Dow Falls 700 Points As Bailout Bill Fails

UNTflyer · September 29, 2008

Not good!

Censored by Laurie · September 29, 2008

Revolution?

UNTflyer · September 29, 2008

Revolution?

Nahhh. It's just time to pay the piper for the things we've been warned about for years. Don't live on debt, don't borrow more than you can afford, etc.

Eagle1855 · September 29, 2008

Join my party.

UNTFan23 · September 29, 2008

I was shocked that the bill failed. If there isn't going to be a "bail-out" I wonder how long after more banks fail and people lose their homes before the politicians on the hill figure it out that they might have screwed up royally.

MeanGreenTeeth · September 29, 2008

I was shocked that the bill failed. If there isn't going to be a "bail-out" I wonder how long after more banks fail and people lose their homes before the politicians on the hill figure it out that they might have screwed up royally.

I'll gladly work 2 jobs or scrap together a living in a shack rather than burden my children and their children with more and more government debt to pay off. This has to end somewhere. If it allows a large economic correction, then so be it.

Edited September 29, 2008 by MeanGreenTeeth

meangreendork · September 30, 2008

I'll gladly work 2 jobs or scrap together a living in a shack rather than burden my children and their children with more and more government debt to pay off. This has to end somewhere. If it allows a large economic correction, then so be it.

The bailout wasn't supposed to all $700B at once. I gathered it was supposed to be phased so that in eventuality, not all $700B would be needed. Mind you, I don't think the mortgage lenders and the suits that allowed this to happen shouldn't be given a free ride away from the fire, the economy may need a fairly large correction now.

And as this pertains to both presidential candidates - their programs that involve tax cuts or more spending on anything are in pretty serious danger now. With a bailout, money may not be there to pay the programs. Without a bailout, the economy may not have the money to pay for all these programs. I'd say we need a balanced budget, but that's like 10 years from now.

Edited September 30, 2008 by meangreendork

UNTflyer · September 30, 2008

This bailout wasn't going to keep anyone from losing their homes, and rightfully so. If you took out a mortgage you couldn't afford, you should lose your house.

This bill was going to buy up those risky loans and bad debt, hold on to the properties until house values came back up, then sell them to stable banks or auctions. This would have allowed the banks to free up capital to make good loans.

In the gas industry, our business runs on credit so I am worried. But the libertarian in me abhors a government bailout and I'm kind of glad it failed. Leave it to the politicians to make this thing political. BTW, how sleazy was it of Pelosi to lay the blame on Bush? Bush didn't hold a gun to anyone's head to take out a mortgage beyond their means. Congress has pressured banks for years to make these risky loans or face lawsuits. Congress has known since 1998 that Fannie/Freddie were in trouble and ignored it for political reasons.

meangreendork · September 30, 2008

This bailout wasn't going to keep anyone from losing their homes, and rightfully so. If you took out a mortgage you couldn't afford, you should lose your house.
This bill was going to buy up those risky loans and bad debt, hold on to the properties until house values came back up, then sell them to stable banks or auctions. This would have allowed the banks to free up capital to make good loans.
In the gas industry, our business runs on credit so I am worried. But the libertarian in me abhors a government bailout and I'm kind of glad it failed. Leave it to the politicians to make this thing political. BTW, how sleazy was it of Pelosi to lay the blame on Bush? Bush didn't hold a gun to anyone's head to take out a mortgage beyond their means. Congress has pressured banks for years to make these risky loans or face lawsuits. Congress has known since 1998 that Fannie/Freddie were in trouble and ignored it for political reasons.

Everyone's pointing fingers at everyone else and this really pisses me off. I kind of think this isn't really the time for this sort of stupidity to take place. I figure there may be more important things to argue about than "who's fault is this?" and at least move on to the "now what do we do?" arguing.

UNTflyer · September 30, 2008

Everyone's pointing fingers at everyone else and this really pisses me off. I kind of think this isn't really the time for this sort of stupidity to take place. I figure there may be more important things to argue about than "who's fault is this?" and at least move on to the "now what do we do?" arguing.

Agreed. 95 Democrats voted against it, the margin of failure was only 23 votes, yet Barney Frank blamed Republicans for the bill failing. Unbelievable that they would rather squabble, AND they adjourned until THURSDAY!

UNTFan23 · September 30, 2008

I'll gladly work 2 jobs or scrap together a living in a shack rather than burden my children and their children with more and more government debt to pay off. This has to end somewhere. If it allows a large economic correction, then so be it.

You might have to work 2 jobs considering 1.4 trillion dollars was erased today.

The worst thing our fragile economy needs is a frozen credit market. If your employer uses credit to fund payroll or purchase raw material to manufacture its goods to sell, you should be very, very concerned.

untgirl04 · September 30, 2008

I'm still on the fence about the bailout, but there was one aspect of it that I did like and would like to see implemented immediately: The portion against a golden parachute for CEOs. How ridiculous is it that the CEO of Washington Mutual, who had been in office only 3 weeks can receive up to $18 million?! You certainly can't blame the bank's failure on him as a CEO, given that he hadn't even had time to implement his plans, but seriously, $18 million?

Green Mean · September 30, 2008

I am by no means any economist but I had seen and read in many places that even with the bail out...doom was going to happen anyways and it was just a band aid for the short term. I dont know what side of the fence I am on...I see both sides of it to an extent but its going to be interesting what happens the next few months after this especially now that the holidays are coming.

DeepGreen · September 30, 2008

I'm not trying to stir things up here, but thank you Barney Fife, I mean Barney Frank. This idiot was warned by the Republicans 4 years ago of the instability of Fan and Fred, yet insisted that all was well.

What's going on in Washington and Wall Street is an absolute disgrace. I'm talking Democrats and Republicans.

KRAM1 · September 30, 2008

The SKY IS NOT FALLING....just like it is not falling on UNT football as some on this board want to suggest. The Dems couldn't even get their own party to go along...if the Dems Ms Polesi so highly praised yesterday had voted for the bill it would have passed. It did not pass because it stinks and some in Congress, both Republican and Democrat, figured that out before it was too late. Thanks for the few who had the guts to vote "no". A bill will get done and will get passed...just let's all take a deep breath and calm down a bit. Let's let the time necessary to put a decent package together takes its course. Why jump into something that is BAD just to "do something".

And to those that actually think over $1 trillion was "LOST" yesterday...hold on there a moment...did you sell? If you sold, perhaps you lost and locked in those losses. If you did not sell you did not "lose" anything....except on paper. Market is up this morning...so, we'll see if we get some "recovery" today so the papers can cream..."$300BILLION GAINED BACK TODAY"! Geezzzz...get some perspective, please!

I told my 29 year old son last evening to buy everything he could NOW in the market. Lots of folks will make lots of money NOW!