House rejects financial bailout bill.

What we need to do is make me temporary king of the USA, for at least 10 years. I have control over everything, except I have to give up my position in at least 10 years, and the Constiution will be put back in place.cool_baller

Oh yeah, that sounds like a great idea!!! :roll:

[QUOTE="cool_baller"]What we need to do is make me temporary king of the USA, for at least 10 years. I have control over everything, except I have to give up my position in at least 10 years, and the Constiution will be put back in place.ff7cloudking

Oh yeah, that sounds like a great idea!!! :roll:

[QUOTE="cool_baller"]What we need to do is make me temporary king of the USA, for at least 10 years. I have control over everything, except I have to give up my position in at least 10 years, and the Constiution will be put back in place.ff7cloudking

Oh yeah, that sounds like a great idea!!! :roll:

that's what the original bill pretty much said...

anyway, I probably don't want the economy to collapse, but I'm curious as to what happens. plus I'm with Citibank, and I think they're one of the more secure banks, anyway.

How about they rewrite the bill and give the 700 billion to the US Citizens. With that amount of money they will be able to pay off their houses and will start buying everything up again. The only difference with the end result is the fact that americans will own their home which will make them spend alot easier..balindos

I believe I'll steal a response from here:

What the ****, where are people getting these numbers?

150,000,000 taxpayers
700,000,000,000 dollars

That's ~$5,000 per taxpayer.

Note how a billion is just a million times a thousand.

yeah great depression 2 is gonna happen now.ronniepage588

it was going to anyway

yeah great depression 2 is gonna happen now.ronniepage588

to congress:

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.

mysterylobster

Doubtful. The stats show that America's proven oil reserves aren't enough to create much stress for OPEC (which can effectively crush the significance of US oil production by simply tightening the reins on its own resources, which are far more significant), and consumer attitudes won't change until they see lower prices at the pumps, which won't happen until there is more oil available. In fact, many economists feel that even WHEN the supply is increased, the prices will remain high as retail companies cling to every excuse they can muster to maximize their profit.

The only thing that can really drive oil prices lower is if people stop using it. And despite rising gas prices, few people are driving less.

DOW is down 777 points today.

Here we go!

[QUOTE="mysterylobster"]

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.

pianist

Doubtful. The stats show that America's proven oil reserves aren't enough to create much stress for OPEC (which can effectively crush the significance of US oil production by simply tightening the reins on its own resources, which are far more significant), and consumer attitudes won't change until they see lower prices at the pumps, which won't happen until there is more oil available. In fact, many economists feel that even WHEN the supply is increased, the prices will remain high as retail companies cling to every excuse they can muster to maximize their profit.

The only thing that can really drive oil prices lower is if people stop using it. And despite rising gas prices, few people are driving less.

That's because most people have no choice in the matter. I can't exactly ride a bike to my school thirty miles away. . .

[QUOTE="mysterylobster"]

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.

pianist

Doubtful. The stats show that America's proven oil reserves aren't enough to create much stress for OPEC (which can effectively crush the significance of US oil production by simply tightening the reins on its own resources, which are far more significant), and consumer attitudes won't change until they see lower prices at the pumps, which won't happen until there is more oil available. In fact, many economists feel that even WHEN the supply is increased, the prices will remain high as retail companies cling to every excuse they can muster to maximize their profit.

The only thing that can really drive oil prices lower is if people stop using it. And despite rising gas prices, few people are driving less.

what? which economists are you talking about? i'm double majoring in poli sci/economics, and the law of supply and demand cannot be changed. when supply is increase, the price will go down. that's not debatable. they won't drop as low as they should, but that's because of its elasticity. any necesary good is very inelastic, and oil has become a necessity supposedly. inelastic good have a pretty steady demand no matter what the price, but when the supply goes up, the price will drop because the equilibrium of supply and demand will meet at a lower price.

and by the way, i drive less :D

Im glad it didnt pass. You get yourself in a problem you bring yourself out.kool-aids

Yep Yep!

I agree!

what? which economists are you talking about? i'm double majoring in poli sci/economics, and the law of supply and demand cannot be changed. when supply is increase, the price will go down. that's not debatable. they won't drop as low as they should, but that's because of its elasticity. any necesary good is very inelastic, and oil has become a necessity supposedly. inelastic good have a pretty steady demand no matter what the price, but when the supply goes up, the price will drop because the equilibrium of supply and demand will meet at a lower price.

and by the way, i drive less :D

lilburtonboy748

These economists. I think price is affected much more by demand than it is by supply. If people don't want to buy what you're offering, it really doesn't matter whether or not you have a lot of it or very little of it. So even if you have very little, you'll lower your prices in the hope of enticing people to buy.

Unfortunately, I lost the link to an excellent commentary on the oil situation. But I remember its primary point extremely well - even if the oil supply is increased dramatically, it takes time before this is reflected at the gas pumps, because oil companies will continue to charge high as long as people are still buying high and competitors are not offering lower prices. Companies have NO INCENTIVE to lower prices out of the goodness of their hearts. So if people will continue to pay 1.50/L for gas here, they'll keep charging 1.50 until someone else starts charging 1.40, or people stop buying gas.

As you've noted, people don't have much of a choice in the matter here. We are at the mercy of the oil giants if we want to keep driving, and North America is TOTALLY dependent on cars. So I don't see gas prices dropping significantly, and certainly there would be no perceivable effect for many years, even IF we started drilling tomorrow.

