Dow Down 777 - Guess Who's At Fault?

[Stella_Omega]

I still think the selfserving twits should all be fired next month. Party doesn't matter, they are all idiots and crooks.

I don't think Job security is very common amongst the washington crowd just now...

What worries me, of course, is that it's the perfect time to sell snake oil. people are going to be voting reflexively, like they always do, and their reflexes will shove them towards the loudest panacea peddler...

 

[DesertPirate]

I don't think Job security is very common amongst the washington crowd just now...

What worries me, of course, is that it's the perfect time to sell snake oil. people are going to be voting reflexively, like they always do, and their reflexes will shove them towards the loudest panacea peddler...

Yesterdays bill seemed like snake oil to me and it got shot down. Amazing the numbers I'm hearing for emails sent to Congresscrtters.

 

[voluptuary_manque]

the trouble for me is that my congress-body is the sister of the congress-body two districts over. I like the sister, she's a gun-tottin' Dem. The one who proports to represent me is a marshmallow with a white Persian cat. Ewwww!

However, they both voted 'no'.

 

[Stella_Omega]

Yesterdays bill seemed like snake oil to me and it got shot down. Amazing the numbers I'm hearing for emails sent to Congresscrtters.

yeah, but the wrong brand of snake oil.

 

[voluptuary_manque]

How about something simple? Rescue homeowners, fire CEO's, preserve 401K's.

 

[JAMESBJOHNSON]

VM

Youre on the right trail.

Washington needs to guarantee pension funds and make loans available via the Small Business Administration. This will solve 2 large problems without rewarding crooked mega-corp CEOs, Wall Steet pirates, or toys & tats credit card abusers.

Wall Street took its money to Las Vegas and lost. It wants its money back, and thats what the bailout is all about.

 

[Stella_Omega]

How about something simple? Rescue homeowners, fire CEO's, preserve 401K's.

Now that's the kind of snake oil that's gonna be a big hit!

What did you put in the bottle, perfessor?

 

[voluptuary_manque]

Now that's the kind of snake oil that's gonna be a big hit!

What did you put in the bottle, perfessor?

"(hic!) Yanno, I don't remember, now that you ask. Sure tastes good, though, don't it?"

 

[DesertPirate]

Sadly I don't think the "Thundering Herd of Dumbass" is capable of doing that, especially since it makes sense!

 

[Stella_Omega]

"(hic!) Yanno, I don't remember, now that you ask. Sure tastes good, though, don't it?"

"Sure is a purty blue bottle! I'll vote for ya!

You swear this stuff'll work?

 

[voluptuary_manque]

"Sure is a purty blue bottle! I'll vote for ya!

You swear this stuff'll work?

Worksh fer me! *falls on ground in drunken stupor, as usual*

 

[DesertPirate]

yeah, but the wrong brand of snake oil.

Brand is a joke, it's all the same shit from two different faucets.

 

[XXplorher]

Duh, 777?

It's all Jesus' fault.

 

[dr_mabeuse]

Go ahead and hold your breath. That'll show those fat cats!

What, do you think by holding back this $700 bn they won't get paid? Do you think this hurts them in the slightest? They still get theirs. You're only screwing yourself. You're the ones who can't get credit now. You're the ones who'll start losing jobs and houses, who won't be able to get college loans or credit extensions or auto loans. Without this bill in place, the Masters of the Universe still have their Golden Parachutes. They still have their huge compensations.

Two days ago the market lost a trillion dollars, twice what this bill would have cost. It gained half of that back yesterday, luckily, but see how much more it will lose before that rescue plan starts looking like a bargain.

You can't help the people who hold the mortgages right now because it won't supply liquidity to the market fast enough to solve the crisis. You've got to inject cash into the system directly, which means it will take some big infusion of cash.

So what do we have here? We have politicians doing a shitty job of educating the public as to what this bill would do because they're too busy trying to cobble it together. We have the usual knee-jerk mistrust of Americans for their politicians scuttling this bill because they don't understand it and they think it means rich people are getting "bailed out". (It doesn't.) We get value evaporating from the market that makes all of us poorer. We all get lowered credit ratings. We get screwed.

What would you have them do differently?

 

[neonlyte]

Go ahead and hold your breath. That'll show those fat cats!

What, do you think by holding back this $700 bn they won't get paid? Do you think this hurts them in the slightest? They still get theirs. You're only screwing yourself. You're the ones who can't get credit now. You're the ones who'll start losing jobs and houses, who won't be able to get college loans or credit extensions or auto loans. Without this bill in place, the Masters of the Universe still have their Golden Parachutes. They still have their huge compensations.

Two days ago the market lost a trillion dollars, twice what this bill would have cost. It gained half of that back yesterday, luckily, but see how much more it will lose before that rescue plan starts looking like a bargain.

You can't help the people who hold the mortgages right now because it won't supply liquidity to the market fast enough to solve the crisis. You've got to inject cash into the system directly, which means it will take some big infusion of cash.

So what do we have here? We have politicians doing a shitty job of educating the public as to what this bill would do because they're too busy trying to cobble it together. We have the usual knee-jerk mistrust of Americans for their politicians scuttling this bill because they don't understand it and they think it means rich people are getting "bailed out". (It doesn't.) We get value evaporating from the market that makes all of us poorer. We all get lowered credit ratings. We get screwed.

What would you have them do differently?

