I still cant get over the audacity of these Criminals, that they thought the working taxpayer was going to save them. the fact that this is being discussed is ridiculous in itself. what other conclusion can be drawn but that this is one f**ked up country.
Small victory, but I feel the overall problem has not been addressed. Currency backed by a commodity is a good start or maybe everybody likes being taxed twice?
LOL give me a break. You really think this so called defeat had anything to do with the redumblicunts and demoncrats suddenly wanting true capitalism?....This vote was shot down over a political pissing match between the buffoons in the house. This bailout will pass and most likely will pass within the next couple of weeks, and the tax payers will be hosed and we will be on our way to a shitty socialist market. If these so called capitalists were serious then you would see them voting nay on every bailout bill that comes but I SERIOUSLY doubt that will happen.......and thank god I wasn't short any puts today!
It's not just about free-market vs. controlled market. I think it's well known that an entirely free market is not a good thing, just like a fully-controlled market is no good. This is about not wanting to waste taxpayer money on a bullshit plan, that's all; and I think that makes good sense (even if the plan is going to pass anyway).
I think it also had something to do with the large number of people (avg. citizens) that harrassed their congressmen, and the congressmen wanting to keep their seats - that's how democracy is supposed to work, though it rarely does.
But unfortunately, the average guy in the street "Joe-6pack" has absolutely ZERO understanding of how money and capital markets work ( the banking system ). You can also put 98% of Congress in that camp as well. Zero understanding of how the economy and banking system are related. "Joe-6pack" won't get his economics lesson until he has lost his job because the company that he works for was unable to finance their payroll through the "frozen" commercial paper market, or because the order at his company just dried-up because of a lack of financing. This is NOT a "great" day for America. It simply confirms what we already know . . . that the average American is far too dumb to be governed. They are like a DOG, that only knows how to react to one-syllable words like, "fetch" "stay" and "sit". They are unable to think through even the most slightly complicated issues, like the current one. Bring on double-digit unemployment rates . . . and an economy that comes screeching to a halt with one bankruptcy after another. It's already happening. What a shame.
No... Everyone knows there is going to be some form of a deal..... It will be better than this one...... A deal...yeah....just not this one.... A better one... This is why today is good....
This notion that without credit we will die is ridiculous. It is the crazy credit that is killing us---and you want more!
We don't live in a democracy. We live in a republic. What you just described is how a republic works. IF this were a democracy, then we would all be voting on this bill instead of the elected representatives. In any case. It didn't have "something" to do with congressmen wanting to keep their seats. It had "everything" to do with them wanting to keep their seats. What it comes down to is that the vast majority of Americans don't want this bill. The vast majority of GOP congressmen don't want this bill either. The vast majority of DEM congressmen do want this bill, but what they don't want is to be tied to it come election time. They want the money, but they know the bill is unpopular and they are already the most disapproved congress in the nation's history.
Well, if the credit markets 'sieze', but there are still people with cash out there (what people are holding their assets in for the most part), then some enterprising soul will come up with a mechanism to connect the two and in doing so, 1) make a profit and 2) maintain these people's jobs. And if the solution makes an end-run around traditional financing, so be it. Furthermore, if these financing rates rise (another word for call money), it might make finance people think twice about overleverage and keep their balance sheets healthier. Short term pain for long term gain.