U.S. House votes down bailout deal

[Elv02]

Oh shit.

A $700-billion US package negotiated by U.S. congressional leaders over the weekend to bail out the American financial industry has failed a vote in the House of Representatives.

What could possibly happen next?

[k-dawg]

i dont know if im mad, sad, or glad.

=\
if were gona get fixed. i dont think the government will help. just find a way to control over companies.
ugh!
the second gilded age!
O.o

[zombie@computer]

atleast our oil is getting cheaper

[Wrath]

Typically I do not comment on these ordeals, but I have to say I approve of what just happened. Our country is already in an extreme amount of dept, giving bailouts to those who essentially screwed themselves over would not only place us in more dept, but also display that there is nothing to fear for ripping of the US populace.

What could possibly happen next?

We can start getting our act together and make our country strong again.

[k-dawg]

What could possibly happen next?

We can start getting our act together and make our country strong again.

pssshhhh
why the hell would we do that?

[Elv02]

Well, here in Canada we at least have only 5 big major banks that are mostly secure. Unfortunatly our manufacturing sector (at least where I am) has been suffering horribly the past few yeas and it's only getting worse...

[k-dawg]

Well, here in Canada we at least have only 5 big major banks that are mostly secure. Unfortunatly our manufacturing sector (at least where I am) has been suffering horribly the past few yeas and it's only getting worse...

i also heard your health care system went bankrupt.
with 30 million...

we have 10x that.

thats 10x faster bankruptcy

O.o

[dragonfliet]

Typically I do not comment on these ordeals, but I have to say I approve of what just happened. Our country is already in an extreme amount of dept, giving bailouts to those who essentially screwed themselves over would not only place us in more dept, but also display that there is nothing to fear for ripping of the US populace.

What could possibly happen next?

We can start getting our act together and make our country strong again.

Huh, I wasn't aware that invited financial collapse was the best way to "make our country strong again." I think it needs to be understood that the bailout isn't us giving the corporations money, so much as buying up the debt with the intention calming the markets and hopefully getting the money back as mortages are paid back. Yes, it's a bit optimistic, but seeing as NOT doing it results in the stock market plummeting MORE than when there was a massive terrorist attack, it seems much wiser than doing nothing, no?

The problem with this whole ordeal is that idiots (ie all of the morons spending $1.22 for every $1 they earn who went around buying houses they couldn't afford while racking up on average more than $10,000 of credit card debt and are one of the primary causes for this fiasco) are ignorant of the fact that our economy is pretty muck screwed without some sort of a reassurance (stupid stock market) which means they lose a whole lot more money. Okay, so the problem is that these idiots are voting for 70% of the house this year, and the politicians realize that their constituents are too stupid to realize that saving their asses from themselves is going to cost a whole hell of a lot of money. What do these lovely political gentlemen do? Cover their political butts at the risk of a volatile and plummeting market. I can only hope something helps to right this bullcrap.

I'm sick of idiots ruining my economy, damnit.

~Jason

[Wrath]

It may not be the best method to strengthen our country, but it seems like congress is starting to realize they do not have the money to further support these ventures. They have to ask themselves this: Where are we going to get the money to pay back out dept without placing ourselves in more dept?

[RawMeat3000]

Here's what Ron Paul had to say about the situation.

[dragonfliet]

Here's what Ron Paul had to say about the situation.

Thank God there are failed presidential candidates to tell us that the financial experts have no idea what they're talking about, only he does.

~Jason

[Sacul15]

Here's what Ron Paul had to say about the situation.

Thank God there are failed presidential candidates to tell us that the financial experts have no idea what they're talking about, only he does.

~Jason

Are those perhaps the same financial experts that presided over the becoming of the crisis we are in now?

[Mr. Happy]

No they aren't.

It's interesting how House Republicans claimed passing the bailout would further damage the economy, and then look what happens...the DOW fell what, 770 points? Once again, we have proof that conservative economic theories are horse shit but they still keep going...

I think the bailout was a really mixed bag. I'm not sure waht to think about it, but dragonfilet is right. The idea was that if the US government buys the mortgages then the financial institutions that our country relies upon can get back to business. It was a way to plug the hole.

If the government owned the mortgages they could be converted into the kind that people even of very low means can pay back eventually, and the government could turn a profit. A similar thing did happen in the great depression, and we DID turn a profit.

It wouldn't be bailing out the companies anyway. They have pretty much all been disolved and bought up by quality institutions such as JPMorgan and Goldman Sachs, both of which are tottally blameless in this.

So basically, there are all these assets out there, that either aren't owned by anyone, or are now owned by companies that originally had nothing to do with it.

On the other hand, 700 billion dollars is a decent amount of money, though nothing we can't afford after ending the war in Iraq.

In it's ideal form, the bailout is a good idea. But of course it wasn't in it's ideal form...conservatives wer're involved

No but seriously, it's good to know that the House Republican's destroyed this bill not because they were ideologically opposed but because that fucking idiot Pelosi made a stupid speech.

EDIT: Watching video above now, and Ron Paul does make a very good point that no one else is making. There are too many houses. There are too many apartments. There was an explosion of new home construction, and no one was buying since they were unneccessary. thus the banks that funded the construction and development companies with loans to build them couldn't get their money back.

This actually started the whole mess, the subprime crises did NOT. If you remember two years ago housing prices were already starting to deflate greatly (my parents bought a house cheap about a year and a half ago).

Still, Ron Paul, as usually, jshows some brilliant economic ideas while still not grasping the whole situation. It's like his whole thing with the gold standard. Ya, it would be great if we had never gone to a debt based value backing, but it's impossible to go back. There simply isn't enough gold in the world.

[dissonance]

1:21 - nigga said WHAT?

http://www.cbpp.org/7-28-06bud-stmt.htm

Now it's all so goddamned clear why they didn't pass it... and BRAVO. I'm fucking proud our congress still has a few bits of their testicles left.

[Mr. Happy]

Pretty silly of him to say they haven't been needed when so much legislation has been modified or not presented because of them.

But ya, testicles? Are you fucking nuts? Your saying it's a good thing they didn't pass it for this reason? Did you listen to what he said?

He's not against the ideas of the bailout, and ya, it's too bad congress is so fucking lazy they are going on a two month recess soon and this had to be rushed, but for him to oppose it simply because the democrats want it to be a bi-partisan solution, and it HAS been....waht an asshole.

There are members of both parties on both committess. The president and treassury chair are for it. And he's whining because he wasn't allowed in meetings of groups he's not a part of? Awww poor baby.

The idea of both sides passing it covers John McCain's ass more than Obama's, seeing as he hasn't lifted a single finger to do anything at all about this problem. And then he goes and blast's Obama for actually thinking about the situation before making countless calls and meetings with the committee chairs? This is getting so silly.