House Republicans Fail To Pass Bill

[Hassan]

Well, you can't fix stupid

They may well have saved their jobs, but doomed the country.

[geetarplayer]

I think I speak for most people on this board when I say that I have no idea what you're talking about. Link please?

[Hassan]

[quote name='geetarplayer' post='1666369' date='Sep 29 2008, 03:50 PM']I think I speak for most people on this board when I say that I have no idea what you're talking about. Link please?[/quote]

the 700 billion bailout.

[url="http://news.bbc.co.uk/1/hi/business/7641733.stm"]http://news.bbc.co.uk/1/hi/business/7641733.stm[/url]

[Aloysius]

Bernanke himself admitted that similar measures to this bailout bill prolonged the great depression... I think we dodged a bullet for a little bit. the markets need to crash, the bubble needs to pop... the sooner it happens the sooner we recover. this bill was going to stave it off for a little longer but the crash would've been much worse in the long run and it would've been coupled with such massive inflation destroying the currency that recovery would've been much slower and much longer off.

95 democrats voted against it, btw. and I applaud them along with the republicans.

both democrats and republicans got us deep into this mess (the dems keep touting deregulation, but the Clinton administration's regulation FORCED banks into sub prime mortgages to help the poor get houses (expanding Carter's Community Reinvestment Act)... there are examples of dems and repubs over the past decade warning us about the mortgage crisis with Fannie Mae and Freddie Mac specifically (including, among others, Bush himself)... Repubs calling for more regulation on these specific things. no, this is not something that Repbulican deregulation got us into, and it's not somethign that the bipartisan skeptic caucus has ruined us on.

yeah, we went down 777 points today on wallstreet. why? because wall street was promised 700 billion dollars and today was told it wouldn't get it so they panicked.

the collapse is coming either way... the question is if we want to engage in policies to try to stop it which are similar to the things the government tried to do which prolonged the great depression, or if we want to see this crash through in a more reasonable manner letting the FDIC take care of the crashing banks, sucking it up, and reforming things so that when things are rebuilt this bubble won't occur again.

basically, wall street put a gun to its head and demanded congress give them 700 billion, congress refused to be so blackmailed, and wall street pulled the trigger with today's panic.

[Aloysius]

[quote name='geetarplayer' post='1666369' date='Sep 29 2008, 05:50 PM']I think I speak for most people on this board when I say that I have no idea what you're talking about. Link please?[/quote]
you speak only for anyone who wasnt watching TV today :

[KnightofChrist]

So Conservative House Republicans saved the American tax payer 700,000,000,000 dollars, and stopped the tax and spend liberals republican and democrat from writing a 700,000,000,000 check to richy rich wall street.

It would be stupid not to stop economic socialism.

Edited September 29, 2008 by KnightofChrist

[Kirisutodo333]

I believe the consensus is that Speaker Pelosi gave a partisan speech, like always, which caused the negative reaction to the bill. Figures someone would put a spin on this and blame it on the republicans.

[url="http://blogs.wsj.com/washwire/2008/09/29/house-republicans-blame-pelosis-speech/"]Lhttp://blogs.wsj.com/washwire/2008/09/29/house-republicans-blame-pelosis-speech/[/url]

[url="http://www.breitbart.tv/html/184803.html"]Pelosi attacks Bush, Praises Clinton[/url]

[philothea]

[quote name='Aloysius' post='1666375' date='Sep 29 2008, 05:07 PM']yeah, we went down 777 points today on wallstreet. why? because wall street was promised 700 billion dollars and today was told it wouldn't get it so they panicked.

the collapse is coming either way... the question is if we want to engage in policies to try to stop it which are similar to the things the government tried to do which prolonged the great depression, or if we want to see this crash through in a more reasonable manner letting the FDIC take care of the crashing banks, sucking it up, and reforming things so that when things are rebuilt this bubble won't occur again.

basically, wall street put a gun to its head and demanded congress give them 700 billion, congress refused to be so blackmailed, and wall street pulled the trigger with today's panic.[/quote]
Considering most of the value lost in Wall Street was out of ordinary people's 401K funds and pensions, I don't think this is really credible. The value went down because more people wanted to sell (because they are afraid) than wanted to buy (also because they are afraid).

"Wall Street" isn't just a bunch of hotshot traders or wealthy financiers, nowadays -- it's the capital for nearly every large business in this country, and much of the world, and it's owned largely by ordinary citizens. The hotshot day traders may skim the bucks off when the times are good, but they weren't the ones who lost money today.

[Ash Wednesday]

I'm just plain angry at both parties today, quite frankly.

[Guest]

[quote name='Aloysius' post='1666376' date='Sep 29 2008, 04:08 PM']you speak only for anyone who wasnt watching TV today :[/quote]

[CatherineM]

I suspect the Republicans were looking at the polls. Most people do not want the rich banks/bankers that caused this to get a dime of public money. Maybe they think this will help McCain get elected. Most Americans don't have more money in the bank than is insured, so they aren't sweating bank failures. What they don't understand is that there is an echo. Banks are already beginning to lower people's credit limits. Eventually there will be mortgages being called that are out of balance (owe more than house is now worth), and job losses. That probably won't hit real hard until after the election.

[desertwoman]

No to the Bailout: We Can’t Let Bankers Try to Blackmail America



[b]“Gentlemen, I have had men watching you for a long time, and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out.”[/b] Andrew Jackson, the seventh president of the United States, who said these fiery words to a delegation of bankers in 1832:



[url="http://foxforum.blogs.foxnews.com/2008/09/29/jpinkerton_0929/"]NO to Bailout[/url]

[Selah]

"those who don't learn from history are destined to repeat it".

[desertwoman]

Amen.

[Hassan]

[quote name='Aloysius' post='1666375' date='Sep 29 2008, 04:07 PM']Bernanke himself admitted that similar measures to this bailout bill prolonged the great depression... I think we dodged a bullet for a little bit. the markets need to crash, the bubble needs to pop... the sooner it happens the sooner we recover. this bill was going to stave it off for a little longer but the crash would've been much worse in the long run and it would've been coupled with such massive inflation destroying the currency that recovery would've been much slower and much longer off.

95 democrats voted against it, btw. and I applaud them along with the republicans.

both democrats and republicans got us deep into this mess (the dems keep touting deregulation, but the Clinton administration's regulation FORCED banks into sub prime mortgages to help the poor get houses (expanding Carter's Community Reinvestment Act)... there are examples of dems and repubs over the past decade warning us about the mortgage crisis with Fannie Mae and Freddie Mac specifically (including, among others, Bush himself)... Repubs calling for more regulation on these specific things. no, this is not something that Repbulican deregulation got us into, and it's not somethign that the bipartisan skeptic caucus has ruined us on.

yeah, we went down 777 points today on wallstreet. why? because wall street was promised 700 billion dollars and today was told it wouldn't get it so they panicked.

the collapse is coming either way... the question is if we want to engage in policies to try to stop it which are similar to the things the government tried to do which prolonged the great depression, or if we want to see this crash through in a more reasonable manner letting the FDIC take care of the crashing banks, sucking it up, and reforming things so that when things are rebuilt this bubble won't occur again.

basically, wall street put a gun to its head and demanded congress give them 700 billion, congress refused to be so blackmailed, and wall street pulled the trigger with today's panic.[/quote]

I find it odd that you would just assume that the economey must fail. If nothing can stop it then that's life, but the idea of not even trying is odd.