The Bailout Package Just Failed in the House

[R00k]

lol

Is there anyone surprised at this?

Bush Sidesteps Congress? $630 Billion To Be Pumped Into Economy Despite House Bailout Rejection

The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.

Words completely fail me. And this came hours before the bill failed.

[Big Kahuna Burger]

The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide.

This isn't anything like the wall street bailout package.

[Unisaw]

"...and then Unisaw said":

Black Monday Thread

[QuakeThane]

My take is this.

Heads up People, The Horka Thane is above the scope of the fray

I make good coin, just bought a new car and I was NOT stupid enough to mess around buying property that I considered OVER-VALUED. Those freaking llammas I told people who were all like.. WOOT! I just bought me a condo (California) for 330k babY! Yea 925 sq feet, I got a piece of the American Pie!!!!

HAHAHAHAHA You got owned beotch! I'll just sit up here paying rent because that doesnt sound right.

Yea well, its gonna keep going up and I will turn it around and make a profit.

3 years later

WTFPWNZZBBQSTFU! oh Noes! Its now worth 100k less!!??!!

Dude! I coulda told ya that when you was bragging! Now you are stuck with that ugly chick and have to stay with her because you were playing house and now tied to a PoS Loan.

ROFL!

Now Im all not tied down, styling and got hot chicks (just 2 right now) No debt besides a car payment which I make in less than a day's pay ( just put the tint on, the K&N filters and getting ready to throw in a performance exhaust Plus my Comp is SLI 8800gtx 768mb , WooF WooF

Hahaha PWNED Plus my companies expanding buying up the ones failing and shit, (the site branches) Rofl.

You cant keep a Good Thane down!
Knock on virtual wood...just in case

[tnf]

Why are you only running 8800 gtx's.

[Captain]

Marvin the Magician was out of GTX 280s.

[Massive Quasars]

lol

Is there anyone surprised at this?

Bush Sidesteps Congress? $630 Billion To Be Pumped Into Economy Despite House Bailout Rejection

The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.

Any idea that George W. Bush thinks is a good idea is a bad idea. Nuff said.

It is Treasury action that requires congressional approval, the Federal Reserve operates with relative independence. The former takes from public savings, while the latter has access to accounts held on behalf of certain govt and financial institutions... as well as the printing press.

[Unisaw]

Now we are stuck for three days because of the Jewish Holiday. They can't take the bill up in the House until like - Thursday???

The poor Jews get blamed for everything. Time for a new conspiracy thread. This was all timed perfectly.

Happy Rosh Hashanah

[tnf]

I wonder if Hannity is still sticking by his "the lie that the economy is in dire straits is just a democratic talking point."

[Dr_Watson]

I simply do not believe the doomsday scenarios they claim will happen.

Fuck em. Let em fail like any other business. If what they do is so important someone else will come along and provide it....that's what the market does. As far as I'm concerned the market has spoken...and it has nothing nice to say.

the fear spiral only gets real if you consider what happens when the commercial paper industry seizes.

[Ryoki]

Well, it's hitting Europe pretty hard now. Yesterday Fortis had to be bailed out, today Daxia.

I did the math: every dutcho ends up paying around 250 euro's for the Fortis bailout alone, goddamnit. Fuck these people, really, fuck them. Two months ago they bought ABN Amro for 24 billion euro's, yesterday they sold it for 10. That's a bad fucking business decision, let the bastards crash and burn for it... but no, today the minister of finance promises (yes, with breathtaking irrisponsibility he actually promised) to bail out any other bank that finds itself in trouble. What.the.fuck.

[andyman]

They will try to pass another one I bet

CALLED IT

http://news.yahoo.com/s/ap/20080930/ap_ ... l_meltdown

[bork[e]]

Quick rundown: bill

[YourGrandpa]

I say let it ride. Let the econony right itself. Fuck spending $700 billion on big business's mistakes. It's not the tax payers fault the lending institutions don't know how to lend money. What's to say they turn around and do the same shit again? Fuck'em. I'll take my hit in the stock market, I'll stay in my home until real estate turns around and I'll live without charging/borrowing money if I have to.

[R00k]

Honestly, I am starting to lean toward letting it ride myself.

Because the more I think about it, the more it seems that any other way we handle this - either by forking cash over to Wall Street, or by helping out people with mortgage problems - the taxpayer still loses.

That doesn't sound like much of a plan to me.

[scared?]

the bail out...whatever its form, is just to transfer more wealth to the rich before everything goes to shit...it will never work...

[R00k]

Bill O'Reilly at war with other right-wing shock jocks?

http://www.crooksandliars.com/2008/09/3 ... er-earned/

lol

[r3t]

Well, it's hitting Europe pretty hard now. Yesterday Fortis had to be bailed out, today Daxia.

