So the House takes the feedback from Flotsam and Jetsam and downs the bailout bill. Good, I thought. Until I watched the market plummet. And plummet some more. And plummet once again. And now the blame game starts...which makes me sick.
I need to make up some money, since I'm still going to Vegas and I need to enough money to play the $5 tables at the Wynn. Shit, if everyone isn't back down to $5 tables in this economy, then I'm fucked. So I'm setting the betting line for the lowest point for the Dow at 8,955.36. I will be accepting all wagers.
5 comments:
At this rate you might be staying at Binion's.
Okay, so can someone explain this to me please? I can understand members of the house voting both for and against this legislation based on principles or research and investigation. But how thin-skinned and irresponsible do you have to be to change your vote because of the partisanship (in DC - can you believe it?!) of Nancy Pelosi's speech?
"Gee, I know the nation is in financial crisis and I was going to vote for the bill, but Nancy Pelosi hurt my feelings so now I'm going to show her!" Really? How childish are these people?
Give me a break Neil. Let's give equal blame on both sides here. There was no reason for Nancy's speech other than to take cheap shots, and there was no reason for the other side to respond that way. Someone needs to be the bigger man/women here and it is obvious that the Speaker can't do it as well as 12 Republicans. Why would you even risk saying things like that with so much on the line.
Very disappointing, but in the end both Nancy and the 12 idiots delivered what we all wanted. No bailout.
And yes Laura, I'm looking forward to using that drink clicker and bumping into a drunk Scotty Nguyen at Binion's!!!!
I'm usually pretty impressed with the level of knowledge on this board, but it's scary to think that if most of you educated people are this uninformed on this issue, what must the rest of the idiotic public be thinking...
This isn't a "bail out" issue, it's a liquidity issue. Paulson doesn't plan to "bail out" anyone, he is simply trying provide a market for the MBS (mortgage backed securities) that many banks & brokerages have on their books and can't get rid of. Everyone is so afraid of the housing market, foreclosures, and not knowing what is in these things, that they won't touch them. They can't sell them, and with the ridiculous amout of leverage that they were allowed to use, they own a lot of them. When times were great, they all profited, but now they can't even sell them for a loss when they need to.
The system needs liquidity. Without it, we all will be saving pennies in a jar, or stashing our money under the mattress. You may not like the large banks & brokerages, but without them, there's no lending, and without lending, there's no growth, and without growth....we're Europe.
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