House rejects financial bailout bill.

http://news.bostonherald.com/business/general/view.bg?articleid=1122277

http://news.yahoo.com/s/ap/financial_meltdown

Thoughts?

boom

If catastrophe strikes then everybody will blame it on this day... hopefully they already have a back-up plan prepared >.>Hungry_bunny

Government Backup plan:

Withdrawl all your money from the bank, stuff half of it under your mattress and buy gold bullion with the other half.

Yay. It might have been the right move to make in the long run, but it's like they never even thought about it. It's like they went up to some random person on the street and whatever they suggested was going to be their plan.

All the upper class people supporting it just made it all the more questionable to me.

[QUOTE="Hungry_bunny"]If catastrophe strikes then everybody will blame it on this day... hopefully they already have a back-up plan prepared >.>Netherscourge

pointless putting it under your mattress as if the economy collapses it will be worth nothing anyway, just spend it all on gold

Government Backup plan:

Withdrawl all your money from the bank, stuff half of it under your mattress and buy gold bullion with the other half.

USA 1776 - 2008

Ignorance killed you right on time.

I knew congress would fail us. So, how is the UK this time of year?

Yeah, Im watching C-SPAN and the Republicans had more Nay votes.

USA 1776 - 2008

Ignorance killed you right on time.

I knew congress would fail us. So, how is the UK this time of year?

MoonMarvel

Well, you're gonna need to stash some of your cash so you can burn it during the winter to keep warm.

So money is not totally useless.

Well, you're gonna need to stash some of your cash so you can burn it during the winter to keep warm.

So money is not totally useless.

Netherscourge

America is now offically screwed.

[QUOTE="Netherscourge"]

Well, you're gonna need to stash some of your cash so you can burn it during the winter to keep warm.

So money is not totally useless.

Jandurin

Um - no not really. They're not our houses anymore.

The banks foreclosed on them.

We have to burn cash and rub sticks together.

when people who have studied this stuff for their entire lives tell you it'll be a disaster if this doesn't pass, its best to listen.... sadly politicians are more interested in keeping their jobs.comp_atkins

[QUOTE="Jandurin"][QUOTE="Netherscourge"]

Well, you're gonna need to stash some of your cash so you can burn it during the winter to keep warm.

So money is not totally useless.

Netherscourge

Um - no not really. They're not our houses anymore.

The banks foreclosed on them.

We have to burn cash and rub sticks together.

Congress screwed up. That being said, life in American isn't going to come crashing down. This is all a bunch of scaremongering. Stop holding on to the cash and go out and spend, but spend wisely.

We wouldn't be in this situation if it wasn't for the ignorant dillweeds who went out and got loans without reading the terms and then defaulting on their variable rate loans.

I wish people weren't so stupid.

when people who have studied this stuff for their entire lives tell you it'll be a disaster if this doesn't pass, its best to listen.... sadly politicians are more interested in keeping their jobs.comp_atkins

Yea - but you know. Someone want's to be the guy who votes NO. This way if it passes and the economy STILL tanks, at least they can say "I told you so!"

America is now offically screwed.

Maqda7

So true. Sad, but we saw it coming.

USA 1776 - 2008

Ignorance killed you right on time.

I knew congress would fail us. So, how is the UK this time of year?

MoonMarvel

We wouldn't be in this situation if it wasn't for the ignorant dillweeds who went out and got loans without reading the terms and then defaulting on their variable rate loans.

hokies1313

[QUOTE="Netherscourge"][QUOTE="Jandurin"][QUOTE="Netherscourge"]

Well, you're gonna need to stash some of your cash so you can burn it during the winter to keep warm.

So money is not totally useless.

Jandurin

Um - no not really. They're not our houses anymore.

The banks foreclosed on them.

We have to burn cash and rub sticks together.

Bank CEO's don't have houses either - they are all on loans they can't pay off anymore.

However, we might be able to burn some furniture - unless it's from Target. Burning Target furniture creates toxic fumes.

[QUOTE="comp_atkins"]when people who have studied this stuff for their entire lives tell you it'll be a disaster if this doesn't pass, its best to listen.... sadly politicians are more interested in keeping their jobs.Jandurin

anyway.. they'll take the bill back to committee. do some re-writes.. and hopefully have something they can pass shortly.

Burning Target furniture creates toxic fumes.Netherscourge

HOORAY !!!! The US avoids socialism for at least a little while longer. Words cannot express my disgust at the thought of bailing out anyone with my tax dollars. Especially wall street bankers and stupid people that bought more house than they could afford.

I am a guy who plays by the rules, pays my taxes and my bills without a single dollar in help from any government agency, who has never taken unemployment checks, even when I was unemployed. All I ask is that my fellow citizens do the same.