I did the math: every dutcho ends up paying around 250 euro's for the Fortis bailout alone, goddamnit. Fuck these people, really, fuck them.

Way to quote the misinformed media there. The 4 billion euro stock buyout is financed by government bonds, so at this moment it is costing no tax money. On top of that, the stocks they bought are not worthless. In fact, once everything settles down and Fortis gets its act together they may even make some money on them.

[Underpants?]

The banks seem to be losing either way. A foreclosure costs the institution a shitload up front, to start with. But some foreclosures are becoming a maintenance fee, as well.. Not just for the time on market (electricity, upkeep, etc. for 1 year+). We were looking at foreclosures as investment property, and the majority of the 30-some-odd houses we viewed had been obviously vandalized (holes in walls, broken windows, piss on carpets) by the previous tenants, or maybe just wandering vandals. A handful of them had been stripped of everything. I mean, light fixtures gone, doors removed, the inside water main had been shut off and the copper PIPES had been cut out of the basement. So, right away the bank takes a $20K hit off the top... it's like some kind of rogue society has replaced the one living in my state without me noticing. I asked the broker if the banks went after the jokers who did this sort of thing, and he said not in any of his properties.

[seremtan]

Why are you only running 8800 gtx's.

i was wondering that myself

if this is horka's idea of hot shit, his "styling" is probably kerb-crawling, his 2 hot beotches are probably inflatable, and his totally super hot crib is a living space adjacent in a vertically downward relationship to that of his parents

[R00k]

The banks seem to be losing either way. A foreclosure costs the institution a shitload up front, to start with. But some foreclosures are becoming a maintenance fee, as well.. Not just for the time on market (electricity, upkeep, etc. for 1 year+). We were looking at foreclosures as investment property, and the majority of the 30-some-odd houses we viewed had been obviously vandalized (holes in walls, broken windows, piss on carpets) by the previous tenants, or maybe just wandering vandals. A handful of them had been stripped of everything. I mean, light fixtures gone, doors removed, the inside water main had been shut off and the copper PIPES had been cut out of the basement. So, right away the bank takes a $20K hit off the top... it's like some kind of rogue society has replaced the one living in my state without me noticing. I asked the broker if the banks went after the jokers who did this sort of thing, and he said not in any of his properties.

That's what's been happening recently, in a lot of places, due to people feeling like they got screwed by the bank.

The problem I'm wrestling with - as far as 'letting it ride' - is that even if we do that, the company's executives are still millionaires, our economy tanks, and we still get the shaft.

It seems like the taxpayer is going to take the hit in this no matter what. Which means that at this point it's all about mitigating our own risks in this cluster.

Corporate lobbyists, trickle-down economics and deregulation have fucked us hard, coming and going. It's also fucked the banks.

It's hard for me to understand how anyone can still support deregulation in the financial sector after this - but most of the Republicans who voted against the bailout bill support an alternate plan, that calls for more deregulation and more tax cuts at the top, to "stimulate" the economy.

[Ryoki]

Way to quote the misinformed media there. The 4 billion euro stock buyout is financed by government bonds, so at this moment it is costing no tax money. On top of that, the stocks they bought are not worthless. In fact, once everything settles down and Fortis gets its act together they may even make some money on them.

Aha, so they buy something for free and then sell it back for a profit. Yes, my confidence in Fortis is entirely restored.

[toimia]

Why are you only running 8800 gtx's.

if this is horka's idea of hot shit, his "styling" is probably kerb-crawling, his 2 hot beotches are probably inflatable, and his totally super hot crib is a living space adjacent in a vertically downward relationship to that of his parents

ha.

[Fender]

I wonder if Hannity is still sticking by his "the lie that the economy is in dire straits is just a democratic talking point."

http://www.newshounds.us/2008/09/30/19_ ... e_2004.php

Hannity launched into what I am sure is a distortion-filled account of the causes for the crisis that included one of his latest fave smears, calling former Fannie Mae CEO Franklin Raines, “economic advisor” to Barack Obama (this has been debunked). Hannity ended his saga with a triumphant, “We were warned about (the credit crisis) by the Republicans in 2004 and now the Democrats blame the Republicans!”

More in link.

[R00k]

Seems up is down and black is white.

Bill O'Reilly tells his radio audience that conservative ideologues who oppose the bailout and blame this on liberals or on Clinton are complete idiots, because Clinton's been out of office for 8 years - and that it's Bush's fault. ( )

And here McCain just looks completely blindsided by Fox News commentators when they compliment Obama's FDIC statement today, cut to McCain, and say "Ball's in your court."

http://www.crooksandliars.com/2008/09/3 ... -bail-out/

I don't see how anyone can still have a shred of confidence in his ticket.