Posted on 09/29/2008 4:16:58 PM PDT by JasonC
I told you so.
Happy?
Think you saved anybody lots of money?
Think you reduced the role of government?
On saving money, US markets dropped $1.2 trillion today, and worldwide it was more like $3.5 trillion.
On the role of government, the Fed announced $630 billion in new central bank credits today, half of it to central banks abroad. And oh, the FDIC guaranteed to Citigroup all losses beyond the first 13% on Wachovia's mortgage book, which is around $300 billion.
And it won't be remotely enough, and will probably need to be doubled tomorrow.
When are you going to learn that you are in the same boat with those you are throwing brickbats at, that you are their creditors and end owners, and that destroying as many as you like will not avert one dime of the hit, but just multiply it tenfold and drop it right back in your own lap?
How many times does this have to blow up in your face in succession, before you admit the possibility that others might actually know something about it, and you might actually be wrong?
Ha! Well, we've certainly been rich in those!
On the substance, the second figure basically means the real estate markets had seized - even before the coming destruction of the banks.
Burke speaks somewhere of the ignorance of the French revolutionaries, not knowing how to govern, they sell their tools. All you are doing here.
$700 billion x 20 is not going to keep that so-called model afloat.
It is so up.
Does this mean that you are one of those who would rather not do away with mark-to-market?
ML/NJ
I really think a special clause no one wanted got booted and it pissed Pelosi off
Wait, did Reagan bail out wall street when the market crashed by 25% in 1987 ?
It wasn’t even a consideration was it?
The democrats had shite eating grins all week. That’s how we know this was a manufactured crisis. Rush told the story today of the infamous photograph in the New York TImes that had to be removed from their website, because it showed the Democrat leadership having a little too much fun during the crisis.
Um, key word is “dropped.” No “drop” in a market is final until you sell. I didn’t sell. Did you?
LOL! We need to start a Dread Pool.
I don't like the bailout. I hope they do something different, but still restore some order to the credit markets. Soon. We are teetering on a disaster here.
Banks lend and borrow money between and among themselves each and every day. It is how the market it maintained. All the banks are too afraid of who is going to collapse next, they aren't doing business with anyone. Money is going to dry up. Fast.
Gee, I didn't get the message guru. What do I invest in tomorrow all knowing one?
And what will your message be in two weeks after today's loss is recovered?
Provide me with Sunday's football scores then you might have some credibility with me but until then, well......you get the message.
“Not to worry, if it comes to that me and mine will beat the living tar out of you and yours. On a battlefield if necessary.”
Careful.
Issa says he was one who helped lead the revolt against the bill. They had the head of the FDIC come in and explain how this could be taken care of without this bailout. Apparently the powers that be don’t want to hear that.
Issa said that by the time the bill got to them it was loaded with not just bad mortgage paper, but bad car loans, bad credit card loans....every bad loan they could come up with and that we'd end up bailing out Chinese banks, European banks, etc.
The thing that I think the GOP nay-sayers (and their constituents) did wrong today was to ignore the potential of what might be in store for us given the politics of this situation — if the GOP gets blamed for this and everything implodes, then get ready for 4 years of BO and at least 2 years of Dem majorities to enact the biggest nationalization of our economy in history.
I think Bush and Paulson did an abysmal job in marketing this proposal, in developing this proposal without thinking abou the taxpayer ramfications and without thinking about the potential for free market alternatives and corrective measures in regulations (mark to market), and they got pretty much what they deserved. What I’m disappointed with on the GOP House side was: they got the opportunity to insert some very good provisions and make significant improvements. But the fellow Reps. didn’t see the need to go along with the big bargain.
Now we have to see: do we have another expanded New Deal to look forward to starting January 20, 2009?
Throw the bums out! Including people like you who think more of money than our country!
They took advantage of us and made tons of money...but now they lose.
We can weather it and the message will be sent. Find the people behind it!...put them in jail!.....reinvest with confidence it wont happen again.
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