re essentially just an underwriting company, our skills at that is why we’re successful as a company (bc we’re EXTREMELY conservative). We still need institutional lending to function in order to do new business. While my company will remain profitable because our paper is great, my job (creation of new business) is in jeopardy albeit not immediately but it’s a genuine fear 12-18 mo if the credit markets don’t start moving again.
Better sharpen those poker skills and win big in Vegas.
Hopefully it works out for you.
Fortunately, I guess, if I fall into financial (job) trouble it means this problem didn’t get fixed and everyone else would be just as, or more, fucked as me.
But yeah, now’s the time to start looking into other income streams through investments outside the reach of the financial markets.
Working in the financial services industry rules until it doesn’t.
get into the trades lol. Electricians and Plumbers almost always have jobs. People need electricity and everyone has to shit.
Oh don’t worry about me, I’ll be fine.
healthcare > *
I’m not going anywhere
more to my earlier post
http://www.reuters.com/article/marketsNews/idUSN3043862720080930
“Tue Sep 30, 2008 12:04pm EDT”
ATLANTA, Sept 30 (Reuters) - The failure of a massive Wall Street bailout bill and a steep fall in the stock market was a price worth paying to stand up for principle, some conservatives said on talk radio shows on Tuesday.
Conservatives strongly oppose the rescue plan proposed last week by U.S. President George W. Bush, arguing that it amounts to government intervention in the free market and would misspend taxpayer money to help big banks.
They also say that Congress will live to regret passing the $700 billion bill so hastily and more time needs should be spent on a search for a solution that adheres to conservative ideals.
“I’m not particularly distressed that the bailout bill did not pass. I want to see this thing (the bill) flesh itself out a little over a period of days,” said talk show host Neal Boortz, who describes himself as a libertarian.
U.S. lawmakers in the House of Representatives rejected the package after a majority of House Democrats supported it but the majority of House Republicans opposed it.
The vote came as a shock to many and prompted one of the biggest plunges in stock prices in Wall Street history with all sides blaming each other for a failure to reach consensus.
While conservatives said they recognized the seriousness of the market’s fall, they would hold fast to their principles that on the economy include low taxes, small government and fiscal responsibility.
“I shouldn’t say this, but I’m going to say it anyway. Screw the market! … OK, I’ll take that back, not screw the market but let me tell you something,” said conservative talk show host Rush Limbaugh as part of his analysis of Monday’s events.
“When the government fails to pass a socialism bill and the market goes south, let it go south. I don’t want to pass a socialism bill just to protect the stock market,” said Limbaugh, the most popular of the talk show hosts.
Now I understand that these are radio talk shows, and not Congressional members themselves but consider this:
WANING POPULARITY
In an attempt to put further pressure on Congress when it reconvenes later in the week, Bush said on Tuesday the U.S. economy was depending on decisive action from the government or the economic damage could be “painful and lasting.”
But part of the problem for some conservatives was a lack of confidence in the president they once saw as a champion of their cause for his commitment to tax cuts and his firm response to the 9/11 attacks.
“I don’t trust you (Bush) and when you start screaming now of dire consequences if we don’t get a bailout bill, I don’t trust you. I need convincing and apparently there are a lot of members of Congress who feel the same way,” said Boortz in a view echoed by several of his listeners.
Callers also said they did not appreciate what they saw as scare tactics used by Bush and Treasury Secretary Hank Paulson.
“It almost sounds like they are demagoguing and preaching that the sky is falling, which makes me skeptical,” said one caller.
Tens of millions of conservatives tune in to AM talk radio and trust its nationally syndicated hosts over media outlets they say have a liberal bias.
Several of the hosts say they are engaged in a long struggle to persuade the Republican Party and the country to return to its conservative roots and they see the bailout bill as an important trial of strength. (Editing by David Wiessler)
As future Senator Al Franken titled his book, Rush Limbaugh is a big fat idiot.
Yeah, it’s all the fault of conservative talk shows. :roll2:
Last time I check, Lou Dobbs was pretty far to the left.
Lou Dobbs: Hooray for those who defeated bailout
There are people on both the left and the right against the bailout in it’s current form.
How about we get past the PARTISAN BULLSHIT and finger pointing and look at why both sides are voting against this.