[QUOTE="Jandurin"][QUOTE="comp_atkins"]when people who have studied this stuff for their entire lives tell you it'll be a disaster if this doesn't pass, its best to listen.... sadly politicians are more interested in keeping their jobs.comp_atkins

[QUOTE="comp_atkins"]when people who have studied this stuff for their entire lives tell you it'll be a disaster if this doesn't pass, its best to listen.... sadly politicians are more interested in keeping their jobs.Netherscourge

Yea - but you know. Someone want's to be the guy who votes NO. This way if it passes and the economy STILL tanks, at least they can say "I told you so!"

of course.. protecting their ---es..

when people who have studied this stuff for their entire lives tell you it'll be a disaster if this doesn't pass, its best to listen.... sadly politicians are more interested in keeping their jobs.comp_atkins

HOORAY !!!! The US avoids socialism for at least a little while longer. Words cannot express my disgust at the thought of bailing out anyone with my tax dollars. Especially wall street bankers and stupid people that bought more house than they could afford.

I am a guy who plays by the rules, pays my taxes and my bills without a single dollar in help from any government agency, who has never taken unemployment checks, even when I was unemployed. All I ask is that my fellow citizens do the same.

collegeboy64

amen

So what did McCain suspending his campaign actually do? :roll:

[QUOTE="comp_atkins"]when people who have studied this stuff for their entire lives tell you it'll be a disaster if this doesn't pass, its best to listen.... sadly politicians are more interested in keeping their jobs.Rip870

ok so we'll do nothing. banks will fail all over due to bad mortgage debt they've taken on ( to their fault of course ).. banks that manage not to fail will stop lending to protect their own balance sheets. small businesses will not be able to take out loans to expand, pay bills, pay employees etc.. so they have to lay people off. people can't get loans to buy cars.. so automakers have to lay people off. home buyers can not get loans to buy a home. so the surplus of unsold homes continues to grow, depressing the value of everyone's homes... when banks stop lending money it f's everyone. not just "those wall street fat cats"

[QUOTE="comp_atkins"]when people who have studied this stuff for their entire lives tell you it'll be a disaster if this doesn't pass, its best to listen.... sadly politicians are more interested in keeping their jobs.Jandurin

There were just as many educated people saying this was a bad idea. I've been hearing many interviews on NPR with consultants and different people and I don't think anyone knows what will happen either way. What I do know is when the governement goes to lobbyist for some of the richest people in the US and asks them what needs to be done to strengthen the economy, I trust their decision about as much as I'd trust some religious leader or uneducated politician.

depressing the value of everyone's homes...

comp_atkins

Guys, I don't want to sound pessimistic, but I'M ABSOLUTELY CERTAIN the end is nigh!Dutch_Mix

So am I.

[QUOTE="comp_atkins"]

depressing the value of everyone's homes...

Jandurin

how will you be paying for that home? plan on getting a mortgage?

The DOW market on hearing the news dropped 500 points instantly.

The problems facing the US are massive, if this doesn't cripple the economy, then wait for the $10 Trillion national debt and growing extremely fast to kick in.

People don't realise you can't live a life on borrowed money. The Chinese, Japanese, OPEC isn't gonna bankroll the US forever.

[QUOTE="Jandurin"][QUOTE="comp_atkins"]

depressing the value of everyone's homes...

comp_atkins

how will you be paying for that home? plan on getting a mortgage?

Now is actually a really good time to buy. You'd better have good credit though.

What exactly is going to come of all this? What is the result of all these stocks falling and bailouts etc. I don't know what's going on! :oOfficialJab

It just means that we should run in the streets yelling with our arms flailing.

[QUOTE="Jandurin"][QUOTE="comp_atkins"]

depressing the value of everyone's homes...

comp_atkins

how will you be paying for that home? plan on getting a mortgage?

What exactly is going to come of all this? What is the result of all these stocks falling and bailouts etc. I don't know what's going on! :oOfficialJab

[QUOTE="OfficialJab"]What exactly is going to come of all this? What is the result of all these stocks falling and bailouts etc. I don't know what's going on! :oEngrish_Major

It just means that we should run in the streets yelling with our arms flailing.

Indeed. Time to start hitting the panic button (if you haven't already, that is).

[QUOTE="OfficialJab"]What exactly is going to come of all this? What is the result of all these stocks falling and bailouts etc. I don't know what's going on! :odeepdreamer256

[QUOTE="comp_atkins"][QUOTE="Jandurin"][QUOTE="comp_atkins"]

depressing the value of everyone's homes...

Jandurin

how will you be paying for that home? plan on getting a mortgage?

And I am going to have a bake sell to raise money for my Buy Jandurin a House collection. So far I have collected 79,321 dollars.

And I am going to have a bake sell to raise money for my Buy Jandurin a House collection. So far I have collected 79,321 dollars.

dave123321

Wow, they do that here? I had no idea...

[QUOTE="deepdreamer256"][QUOTE="OfficialJab"]What exactly is going to come of all this? What is the result of all these stocks falling and bailouts etc. I don't know what's going on! :oOfficialJab