Dow Down 500 Points as House Rejects Bailout – Market Overview – CNBC.com
So let me get this straight. The “free” market as represented by the Dow-Jones and the NYSE falls through the floor because the US Government did not vote in a program that would represent government control of a free market. What is wrong with these people?
The market screamed as the House vote on the Wall Street bailout bill teetered on the edge of a cliff — and then fell off.
The bill initially failed to get enough votes, sending the market into a tailspin, as congressmen and women huddled to try to shore up the votes to save it. To no avail: The bill was ultimately rejected, leaving the future of the bailout in question.
The Dow Jones Industrial Average fell 701.93 at one point
When something doesn’t make sense, look for the hidden lies and money…
As it stands now the credit markets dry up. That’s not good for the economy.
Having the government buy out loans, then the banks no longer have to come up with cash to meet their derivatives, this is a good thing.
I think they could achieve the same results by just dropping the new anti-Enron accounting rules.
What is better is the Republicans who say they are against it are now blaming the Democrats are responsible for it failing.
LOL HA HA HA LOL
#2 “As it stands now the credit markets dry up. That’s not good for the economy.”
This is hilarious. All we hear is how BAD it is that we run our economy by borrowing (credit). NOW it is bad if we don’t.
Hmmm.
# 4 Paddy-O
It isn’t the same kind of borrowing.
cant loan what you don’t own.
Oh noes! The sky is falling!!!
A bailout at the start of this mess would have been absolutely terrible. Let the weakest of the weak fail and have a workout for what remains.
This all will make an interesting read 10 years from now. Sure hope we learn something from it because so far we have not.
back down to -653
I think the politicians can tell that the voters are in a mean mood and a bit surly. I predict they will him-n-haw until the place falls down about their ears.
-689
I call my bank manager:
“I’ve got good news and bad news. The bad news is that I can’t afford the payments on my subprime mortgager.”
“The good news is that your bank has issued me another credit card, so I’m going to Vegas for the weekend!!”
-700
-722
AAPL (Apple) is down 24 points (nearly 20%) – WTF? Did Steve Jobs have a subprime mortgage?
biggest drop in history
Americans are bilked out of $500 to $700 billion a year by the medical industry. Where is our bailout?
-734
Thank you Republicans!
Wont be long before the shut it down.
Lost in all this hubub about the failed 700 billion dollar bailout and the impending 9-handle for the Dow is the good news:
A special prosecutor has been appointed to determine if criminal charges should be filed against Alberto “waterboard the motherf&ckers” Gonzalez.
w00t! w00t!
I saw this coming a couple of years ago…sold my home and all the little nannies who make money off of house sales (appraisers, county regulatory, etc., etc.) said to me without prompting…
“You’re getting out at the right time…”
Basically, when the janitor is living next door to you in a $650K house and he’s investing in the market, it’s time to bail.
Anyone in finance who says they didn’t see this coming is lying.
#19, “Thank you Republicans!”
Thank you democrats for “convincing” these banks that its in their best interest (read, or else we will make you do it) to loan money to those that have no chance of paying it back (most of which just happen to be democrat voters).
#19 “Thank you Republicans!”
Really, there was enough dems to pass with the Repubs that joined them. Remember, a simple majority was needed.
So, not enough Dems or Repubs voted. But, the Dems could have passed even if all the repubs voted no.
Remember J. Truth.
Shhss! Had they just passed the bill, the market would have soared. then Bush could have faked/caused an international crisis (did someone say attack Iran?), and McCain could have rode that wave into the White House.
I hate it when people don’t read memos!
#19 the Democrats could have passed it with all the votes they have. And Pelosi is blaming the Republicans. Get real.
# 23 Bob
Oh stop wit that bullshit arguement. It is old and tired and incorrect.
# 24 Paddy-O
Part of the agreement was that both sides would deliver their votes. The Republicans back out because of politics
26 John C Dvorak
#19 the Democrats could have passed it with all the votes they have. And Pelosi is blaming the Republicans. Get real.”
That wasn’t what they negotiated. And IT IS THE REPUBLICANS FAULT!!!! THEY backed out!
#27 “Part of the agreement was that both sides would deliver their votes. The Republicans back out because of politics”
I guess by “politics” you mean a Rep having the people he works for telling him 10-1 NOT to pass.
Isn’t that the way a democracy is supposed to work?
Who thinks the Dow will go below 10K tomorrow?