House rejects financial bailout bill.

[QUOTE="pianist"][QUOTE="guynamedbilly"]

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.

comp_atkins

You know, at some point you have to stop listening to analysts, because you're a fool to think analysts don't have a personal agenda to fulfill when they tell you how the economy is doing. Not everyone cries when the market collapses. Ever heard of short selling? Do you think a short seller is crying now? Do you think he's going to tell you that the market's fine and that this is a ridiculous over-reaction? Of course not. He'll tell you the end is nigh, that there's no hope of recovery, and that you'd better sell everything you have right now before it's worth nothing.

The bill should have passed. People who think it's bad that they would have to pay some taxes to prop up institutions that were irresponsible will think it's even worse when they have no taxes to pay because they don't have jobs.

The short sellers are crying because they cannot short bank stocks :P

Did they pass that yet? I thought that was in the $700B Bailout bill?

[QUOTE="comp_atkins"]

The short sellers are crying because they cannot short bank stocks :P

pianist

Ah, but they can short everything else. I wish I had short selling privileges, because there have been an awful lot of great-looking short set-ups in the past year.

[QUOTE="pianist"][QUOTE="comp_atkins"]

The short sellers are crying because they cannot short bank stocks :P

Jandurin

Ah, but they can short everything else. I wish I had short selling privileges, because there have been an awful lot of great-looking short set-ups in the past year.

Thank G*d they didn't pass this socialist bill. Now let's put together a FREE MARKET plan that'll get us out of this mess. The first step should be to say GOODBYE to the capital gains tax and institute a big corporate tax break. And while we're at it, why not drill here, drill now?

Does this means i will be able to buy SH5 from steam for cheap?loco145

What it means is that you should spend that money on stocks instead of SH5. If you have money to spend there is no better time to invest than when everybody else thinks it's time to sell. Just don't jump on the boat too early. Wait for the inevitable recovery to begin.

[QUOTE="comp_atkins"][QUOTE="pianist"][QUOTE="guynamedbilly"]

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.

Netherscourge

You know, at some point you have to stop listening to analysts, because you're a fool to think analysts don't have a personal agenda to fulfill when they tell you how the economy is doing. Not everyone cries when the market collapses. Ever heard of short selling? Do you think a short seller is crying now? Do you think he's going to tell you that the market's fine and that this is a ridiculous over-reaction? Of course not. He'll tell you the end is nigh, that there's no hope of recovery, and that you'd better sell everything you have right now before it's worth nothing.

The bill should have passed. People who think it's bad that they would have to pay some taxes to prop up institutions that were irresponsible will think it's even worse when they have no taxes to pay because they don't have jobs.

The short sellers are crying because they cannot short bank stocks :P

Did they pass that yet? I thought that was in the $700B Bailout bill?

no that was a temporary ban they put in place a week and a half ago i think. in effect until oct. 2nd.

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

The short sellers are crying because they cannot short bank stocks :P

xaos

Ah, but they can short everything else. I wish I had short selling privileges, because there have been an awful lot of great-looking short set-ups in the past year.

all? i thought it was only like 800 or so stocks.

well, currently, ALL short selling has been suspended, right?Jandurin

Not in Canada as far as I know. I don't trade the US markets. But our markets are affected by what the US markets do. The TSX is down more than 6% today. Lucky for me, I'm not heavily exposed to the stocks that are most directly tied to the index, so my paper losses today haven't been all that significant. But this market has been a shorter's heaven for months.

Thank G*d they didn't pass this socialist bill. Now let's put together a FREE MARKET plan that'll get us out of this mess. The first step should be to say GOODBYE to the capital gains tax and institute a big corporate tax break. And while we're at it, why not drill here, drill now?

mysterylobster

Start drilling now, and you'll see results in about a decade. People who think drilling in places like ANWR will make an immediate difference to anything are living in a fantasy world.

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

no that was a temporary ban they put in place a week and a half ago i think. in effect until oct. 2nd.

comp_atkins

[QUOTE="Netherscourge"][QUOTE="comp_atkins"][QUOTE="pianist"][QUOTE="guynamedbilly"]

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.

comp_atkins

You know, at some point you have to stop listening to analysts, because you're a fool to think analysts don't have a personal agenda to fulfill when they tell you how the economy is doing. Not everyone cries when the market collapses. Ever heard of short selling? Do you think a short seller is crying now? Do you think he's going to tell you that the market's fine and that this is a ridiculous over-reaction? Of course not. He'll tell you the end is nigh, that there's no hope of recovery, and that you'd better sell everything you have right now before it's worth nothing.

The bill should have passed. People who think it's bad that they would have to pay some taxes to prop up institutions that were irresponsible will think it's even worse when they have no taxes to pay because they don't have jobs.

The short sellers are crying because they cannot short bank stocks :P

Did they pass that yet? I thought that was in the $700B Bailout bill?

no that was a temporary ban they put in place a week and a half ago i think. in effect until oct. 2nd.

Hmm - well if they don't have a Bailout plan by October 2, that's going to be an extremely interesting day on Wall Street...

