I oppose this bill. I can't believe those idiots in Washington are crying crises and then try to pass a bill filled with pork and tax cuts for bikes.
Beyond audacious.

If this bill goes through, I'm going to take all my money out of the bank and head to Atlantic City this weekend. If I lose it all, I'm going to demand that the federal government replace what I've lost, and all you suckers are going to pay for it. Of course, if I win I'm going to keep it all via any tax loophole I can find.

I supported this bill before I voted against it.

I won't question people's motives on this, since I originally thought this was our best option and that immediate action was necessary. But as a week has gone by and it's not the apocolypse, perhaps we can afford to slow down and take a different approach. But it has gone from being a bad bill to atrociously bad. And all of the "sweeteners" just show how unserious anyone takes this bill; it's now just $700 billion to look like we're doing anything. That's about $70 billion per approval point for Congress.

This bill is not needed. Let the markets work as they are working.

I'm an old AG Edwards guy. We were acquired by Wachovia last year. Last Monday there was an 'agreement in principal' for Citicorp to acquire Wachovia's banking operations with the remainder (including the brokerage where I work) staying with Wachovia. This deal was dependent on the FDIC taking some non-performing loans (42b worth) off Citi's books. Well, this morning Wachovia agreed to be bought totally by Wells-Fargo. This new deal , if better for stockholders and employees.

The markets worked as they should. We don't need this bailout. I've already emailed my congressman (Todd Akin) but as he's one of the most consertative in the house and is still going to vote no. For my senators both voted yes. Kit Bond (close to a RINO) comes up for re-election in two years. I have already emailed him and said I will support any consertative who runs against him in '10.

John,

I could not agree more.

I keep hearing on the radio - elitist comments from congressmen about how the congress knows it is a good bill but the constitutants back home hate it and how they need to do the right thing.

Poppycock!

I know more about economics than the majority of the senators, having studied it (amongst other topics) extensively in school. I don't buy it for one second and I still haven't heard a rational explanation for how it's going to fix anything, let alone how it will be superior to allowing tight credit to act as a price signal to discourage borrowing.

Nor have I even heard why it would be desireable to continue to allow us to borrow when it was living beyond our means that got us into this mess in the first place.

And now here they are asking us to all share in the pain of bad decisions so that the economy can can continue to borrow easily. As they say on the Battlestar - Frack that.

The whole economy is in debt far beyond it's means and this is just the first in a long line of credit problems. Just wait until the Social Security and Medicare bills come due.

The sooner we make credit tight again, the sooner we can make the lifestyle changes we need to stop being a nation of debters.

"Everyone" was not for this. It's not brave, it's wreckless. Any congressman better actually understand what he is voting for - not just be taking some "expert" (Paulson's) word for it.

Keep up the good work John.

Posted by President_Friedman
2008-10-03 10:58:40

The dirty little truth is that for worthy borrowers, there is plenty of money available at the right price. There is no interbank lending b/c banks don't consider each other worthy borrowers b/c asset valuations are fictional and they each know it.

If this bill passes, Americans will be less worthy borrowers in the world market. I expect the price of money to rise for Americans.

Drudge is reporting yet another glaring example of the government's ineptitude in these matters:

Last week, the FDIC stepped in and took over a failing Wachovia, and withing 24 hours had brokered a deal to sell it to Citigroup.

Now, Wells Fargo (one of the financially strongest banks in the nation) has stepped in and made a better offer that requires absolutely no government intervention.

FDIC director Sheila Bair said the agency stands behind "its previously announced agreement with Citigroup." and Citigroup is circling the wagons to fight to keep the pound of flesh it has extracted.

In literature, this is known as FORESHADOWING.
It is just a tiny tiny glimpse of the bullshit we have in store if this bailout package goes through.

This is somewhat related.

Did anyone see the head-to-head between Bill O'Reilly and Barney Frank regarding Fannie/Freddie?

http://www.salon.com/politics/...m=/politics/war_room

Posted by D-Vega
2008-10-03 11:45:14

I saw it replayed this morning.

I generally don't like O'Reilly. His populism and condescention is a real turn off to me.

But I found myself cheering him on this time. It was downright therapeutic to watch, as if he was unloading the collective anger of the entire nation on this pinheaded little beuraucrat who helped create this mess. I had visions of Ahab spearing the White Whale.

And IMHO, Barney Frank deserves an extended visit to Guantanamo Bay for his hand in this mess.

-- The House has passed the economic bailout bill 263 to 171.

CNN Breaking News

So, can I stop making my mortgage payments now?

Why not; I just apparently got my new car for free.

I'm going to have to go with you guys. I think this is a bad idea and won't do anything really. Just give pols some cover for their asses.

Sorry, they both made up the same difference from the oringal vote which was Democrats 140-95, Republicans, 133-65.

I think this is a bad idea and won't do anything really. Just give pols some cover for their asses.

Posted by D-Vega
2008-10-03 14:39:59

Bad idea? Yes. Won't do anything? I'd agree that it won't do anything positive except make Wall St. giddy. I think there's plenty of room for long term harm to come from this. Give pols cover? I personally think it's open season on incumbents given the shameful pork grab that we just witnessed.

And now watch as the Dow sinks, as people pull their money out of the stock market and throw it into (what are now) federally insured money market funds.

Posted by President_Friedman
2008-10-03 14:55:25

If too many people do that, the Feds might insure the Dow too :-)

And now I've just seen that they're trying to sneak "Global Warming" into this bailout nonsense too.
http://tinyurl.com/3w4lja

Legislate in haste, repent at leisure...

Close. They legislate in haste, we repent in liesure. And repent, and repent...