$700B Bailout Plan Fails!

[Mr Science]

http://money.cnn.com/2008/09/29/markets/markets_newyork/index.htm?cnn=yes

I don't know if anyone was watching CNN, but you could visually see it dropping every few seconds it updated.

http://img241.imageshack.us/my.php?image=dowtumblechart2vn4.jpghttp://img241.imageshack.us/img241/1112/dowtumblechart2vn4.jpg (http://imageshack.us)

Today, it fell nearly 778 points (-6.98%), making this the biggest drop ever.

http://i214.photobucket.com/albums/cc307/Infinite411/ouch.jpg

[Kaydon]

I saw it coming before they even announced it, a "bail out" - "plan," a 'plan' that lacks any kind of planning. I also saw failure. How come I'm not on Wall Street? Oh.. it's cause I'm not a Jew.

Anyway... Yeah, now would be the time to stock a little on non-perishable food items. Sugar is going to ROCKET in price. We're going to wind up like Zimbabwe..... (exaggeration, obviously.. but you get my point)

[Alexires]

Looking at that graph, I thought "That's not so bad"....until I realised it was in one day.

Keep this in perspective though. Even though it might have been the biggest drop ever, it doesn't even make it into the top 10 for % drop.

Still, hope your BOBs are ready and perhaps it might be worth converting that excess cash you have at home into solid gold.

As soon as someone mentioned the phrase "$700B Bailout Plan" it was doomed to fail. It doesn't make people feel secure. It make people think the situation is fucked because the FedGov needs to intervene......

If you ever wondered about the sheeple mentality, there is nothing that stinks of its herd mentality weakness than the share market.

[PYRO500]

I saw this coming 3 years ago (as a locksmith) with customers more and more frequently re-keying their rental properties to the point where it is both constant and a nuisance for me. I Decided to keep my job that demand for increases when the economy falls... I have chosen now to give much of my spare $$$ to my broker :-D . I am waiting for that rock bottom where we start to go up again.... Personally I would be very very happy to see it plummet even further, I can buy more stock and it IS going to go up again, people panic and pull their cash out.. what fools...

[phrankinsteyn]

I believe they will come up with and pass another (plan) bill. To much is at stake for them (capitalists, politicians and the world economy). It's a smoke screen on their part to get the people in a panic.

But it never hurts to have a BOB and supplies. :)

[Hirudinea]

Well what can I say, I'm brushing up on my 30s tunes and packing a bindle. ;) Really we'll have to wait and see, but stocking up on essentials (5.56 and 7.62) would be a good idea.

Anyway... Yeah, now would be the time to stock a little on non-perishable food items. Sugar is going to ROCKET in price. We're going to wind up like Zimbabwe..... (exaggeration, obviously.. but you get my point)

Hey your economy is going down the tank and your going to have a black president, whats the difference?

[Kaydon]

The difference is the extreme difference.. Also, we're not going to have Obama as president.

The problem with the plan was that it did nothing to help the working class and a Capitalist economy cannot survive without the working middle class. Without a middle class, you have no economy. It's not surprising, our debt.. we've been borrowing money from other countries for decades. On top of that, our dollar isn't worth shit anymore. It used to be that if you had $5, you were loaded.. now $100 isn't even considered pocket change.

NAFTA is a huge issue as well and is a contributing factor.

[TheSavageHyena]

http://www.youtube.com/watch?v=4jMRt1AwBDk&eurl=http://www.campaignforliberty.com/

That link is probably the only good thing that has ever come out of the House during this entire ordeal. And you would think that after he (and many other people) predicted this mess that people would finally wake up and listen to him. Instead the masses still tune into the boob tube and continue to wonder which retarded douche to vote for.

How come I'm not on Wall Street? Oh.. it's cause I'm not a Jew.


That is very true. It is not hard to see that the majority of this economic problem is a direct result of money mismanagement. It is a lot of bullshit that can be completely obliterated if we got the fedgov the hell out of our business and our businesses.

[Bugger]

The story about the rejection of the bailout, and the resulting biggest-ever fall on Wall $treet, along with the failures and takeovers of another large U$ bank and of four European banks, has been all through the news media here in New Zealand, since the vote was announced on the morning of Sept. 30th NZ time. It was defeated in the Hou$e Of Repre$entative$ by about 225 votes to 208, with most of the opposition being from the Republican minority. I wonder if we will again see stockbrokers in pin-striped suits jumping from the tops of Manhattan skyscrapers, like what happened after the October 1929 crash.

You should look carefully at the REASONS WHY so many Republican$ in the Hou$e, against Bu$h's recommendation, rejected the $700 billion Bill. I suspect that the REAL reason was the ban in the Bill on excessive remuneration - "golden parachute$" - for failed executives in the firms which are to be bailed out. Many of these failed executives are "buddies" of Republican Congre$$people, and helped finance their election campaigns. Of course, some Democrats rejected it because of the Bill's containing little or no help for financially-stressed mortgagor home-owners, mostly ordinary workers, who are in danger of foreclo$ure, and who would be only indirectly helped by the bailout through its tending to keep intere$t rates down.

But the $enate is just now debating an amended form of the Bailout Bill, and I understand that their vote is expected to pass it in about 2 hours' time.

[Hinckleyforpresident]

I have attached a PDF of the current version of the bailout bill. It is being debated in the senate right now.