[QUOTE="Jandurin"]

well, currently, ALL short selling has been suspended, right?pianist

Not in Canada as far as I know. I don't trade the US markets. But our markets are affected by what the US markets do. The TSX is down more than 6% today. Lucky for me, I'm not heavily exposed to the stocks that are most directly tied to the index, so my paper losses today haven't been all that significant. But this market has been a shorter's heaven for months.

I would suggest that you that live in usa check out peter schiff on youtube he has predicted this crash since 2002. He even wrote a book about how you can make money on this crisis. Its funny a couple of years ago they calld him doctor doom and crazy. But now they have him on every news room when they talk about the economy.

Rip870

Again, it's hard to take any outspoken analyst seriously, because you KNOW that they have a personal interest in getting people to do what is good for them. If you're short, you tell people to sell, and you predict the economy will fail. If you're long, you say the economy is fine, and encourage people to buy.

Paulson can take that bill back to his rich, incompetent buddies on Wall Street.

The Government should have never stuck their hand into any of this but I wouldn't be surprised if the Fed cuts rates again to try and prop up a failing system.

yeah I just heard. Im a little scared but hey, more signs of the last days. (dont continue this just read the bible, youll see)Tjeremiah1988

Hmm - well if they don't have a Bailout plan by October 2, that's going to be an extremely interesting day on Wall Street...

Netherscourge

Possibly, but not likely. You can't make any money short-selling when no one is willing to buy the shares you're offering. So when that happens, usually you just get a lot of panic selling or forced selling through margin calls, and prices are driven down simply because there aren't enough buyers. Everybody's waiting for the deal to get even sweeter.

Again... if any of you have some spare cash sitting around and have an interest in investing, I would be watching this develop with great interest. It's too early to tell when stocks will stop falling... but it WILL happen eventually, and when it does, odds are that most respectable, producing companies will be trading well below what they are worth because people were forced to sell when they didn't want to, or bought into the 'sky is falling' propaganda. This doesn't happen often... and it's a golden opportunity to make a fortune if you don't jump in too early.

Paulson can take that bill back to his rich, incompetent buddies on Wall Street.

The Government should have never stuck their hand into any of this but I wouldn't be surprised if the Fed cuts rates again to try and prop up a failing system.

limpbizkit818

Cutting rates won't do anything but encourage people with bad credit to take out more loans LOL

And you KNOW those stupid banks will be more then happy to sell them loans just to LOOK profitable for a quarter...

[QUOTE="Tjeremiah1988"]yeah I just heard. Im a little scared but hey, more signs of the last days. (dont continue this just read the bible, youll see)Zephgaldarien

Just like they have been for the past 2000 or so years, right? Every generation thinks they're living in the last days.

[QUOTE="Zephgaldarien"][QUOTE="Tjeremiah1988"]yeah I just heard. Im a little scared but hey, more signs of the last days. (dont continue this just read the bible, youll see)pianist

Just like they have been for the past 2000 or so years, right? Every generation thinks they're living in the last days.

eventually one of them is going to be right :wink:

I love how Nancy Pelosi says that we need to all reach across the aisle, but then blames this entire problem on the Bush administration. She is such a horrible Speaker.helium_flash

And she has the audacity to call the Republicans unpatriotic if they vote the bill down.

DOW is now over 770 points down, 7.0% of the market, in one day. This even after a $630 Billion proposed credit injection into the system. The US government still wants to stay out of recession, and keep the dollar strong, problem is it is having to spend even more ludicrous amounts of money having to do so. Short term gain, long term pain. The "real economy" won't feel the effect for a good few months as indicators such as unemployment, inflation etc lag behind the leading market indicators. The pain is delayed.Hoobinator

Haha.... hard to believe that in a market like this, I have one company that's up almost 50% today. Too bad I only have a token position.

[QUOTE="Zephgaldarien"][QUOTE="Tjeremiah1988"]yeah I just heard. Im a little scared but hey, more signs of the last days. (dont continue this just read the bible, youll see)pianist

Just like they have been for the past 2000 or so years, right? Every generation thinks they're living in the last days.

eventually one of them is going to be right :wink:

comp_atkins

Yep... but I wouldn't count on it being our generation, nor would I offer predictions.

[QUOTE="xscrapzx"]

[QUOTE="Jandurin"][QUOTE="xscrapzx"]Especially ones that have an adjustable morgage rate and knowing that if it goes up people are screwed. Jandurin

Yes when Interest rates go up that means the interest you own on your mortgage goes up as well.

Because if they interest rates go down it helps you out. Then if 20% percent is almost 60 tho on a house thats a pretty expensive house.

[QUOTE="pianist"]

[QUOTE="Zephgaldarien"][QUOTE="Tjeremiah1988"]yeah I just heard. Im a little scared but hey, more signs of the last days. (dont continue this just read the bible, youll see)Jandurin

Just like they have been for the past 2000 or so years, right? Every generation thinks they're living in the last days.

