Bailout fails- Page 4

[madbrian]

Posted: 9/29/08 at 5:00pm

I've read on other sites that the retiring members of congress from both parties voted overwhelmingly in favor of the bill. Those who are running for re-election but are considered shoe-ins for re-election voted about 50/50, and those who are in closely contested re-election races voted overwhelmingly against it.

Bottom line is that people will lose jobs and houses because of this, and some folks won't get paid this week.

[YouWantitWhen????]

Posted: 9/29/08 at 5:00pm

For the record, what many are demanding is the ability of Bankruptcy judges to reduce the amount of principle owed on an existing loan - which I fundamentally agree with.

Extend the term of the loan, lower the interest rate, but no way in hell should someone have the actual amount due reduced.

I agree that executive compensation should be capped, but the Republicans fought against it.

I wonder now if dems will go out with the Bill they want, and see whether it can pass...

As for Presidential Politics, I don't think either side is the winner here. But, McCain somehow trying to blame this on Obama does not ring true.

Pelosi is probably done as Speaker of the House.

[Calvin]

Posted: 9/29/08 at 5:02pm

YWIW, do you mean disagree, by which I would say that, to that, I agree?

[brdlwyr]

Posted: 9/29/08 at 5:03pm

Y, the end game will determine Pelosi's future. The repulblican argument that her speech killed the bill is a smoke screen.

[madbrian]

Posted: 9/29/08 at 5:05pm

Bottom line on McCain is that he has spent the last 48 hours trying to claim credit for the deal, so he has egg on his face. He was the one who injected presidential politics into this, and one could argue that this deal might have gotten done if he had kept his distance. Pelosi and Reid, and their Republican counterparts, should step down from their leadership positions because of this.

[KrissySim]

Posted: 9/29/08 at 5:05pm

It's like asking the arsonist who set a fire to also put it out.

This must be my quote for the day, at least for now, because I'm headed off to work and won't be back on the radar until at least 11:00 PM.

I'm tired of the "fox guarding the chicken coop' phrase

[javero]

Posted: 9/29/08 at 5:08pm

"The repulblican argument that her speech killed the bill is a smoke screen."

It sure is!

Boehner and Blunt played good cop bad cop. As folks say back home, Pelosi has been knocked down a butt-hole lower.

She needs to do some fancy footwork, rework that bill in the favor of impaceted homeowners and force her side to fall into formation as Papa alluded to. Otherwise the vetting process will commence for the her replacement real soon.

I'm not sure how I come down on the business of authorizing federal judges to play the part of loan originators.

[YouWantitWhen????]

Posted: 9/29/08 at 5:10pm

Calvin - I think that there should be some controls on executive compensation if a company is being rescued by the Feds. Options and performance bonuses should be reset, and conditioned upon performance after the bail-out.

And Brd - it is a smokescreen, but she has not been a terribly effective Speaker (IMO).
Updated On: 9/29/08 at 05:10 PM

[madbrian]

Posted: 9/29/08 at 5:20pm

Here's the clout Bush & McCain have - there are four house republicans from Arizona and NONE OF THEM VOTED FOR THE BILL. There are nineteen house republicans from Texas and THREE OF THEM VOTED FOR THE BILL. That's a combined 3/23.

[Calvin]

Posted: 9/29/08 at 5:21pm

I meant on the loan principle reduction.

Most definitely with you on the exec comp caps.

[PalJoey]

Posted: 9/29/08 at 5:26pm

Wherever you want to pin the blame (and I put most of it on the GOP), the ones to suffer most will the middle and working classes.

Several monetary experts I know (and trust) have been saying that, WITH the bailout, we're looking at a 1 1/2 to 2 year recession.

Without it, we're looking at a 5-year-long depression.

[javero]

Posted: 9/29/08 at 5:43pm

"Without it, we're looking at a 5-year-long depression."

