HR3997 Bailout Vote fails
The HR3997 Bailout bill failed the House this afternoon. As a result the market tanked and is down over 700 points after the news. It was falling anyway, but this news pushed it down. We already have a credit crunch and now we have lost billions of dollars of Market Cap with this news. Many people are opposed to this Bailout bill and have been calling their congressmen and letting them know. This was likely the reason the votes did not exist to pass HR3997.
I’m not sure the majority of the people realize what is at stake here. Now I’m not rich, I’m far from it, but on some levels this Bill makes a lot of sense. Do I think these companies who made bad loans deserve a free ride. No I do not, but there are much bigger issues. If Billions of dollars keep disappearing out of the stock market like it did today then we are headed for bad times. This money that is passed around Wall Street everyday powers our economy. Many people think these are just rich people playing house, but the stock price means a lot about what companies can borrow and allows that money to be available. Without the ability of companies to draw on credit lines can determine whether these companies can continue to operate. If production fails then this 6% un-employment rate is going to look like full employment and we will see millions of Americans lose their jobs.
The failure of HR3997 may mean the begining of a lot worse times for the country and the World Economy.
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I must be stupid, Are these the same people that endorsed underwritting these loans that are now worth nothing, Are these the idiots who underwrote loans with no capitol from the borrower, Are these the same morans that are getting 24 million for their chief ceo and the ceo is getting his money from the us govt. or my tax dollar??? Yea I guess I am a dumb ass and I want wall st to fall on the
ASS. I write 5 letters everyday requesting a no vote, Now have you even read HR 3997??? Google it and read it… It is more for the fat cats…. Screw them, Untill this republican administration can stand up and say we were wrong, We lied, We manipulated and we terrorozed our citizens and now we are stealing their retirement.. You know what, to see bush fail is all worth it.. to see the lying bastards scramble is all good. Read Page 42 line 23 and tell me this is good for the people, then read page 43 line 4 and say its good for the people,, I am a dumb ass remember….Well dumb ass I am not that dumb. I suppose that the bickering of the republicans vs the democrats should continue, read the paper, The republicans and the gop are getting what they deserve and they think we the people are dumb….. Well they have our attention, WE are watching and we are reporting as constituants to our congress men.. The republican administration has driven our economy into the ground, The democrats have been balancing the budtget and republicans are spending money faster than the taxes can come in. Sighned Dumb Ass.
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If the government wants to spend $700 billion on propping up businesses then why not just open a temporary government sponsored agency with a sole purpose of making loans to businesses?
Why do we need these investment banks as middle men?:
Leave the investment banks to enjoy the fruits of their labor. The free market works if you let it. Let the market take care of their valuation. If Paulson can mark-to-model, he’ll set the value of assets to whatever he needs to, Not transparent at all since he can develop whatever model he wants with whatever assumptions he chooses to apply.
Not transparent, and no clear path to increased liquidity in the credit markets, which is what they claim they are attempting to do.
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