Anybody else see the resemblance Elmer and Paulson?
What to do now that the bluff has been called? On a meta level I'd rather suspend habeus corpus than... oh wait. We've already suspended habeus. Ummm, okay. I'd rather suspend the right to face an accuser... oh wait. Trying again; I'd rather suspend the Enumerated Powers Clause than... oh never mind.
There's some asshat on CNBC saying this is a capitulation bottom. No, this is a measured response such that market manipulators are positioned to make more money. That simple. A capitulation bottom is 15% away. I've thrown away my 9600-9800 in favor of 8800.
31 comments:
Bush dissolves Parliament.
Passes the bailout via executive order.
Protestors are rounded up and sent to "Gitmo on the Platte"
Glad they didn't pass it. The initial bill (give Paulson the moeny with NO review allowed by ANYONE) was terrible. What they just voted on was much better, but still far from acceptable.
There may be a bill passed at some point, but I'd rather it wait until they get one worth passing.
Personally, I'd just as soon see NO bailout. Let the markets know if they're stupid, there are consequences. No free money for being greedy and thinking only of the now.
I find it childishly simple. GS agreed to Buffett's terms. 10% yield preferred and an equity un-callable option. Fine.
Santelli has Erin bent over the desk. Go Rick!
Thursday Obama blew up the understanding by running his mouth and accusing the Republican house membership in the oval office when given the offer to speak from the Democratic leadership. The minority leader was sitting right next to him. Great! Lets blow this up. And so the Republicans did.
After a full weekend where these congresscriters again "thought" they had a deal, Pelosi makes a speech before the vote that pissed the Republicans off. If she given the speech that she did AFTER the vote instead,they likely would have gotten this package done.
Some of you can bitch at W and Paulson, but the Democratic leadership is clearly immature and does not understand how to govern.
This is not the Kerlim.
Keep lighting matches and the powder house will keep on blowing up.
Please tell Nancy to starten up.
Offer an olive branch and STFU.
We are Americans first.
they are already talking another 400 tomorrow to get to 10,000
h.
Homer -
Not a Dem/Repub thing really. The Dems have a majority and could have passed this bill even with the Repubs upset. Enough people from BOTH sides rejected this deal.
Again, I'm glad they did. It's better than what was first proposed, but still a crappy deal for the taxpayer.
There was nothing, absolutely nothing to stop the Dems from passing this on party lines. Ask why. Because they didn't believe in it either. Google 800 is not an asset. It is gambling. A lower market reduces gambling. What's the problem?
Cramer's predicting a Dow 8400 without the failout plan. http://tinyurl.com/4dd5kz
Rob Dawg: "Santelli has Erin bent over the desk. Go Rick!"
THAT
COMMENT
IS USELESS
WITHOUT
PICS.
BTW, nice New Pic, Walrus!
Sorry folks, but this kind of stuff pisses me off.
Washington is so broken with their inbred ideologies and lobbists. I left there in discust in 1979. It has not gotten any better and they seem to have found me.
None of them are looking out for us suckers who have to pay for all these fun and games.
I was happy to see the business plan for handing over 700,000,000,000 dollars has gone from 3 pages to 100.
Short of a building coming down with huge loss of life, these folks never help each other.
In business, you learn to get along to make things happen. Just the opposite of these clowns.
Oh sh*T! Damon Bickers on fox business is saying we could see a drop of 3000-4000 in October because foreign investors do not want to lend the US any more money. Dawg may be right.
Lord help us all.
h.
We've kissed:
http://cache.gawker.com/assets/images/7/2007/01/jacksuzy070205_560.jpg
Julia Boorstin and Erin are the hotties.
http://bp0.blogger.com/__ozHqRcVOk4/R6H7KoInI5I/AAAAAAAAACA/cTtmj3CInPc/s1600-h/girlscnbc2.jpg
Woah! Homer, your secret identity was almost revealed. ;-)
I'd still like to see a replacement bill of some type. Allowing bank runs is not the solution to the problems of the banking sector; we went down that route in the 1800's, and it was not exactly economic nirvana.
What I would really like to see (while I'm in fantasyland) is for Congress to figure out a way to keep funding flowing to growing parts of the economy. Instead of a top-down, Wall Street-first approach, I'd like to see a bill based on a bottom-up, manufacturer/farmer/miner-first approach.
I suspect Congress will come up with something. They didn't like the bill, that's fine; I didn't like it either, although I thought it was marginally acceptable. But let's think about something else to help keep business moving forward.
It's still just LOAP.
This is a case of enlightened self interest. Pols fear the wrath of the public more than the Street. I wonder what would have happened in a different part of the election cycle?
A pig is a pig.
8800? seriously... not trying to be a troll, but what do you think should be done rob? anything?...
I think the band aid should be allowed to be ripped off to allow faster healing, however allowing the credit markets to just freeze seems irresponsible...
I've also heard a lot of this has been caused by post-enron accounting rules.
Am i right? set me right.
Yeah, 8800 is good and I'm optimistic. The P/E ratio at 8800 earnings going forward will be high. Inflation will set a new floor much higher than might normally be imagined.
What to do? Not a clue. The dollar is wild, the foreign markets every bit as irrational. Productive tech looks good if it lurches down. Just a hunch.
I like the number 777 combined with 7 percent. Perhaps this is our lucky day!
The cynic in me wants to view this vote down as CYA by a Congress full of pussies, but I have to think all fo the public outcries and emails in the face of rah rah cheerleading from the press and "leaders" must be worth something. I am shocked Pelosi could not crack the whip and had 90+ democrats vote against her will.
Hit the Bond and Securities link on the Treas. Dept. website for the following message:
You're all screwed!
Let the market die the sudden death it deserves and ignore the politicos.
Note: I do believe the Republicans' extreme deregulation policies over the past couple decades played a key role in this BS.
In addition, I find their current, hypocritical pre-election policies amusing as hell. What a pile of losers.
pv, great idea. How about some type of 5 Trillion dollar lending facility from the government for small businesses and heavily upside down home owners. 4% sounds good.
whoops! make "small business" --> "any business not outsourcing it's labor"
"Note: I do believe the Republicans' extreme deregulation policies over the past couple decades played a key role in this BS."
Republican deregulation to blame for this, yeah, not so much
http://www.thelandofthefree.net/conservativeopinion/2008/09/21/democrats-caused-current-financial-crisis/
I like the way that NPR was handed over to McCain so that he could blame the defeat on Obama. And then go on to say that this is not the time for partisan blaming.
The typical attention span of a McCain supporter must be in nana-seconds.
Paulson reminds me of that other goof in charge of the security of the homeland. They must go to the same barber.
Financial sage/urine drinker/ultimate shoeshine boy Casey Serin sez now is the time to buy gold, guns and canned goods. Make of it what you will.
Hey Lou,
Typical Casey. He addresses a large crowd that has gathered, most of whom are muttering threats against him under their breath (or openly) and suggests that they all buy guns. Did you catch the comment someone made about how Casey has an open-ended stay in Utah?
NR
Lost Cause
Least NPR could do after Friday's hacket job under the guise of reporting the news at 2pm:
John McCain's polictially motivated move to go back to Congress destroyed any chance of a compromise to correct this bill.
Guess they are worried about being sued.
Anyways, to truely understand what this is all about, take a gander at this clip. Funny, but oh so true
http://hk.youtube.com/watch?v=mzJmTCYmo9g
I'm a little amused by the charges that McCain "destroyed" this bill. He takes a quick trip back to Washington, sits in one meeting and by all accounts doesn't so much as open his mouth, and that alone was enough to kill the bill? That's giving him way too much credit.
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