No one wants to hear (or read) this right now, but PJ's statement strengthens my belief that either Obama or McCain will server one-term only. There will not be enough time to turn things around before the electorate demands CHANGE again.

Dubya has completely foreclosed any prospect for some of the sweeping reforms that the Dems want on the social front and McCain would certainly make good on his promise to shut down select federal agencies so that he could continue to "bomb, bomb, bomb".

Is this shyt unsettling or what?

[madbrian]

Posted: 9/29/08 at 5:44pm

Some quotes from the McCain campaign leading up to the vote:

"This bill would not have been agreed to had it not been for John McCain... This is a bipartisan accomplishment, a bipartisan success. And if people want to get something done in Washington, they just watch John McCain. He's been the guy whose name is at the top of major pieces of legislation for a long time."
-- Mitt Romney, NBC's Today show, 9/29/08

"What Senator McCain was able to do was to help bring all of the parties to the table, including the House Republicans, whose votes were needed to pass this"
-- Steve Schmidt, NBC's Meet the Press, 9/28/08

"We're optimistic that Senator McCain will bring House Republicans on board without driving other parties away, resulting in a successful deal for the American taxpayer."
-- McCain spokeswoman Kimmie Lipscomb, 9/26/08

[Mr Roxy]

Posted: 9/29/08 at 6:26pm

To bad Bammy & his buddies from Acorn &other such organizations won't get the blame for pushing banks to lower standards to the point loans were being given out to individuals who simply could not afford to pay them

That being said, I want Bammy to get in to help clean up this mess.

[LePetiteFromage]

Posted: 9/29/08 at 6:28pm

Updated On: 1/13/09 at 06:28 PM

[JohnBoy2]

Posted: 9/29/08 at 6:39pm

Nancy Pelosi is mentally unbalanced. Has been for quite a long time. She needs to be institutionalized. Or, at the very least, removed from public office.

[Yawper]

Posted: 9/29/08 at 6:49pm

Gimpy, Gimpy, Gimpy - 100% washout

Not a single Representative from Arizona, Republican or Democrat, voted in favor of the bailout.

[JohnBoy2]

Posted: 9/29/08 at 6:51pm

Good!

[madbrian]

Posted: 9/29/08 at 7:19pm

Here is a link to how each member voted:

http://news.aol.com/article/how-house-lawmakers-voted-on-bailout/194032?icid=100214839x1210307677x1200603236

[Hank]

Posted: 9/29/08 at 7:21pm

I just want to know how this will affect the seasonofsavings.com discount codes.

[Mr Roxy]

Posted: 9/29/08 at 7:21pm

Twice as much money was lost today vs the cost of the bailout.

Some politicians throwing a hissy fit & some of their constituents who know more about American Idol than economics are dragging us all down with them.

[Bickle]

Posted: 9/29/08 at 7:25pm

If there was a decent Speaker of the House, it would have passed. Pelosi blew it.

[Yawper]

Posted: 9/29/08 at 7:45pm

There's no reason to believe this bailout would work anyway. It only addresses Wall Street's losses, it doesn't address the primary problem of an unstable housing market.

[CATSNYrevival]

Posted: 9/29/08 at 7:51pm

Well, I'm glad it didn't pass. I'm surprised there were so many yes votes. I mean, I guess I'm not, but still. A bail out is not the solution and I'm glad the majority has spoken even if it was only by a small margin.

[madbrian]

Posted: 9/29/08 at 7:51pm

Let me say it again, apologizing in advance for the caps.

The credit market is on the verge of freezing. GOOD COMPANIES OF ALL SIZES are dependent upon credit to meet their OPERATING EXPENSES, including PAYROLL. In the absence of short-term credit, SOME GOOD COMPANIES THAT HAD NOTHING TO DO WITH CREATING THIS CRISIS WILL NOT BE ABLE TO PAY THEIR BILLS. Some people WILL NOT GET PAID THIS WEEK, and some companies WILL SHUT DOWN.