Indeed. People live through disasters and think they're special. They don't realize that people in every single generation on Earth for all of recorded history (and presumably unrecorded history as well) have lived through disasters, wars, famines, and so forth. So they're not special. This isn't special. It feels special to us who have a vested interest in the market, but this is still NOTHING compared to the Great Depression or the more recent 20% drop on Black Monday.

Then again... there is always the possibility that we will have the misfortune of experiencing an even more critical financial disaster than the Great Depression. Maybe this is the start. Oh to have a crystal ball, eh?

Because if they interest rates go down it helps you out. Then if 20% percent is almost 60 tho on a house thats a pretty expensive house.

xscrapzx

Then again... there is always the possibility that we will have the misfortune of experiencing an even more critical financial disaster than the Great Depression. Maybe this is the start. Oh to have a crystal ball, eh?

pianist

[QUOTE="Hoobinator"]DOW is now over 770 points down, 7.0% of the market, in one day. This even after a $630 Billion proposed credit injection into the system. The US government still wants to stay out of recession, and keep the dollar strong, problem is it is having to spend even more ludicrous amounts of money having to do so. Short term gain, long term pain. The "real economy" won't feel the effect for a good few months as indicators such as unemployment, inflation etc lag behind the leading market indicators. The pain is delayed.pianist

Haha.... hard to believe that in a market like this, I have one company that's up almost 50% today. Too bad I only have a token position.

Even in market crashes there can be winners. But unfortunately the losers outnumber them by an untold amount.

[QUOTE="Zephgaldarien"][QUOTE="Tjeremiah1988"]yeah I just heard. Im a little scared but hey, more signs of the last days. (dont continue this just read the bible, youll see)pianist

Just like they have been for the past 2000 or so years, right? Every generation thinks they're living in the last days.

no, not just this but the conflicts that have happened the last 3-4months and everything else that has been happening since 9/11 NEVER happened 2000yrs ago the way the bible describes the "Last Days".

[QUOTE="pianist"]

[QUOTE="Zephgaldarien"][QUOTE="Tjeremiah1988"]yeah I just heard. Im a little scared but hey, more signs of the last days. (dont continue this just read the bible, youll see)Tjeremiah1988

Just like they have been for the past 2000 or so years, right? Every generation thinks they're living in the last days.

no, not just this but the conflicts that have happened the last 3-4months and everything else that has been happening since 9/11 NEVER happened 2000yrs ago the way the bible describes the "Last Days".

Its sad that you believe in the last day for everybody. Bible is mad to frighten you and dont forget that millions of other people have read the same book and they might just be following that script instead of the bible actually telling the future.

[QUOTE="Tjeremiah1988"][QUOTE="pianist"]

[QUOTE="Zephgaldarien"][QUOTE="Tjeremiah1988"]yeah I just heard. Im a little scared but hey, more signs of the last days. (dont continue this just read the bible, youll see)balindos

Just like they have been for the past 2000 or so years, right? Every generation thinks they're living in the last days.

no, not just this but the conflicts that have happened the last 3-4months and everything else that has been happening since 9/11 NEVER happened 2000yrs ago the way the bible describes the "Last Days".

Its sad that you believe in the last day for everybody. Bible is mad to frighten you and dont forget that millions of other people have read the same book and they might just be following that script instead of the bible actually telling the future.

no, not just this but the conflicts that have happened the last 3-4months and everything else that has been happening since 9/11 NEVER happened 2000yrs ago the way the bible describes the "Last Days".

Tjeremiah1988

:|

The World Wars and the Great Depression were far more serious than the 9/11 attacks and this recent financial crisis respectively.

"There will be wars and rumors of wars."

:lol:

[QUOTE="Zephgaldarien"][QUOTE="Tjeremiah1988"]yeah I just heard. Im a little scared but hey, more signs of the last days. (dont continue this just read the bible, youll see)pianist

Just like they have been for the past 2000 or so years, right? Every generation thinks they're living in the last days.

As a christian I agree with you! Evey christian believes in the imminency of Christ's return. What happened today is not a real sign. Scripture teaches that the only true sign is the nation of Israel.

James Boice would call what happened a sign that isn't a sign.

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

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

Thoughts?

Theempire30

This doesnt really suprise me to be honest. We are talking about the same people who passed the S1959 bill on a vote of 405-6 or something like that.

Our country is not in a very good postion right now.

Yay! :D

They rejected it! I am very disappointed that HALF of the democrats supported this...

[QUOTE="mysterylobster"]

Thank G*d they didn't pass this socialist bill. Now let's put together a FREE MARKET plan that'll get us out of this mess. The first step should be to say GOODBYE to the capital gains tax and institute a big corporate tax break. And while we're at it, why not drill here, drill now?

pianist

Start drilling now, and you'll see results in about a decade. People who think drilling in places like ANWR will make an immediate difference to anything are living in a fantasy world.

You're thinking on this is too narrow. The money and oil might not begin pouring in automatically, but it will send an INSTANT message to our competitors and will change consumer attitudes overnight.

What the hell were they thinking?

:|