House Says “Nie”
The Stock Market and Bailout Bill are both “FAIL” right now.
The House Roll Call page is also “Fail”, so I’ll go with the MSM’s 205-228. So much for “leadership”.
Update: Here’s the vote.
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…first the Republicans wanted the blame for passage to be laid on the Democrats; now they say that it’s the Democrats’ fault that it failed because Pelosi said mean things about Gee Dub in her closing floor speech. I do with they would make up their minds…
At this point I’m pretty much of the opinion “f*** it”. There is no immediate danger of a complete collapse of the banking system — we have at least six months to play with — so let the Republicans take ownership of this, and let Obama fix it once he takes office. Or let McCain take ownership once he takes office (which I’m not ruling out, yes, his campaign is a train wreck, but remember, 50% of Americans are below average, and average ain’t so smart nowdays, so I don’t know *who* will win the election…).
My guess is that they were trying to beat the end of the third quarter tomorrow, which I assume is going to be an official, can no longer hide it, loser.
The Dems should go for something they can pass on their own. Obviously the “charge to the rescue” of “George Armstrong” McCain didn’t work.
The Swedish and British plans that involve some nationalization seem to work. The bonds and derivatives have no value because they have no value. If they had some “hidden value” people would buy them. They aren’t being bought because they are worthless, not under-valued.
You capitalize by buying preferred stock, not by buying worthless paper.
People don’t believe the “leaders” who are selling this mess. No one involved in the current US government has an approval rating about 26%, so voting for a bill that no one understands completely, and doing it quickly, is a recipe for failure.
You have to get Main Street on board first. Directing everything at Wall Street and Washington insiders just won’t work.
What I love is how the talking heads are blaming the Dems, just because Pelosi opened her mouth, when there were a lot more Rethugs than Dems who voted Nay.
Of course, I don’t know that Ni!! is such bad thing…. I think the assholes who caused this mess ought to pay, not you and me.
My Congress Critter, who is a republican, voted no. I’m amazed. Well, I guess he wants to get re-elected.
I stopped by the House Messaging Service to send him a thank you email, but it’s overloaded and sends back a message to that effect.
The stock market is up this morning; the sky hasn’t fallen; so much for the doom sayers.
They had better come up with something quickly, and it had better be something that is worthwhile on the campaign trail if they want it to pass.
The problem is that the “worthless paper” was sold to retirement funds and investment funds as grade AAA prime mortgage-backed securities, the next best thing to U.S. Treasuries on the safety scale. So those of us who were prudent and moved some of our retirement funds to “safe” bond funds when the market started getting frothy are kinda SOL because our retirement funds just turned into pumpkins.
If there was any justice, the people who issued the AAA rating and tricked my retirement plan into buying that worthless paper would be prosecuted for fraud and forced to reimburse my 401(k) for the money they cost me. But that ain’t happening because they already moved the money elsewhere.
So here’s the deal: Should my retirement suffer because the banks and bond rating agencies participated in fraud and tricked my 401(k) plan’s bond fund into buying their worthless paper?
– Badtux the Defrauded Penguin
You know, I know, that this was fraud. The ratings agencies and the originators committed fraud and assets and people need to be seized and prosecuted. I have no problem with helping victims of the fraud, but I don’t see anything that looks even the slightest bit punitive in any of these proposals.
Those guilty of committing these frauds need to be totally wiped out and their accumulated wealth given to the victims.