Emergency Economic Stabilization Act of 2008 - Page 10 - Mercedes-Benz Forum

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post #91 of 242 (permalink) Old 09-29-2008, 04:40 PM
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Originally Posted by GermanStar View Post
It was well under 100K, and if the Asian markets now crash as badly as I think they might, I'm better off watching from the sidelines. I have always hated the market. Frankly, I am philosophically opposed to borrowing money for almost any reason, and have no sympathy for a system failing due to the accumulation of debt.
Get a good CD and pull the covers over your head!

Don't believe everything you think
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post #92 of 242 (permalink) Old 09-29-2008, 04:41 PM
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I've been in the market since 1970 and today's drop was nothing compared to 1987 when the Dow dropped more than 25% in one day--and I'll be in the market when we cross the 20,000 mark!
That's the spirit. Better double up on those vitamins though.

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"...pour out of one vessel into another; and as those old Romans robbed all the cities in the world, we skim the cream of other men's wits, pick the choice flowers of their tilled gardens to set our own sterile plots."
-a Richard Burton
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post #93 of 242 (permalink) Old 09-29-2008, 05:38 PM
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The last time I checked, real estate, collectibles and jewelry were bought and sold.

Of course , stocks are "appraised" as well by the stock "analysts" just like real estate and collectibles are "appraised" with just as much accuracy and objectivity.
We have invested a lot of money in Antiques and collectibles. And right now their value is down. But unlike stock investors. they can wait the market out.
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post #94 of 242 (permalink) Old 09-29-2008, 05:44 PM
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Woohoo! Maybe now credit will be more difficult to obtain. I can't believe how many people I know that were able to get home mortgages without even having jobs or having such low paying jobs that the government helps pay their payment! That's idiotic. If you can't afford to make the payments yourself then you shouldn't have a house. Maybe now the housing prices will fall back to a realistic price around here and people that have saved up money can pay cash for them instead of all this credit nonsense. We can only hope that the Dem's don't try to pass another form of a bailout. If they do then all we are doing it telling these thieves on wall street that it's ok to make millions of dollars at the expense of the American people. Trading stocks and bonds is not a real job. Go work in a coal mine and be productive.
You do know that this will also affect the credit market for small, medium and large businesses who will either not be able to get capital or have to pay more for it, don't you? The result of that will be closed small businesses and more large businesses sending jobs offshore. That increases unemployment which continues the circle.

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Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
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post #95 of 242 (permalink) Old 09-29-2008, 06:14 PM
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They still don't have the roll call for the vote posted up on the House Clerk's MySpace page. That might mean that is is still open for voting.

Or it could mean that someone is dragging their feet on posting up who voted for and against.

U.S. House of Representatives Roll Call Votes
Here ya go.

Roll call of House votes on the financial system bailout - MarketWatch
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post #96 of 242 (permalink) Old 09-29-2008, 07:27 PM
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You do know that this will also affect the credit market for small, medium and large businesses who will either not be able to get capital or have to pay more for it, don't you? The result of that will be closed small businesses and more large businesses sending jobs offshore. That increases unemployment which continues the circle.

Good, then all these jobless people will have to move to Mexico I guess. At least they have nice weather there.
post #97 of 242 (permalink) Old 09-29-2008, 07:38 PM
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Here's an interesting spin on the whole deal...

How rejecting the $700 billion bailout cost us $1 trillion - MarketWatch
DAVID CALLAWAY

Congress calls Wall Street's bluff, and we lose
Commentary: How rejecting a $700 billion plan cost us $1 trillion

By David Callaway, MarketWatch
Last update: 5:21 p.m. EDT Sept. 29, 2008

SAN FRANCISCO (MarketWatch) -- Congress called Wall Street's bluff Monday, and investors, savers, retirees and employees around the world lost their shirts.

