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220 Nays! Damn there goes my fortune!
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Re: It Didn't pass!
All drama, they'll revote one way or the other just watch. -
Re: It Didn't pass!
I agree: the republicans are angling for a cap gains tax cut and tax cut on repatriated wealth.Comment
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Re: It Didn't pass!
Not bad .....
BREAKING NEWS: Wall Street and Dow Jones in turmoil as U.S. lawmakers reject Bush's $700bn bail-out
By Daily Mail Reporter
Last updated at 7:05 PM on 29th September 2008
6.45PM (GMT) UPDATE: U.S. House of Representatives reject Bush's bail-out plea
Dow Jones plunges 600pts as vote goes downhill
Markets in Asia, Europe and UK also tumble
President Bush begs Congress to pass his rescue plan
Central banks pump £348bn into ailing financial system
Treasury sets up temporary fund guarantee program
The US House of Representatives has voted down the $700 billion emergency rescue package for beleaguered financial companies.
217 votes were needed for the bailout to be passed. Only 206 votes were cast in favour, by 141 Democrats and 66 Republicans.
The Dow Jones Index plunged 705 points as investors watched the vote fail.
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http://www.dailymail.co.uk/news/arti...-bail-out.htmlComment
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Re: It Didn't pass!
Fox Business talking heard reports that the Brazilian stock exchange was shut down after losses hit 10% this afternoon and was reopened 30 minutes later.Comment
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Re: It Didn't pass!
They held the vote open!
But if it fails..................HO-LY SH*T!
MikeComment
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Re: It Didn't pass!
Holy nothing. We are all hostages of the Fed. The smart guys will execute a hit (everything is in place for such a hit) and we will all be blackmailed in to accepting the Grand Theft.Originally posted by Mega View Post
This is how a mugging operation works ...
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Re: It Didn't pass!
Long time lurker, first time poster.
Why should they put an official rule in place when companies will continue to be bailed out due to posing "systematic risk" and having the government, in essence, guarantee their losses after they are "cleaned up" by the FDIC. I am using the Wachovia deal as context. While this official bailout may help out some individuals I think those that are aware of the issues at hand also can confidently say that companies will continue to be bailed out with or without the plan...thoughts?
Thanks Itulip!Comment
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Re: It Didn't pass!
There will be another bailout bill. and another, etc. until one passes.
Its like that terrorist group said to some government when their plan failed, "You were lucky, we were unlucky, but we only have to get lucky once, you have to be lucky every time."Comment
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Re: It Didn't pass!
Can anyone explain how this connects to the "marshal law" crap? There's hints that this vote isn't the end-all. Like Mega's "They held the vote open!", and Tulpen's "they'll revote one way or the other just watch". If this is some sort of congressional strong-arm tactic to coerce representatives to vote yea, can anyone explain the legality of it?
Isn't the vote, like, the vote?Comment
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Re: It Didn't pass!
I'm in the same boat as you, and really confused as to why a bailout bill is necessary, when it's happening anyway. The Wachovia deal limits Citi's liability to $42 billion, leaving the FDIC potential exposure over $300 billion. Not that the losses will actually hit that much for Wachovia, but no special transfer to the Treasury was needed for this.Originally posted by ops_solution View Post
Unless the Fed is really broke.Comment
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This is a Fed-Wall Street strong-arm tactic to coerce representatives to vote yea and the rest of us to say nothing in fear of loosing everything. That's a national mugging in progressOriginally posted by JayS View Post and it's done by those who were appointed as financial police.
The legality of it, IMHO should be best described it in terms of treason.:mad:Comment
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No no - I get this part of it. I mean, the House declared martial law on ... itself? What is that? That's the coercion I'm referring to. Is that even legal? Is this vote definitive or not? What are the rules here? is this a done deal? What's next? Does anyone know?Originally posted by $#* View PostThis is a Fed-Wall Street strong-arm tactic to coerce representatives to vote yea and the rest of us to say nothing in fear of loosing everything. That's a national mugging in progress and it's done by those who were appointed as financial police.Comment
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USDX is up and treasury yields are crashing.
Why is the USDX up, any ideas?Comment
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I don't know about marshalOriginally posted by JayS View Post
House Rejects Bailout Package, 228-205, But New Vote Is Planned; Stocks Plunge
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One, Representative Jim Marshall, a Georgia Democrat facing a re-election contest, told colleagues in a private meeting that he would vote for the measure to bolster the economy. “I am willing to give up my seat over this,” Mr. Marshall said, according to another person who was there.
http://www.nytimes.com/2008/09/30/bu...pagewanted=all
But the Martial Law thing seems to be a common thing nowadays
Martial Law. The Omnibus was filed under “martial law,” a procedure denying
Members the opportunity to review the bill and allowing only one hour of debate.
http://www.house.gov/budget_republic...080131full.pdfComment
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