Dow Jones Industrials Fall 778 Points

Awww-'tain't nothing but a thing-less than 10% right?
 
yeah- the Democrats blame the Republican and the Republicans blame Nancy Pelosi and the Dems. Guess they got PO'ed over her speech. These guys need to end partisan politics and get off their butts. Personally their inaction makes me mad!!
 
The people who opposed this bailout are gonna regret this. Good luck getting a loan of any kind, say bye-bye to your retirement money if much of it is in stocks, if you couldn't sell your house before, you have zero chance now. The Dow dropped 778 just today, but the week isn't over yet. They need to come up with a new plan fast and get it passed. No one, including me, likes it, but anyone with any economic sense knows it's a necessary evil to avoid a devastating economic recession, or even a depression. We've bailed out airlines how many times? This is even more important. And it had bi-partisan support, even from both Presidential candidates. How often has THAT happened lately? That tells you how important this is.
 
yeah- the Democrats blame the Republican and the Republicans blame Nancy Pelosi and the Dems. Guess they got PO'ed over her speech. These guys need to end partisan politics and get off their butts. Personally their inaction makes me mad!!

Well that wasn't the smartest move on her part, and she fired off more shots at the Republicans after the vote. She never learned when to keep her mouth shut, apparently. If she had something to say politically, she should have waited until AFTER it got passed, at least. What horrible timing on her part.
 
The people who opposed this bailout are gonna regret this. Good luck getting a loan of any kind, say bye-bye to your retirement money if much of it is in stocks, if you couldn't sell your house before, you have zero chance now. The Dow dropped 778 just today, but the week isn't over yet. They need to come up with a new plan fast and get it passed. No one, including me, likes it, but anyone with any economic sense knows it's a necessary evil to avoid a devastating economic recession, or even a depression. We've bailed out airlines how many times? This is even more important. And it had bi-partisan support, even from both Presidential candidates. How often has THAT happened lately? That tells you how important this is.

I agree Dark Knight, I hope they are going back to the table and re hashing the differences... we bailed out the auto makers today... I don't like this, but I don't like the thought of depression either. My hubby and I could be hurting if we could not make our mortgage pmt and ours is only less than $800 per month.
 
The people who opposed this bailout are gonna regret this. Good luck getting a loan of any kind, say bye-bye to your retirement money if much of it is in stocks, if you couldn't sell your house before, you have zero chance now. The Dow dropped 778 just today, but the week isn't over yet. They need to come up with a new plan fast and get it passed. No one, including me, likes it, but anyone with any economic sense knows it's a necessary evil to avoid a devastating economic recession, or even a depression. We've bailed out airlines how many times? This is even more important. And it had bi-partisan support, even from both Presidential candidates. How often has THAT happened lately? That tells you how important this is.


We are already in a pretty devastating depression. Printing more money for a "bailout" and devaluing the dollar even more than it is already is no solution. I work in mortgage lending and have for years. I figure everyone can just forget about borrowing money for a couple of years and let the chips fall where they may. My kids can't even find part time jobs around here anywhere. It is bad everywhere. I am thankful every day I show up at the bank that the lights are on and the doors are still open.

The government was involved in starting Fannie Mae and Freddie Mac. That goes way back. I think this whole generation had no idea what it was like to be in a great depression. My mom would certainly remind me when she was alive. She lived through it. Greedy bankers made loans that shouldn't have been made and took the money while they could. The consumer on the other end is always and forever buying more house, car whatever than they can afford. Have to show up your neighbors, your family whomever.

Greed is to blame on both ends of this problem. Everyone wants more and they all want to get rich quick. Saving, budgeting, living within your means, etc are not the norm any more. I see it every day. When we get back to values that we had in the 30's and 40's maybe this country can pull itself out of the tailspin we are in...we are NOT entitled to have whatever we want just because we want it and as a society we have sorely lost track of that.

Off my soap box...sorry!!!!!!!
 
yeah- the Democrats blame the Republican and the Republicans blame Nancy Pelosi and the Dems. Guess they got PO'ed over her speech. These guys need to end partisan politics and get off their butts. Personally their inaction makes me mad!!

I guess she, Ms. Pelosi, should have realized the Democrats didn't need the Republicans to get this passed since the Democrats control the House. The fact that several Democrats also voted against it says a great deal about the proposal itself.

Ms. Pelosi also seems to forget that the Bush administration has had to face several travesties since taking over. 911, hurricanes and rebuilding a sunken city - these things cost money and until the President of the US is given the power to have a line item veto power - they and we for that matter, are held hostage to bad legislation that very often accompanies good legislation.

In short - everyone of those corrupt freaks in the House and the Senate need to take a good long look in a mirror and really try to convince themselves they are working for the tax payer on "Main Street". They are all full of bull. This Congress has done zero since they came to power and now they must take a few days off because of holidays - GET REAL jerks. Ms. Pelosi - please return to CA as you simply are ineffective.
 
Let it go to zero and we'll find out where the bodies are buried. This has been a long time coming. My late uncle always said that what we needed to straighten out our country was a good old fashioned depression. I believe he has been proven correct.
 
I agree Dark Knight, I hope they are going back to the table and re hashing the differences... we bailed out the auto makers today... I don't like this, but I don't like the thought of depression either. My hubby and I could be hurting if we could not make our mortgage pmt and ours is only less than $800 per month.


I agree. We have less than 10 years left on our loan. To loose our house, at our age and when we have acted responsibly, would be devestating.
 
You are so right Dark Knight. This is extremely important and they need to get it done as simply and as quickly as possible.
 
Yes, and the democrats have the majority vote, so they can't just blame Rep. I am so tired of the bi-partisan politics--when is this country going to work as a team? They would all rather let us go down than work with the "other" side? How professional is that?