While groups of politicians bickered like schoolchildren over the failure of the House of Representatives to pass Treasury Secretary Henry Paulson's $700 billion bailout plan, the S&P 500 Index plunged to its worst day since the week of the 1987 stock-market crash, wiping out more than $700 billion in the index's market value.

In other words, we all just spent that $700 billion today -- and still didn't get a rescue plan.

You're doing a heckuva job, Congress.

Let's be clear: The fat cats on Wall Street are still rich. And there must be several dozen of them in total. They were worth many millions, and now they're just worth several millions.


But by making this about a bailout of fat cats and not what it clearly was -- an emergency rescue of the global financial system -- Congress imperils the investments, deposits, money markets and life savings of millions of Americans, to say nothing of people around the world.

Is it Election Day yet?

Even the notoriously splintered government of Belgium was able to engineer a rescue of banking and insurance giant Fortis over 48 hours this weekend. But our own representatives, faced with the gravest economic threat in 70 years, took more than 10 days to hash up this rescue plan, and then rejected it anyway.

In total, more than $1 trillion was wiped off the value of the entire U.S. stock market Monday, as measured by the Dow Jones Wilshire 5000 Index. Asian markets will certainly plunge tonight, followed by the European markets Tuesday morning -- and many of the latter suffered their worst losses ever Monday.

In case anyone in the House failed to notice, the constituents affected by this decision reside well beyond the representatives' little districts. Four major European financial institutions were bailed out over the weekend. More will come. Wachovia Corp.'s takeover Monday morning made it just the latest U.S. bank to go down. With no rescue plan in place, even our biggest banks remain under threat.

The markets will bounce back -- perhaps even this week. Another crack at a bailout will be taken in the coming days, most likely. We will get through this, ideally without a painful recession.

But when we finally catch our collective breath and look back, we'll realize this was never about fat cats. The House as a whole missed that completely. Instead, small investors and savers around the world are left to twist in the wind as the systemic failure that till now had been merely theoretical takes place right before our eyes.
At some point, the pain will become deep enough that even Congress will get that message.

Until then, we've finally got an answer as to whose fault it is.
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post #98 of 242 (permalink) Old 09-29-2008, 07:44 PM
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Here is the difference the article apparently considers negligible. The bailout plan spreads the loss to investors across the spreadsheets of all taxpayers, as opposed to those who chose to take the risk.

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #99 of 242 (permalink) Old 09-29-2008, 07:46 PM
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Here is the difference the article apparently considers negligible. The bailout plan spreads the loss to investors across the spreadsheets of all taxpayers, as opposed to those who chose to take the risk.

Exactly! I also love how some people are saying that the government could potentially turn a profit on these securities. If the securities were even remotely profitable a private entity would be buying them. These are CRAP securities.
post #100 of 242 (permalink) Old 09-29-2008, 07:49 PM
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It's nauseating.

Then there's this little tidbit:

House rejects financial-rescue package - MarketWatch
Existing executive-pay contracts will stay in place

In some cases, the bill would require companies limit executive pay, but those limits vary depending on the method by which Treasury purchases a firm's troubled assets, and how much Treasury antes up.

"When Treasury buys assets at auction, an institution that has sold more than $300 million in assets is subject to additional taxes, including a 20% excise tax on golden parachute payments triggered by events other than retirement, and tax deduction limits for compensation limits above $500,000," according to a synopsis of the text of the bill.

While the proposed bill prevents companies from signing new golden-parachute deals with top executives after Treasury gets involved, it does not change the terms of already existing contracts, apparently in an effort to encourage companies to participate in the bailout program.
And there's ANY question about why this thing failed? Barney Frank has the balls to cite "pettiness and hypersensitivity" with regard to house Republicans, and votes FOR something that lets the very same pedophiles hang around the daycare?

DO THEY, or DO THEY NOT, need to be bailed out? If it's the latter, what the fuck does it matter if we ENTICE them to participate? If it's the former, what the fuck are we even talking about here?

Close this loophole, and I'm pretty certain you'll get all the votes you need.
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