Posted on 09/29/2008 11:16:12 AM PDT by 300magnum
http://www.marketwatch.com/news/story/us-stocks-plunge-global-credit/story.aspx?guid=%7B7F45BE2A%2D0486%2D494E%2DB87C%2D76D9F2688338%7D
(Excerpt) Read more at marketwatch.com ...
McCain is dead.
The mortgage mess created by the Democrat welfare statists needs to be dealt with, period. The bill that failed today was an abomination (IMHO) and deserved to get shot down. But a real, workable solution is needed or a lot of hard-working, decent, middle-class people who played by the rules, planned carefully, and didn't expect Social Security to take care of them are going to lose their life savings.
I've been in financial services for more than 20 years, and I don't think you all understand how serious this is. We are looking at truly global consequences exacerbated by the effects of financial leverage.
“For me, I would rather work my fingers to the bone until I die than to give my country over to socialism.” AMEN. What a bunch of whiners. If they wanted zero rish they should have gone CD or money market.
RISK ANALYSIS people. Duh.
Don't be a complete and total fool.
“For me, I would rather work my fingers to the bone until I die than to give my country over to socialism.” AMEN.
What a bunch of whiners. If they wanted zero risk they should have gone CD or money market.
RISK ANALYSIS people. Duh.
You said it...and in the meantime, I am going to keep on plunking my 401K in, week by week, grateful that it is not buying at 11K right now...
Don’t turn into a money grubbin’ communist.
Hey, investing is a crapshoot. I have put every spare dime I’ve had into CDs for the last 5 years. Yous wants a higher return yous takes your chances.
True, Chris Dodd, Barney Frank, and the Dems were the culprits in pushing Fannie/Freddie and the banks to discard the old lending standards.
But, no one will remember that, and we are where we are now. This is not a “bailout.” It was painted as that though, and there has been a false debate with politicians taking sides based on where they want to position themselves.
The failure of this plan means that the credit crisis lives on, and may even worsen. Lets see what’s next.
BUt, many people seem to think that this is simply a healthy market correction and rejection of a bailout for fat cats, a great thing.
Ha — I wonder if they realize that there have been bank failures, failures of insurers, failures of mortgage underwriters, etc., and that these were not caused by the stock market. The stock market is reacting, and will continue to react.
“That’s a little too easy to say when you aren’t watching your retirement fund sucked down the drain.”
How close are you to retirement?
The 94 votes by Rats against the plan tells me the Republicans had more weapons in their arsenal than they tried to use.
The Rats are ALWAYS going nuclear, but the Pubbies play with spitballs.
With 94 Rats afraid of their consituents, the Pubbies could have tried a much more stronger tack:
1. Demand the resignation of Barney Frank and Christopher Dodd from Congress as the price of their support of ANY solution.
The Rats and the MSM would claim the Pubbies were “politicizing the process” but it would focus attention of the people on the Rat culpability on this mess.
It would put the Rats on the defensive, and put the Republicans more in control of the process.
Easy for that gas bag to say that when he gets 50 mill a year in a contract.
Us poor shlobs nearing retirement who paid by the rules are screwed.
““Screw the market.” Rush just said it. haha”
Easy to say when you have his kind of financial security. For a lot of us the last few months have been nerve-wracking.
I agree 100% - but at the moment, those are not our only choices. I hated the bailout, as I've said elsewhere here, but we cannot pretend that a solution of some sort is not needed. Ignoring the problem will not make it go away.
I want to make the Democrats pay for what they've done here, and if the Republicans can find it within themselves, they have been handed an opportunity to seize the moment and craft a market-based solution that removes power from the Federal Government rather than turning us into another godawful Euro-socialist state in a slow death spiral to oblivion.
Check your history.
It's the commuists who have railed against the rich to get their populist way over the last 150 yeras.
Any idea why the extreme left (those most communist in the House)voted against the bill? That's right...they wanted to stick it to the rich just like you.
I think you need to look in the mirror before you call someone else a communist.
>>I think a lot of folks on here cheering the failure of this bailout are worried about their retirement. For me, I would rather work my fingers to the bone until I die than to give my country over to socialism.<<
Amen!
My hubby’s family has money. Lots of it. He was the black sheep. Went into the Marines instead of becoming an engineer like the rest.
They dump thousands into savings for retirement.
I told my hubby that I’ll be at Walmart while they are vacationing. LOL! It doesn’t bother me! My people are from good Polish/Irish/German stock. I’ll work til I die to keep my kids free!
(and maybe they’ll buy me a case of Mighty Dog for Christmas! It’s 100% Beef!)
So Rush says “screw the market.”
OK. That’s great. The stock market is reacting to massive underlying problems in the credit markets. I hated this plan, and no one knows if it would have solved the underlying problems.
What is sure, is that the underlying credit problems are unresolved, and more stock market turmoil is almost guaranteed. Wait until companies that have nothing to do with Wall Street can’t access their normal credit lines, or if they even can, at enormous cost. I wonder if Rush will say “screw them” too.
Looks like this isn’t going to get done today and if not today, the next time the House can work on this is Thursday because of Rosh Hoshanah. If they manage to bring up another bill at the end of this week, it will be a few days beyond that before the Senate could get to it.
The stock market has not collapsed. In fact, I’ll bet a lot of people are seeing this as a buying opportunity.
The longer we go without a plan without anything major going awry, people are going to say, what’s the rush, why all the dire warnings?
I think that next time around, the pressure from the public will be even stronger as awareness is now increased.
Pelosi is out there blaming the GOP (thus repelling them from voting her way), but by doing so she is actually extolling the GOP to the public because the GOP is on the side of the public. What is she thinking?
Allowing a complete freeze of the credit markets, and a consequent stock market collapse, will likely be the shortest route to socialism.
I hated the plan. And supported it. Now we have nothing, and chaos will reign if nothing concrete is done soon. A chain reaction has begun, and no one except God knows where this will end. Somebody better come up with something soon to unfreeze the credit markets.
Think this will kill McCain, it’s nothing compared to what will happen to the market if Osama gets in.
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