Thoughts on Rescue Plan

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Sep 28, 2008 8:33 pm

What do you guys think about the current rescue plan being put forth for a vote tomorrow?


http://www.marketwatch.com/news/story/text-economic-rescue-bill-official/story.aspx?guid=%7B6945E610%2D2654%2D4C44%2D87ED%2D3DA763EE0200%7D



We'll see if the house republicans even vote for this...I don't think a lot of them will
 
Also, if this is done in installments, get ready to hear about this over a period of time.  It seems to me it would be much better for it to be a huge number upfront and keep it out of the public's eye.
 
But now, with the President needing to approve the next $100 bil and congress needing to approve the next $350 bil, we will surely see this in the media longer than we would like.
 
We'll see if it passes.  Screw the Congress, the Senate and the House Republicans, they are all idiots.
Sep 28, 2008 8:46 pm

I think it might have been said on the forum already, but it seems to me that the huge money being spent to help the banks could be better spent buying up an awful lot of homes with distressed mortgages, or refinancing those mortgages with more favorable terms.
Snags you hit it on the head about Congress, they are all douche bag beaurocrats, including the two candidates.
But i guess what they passed is better than nothing, at least as far as the markets go.
The reality is though, it seems to me with what the next few years are going to look like, the equity markets are going to go nowhere fast anyway. (at least the U.S. markets)

Sep 29, 2008 12:52 pm

Is anyone else getting ready to watch this vote on this bill?

 
I don't even want to think what the markets would do if they actually voted this thing down.
 
This is really a circus.
Sep 29, 2008 12:54 pm

What the hell are they doing?  I just heard Nancy Pelosi blaming people, blah blah blah blah.....market goes down further.  

Sep 29, 2008 12:58 pm
gvf:

What the hell are they doing?  I just heard Nancy Pelosi blaming people, blah blah blah blah.....market goes down further.  

 
Being politicians.  What a messed up system.  She's trying to make the final push to pass this thing, but not before she rips into the Republicans again.  Real smart.
Sep 29, 2008 1:19 pm

If the politicans would only decide to govern rather than play politics. Frankly , both Democrats and Republican Administration/s can both accept responsibilty. Who cares about the finger pointing....govern or have they forgotten their original concept?

To the discussions we have the Subprime situation and now the Financial Institution situation and the fall out continues. Stop with the politics and sound bites. I will say regardless of who wins....the new administration are going to be up to their necks with this problem.
Sep 29, 2008 1:33 pm

You have to be kidding me....they need 218ish to pass it. 

Yea: 115
Nay: 97
NV: 219

time left: 11 minutes.....


Sep 29, 2008 1:37 pm
gvf:

You have to be kidding me....they need 218ish to pass it. 

Yea: 108
Nay: 74
NV: 252

time left: 11 minutes.....


 
It's pretty much 2 - 1 democrats in favor and 1 - 2 republicans in favor.
 
The republicans are killing their own party's plan.
Sep 29, 2008 1:41 pm

Snags & GVF...these fing idoits have got to be kidding? If they fail to aprove then let's see what will happen.

Sep 29, 2008 1:43 pm

The markets will get killed today if this fails.  There are 100 votes left, they need half of them, and the Nays are leading right now.

 
Holy shit.
Sep 29, 2008 1:45 pm

surreal

Sep 29, 2008 1:47 pm

It's done.  Dow down almost 500.  Holy F*ck, this is really bad.

Sep 29, 2008 1:49 pm

600

Sep 29, 2008 1:50 pm

f****** b******t.  down 6.5% now

Sep 29, 2008 1:51 pm

I'm going to have clients screaming bloody murder over this one. going to be a verry long day/week.

Sep 29, 2008 1:52 pm

cue the phone calls

Sep 29, 2008 1:53 pm

Snags ...just did some additional checks on who is admitting exposure to Washington Mutual....Insurance Company - AEGON (Netherlands ) admits in press release 29/Sept/08.

Total general account fixed exposure of EUR 125 million.
What is bothersome is the three trillion number ( subprime ) and the institutions that have bought the paper. No pun intended but this could be some Paper Trail? If you even are buying the three trillion figure that started the problem.
Sep 29, 2008 1:59 pm

TSE down 666.37 or -5.50. Out for a cigarette and coffee.

Sep 29, 2008 2:12 pm

jeez here we go again "to suspend the rules and pass".

Sep 29, 2008 2:37 pm

WHAT THE F*CK ARE THE POLITICIANS DOING WITH OUR ECONOMY?  OUR CLIENTS' RETIREMENTS?  BOTH SIDES COMPLETELY BOTCHED THIS AND DESERVE TO BE SHOT.  THIS IS ABSURD.