House Rejects Bail out
polycounter lvl 17
just over all a really bad day today,
U.S. stocks plunge as global credit crisis spreads,
http://money.cnn.com/2008/09/29/markets/markets_newyork/index.htm?cnn=yes
http://www.marketwatch.com/news/story/us-stocks-plunge-global-credit/story.aspx?guid=%7BC157D8ED-3F03-4486-B621-B43C2DB1C7C1%7D&dist=msr_1
U.S. stocks plunge as global credit crisis spreads,
http://money.cnn.com/2008/09/29/markets/markets_newyork/index.htm?cnn=yes
http://www.marketwatch.com/news/story/us-stocks-plunge-global-credit/story.aspx?guid=%7BC157D8ED-3F03-4486-B621-B43C2DB1C7C1%7D&dist=msr_1
Replies
things will get back to normal some year,
back in 98 it was $12 = yuan 100 or 1= 8.333, now its 1 = 6.842
yep my wife just went back to shanghai china to visit her family,
she took her check book with her that works internationally,
better than exchanging usd for China Yuan Renminbi,
also good old visa cards works just good,
-777 = Not a lucky number
This is actually part of the problem and would only make it worse. It also doesn't make any sense because if everyone does it they may have their money, but it'll be worthless if the economy completely tanks...
Funny tho, wen you're broke, the stock market falling appart just
seems more like a sale than the end of the world :x
(time to invest in some stocks i think...)
http://www.fedupusa.org/
http://market-ticker.denninger.net/
Enjoy. I for one don't see how a 700 billion bailout will do jack shit to the trillions of dollars of debt this corrupt banking system created. Banks are only allowed to lend a certain amount of money legally and the banks that are collapsing lent out more money than they legally could. So this shit happened. The fact that people can't pay their loans is sort of irrelevant because lenders shouldn't have been lending out more money than they could afford or had.
Well I took all my cash and bought gold, bitches. LOL wait... atm is saying my money is worth -1000000 usd. I had two hundred dollars there yesterday. I want to buy gold ... noooo I had 200 dollars now mexican dollars are worth three times as much the damn US dollar... oh why.... make it stop. Nooooo!!!!
Shit happens that's how I look at it. Worse case scenerio we get bats and go pillaging.
This sucks.
Maybe Palin's experience, you know the fact that Canada and Russia are near her state, her experience will help bail us out. maybe she knows how to make the US dollar go up in value with snow.
If the economy tanks does that mean the end of the top 1% rich pricks running the world to shit in this country?
I thought the bail out for the rich was coming, this was indeed unexpected. Plot thickens. I wonder what comes next. Another bail out plan.
Campbell Soup Company lol,
guess there getting ready for the soup lines,
that was a bad joke,
http://finance.google.com/finance?client=ob&q=NYSE:CPB
And yeah running on the banks was never a solution....it only causes banks to collapse since everyone's making withdrawals
I haven't heard anything about banks lending more money then they are legally allowed to. My understanding of the situation is that so many people are failing to pay back their debt that the banks are becoming unable to operate. In that I mean, that it seems that a bank is legally obligated to have a certain amount of cash on hand in order to open for bussiness, and banks are almost to the point where they can no longer do so. If banks start collapsing then the domino effect will put us into another great depression.
The 700 trillion obviously would put our nation in more debt to the chinese, but I can't see how debt is worse than inviting another true depression. Not to mention, that if the market actually does turn around, our gov will make a profit off of this.
One of the more interesting arguments against the bailout I've heard is that once the government becomes this involved in our economy, that they'll never leave. Since I'm usually a bit anti-regulation, that kinda scares me.
I do very much agree with you though sage that too many loans are given out too easily and that this is a key cause of the situation we're in.
People need to understand that everything will be okay. When people panic like this they make it worse. It's the PEOPLE that are now hurting the economy, not the mortgage issues. Two lenders collapse from bad deals, and everyone screams FIRE! Then they proceed to yank all of their money from the market. When that happens, a void opens up. Those stocks are just sitting there, worthless. Values plunge, more panic sets in, more people sell. Over and over until the entire house of cards comes down.
Keep your damn money in the market. Pulling it out is the dumbest thing you can possibly do. You are insured up to 100,000 by the FDIC on personal lines, and most retirement accounts are insured up to 250,000. Considering how young most of us are, I doubt anyone has that much in their accounts.
Re-balance your portfolios - choose stocks that are going to do well in the coming slow times. Spice companies, soup labels and low cost stores. With family budgets tightening up, nobody is going to splurge for organics, fast food, eating out or party gatherings. They're going to buy bulk meat and starches, chicken and rice. Spice companies do well because people need to jazz up that boring food. Walmart and Target are predicting good holiday sales, since they are low priced stores. Their stock should fair well over the next few months.
Vice stocks will also do well. Alcohol, tabaco, gaming and gambling stocks will all fair well. During hard times, they always have.
Be smart, don't panic.
*edit*
-sigh-
http://www.bloomberg.com/apps/news?pid=20601087&sid=ahwz_k5JvuB8&refer=worldwide
This appears to be in addition to, the 700billion bailout. So that's a nice 1.3trillion nugget. FFS.
