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
#28 “That wasn’t what they negotiated. And IT IS THE REPUBLICANS FAULT!!!! THEY backed out!”
Screeeeeeech!
I’m glad. A lot of those Dems & Repubs who voted for it may be out of a job…
# 29 Paddy-O
“Isn’t that the way a democracy is supposed to work?”
We live in a democratic republic not a democracy. They are not the same.
They had a deal and the Republicans backed out!!
I’m glad. A lot of those Dems & Repubs who voted for it may be out of a job…”
Are you that stupid? Wait till the job losses start. It might just happen before the election.
#31 “We live in a democratic republic not a democracy. They are not the same.”
So House Reps should NOT vote the way their constituents want? How would they get reelected?
I don’t think you know how it works in real life…
#33 “Are you that stupid? Wait till the job losses start. It might just happen before the election.”
Time for a correction and having to start living with what we produce, not what we borrow.
Companies, people, gov’t…
Come on, Hope & Change.
We’ve got it now.
“So House Reps should NOT vote the way their constituents want? How would they get reelected?”
NO! They should do what is best for their contituents. Most people don’t understand what is going on.
# 35 Paddy-O
Hey I’ll be fine the question is will you? How about all those working class folks?
“John, have we hit the bottom yet?” 😛
#37 “Hey I’ll be fine the question is will you? How about all those working class folks?”
As fine as now. It’s time to get off this train to hell.
Gut the gov’t to the bare bones. Eliminate income tax, impose import taxes so we can manufacture again. Try it.
BTW – The Fed has got to go and replaced with a sane money supply mechanism.
Its nice being really ignorant on this meltdown/solution. My gut tells me the bailout is basically wrong because the bad actors get rewarded and no controls to change the system are put in, so really, from the S&L of years ago, nobody has learned their lesson==that hard hand of bankruptcy reality that is the control mechanism of capitalism is not allowed to work===and so nobody learns.
So the bailout is simply the wrong solution. The Repugs don’t want to be blamed so they vote NO as they should. BUT now nobody comes up with the needed solution, if its other than pain with a capital “P” and why should that not be it?
If liquidity in the credit market is needed, figure out how to best provide that piece of the puzzle without rescuing all the high flying failures. Is there some way to do that?
I can almost see letting the private sector go by way of the free market and create a government agency to supply the needed “new credit.” Yes, let government compete with the private sector.
This isn’t an issue of right vs wrong but letting capitalism work without destroying America. What else did you think capitalism was?
So I guess Obama won’t get a chance to vote “Present” now?
There is too much blame – I called my Rep a number of times and said “no way” – still don’t know they voted.
But, if you saw Pelosi’s speech before the vote you would understand why some Republicans might have backed out. What an seemingly ignorant woman? If you haven’t seen it, watch it. Right before a huge, bipartisan vote she dumps on the Republicans big time. Should have kept her mouth shut, and just counted the votes.
# 41 Ranger007
“But, if you saw Pelosi’s speech before the vote you would understand why some Republicans might have backed out.”
What ever happend to COUNTRY FIRST?
The ban on short selling expires Thursday, right?
-738.42
#36 – John C. Dvorak
>>the Democrats could have passed it with all
>>the votes they have. And Pelosi is blaming the
>>Republicans. Get real.
The cool thing is that all the Repubs have deserted Bush like rats from a sinking ship.
And considering the controversial nature of the bill and the resentment dwellers of “Main Street” feel about it, it’s not reasonable to imagine that every single Democrat is going to vote along party lines. They were counting on a significant number of Repubs to support the bill too. Which they didn’t.
If that’s not being “responsible” for the failure to pass, I don’t know what is.
#42 “What ever happend to COUNTRY FIRST?”
I know! Barney Frank just said he can’t come back tomorrow because his religion forbids it.
What happened to COUNTRY FIRST!
I want to know! ROFL
#42 J said
What makes you think they wanted to vote for it in the first place – they were getting pressure from the Republican leadership to vote yes. But what she said could very well have been just too much. I can certainly see it happening, can’t you? “Don’t pile on me and then ask me to agree with you”.
If they voted no I think they did put the country first!
hey fine by me. i don’t wanna any of my hard earned cash going to a bunch of crooks on wall street who decide to act like idiots. they can pay the consequences. if they really need money, why don’t they just go to the damn corporate businesses who instigate all this crap on us in the first place? u can get several billion dollars from bill gates alone
# 45 Paddy-O
“I know! Barney Frank just said he can’t come back tomorrow because his religion forbids it.
What happened to COUNTRY FIRST!”
That isn’t the Democrats moto it is the Republicans. Democrats hate America right?
What happen to respecting Religion? That is another right wing moto?
-777.68
Largest point drop in history!!
#44 The simple fact of life is this:
If you have control you are responsible. Period.
If you DON’T have control you CAN’T be responsible.
If I don’t have control of your your car I CAN’T be responsible for YOU crashing. YOU have to be responsible if YOU are in control of the car.
If the Dems don’t want responsibility they should just turn control back to the House Repubs.
# 46 Ranger007
“If they voted no I think they did put the country first!”
No they didn’t!!! You just don’t understand what is happening in the credit market. Instead you are getting you info from some right wing nut job who doesn’t understand the issues at hand.
I have an answer to this crisis…in two words:
Flat. Tax.
# 49 Paddy-O
Are you even aware that they had an agreement to get the votes so it looked bipartisan?
The Republican couldn’t live up to their end of the bargain. Just like most Republicans I know. They never live up to their end of the deal.
“If the Dems don’t want responsibility they should just turn control back to the House Repubs.”
Does that man that we should have a Democratic President then?
# 53 pedro
Fuck you pedro!
I throw a temper tantrum too if someone promised me 700 billion for FREE and then took it away.
If the Republicans are so against this bill then why are they trying so hard to blame the falire of passing on the Democrats?
#48 J, “That isn’t the Democrats moto it is the Republicans.”
Right, Barney’s motto is kishka first! LOL
#55 J, “Does that man that we should have a Democratic President then?
I’ll take Bill & Newt again, sure.