Lets look at the pass two bail outs attempted

Sweden - It Worked ! Yay!

Japan - meh!

50% chance!

I would rather the banks be punished for their own mistakes...Deregulation caused this in the first place.

Ok here's what you do. Learn how to build your own homes from the Amish, build them yourselves even if it's a dump. Avoid high finance charges, avoid loans, avoid credit cards, avoid investing in the stock market/casino. Keep cash around your home like a gangsta, grow your own food. Invest in farm equipment and tools, take care of yourself and don't support this bailout plan. Let the wealthy and greedy loose their money.

Welcome to the new America.

America is now offically screwed.

Maqda7

same with canada.. cause you know... canada has to do the stupid thing, and be " just like its brother " which pisses me off. we trade too much with america.... america economy fails, so does ours.....:(

[QUOTE="Maqda7"]

America is now offically screwed.

Virus214

same with canada.. cause you know... canada has to do the stupid thing, and be " just like its brother " which pisses me off. we trade too much with america.... america economy fails, so does ours.....:(

The whole world's efforts of globilization have the same effect. The more we are connected, the more interwined our problems become, so when the **** hits the fan, we all come down with it.

[QUOTE="Virus214"][QUOTE="Maqda7"]

America is now offically screwed.

jetpower3

same with canada.. cause you know... canada has to do the stupid thing, and be " just like its brother " which pisses me off. we trade too much with america.... america economy fails, so does ours.....:(

The whole world's efforts of globilization have the same effect. The more we are connected, the more interwined our problems become, so when the **** hits the fan, we all come down with it.

Now this is where things get very interesting. I await whatever happens, bad or good, with great anticipation. Good luck everyone. You're all definitely going to need it. Haha. Luck. jetpower3

I won't deny, i'm a bit excited over what's gonna happen to the US economy/financial markets now. :D

I was pretty young back then to remember anything of the: Japan's Real Estate Crisis (1990), Asian FInancial Crisis (1997?), or the Internet Bubble Burst (2001-2002).

I won't deny, i'm a bit excited over what's gonna happen to the US economy/financial markets now. :D

I was pretty young back then to remember anything of the: Japan's Real Estate Crisis (1990), Asian FInancial Crisis (1997?), or the Internet Bubble Burst (2001-2002).

nitekids2004

Same here.

[QUOTE="nitekids2004"]

I won't deny, i'm a bit excited over what's gonna happen to the US economy/financial markets now. :D

I was pretty young back then to remember anything of the: Japan's Real Estate Crisis (1990), Asian FInancial Crisis (1997?), or the Internet Bubble Burst (2001-2002).

Zerocrossings

Same here.

My guess, is that a new financial bailout bill will be passed, leading to inflation, leading to the introduction of the Amero.

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

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

Thoughts?

Theempire30

I live in Europe so I'm just eating chips and enjoying the show:P

wow this just shows how bad it be if middle class congress voted for this. We need to do something and not wait till the last minute.

I dont care wear the money comes from, the republicans cried over a commnet where this is about america and getting stuff stable so we can have a better ecomony.

Give me a break you republicans have the republicans voted for nah. This just futher shows republicans cannot get pass there big eego.

wow this just shows how bad it be if middle class congress voted for this. We need to do something and not wait till the last minute.

I dont care wear the money comes from, the republicans cried over a commnet where this is about america and getting stuff stable so we can have a better ecomony.

Give me a break you republicans have the republicans voted for nah. This just futher shows republicans cannot get pass there big eego.

fbigent34

How many times can you say "Republicans" in one paragraph? If you look at the vote results, both parties were split on this vote. All the democrats didn't support it either.

[QUOTE="fbigent34"]

wow this just shows how bad it be if middle class congress voted for this. We need to do something and not wait till the last minute.

I dont care wear the money comes from, the republicans cried over a commnet where this is about america and getting stuff stable so we can have a better ecomony.

Give me a break you republicans have the republicans voted for nah. This just futher shows republicans cannot get pass there big eego.

guynamedbilly

How many times can you say "Republicans" in one paragraph? If you look at the vote results, both parties were split on this vote. All the democrats didn't support it either.

You're probably just a republican, you republican republicaning republicher! Stop republicating before the republicans republicate us into the ground. :)

[QUOTE="guynamedbilly"][QUOTE="fbigent34"]

wow this just shows how bad it be if middle class congress voted for this. We need to do something and not wait till the last minute.

I dont care wear the money comes from, the republicans cried over a commnet where this is about america and getting stuff stable so we can have a better ecomony.

Give me a break you republicans have the republicans voted for nah. This just futher shows republicans cannot get pass there big eego.

Cereo1

How many times can you say "Republicans" in one paragraph? If you look at the vote results, both parties were split on this vote. All the democrats didn't support it either.

You're probably just a republican, you republican republicaning republicher! Stop republicating before the republicans republicate us into the ground. :)

Republican is the new Smurf.

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

Agreed. They'd better have a hell of a backup plan...

[QUOTE="Dutch_Mix"]Guys, I don't want to sound pessimistic, but I'M ABSOLUTELY CERTAIN the end is nigh!MoonMarvel

So am I.

All aboard the New World Order! Next stop one world government! Oh btw, everyone should cherish the internet because it's going to be severely censored soon enough too.