The bill isn't perfect, but it was badly 'sold'. Not sure I'd blame the politicians, the media is largely at fault for portraying it as Wall Street Bail-Out. All things being equal, taxpayers should recover their money over time. The olny people 'bailed-out' under the current bill are homeowners - banks who sign up to the rescue lose their payouts/bonus and US citizens acquire stock. It's been badly sold. I still don't think renters should gain from the deal on the basis you rent what you can afford.

The painful deal, which wouldn't have been passed by Congress, would have forced a re-valuation of mortgages hitting banks and shareholders where it hurts - shareholders cannot claim innocence. Banks that then couldn't meet their obligations would be nationalised and sold back to the market once stocks had recovered. Lessons are learned through the wallet. The current bill largely rewards shareholders who should be taking a larger interest in the ethical substance of their investments.

 

[JAMESBJOHNSON]

DOC

Calm yourself!

The American taxpayer isnt investing 700 Bn in goldmines and oil-wells, it's making good the fortunes Wall Street gamblers lost in Las Vegas. The bailout removes cash from the economy that honest & competent banks can use for real growth and prosperity. It rewards people who were stupid and greedy.

 

[dr_mabeuse]

DOC

Calm yourself!

The American taxpayer isnt investing 700 Bn in goldmines and oil-wells, it's making good the fortunes Wall Street gamblers lost in Las Vegas. The bailout removes cash from the economy that honest & competent banks can use for real growth and prosperity. It rewards people who were stupid and greedy.

I hate that people are always bitching about politicians and then go out and elect a bunch of yutzes like Bush and Palin (because the other guy's "too smart" or they don't like his hair or something) and are shocked when things get fucked up.

You elect doofuses, you get to live in doofus-land. That's how things work.

 

[Safe_Bet]

I hate that people are always bitching about politicians and then go out and elect a bunch of yutzes like Bush and Palin (because the other guy's "too smart" or they don't like his hair or something) and are shocked when things get fucked up.

You elect doofuses, you get to live in doofus-land. That's how things work.

Doc, you just distilled the political process, the financial crisis, the war, government & corporate corruption and it's results into the perfect line. Beautiful. Thanks.

 

[DesertPirate]

Doc, you just distilled the political process, the financial crisis, the war, government & corporate corruption and it's results into the perfect line. Beautiful. Thanks.

Why does everyone here keep talking like the Dems are not just as corrupt as the Reps? They are just as bad, just as stupid and only care for themselves. A plague on both houses.

Simple explanation: I you make less than $169,000 a year, you have NO representation in Washington. They only serve the tax bracket they are in and the higher one they want to get into to!

 

[Safe_Bet]

Why does everyone here keep talking like the Dems are not just as corrupt as the Reps? They are just as bad, just as stupid and only care for themselves. A plague on both houses.

Simple explanation: I you make less than $169,000 a year, you have NO representation in Washington. They only serve the tax bracket they are in and the higher one they want to get into to!

Who said they were'nt?

 

[DesertPirate]

Who said they were'nt?

Only about 80% of the posts on politics here.

 

[JAMESBJOHNSON]

DOC

If you want better, you gotta offer better. The last time America was in a world of shit the Democrats offered FDR...today you offer, sigh, Obama.

 

[trysail]

With the hundreds of billions (if not trillions) spent on education in the U.S., the widespread economic illiteracy of the populace is beyond comprehension. How is it possible for people to graduate from "college" without any understanding of economics? It is equally astounding to me that "college graduates" are incapable of basic spelling, sentence construction, simple arithmetic, general science, history and a fundamental exposure to the concepts of supply, demand and the operation of markets.

Nowadays, everybody goes to "college"...
... where the vast majority learn nothing.

It is an undeniable and inescapable fact that the average high school graduate of the early part of the twentieth century was better educated than the "college" graduate of 199x or 200x.

 

[JAMESBJOHNSON]

TRYSAIL

Thats the price of EQUAL OUTCOMES. Lower the standards till everyone qualifies for a gold star.

 

[Saucy_Sage]

With the hundreds of billions (if not trillions) spent on education in the U.S., the widespread economic illiteracy of the populace is beyond comprehension. How is it possible for people to graduate from "college" without any understanding of economics? It is equally astounding to me that "college graduates" are incapable of basic spelling, sentence construction, simple arithmetic, general science, history and a fundamental exposure to the concepts of supply, demand and the operation of markets.

Nowadays, everybody goes to "college"...
... where the vast majority learn nothing.

It is an undeniable and inescapable fact that the average high school graduate of the early part of the twentieth century was better educated than the "college" graduate of 199x or 200x.

I agree with everything you said, although I am puzzled by your segue into high school education in the last paragraph. I still remember hearing letters on Ken Burns' Civil War documentary that were written by "average" soldiers and yet were astonishing for their erudition and knowledge.

So you're blaming the stock market's plunge on Monday on the country's colleges?

Frankly, I don't think that "blame" plays into it. I get tired of watching the stock market go up and down, with everyone hanging on each day's closing as if it were the best indication of the health of our economy. Why do financial advisers always tell us to take a long-term approach and then get on TV and tell us why everything's so bad in the short term?

The bailout failed because a strange coalition of far-left liberals, far-right conservatives, and cowards afraid of not getting re-elected didn't vote for it. "Investors" didn't like that news; the stock market tanked. On Tuesday it shot back up. Now it's going back down. What's on TV?