Well that wasn't the smartest move on her part, and she fired off more shots at the Republicans after the vote. She never learned when to keep her mouth shut, apparently. If she had something to say politically, she should have waited until AFTER it got passed, at least. What horrible timing on her part.
 
:unksam: I agree!!

I guess she, Ms. Pelosi, should have realized the Democrats didn't need the Republicans to get this passed since the Democrats control the House. The fact that several Democrats also voted against it says a great deal about the proposal itself.

Ms. Pelosi also seems to forget that the Bush administration has had to face several travesties since taking over. 911, hurricanes and rebuilding a sunken city - these things cost money and until the President of the US is given the power to have a line item veto power - they and we for that matter, are held hostage to bad legislation that very often accompanies good legislation.

In short - everyone of those corrupt freaks in the House and the Senate need to take a good long look in a mirror and really try to convince themselves they are working for the tax payer on "Main Street". They are all full of bull. This Congress has done zero since they came to power and now they must take a few days off because of holidays - GET REAL jerks. Ms. Pelosi - please return to CA as you simply are ineffective.
 
If we had better health care, better jobs, here in America, people would be able to make their mortgage payments, on the crappy loans they got. With everything so high priced and no jobs, the average American can't pay their bills.

This bailout is for the wealthy! It is to protect corporate America ONLY!
 
You are so right Dark Knight. This is extremely important and they need to get it done as simply and as quickly as possible.

Don't you think it odd that Treasury Sec Paulson had no Plan B derived, just incase this didn't get passed ? I find it very odd and shows a lack of effort - "my way or the highway" thought process - he seems willing to hang the tax payer out no matter what.

While this currently affects loans - the next group in line will be the credit card companies I'm afraid. People have got to stop living on credit, way too much debt going on in all sectors of this country.
 
Larry King just covered this with both sides represented, please watch late edition if you can. Ben Stein who is major republican economist says this has to be passed. Stock market lost 1.2 trillion dollars today. They are saying your credit will freeze up, jobs lost... I really suggest you watch the program. It was non partisan and I am not interested in blame or partisan politics at this point.
 
Don't you think it odd that Treasury Sec Paulson had no Plan B derived, just incase this didn't get passed ? I find it very odd and shows a lack of effort - "my way or the highway" thought process - he seems willing to hang the tax payer out no matter what.

While this currently affects loans - the next group in line will be the credit card companies I'm afraid. People have got to stop living on credit, way too much debt going on in all sectors of this country.

Exactly RC. We are being spoonfed for the most part. Yes, there is a crisis in the financial markets but why all of a sudden the taxpayers are to absorb this huge debt in a short period of time when it took quite a bit longer for it to get into this shape. Yes, consumers have an inordinate amount of debt for the times but this is likely due to rising costs and job lost. The financial institutions, for the most part, were doing short selling and other risky practices until they were caught with their collective pants down. This hierarchy of greed was rampant and some of this reflects in the bonuses/pay/dividends/ parachutes/etc. available to the top people. I am not downgrading the right to make a living or a really good living but you have to question the whole bailout scenario and the rush to push it through without forethought. I hear Halliburton humming in the background and I wish I didn't.

I was a realtor for almost a decade in Atlanta and had mostly young clients. They all had good jobs but not much in the way of down payments and had good credit too. So, loans were made for this group over and over...conventional, FHA, 100 % financing and the whole creative opportunity. The problem wasn't the loan or the individual but rather circumstances out of their control.

Bad loans or job lost, risky business practices/fraud/greed? Politicians with no grasp on anything but their own pocketbooks and egos? It is like a bunch of kindergartners got loose with too much chocolate.
 
If we had better health care, better jobs, here in America, people would be able to make their mortgage payments, on the crappy loans they got. With everything so high priced and no jobs, the average American can't pay their bills.

This bailout is for the wealthy! It is to protect corporate America ONLY!

If it was for the wealthy only, it wouldn't have such bipartisan support. I don't think people see the trickle down effect of this. First the banks stop loaning money, which means no mortgages or even cars or, for that matter, debt consolidation loans. Then Wall Street crumbles and the "rich corporations" have to start cutting costs, and you know where that starts. And so on and so on.
 
Exactly RC. We are being spoonfed for the most part. Yes, there is a crisis in the financial markets but why all of a sudden the taxpayers are to absorb this huge debt in a short period of time when it took quite a bit longer for it to get into this shape. Yes, consumers have an inordinate amount of debt for the times but this is likely due to rising costs and job lost. The financial institutions, for the most part, were doing short selling and other risky practices until they were caught with their collective pants down. This hierarchy of greed was rampant and some of this reflects in the bonuses/pay/dividends/ parachutes/etc. available to the top people. I am not downgrading the right to make a living or a really good living but you have to question the whole bailout scenario and the rush to push it through without forethought. I hear Halliburton humming in the background and I wish I didn't.

I was a realtor for almost a decade in Atlanta and had mostly young clients. They all had good jobs but not much in the way of down payments and had good credit too. So, loans were made for this group over and over...conventional, FHA, 100 % financing and the whole creative opportunity. The problem wasn't the loan or the individual but rather circumstances out of their control.

Bad loans or job lost, risky business practices/fraud/greed? Politicians with no grasp on anything but their own pocketbooks and egos? It is like a bunch of kindergartners got loose with too much chocolate.

Kindergartners on a sugar high indeed !

I have to say - CEO or not - no one is worthy of more pay than they are really worth and IMO - no one is worthy of a yearly salary in the seven figure range and definitely not worthy of a 8 figure reitirement or separation package - no one is that freaking valuable - not even athletes. Definitely kindergartners on a sugar high. This is assinine especially with the disgraceful extent of poverty in this country and the number of people without medical insurance to help them out. It's BS.
 

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