It's official now, 227 NAY, 206 YEA, 1 Not Voting. The House version of the bailout bill has failed as representatives heard the unmistakable sound of unemployment coming 'round the bend in about 40 days if they voted for it. The debate now moves to the Senate where my Senator, Richard Shelby, will be the big voice in opposition. Do us proud Dick!
The bill failed and guess what? The sky hasn't fallen. I haven't heard of any traders throwing themselves out of buildings. And as far as I know, there are no dogs and cats living together. The DOW is down only 4.89% so far. The world isn't ending people. And don't let the MSM tell you it is.
6 comments:
the sad part is that 206 representatives were on board for this! Who on earth are we electing to "represent" us, the general public, none of which this buyout will help in the long run. What suddenly nationalizing these bankrupt companies will make them unbankrupt? Unless they plan on changing their business practices, they will end up right back in the hole.
The outcome of this might be more important (and telling) then the Presidential election. Are we finally going to say "stop the insanity" and demand the country back? I'm hopeful but not optimistic, let's watch and see.
We have avoided a large, expensive, unsavory sandwich for now. If you have helped in doing so, thank you and please stay the course. The world did not end today and given time the market will judge and correct this situation so the American people can focus on voting to save this country.
Yea, that's what I sent to my representatives a few minutes ago. I decided decorum prohibited the use of "crap sandwich" when addressing senators and congressmen. What was I thinking?! Maybe their superior mental acumen detected my "wafer thin" (thanks Ed) veiled threat on behalf of the voters to oust those with stinky fingers.
Just about every journalist seems to think regular americans don't understand the severity of the situation. They're (we're ) stupid for not wanting this.
Is it that, or would regular americans rather deal with some hard times and stand on principle rather than give in to this load of BS?
And the stock makert today - is it optimism that a deal will be reached thursday as everyone on tv would like us to believe - or is it optimism that even if a deal isn't reached life will go on?
Will we really be without paychecks?
Tracie, I sincerely feel that unless you work for an unscrupulous mortgage bank, you won't be in any danger. Chicken Little(Henry Paulson) wants us to think the sky is going to fall if we don't fork over all this money, but the reality is that the American economy is big, complex, and international. There's no guarantee that $700 will do anything at all other than stabilize the markets. The housing, stock, credit, and banking industries all need correcting. That's what's happening now. The best advice is to get out of debt as fast as you can so you won't be subject to the corruption of others.
At best, this solution is a quick fix. The large portion of Americans who made bad decisions with their money, and the corporations that accepted business from those Americans will have to pay the consequences. I don't understand why the government feels the need to step in. Maybe I am missing something here, but it seems as though the only way to fix this situation is to either let it work itself out, or hop in a Delorian and fix the problem before it started.
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