[Reaper329]

Here we go, it seems that the language to be used in the buyout is all finalized, and the voting in the house will begin on Monday. So what do you think? I have been searching this evening for some clear cut language that is being used, and without it at this point I am torn. I understand the fundamental need fo rhte buyout, but then again I hate to see American taxpayers (who are struggling enough) have to foot the bill for it, especially since so many golden parachutes are being handed out like candy. Also, part of me wants the responsibility to fall where it belongs, and since they screwed up, let them fix it.

So what do you think? Vote in the poll and leave your thoughts

[RobInKuwait]

I am against it. I think practicality only trumps ideology when a society lets it do so.

That being said, I'm sure it will go through, and I am glad the House Republicans were able to fight to get the ACORN provisions removed.

Also, how weak is a majority party when it refuses to go forward with a bill without the minority party's consent.

[Rugger]

i dont like it but it needs to happen

[Reaper329]

I am not a fan eithber, but I do think something needs to happen. I also agree the dems can be viewed as weak or as truly trying to reach across the aisle

[TruffleShuffle]

As a brit who likes his NutraPlanet orders, i hope it doesnt happen, the Dollar collapses and i can get my supps at super cheap prices

*tongue firmly in cheek*

[Australian made]

Bandaid solution.

[Rugger]

Originally Posted by TruffleShuffle

As a brit who likes his NutraPlanet orders, i hope it doesnt happen, the Dollar collapses and i can get my supps at super cheap prices

*tongue firmly in cheek*

Read an economics book. If it doesnt happen and dollar collapses you'll be paying $150 for fishoil.

Originally Posted by Australian made

Bandaid solution.

Of course it's a bandaid solution. No one is denying that or trying to advertise it any other way. You've gotta stop the bleeding before you can remove the bullet.

[BodyWizard]

Originally Posted by Rugger

Read an economics book. If it doesnt happen and dollar collapses you'll be paying $150 for fishoil.

Read a book yourself: if the dollar takes a dive, that "$150 fish oil" will cost him a few pence...

Originally Posted by Rugger

Of course it's a bandaid solution. No one is denying that or trying to advertise it any other way. You've gotta stop the bleeding before you can remove the bullet.

not always - sometimes you can't stop the bleeding til you get the bullet out.

[BodyWizard]

I don't like the bail-out (any bail-out)

ONLY possible justification in my mind is to prevent something even worse. What could be worse? China dumping their US debt paper. If our gyrations put too big a hurt on China, there's a very good chance they'll do just that.

Why would they do that? For one thing, it would virtually eliminate the US as a major player on the world stage (kinda like what happened to the Ottoman Empire & Austro-Hungary, after WWI drained their treasuries). No more nagging about "human rights", "fair trade" & all that.

This is my bet for what supposedly shocked Congress into thinking they had to do something immediately
("I didn't get a harrumph outta that guy - you watch your @ss!")

[Kruger]

Its a game of chicken now.

[slow-mun]

Thoughts on this?

House defeats $700B financial industry bailout

By JULIE HIRSCHFELD DAVIS, Associated Press Writer
3 minutes ago



In a stunning vote that shocked the capital and worldwide markets, the House on Monday defeated a $700 billion emergency rescue for the nation's financial system, ignoring urgent warnings from President Bush and congressional leaders of both parties that the economy could nosedive without it.

Stocks plummeted on Wall Street even before the 228-205 vote to reject the bill was officially announced on the House floor.

As a digital screen in the House chamber recorded a cascade of "no" votes against the bailout, Democratic Rep. Joe Crowley of New York shouted news of the falling Dow Jones industrials. "Six hundred points!" he yelled, jabbing his thumb downward. The decline was about 650 points shortly before the close of the trading day.

Bush and a host of leading congressional figures had implored the lawmakers to pass the legislation despite howls of protest from their constituents back home. Not enough members were willing to take the political risk just five weeks before an election.

"No" votes came from both the Democratic and Republican sides of the aisle. More than two-thirds of Republicans and 40 percent of Democrats opposed the bill.

The overriding question for congressional leaders was what to do next. Congress has been trying to adjourn so that its members can go out and campaign. "We are ready to continue to work on this," said Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee.

"The legislation may have failed; the crisis is still with us," said House Speaker Nancy Pelosi, D-Calif., in a news conference after the defeat.

Republicans blamed her scathing speech near the close of the debate — which attacked Bush's economic policies and a "right-wing ideology of anything goes, no supervision, no discipline, no regulation" of financial markets — for the current turmoil.

Frank said that was a remarkable accusation by Republicans against Republicans: "because somebody hurt their feelings, they decided to punish the country."

A White House spokesman said Bush was "very disappointed" in the vote.

The president will be meeting with members of his team later in the day "to determine next steps," said spokesman Tony Fratto.




Copyright © 2008 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten or redistributed without the prior written authority of The Associated Press.


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[Kruger]

Again, its a game of chicken.

[Fastone]

No matter what side of it you're on the bottom line is
It Sucks.