keggerz Posted September 29, 2008 Share Posted September 29, 2008 1) Faith in the financial system is very (VERY) low. The system is entirely backed by faith. There is no reason that piece of paper in your pocket should be able to buy you lunch, except for the fact that the guy at the deli thinks he can use it to by some more salami ... which can happen because the meat packer thinks he can use that money to pay the electric bill. Faith. 2) More mortgages are expected to go into delinquency, default and foreclosure in coming months as option ARM mortgages reset to much higher interest rates. [devilsadvocate] then why don't these companies NOT reset the ARM much higher since that is what is causing the delinquency/foreclosures [devilsadvocate] Quote Link to comment Share on other sites More sharing options...
muck Posted September 29, 2008 Share Posted September 29, 2008 [devilsadvocate] then why don't these companies NOT reset the ARM much higher since that is what is causing the delinquency/foreclosures [devilsadvocate] Because they were resold to investors who are expecting the increase in cash flow... I guess the banks could kick in the extra money in the interim ... ... Quote Link to comment Share on other sites More sharing options...
moneymakers Posted September 29, 2008 Share Posted September 29, 2008 House votes No to bailout. Stock market roars. Back to the drawing board. Blame is on house Majority leader that has to much hate/lies in speech. Repubs tell barney and nancy to shove it. Quote Link to comment Share on other sites More sharing options...
muck Posted September 29, 2008 Share Posted September 29, 2008 S&P500 down about -8.5% at the lows right after the news hit. Currently down about -5% on the day. Quote Link to comment Share on other sites More sharing options...
CaP'N GRuNGe Posted September 29, 2008 Author Share Posted September 29, 2008 Goodbye 401K. I hardly knew ya. Quote Link to comment Share on other sites More sharing options...
wiegie Posted September 29, 2008 Share Posted September 29, 2008 wow, simply wow Quote Link to comment Share on other sites More sharing options...
yo mama Posted September 29, 2008 Share Posted September 29, 2008 wow, simply wow I'm actually surprised the House had the stones to put the brakes on. Right or wrong, I didn't think they had it in them. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted September 29, 2008 Share Posted September 29, 2008 WASHINGTON (Reuters) - The House of Representatives on Monday held open its vote on a $700 billion financial rescue plan well after the allotted time had expired with a majority already having cast votes against the bill. If those votes hold and the chamber gavels the vote to a close, the bill will die. At 1:55 p.m., 226 lawmakers had voted against the bill and 207 had voted in favor. Ruh roh. Quote Link to comment Share on other sites More sharing options...
CaP'N GRuNGe Posted September 29, 2008 Author Share Posted September 29, 2008 http://www.politico.com/news/stories/0908/14050.html Quote Link to comment Share on other sites More sharing options...
cliaz Posted September 29, 2008 Share Posted September 29, 2008 I'm thinking the US is about to go the way of the old USSR in the late 80s. Quote Link to comment Share on other sites More sharing options...
CaP'N GRuNGe Posted September 29, 2008 Author Share Posted September 29, 2008 This vote will have huge implications on the election this fall. If nothing passes in its place and the economy really tanks, you can bet that alot of those voters who called Washington upset that they were bailing out Wall Street will be just as upset at the loss of their retirement funds, jobs, etc. Right? Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted September 29, 2008 Share Posted September 29, 2008 Leadership plans second attempt to pass bill - NY Times markets are insane Quote Link to comment Share on other sites More sharing options...
TimC Posted September 29, 2008 Share Posted September 29, 2008 Maybe we can use the money for hookers and blow now? Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted September 29, 2008 Share Posted September 29, 2008 CNBC reports 'no possibility of another vote today', citing a senior congressional staff member Quote Link to comment Share on other sites More sharing options...
wiegie Posted September 29, 2008 Share Posted September 29, 2008 I'm actually surprised the House had the stones to put the brakes on. Right or wrong, I didn't think they had it in them. Stones?!? They have no stones. They were just scared about having to go back to their constituents and explain why they voted for the plan. "Economy, be damned... I'm not losing votes." Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted September 29, 2008 Share Posted September 29, 2008 So the clock on the wall is still ticking, people here are still working and as far as I can see the company is still functional. Assuming there is no bailout, what happens next? Quote Link to comment Share on other sites More sharing options...
cliaz Posted September 29, 2008 Share Posted September 29, 2008 screw it, I say we call Tyler Durden and just have him wipe the debit clean. Start over. Quote Link to comment Share on other sites More sharing options...
TimC Posted September 29, 2008 Share Posted September 29, 2008 Stones?!? They have no stones. They were just scared about having to go back to their constituents and explain why they voted for the plan. "Economy, be damned... I'm not losing votes." Bingo. Better to do nothing than be wrong and held accountable. Politicians being politicians. Quote Link to comment Share on other sites More sharing options...
CaP'N GRuNGe Posted September 29, 2008 Author Share Posted September 29, 2008 I feel very lucky today that i'm still 30 years plus away from retirement. Quote Link to comment Share on other sites More sharing options...
yo mama Posted September 29, 2008 Share Posted September 29, 2008 Stones?!? They have no stones. They were just scared about having to go back to their constituents and explain why they voted for the plan. "Economy, be damned... I'm not losing votes." I don't see it that way at all. The House has now taken on the massive responsibility for what comes next. I think now they've got a lot more to be scared about then just losing votes. Quote Link to comment Share on other sites More sharing options...
CaP'N GRuNGe Posted September 29, 2008 Author Share Posted September 29, 2008 I don't see it that way at all. The House has now taken on the massive responsibility for what comes next. I think now they've got a lot more to be scared about then just losing votes. Anthrax? Quote Link to comment Share on other sites More sharing options...
Marauders11 Posted September 29, 2008 Share Posted September 29, 2008 screw it, I say we call Tyler Durden and just have him wipe the debit clean. Start over. +1 we need a massive do over Quote Link to comment Share on other sites More sharing options...
yo mama Posted September 29, 2008 Share Posted September 29, 2008 So the clock on the wall is still ticking, people here are still working and as far as I can see the company is still functional. Assuming there is no bailout, what happens next? I'd expect mass hysteria from the world's financial markets for a couple days. But there will almost certainly be another bailout effort, and the Presidential election just got a whole lot weirder. I'd also expect significant inflation if the markets remain mired. Quote Link to comment Share on other sites More sharing options...
budlitebrad Posted September 29, 2008 Share Posted September 29, 2008 I feel very lucky today that i'm still 30 years plus away from retirement. +1 I don't support the "crap sandwich" bailout at all, but I won't be touching about my 401k for a looong time. Quote Link to comment Share on other sites More sharing options...
wiegie Posted September 29, 2008 Share Posted September 29, 2008 Mrs. Peppermint should have kept her mouth shut before the vote. Quote Link to comment Share on other sites More sharing options...
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