*crosses fingers*
people didn't take baths back then didn't they? They also didn't have standard underwear. Dirty sweaty balls don't sound fun to me... I'll pass on the bad ass art.
I say invest the money u pull out in guns. Can never go wrong with them.
The majority of the this shit-storm comes from Sub-Prime loans, it's almost totally responsible for the credit crunch. A greedy practice that made a few people wildly rich, whilst raping all the banks from within. It's a complex subject to understand, so I'll let wikipedia explain for me: http://en.wikipedia.org/wiki/Subprime_lending
They should never have been allowed to create such a system as its doomed to fail while only helping the high risk banking elite.
So far from being the publics fault for borrowing, it's more the case of the banking institutions for allowing something so greedy and ridiculous.
Let them burn. start again. Bush be damned.
Amen
you can't teach a lesson to a drunk by giving him more alcohol.
Third-highest point gain ever for blue-chip
measure comes on bets that a bailout plan can get passed,
what a turn around,
http://money.cnn.com/2008/09/30/markets/markets_newyork/index.htm?cnn=yes
nice find dublin
If what happened to Japan in the 90's is a good indication of where we are headed (and it is), expect a decade of economic stagnation.
Her is to hopping that the dow end s up higher than it was last week by the end of this week. That would be... interesting.
a lot of those financial guys are still living in the park near my house.
too ashamed to go home you see...
however, Japan was rich due to it's earning ability not it's spending ability. Before the bubble burst there was practically zero unemployment, not a good contrast to whats happening now.
Goodbye, money. Nice knowing ya.
Awesome find Marcus as well, that was really refreshing to hear.
[ame]
Stop that! People like you are the ones killing the banks by taking all your money out
I think now is the time to get a loan and start a chicken farm. I hear in agrarian society they trade like liquid gold, right up there with coffee, smokes and vodka.
Four more reasons why the bailout stinks:
http://www.growthink.com/content/no-bailout-4-reasons
Seriously. The majority of the money goes directly overseas, to pay debt.
Some of the money goes to race car track owners. W T F. RACE TRACK OWNERS. FUCKING NASCAR!? Backwater, boondock f'n bush. Although it sounds like they're tightening the tax bracket around them, they're still getting a $100million dollar piece to shore things up? I can't believe that.
Wool research fund? <- What in the love of god is THAT ($148 million) Remember the Exxon Valdez? Yeah, there's money in the bailout for the plaintiffs of that case from NINETEEN YEARS AGO ($50 million)
This is a joke, right? Each gallon of rum gets a $13.50 tax on it. There's a permanent law that gives them a REFUND of $10.50 (normally). This amendment gives them a $13.25 rebate, making their tax per gallon just $0.25. Cost to you and me? $200 million. Gets better. A $3.3billion dollar amendment that applies to only 5 states (Texas, Nevada, Florida, Washington and Wyoming). This allows people to deduct all paid sales taxes from their federal income taxes. Unreal. These are just a few of the highlights. This legislation is loaded with all kinds of nonsense like this. Seriously, this bill was the biggest robbery of the American people in history.
What's best? None of us citizens get any of it. Each American citizen (including children) now has an extra $3000 of debt on their heads.
Excuse me while I take a government brand to me ass...
"He voted against funding the troops!". No, he voted against the other filler that would be thrown in and harmful if passed.
4 years ago, Kerry was constantly attacked for being a "flip-flopper", for voting against bills related to issues he supports. The reason, he tried to often explain, was due to the harmful filler included in the bills themselves. It's not a vote against, it's a vote to revise further to protect the American people.
All in the House and Senate are involved in this, and yet it's still a heated discussion point each election year. It's derails from the important topics.
There are many harmful inclusions to this bill that can hurt the Nation more than help. Yet, our "elected" leader, feels it necessary to go live, and speak to the American people, to rush it through Congress. Listening to him push the importance, I felt uncomfortable. The people, and the ones concerned with our overall well being in the long run, know well enough not to support this bill. Only a couple more months left to deal with this stupid decisions.
Obama, Barack (D-IL) Senate $691,930
McCain, John (R-AZ) Senate $208,395
Citigroup inc
Obama, Barack (D-IL) Senate $420,912
McCain, John (R-AZ) Senate $274,401
Jp Morgam
Obama, Barack (D-IL) Senate $417,969
McCain, John (R-AZ) Senate $175,675
Morgan Stanly
Senate Obama, Barack $318,070
Senate McCain, John $228,672
Both candidates bought and paid for by the companys that put us in this mess in the first place. These Motherfuckers are luaghing there asses off . They just succeeeded in ripping off 700 billion dollars from the American People...probly a Trillion dollars. And anyone who thinks the house not passing the bill was in the interest of the American People, take a look at all the bullshit tacked on to the bill...The 13 or so representitives they needed to pass the bill knew thay had the Senate by the balls and they said give us what we want, or we vote nay. Thus money for Nascar, Rum, and god knows what other bullshit.
So how long do we let them steal from us..till we can't afford health insurance, till we cant afford gas, till we cant afford bread