[Kaydon]

I get a damaged file error with the attachment.

[Vitalis]

The bailout needs to fail. Bad idea; just let the crash come now and we can weather the storm and rebuild.

Most people need to lose their jobs and have to scrounge for food to awaken them to the fact that they need to DO something to fix this mess.

I welcome it with open arms.

[Alexires]

Or loaded arms, as the case might be...

[megalomania]

Great change happens only after a great crisis. I do not want to see the American people reduced to the despair and hopelessness of hunger, disease, unemployment, and rampant poverty. However, this could serve as the catalyst to smash the greedy and corrupt fedgov system that let this happen.

Soon it may be time for the jackbooted fedgov neo-gestapo thugs to stand side by side next to the designer loafers of bankers and the powers that be... Side by side, gently swaying in the breeze that weaves through the knarled branches of the hanging tree where their bloated corpses serve as a feast to carrion birds.

Let the tattered shreads of once quality designer suits enveloping the skelital remains of senators still hanging from the marble columns of the capital building serve as the banner of the revolution. A reminder to those who strip us of our freedoms, you will be stripped of your flesh.

The board rooms will be awash in blood, the powerful elite struck down mid-meeting, their fists still clenched around a crimson streaked wad of cash their scheming made worthless.

The history of revolution is always the same: The middle class rises up, kills the powerful elite, instills themselves as the new power elite, and leaves the poor right where they are. Things may not be bad enough yet to incite the people into lynching mobs, but it could go that way soon enough. There are not enough cops to stop us all from smashing their surveilance cameras. They do not have enough bullets to stop us from swarming over their barracades. Their shiny badges will offer little protection against the hands that clasp around their corrupt necks. The good cops will fade away, defeated, and the elite will be left to fend for themselves. They will hang for their role in bankrupting our nation.

[Vitalis]

Or loaded arms, as the case might be...


Haha, yes, that is definitely part of it.

There really is no hope for our system though. We haven't had real money in a long time, only virtual money.

The United States of America has been dead for a while, but only now are people beginning to smell the decay...

[ChippedHammer]

Looks like it has been passed, I really feel sorry for the average Joe who just got royally fucked over.

http://bayimg.com/image/halgpaabf.jpg

[Hirudinea]

Great change happens only after a great crisis. I do not want to see the American people reduced to the despair and hopelessness of hunger, disease, unemployment, and rampant poverty. However, this could serve as the catalyst to smash the greedy and corrupt fedgov system that let this happen.

Which is exactly the bailout was, finally passed, if the system fails they will be put up against the wall so the system CAN'T fail.

[Hitech_Hillbilly]

It's not a Bail Out... it's a raping. Those in power are using anything they can as an excuse to get as much as they can looting the coffers before it's gets bad enough for us to rise up and take back control through whatever means are necessary. By that time, they will all be gone, in some other country, and the puppets will be left hanging for their crimes.

Can you tell how happy I am about the "Bail Out". And have you seen how the market continues to plummet. Just more proof it wasn't meant to help anything, just line their fucking pockets.

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"Fascism makes taxpayers responsible to private enterprise, because the State pays for the blunders of private enterprise... Profit is private and individual. Loss is public and social."

Historian Gaetano Salvemini

[Alexires]

There hasn't been much said about how the financial institutions are going to repay the government.

Nothing like having absolute control over the finances to promote democracy, eh?

[Cobalt.45]

The fucking bill passed- after yet MORE pork was tacked on! Utter fucking larceny.

[Vitalis]

Yea, these "Bailouts" are plain and simple theft. They are never meant to help Mr. and Mrs. John Q. Taxpayer. Our handlers don't give a flip about us.

They know most people don't have the balls to fight back (hopefully when things get really bad, they will be proven wrong).

Now the Fed orders an emergency cut of half a point as the financial crisis deepens in U.S. and abroad. This is not getting any better before it gets MUCH worse, the longer it is hidden and put off, the worse the inevitable crash will be.

Bad news, worldwide.

[slarter]

Did you see the boondoggle that AIG pulled off? They sent their top management to a resort in SoCal just days after being bailed out for $85+ BILLION U.S. The entire thing was R&R only and cost $440,000 U.S.

WTF?

[Vitalis]

That's what they do best, it's good to know my tax money is hard at work.

[iHME]

A good little presentation:

http://farm4.static.flickr.com/3047/2921978491_ee7318951c.jpg

http://flickr.com/photos/26810211@N06/2921978491/sizes/m/

Who would have thought that beer could be a good investment on something else than hangover :p

Neomagic does not get my sympathy, they make shitty GPU's, one of my computers has one, even age of empires 1 on minimum settings lags :mad:
No wonder they are fucked now.

[Jacks Complete]

iHME, I think your tagline gets it right - it's a catastrophic success.

Pumping that much money over to China is just silly. Anyone know how the banks over there are getting on? Or in Russia?

[Hirudinea]

iHME, I think your tagline gets it right - it's a catastrophic success.

Pumping that much money over to China is just silly. Anyone know how the banks over there are getting on? Or in Russia?

I've heard that China has a shitload of money, their banks are solvent, do to the low value of the Chinese Yuan and the fact that everything is made in China, trade surplus anyone, and that China might start buying up U.S. companies, banks, and resources for a song, so they're doing fine, hope you like Chinese food because it seems China will soon be in a position to buy the West! (How to I translate this into Big5?)