House defeats $700B financial markets bailout

KubeDawg · 09-29-2008, 07:55 PM

http://news.yahoo.com/s/ap/20080929/...w5SycI9p6yBhIF

Quote:

Originally Posted by WASHINGTON

In a stunning vote that shocked the capital and worldwide markets, the House on Monday defeated a $700 billion emergency rescue for the nation's financial system, ignoring urgent warnings from President Bush and congressional leaders of both parties that the economy could nosedive without it.

WOOHOO!

Rutabeggar · 09-29-2008, 07:58 PM

Yup...just furthers my opinion that this country is fucked for the next 8 years or so.

Shadow00Caster · 09-29-2008, 08:06 PM

This country has been fucked for along time.

R22B · 09-29-2008, 08:11 PM

In my opinion, the $700B is a temporary patch to the problem. It’s like a band-aid and as soon as the stickiness wears off, it will be exposed again. It would definitely improve the short term, but in the long term, it would only hurt us.

The House FTMFW!

Rutabeggar · 09-29-2008, 08:12 PM

Dow down more than 770 points...luckily it's not approaching the 20% the market dropped on Black Monday back in 1987...not yet at least...

Now the largest point drop in the history of the exchange...not sure about percentage...

uBeR · 09-29-2008, 10:16 PM

The 777.68 drop represents a 6.98% drop.

Innoc · 09-29-2008, 10:26 PM

Quote:

Originally Posted by Rutabeggar

Dow down more than 770 points...luckily it's not approaching the 20% the market dropped on Black Monday back in 1987...not yet at least...

Now the largest point drop in the history of the exchange...not sure about percentage...

I'm hearing that the value of that drop is over 1 trillion dollars. The market was much smaller in 87 so this may still yet dwarf 87 and the crash in 29.

Rutabeggar · 09-29-2008, 10:40 PM

Quote:

Originally Posted by Innoc

I'm hearing that the value of that drop is over 1 trillion dollars. The market was much smaller in 87 so this may still yet dwarf 87 and the crash in 29.

Whatever the numbers turn out to be...recovery is even farther off.

Innoc · 09-29-2008, 10:51 PM

Quote:

Originally Posted by Rutabeggar

Whatever the numbers turn out to be...recovery is even farther off.

Recovery can never truly start until the idiots inside the beltway stop the rampant spending and the credit market returns to prudent lending and collateral standards.

Mooga · 09-30-2008, 04:16 AM

Lots of people just lost a SHIT LOAD of money. It's not going to be pretty...

uBeR · 09-30-2008, 04:21 AM

Bailout fails. Stocks tank. A triumph.

YomMamasHouse · 09-30-2008, 04:22 AM

All you need to do now is hire a bunch of Germans into your army and have them start a coup and you'll be Rome the second.

zSilver_Fox · 09-30-2008, 12:15 PM

IIRC, wasn't it the government who was giving out incentives to banks if they had bad loans?

Hold a steak to a starving dog and then get surprised when it bites your hand off... yup.

Rutabeggar · 09-30-2008, 02:14 PM

Quote:

Originally Posted by Mooga

Lots of people just lost a SHIT LOAD of money. It's not going to be pretty...

My dad lost a good portion of his 401k after Wachovia went belly up...tough times...good thing he's still in his mid-40s and still recover a bit...

SizeableSSonic · 09-30-2008, 03:09 PM

While we use Wachovia, we just use a savings account, which is insured, so thats a relief. However, my mom says my Grandmother has money in something called CDs...

Ihmhi · 09-30-2008, 10:45 PM

Well, that's what the banks get for taking such an insane risk. Warren Buffet saw this coming 5 years ago and forced his investment firm to pull out of this shady crap.

This is what we get when the banks are regulated as heavily as they should be. You can blame the Congress under Clinton for deregulation and us getting to this point.

Better that this shit happens now than 10 years down the road when we'd be really fucked IMO.

Credge · 10-01-2008, 05:40 AM

I

DID

IT

!!!

KubeDawg · 10-01-2008, 06:36 AM

BTW, GWB just side stepped the House and did the $630B bailout anyway.

Acid Reflux · 10-02-2008, 12:45 PM

Quote:

IIRC, wasn't it the government who was giving out incentives to banks if they had bad loans?

Hold a steak to a starving dog and then get surprised when it bites your hand off... yup.

Well put.. They always have.

There needs to be regulation because greedy human nature will always exist.

Anarchy does NOT work and by this I'm talking about "free market" The financial elite, aka big banks have been playing their games for too long and now they want a bail out. Sounds like: A teenager who thinks he can do whatever he wants and doesn't need his parents until he gets in trouble.

Doctor Zyo · 10-02-2008, 06:36 PM

Quote:

Originally Posted by KubeDawg

GWB just side stepped the House and did the $630B bailout anyway.

Cocksucker.

