I'm SO proud of our congress!!!

Thanks Virigin – My guy (Anthony Weiner) is on the good guy list. I was for the bill and I hope I was wrong in my judgment. I supported it because if an argument is being had between the house republicans and the former head of the Princeton Economics Department and lifelong student of the great depression; I’m usually going with the nerdy professor (no offence).

You cannot let short term market movements dominate long term economic planning.

I’m sorry… that argument of voting with the nerdy guy doesn’t apply. Nerdy statistics got us into this mess. Common sense will get us out… and yes, it may be painful.

black swan, short-term market swoons can be the beginnings of long term market meltdowns that render long term economic planning moot. ask japan.

Yep, concur with emmitsmith. Also, declaring that we have a plan and then screwing the pooch was a big time mistake no matter how you look at it. Trillions of dollars of wealth being erased by mismanagement.

virginhooker, so you are advising doing nothing? and please define painful? painful as in 12-14% unemployment? If we can fight to avoid it, why not do so? BofA is already not lending to small businesses, companies can’t get money and when they have it they lock it up in Treasuries rather than hand it over to banks who could then lend it out and let it flow through the economy. I can only assume that people against the bill are short the market.

i’m tired of hearing the good news, " WE ARE OFF THE LOWS" how many new lows do we have to hit before people realize “off the lows” is meaningless???

I can assure you that “nerdy statistics” most definitely DID NOT get us into this mess. I am in the boat thats pissed the bill didnt pass. I think we brace ourselves for some serious hits if nothing goes through

Nerdy statistics are what they used to predict defaults of mortgage pools… they didn’t work did they? Would we be here today if they used common sense?

Well we can debate the meaning of the word “nerdy” but I think the rating agencies definitely had a lot of jocks on board.

Jscott24 Wrote: ------------------------------------------------------- > Well we can debate the meaning of the word “nerdy” > but I think the rating agencies definitely had a > lot of jocks on board. I place a big share of the blame on the rating agencies and on the market’s reliance on the rating agencies opinions on this paper.

Theo Wrote: ------------------------------------------------------- > Salute republicans the republicans are just headless (literally, lol, bush/boehner/mccain are all totally clueless about what’s hit them) chickens running around.

I am dismayed at the sheer number of people gloating at this bill not passing! While I can see how myopic “mainstreet” can be (given the misnomer “Wall Street bail-out”), a lot of people here do work on the street! Quelle horreur! Corporate lending has completely shut down until year-end even at the healthy banks. What this does is shutting lending down through (yes, through) 2010. This is not just a little bloodletting, it’s a bloodbath! *sighs and takes a gulp from alcoholic beverage of choice*

I dont understand why passing this bill would have been so bad, but passing a 643 billion spending budget which includes 25 billion in tax payer subsidized loans to the auto industry and 70 billion for the wars in Iraq and Afghanistan is OK? http://money.cnn.com/2008/09/27/news/economy/spending.ap/index.htm

Thats perfect timing… I am doing level 2 june 09 and by the time I get the charter market will have recovered, and I will not miss much for not having it yet :slight_smile:

you got it so right Vranka. What genius decided to call this plan a $700bln bailout?? Paulson really should’ve marketed this thing better. People on main street do nothing more than read those few words before forming their negative opinion. and then the spineless congresspeople who are only interested in re-election listen to the people who won’t feel the pain until a year from now when it is too late to act!

Pelosi didn’t help when she decided to bash the sh_t out of the republicans earlier this morning.

Jscott24 Wrote: ------------------------------------------------------- > Well we can debate the meaning of the word “nerdy” > but I think the rating agencies definitely had a > lot of jocks on board. I don’t think so. Are there decent quants older than 28 working at the rating agencies?

JoeyDVivre Wrote: ------------------------------------------------------- > Jscott24 Wrote: > -------------------------------------------------- > ----- > > Well we can debate the meaning of the word > “nerdy” > > but I think the rating agencies definitely had > a > > lot of jocks on board. > > I don’t think so. Are there decent quants older > than 28 working at the rating agencies? Agreed with Joey, the rating agencies never paid well enough to have the best quants.

YEAH, NICE JOB CONGRESS, YOU BALKED AT A $700bln PRICE TAG IN FAVOR OF BLEEDING THE MARKETS BY $1 TRILLION IN ONE DAY ONLY!!! NICE JOB ELECTED MORONS!!!