09-29-2008, 08:12 PM	#5
Rutabeggar D&A Member Join Date: Jun 2007 Posts Rated Helpful 0 Times	Dow down more than 770 points...luckily it's not approaching the 20% the market dropped on Black Monday back in 1987...not yet at least... Now the largest point drop in the history of the exchange...not sure about percentage... Last edited by Rutabeggar; 09-29-2008 at 08:29 PM.

09-29-2008, 10:16 PM	#6
uBeR Not ****** Yet D&A Member Join Date: Mar 2007 Location: Minnesota Posts Rated Helpful 0 Times	The 777.68 drop represents a 6.98% drop. __________________ OCCUPATION 101. *One would think a simple task would be, well, simple. Maybe not for simpletons.*

09-30-2008, 04:16 AM	#10
Mooga Colorless FTW D&A Member Beta Tester Join Date: Mar 2007 Location: A Small Box Affiliations: SRCDS.com Posts Rated Helpful 1 Times	Lots of people just lost a SHIT LOAD of money. It's not going to be pretty... __________________ ~ Mooga ...w00t? SRCDS.com \| Twitter

09-30-2008, 04:21 AM	#11
uBeR Not ****** Yet D&A Member Join Date: Mar 2007 Location: Minnesota Posts Rated Helpful 0 Times	Bailout fails. Stocks tank. A triumph. __________________ OCCUPATION 101. *One would think a simple task would be, well, simple. Maybe not for simpletons.*

09-30-2008, 12:15 PM	#13
zSilver_Fox IRL Combat Medic Join Date: Mar 2007 Location: Ethanol Land Class/Position: D Medic Gametype: Conca Jumping Affiliations: ^iv Posts Rated Helpful 0 Times	IIRC, wasn't it the government who was giving out incentives to banks if they had bad loans? Hold a steak to a starving dog and then get surprised when it bites your hand off... yup. __________________ I have a nasopharyngeal and webcam... First infraction! Flaming!

09-29-2008, 07:58 PM	#2
Rutabeggar D&A Member Join Date: Jun 2007 Posts Rated Helpful 0 Times	Yup...just furthers my opinion that this country is fucked for the next 8 years or so.

09-29-2008, 08:06 PM	#3
Shadow00Caster Retired FF Staff Join Date: Jul 2007 Class/Position: D Eng Gametype: Griefing/Spawn Camping Posts Rated Helpful 5 Times	This country has been fucked for along time.

09-29-2008, 08:11 PM	#4
R22B Join Date: Sep 2008 Class/Position: Sniper / Defensive Gametype: Capture the Flag Posts Rated Helpful 0 Times	In my opinion, the $700B is a temporary patch to the problem. It’s like a band-aid and as soon as the stickiness wears off, it will be exposed again. It would definitely improve the short term, but in the long term, it would only hurt us. The House FTMFW!

09-30-2008, 04:22 AM	#12
YomMamasHouse Join Date: Mar 2007 Location: Your Mom's House Posts Rated Helpful 2 Times	All you need to do now is hire a bunch of Germans into your army and have them start a coup and you'll be Rome the second.

09-30-2008, 03:09 PM	#15
SizeableSSonic Joystick Junkie D&A Member Join Date: Mar 2007 Location: I know where YOU live! Class/Position: Engineer or Sniper Gametype: CTF Posts Rated Helpful 0 Times	While we use Wachovia, we just use a savings account, which is insured, so thats a relief. However, my mom says my Grandmother has money in something called CDs... __________________ I like chocolate milk.

09-30-2008, 10:45 PM	#16
Ihmhi [AE] 0112 Ihmhi SJB Wiki Team Fortress Forever Staff Join Date: Mar 2007 Location: Newark, NJ, United States Class/Position: A little bit o' everythin' Gametype: Also a little bit o' everythin' Affiliations: [AE] Asseater, SJB Straight Jacket Brigade Posts Rated Helpful 3 Times	Well, that's what the banks get for taking such an insane risk. Warren Buffet saw this coming 5 years ago and forced his investment firm to pull out of this shady crap. This is what we get when the banks are regulated as heavily as they should be. You can blame the Congress under Clinton for deregulation and us getting to this point. Better that this shit happens now than 10 years down the road when we'd be really fucked IMO. __________________ Support FF: Anime: The Thread: Reloaded The one and only anime thread on these here forums. Select the pistol, and then, select your horse.

10-01-2008, 05:40 AM	#17
Credge FF Loremaster Beta Tester Join Date: Sep 2007 Posts Rated Helpful 4 Times	I DID IT !!! __________________ "The nine most terrifying words in the English language are: 'I'm from the government and I'm here to help.'" Ronald Reagan

10-01-2008, 06:36 AM	#18
KubeDawg Nade Whore Server Owner Beta Tester Join Date: Sep 2007 Location: Oklahoma Class/Position: Scout/Soldier Gametype: CTF/TDM Affiliations: blunt. Moto Posts Rated Helpful 128 Times	BTW, GWB just side stepped the House and did the $630B bailout anyway. __________________ Moto's Funhouse \| Dallas, TX - 74.91.114.247:27015 ff_plunder - Complete

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