I wish the politicians would do what is best for America rather than what is best for them and their party.
House defeats $700B financial markets bailoutSeptember 29, 2008 2:13 PM ET
All Associated Press newsWASHINGTON (AP) -
The House on Monday defeated a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry.
Stocks plummeting on Wall Street even before the 228-205 vote to reject the bill was announced on the House floor.
When the critical vote was tallied, too few members of the House were willing to support the unpopular measure with elections just five weeks away. Ample no votes came from both the Democratic and Republican sides of the aisle.
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.
I'm just sick! Now what happens?
It is sad to see that 228 representatives (at this point in time) viewed reelection in November to be their prime concern as opposed to the needs of our economy and public.
Sounds to me that we are in for some tough times, so tighten your belt and survive.
Surprisingly the Dollar is holding up better than anticipated. This may not be as bad as anticipated, I think a wait and see is the best action. In the meantime a lot of praying would be a good thing.
Watch gold up 25.90, and 1-year T-bill yield down @ 0.06%. That is where the money is going.
Jerry, neither is a surprise. Gold has always been the worlds safe haven, it was in the crash of 29. Somehow I feel that world has changed in both population and the self-preservation attitude of the people, we are a different mix in this country. In addition no country has the benefit of isolation from the rest of the world. I am the youngest of 15 children, my parents had 9 children at home when the depression started, I asked my dad how they survived, he said they had the farm, milk, chickens, hogs, big garden, in addition they had a meat market and a locker plant in Howard. The big thing he always said was that everyone helped each other and shared whenever and whereever they could. Our population is no longer heavily rural and that is the biggest change and negative of all. Hopefully we can get the economy moving and avoid a major depression. I worry more for my children than I do for my wife and I.
You and your wife come from "make-do" people. If you passed this on to your children, they will be all right. All of my age group ( how's that for not saying old woman, Jo.) know how to manage with only necessities. I think most of our children and their children are going to learn this and they will be all right, too. Maybe they should start now and stay with it even after the crisis passes.
Quote from: Wilma on September 29, 2008, 02:33:40 PM
You and your wife come from "make-do" people. If you passed this on to your children, they will be all right. All of my age group ( how's that for not saying old woman, Jo.) know how to manage with only necessities. I think most of our children and their children are going to learn this and they will be all right, too. Maybe they should start now and stay with it even after the crisis passes.
Thanks Wilma, you know exactly what I am talking about. I think my children will be alright, they are all 3 very hard workers and seemimgly good managers. I started working in the family grocery store when I was in the first grade, my dad worked us kids hard and I have to say all of my brothers and sisters were/are very hard working people. I worked for various farmers and people all the way thru grade school and high school, milked cows every morning and every night from the 7th grade thru high school. When I got of high school I farmed on my own, worked for others, worked in the oil patch went to college, had a ditching machine, drove Earth moving equipment on the Elk City Dam, with my HARDWORKING WIFES' (My best move was marrying a good hardworking Flint Hills Farm Girl) help and encouragement, I went back to school, I have spent 40 years in the Oil and Gas business, I still work 8-12 hours a day and enjoy every minute of it. I will be 68 this coming week and I have no intention of quitting work, as long as my health lets me. I am going to be a Walmart Greeter when I am 75, I may see you then at Walmart, and we can ride around together in one of those electric carts and talk about the good old days.
Quote from: jerry wagner on September 29, 2008, 12:29:25 PM
It is sad to see that 228 representatives (at this point in time) viewed reelection in November to be their prime concern as opposed to the needs of our economy and public.
I am for one glad to see congress refuse to saddle us with a debtload like that. The government is not chartered to buy out stupid people. Let the stupid people lay in the bed they made. The rest of us will make it. Markets correct and bad businesses fail all the time. It is time to stir the pot and let the dust settle and those left are the ones who were smart and strong and is a good starting point at which we can move on with.
OK Frank, this is a bit off topic... but, I've been wondering when your birthday was... so go ahead and spill it, you said you'll be 68 next week. What day next week?
Alot of the city people will struggle big time I think. They are used to everything being "right there" premade, and not too many options to do anything else. Anything that isn't instant and available will send them into a panic..and I imagine they won't know what to do.
(But many in the cities from the "old ways " will be fine.
I am not very smart in any of this.
I guess I never had to be. I have never had enough money to invest in much of anything in the market stock place and everything we ever bought was only after we worked hard and saved and had the money to buy it.
Or Mark would buy something that was a piece of junk that no one wanted to fix..and he would fix it all up like new and we would have that.. We have and had a whole lot of wonderful things just because he was so talented with his hands and creativity..and we eat like royalty because we are so old fashioned that we cook everything by scratch. *it's cheaper*
So to get by on what we have and can make do with is not a real big problem for us and my family.
(An inconvenience I imagine..but not hard to implement)
Just like ole Hank Williams Jr sings... " A Country Boy (and girl) can survive. " ;)
Those of higher power that represent my great state of Kansas in Wahington D.C. unanimously voted against the bailout.
Quote from: Teresa on September 29, 2008, 03:34:56 PM
Alot of the city people will struggle big time I think. They are used to everything being "right there" premade, and not too many options to do anything else. Anything that isn't instant and available will send them into a panic..and I imagine they won't know what to do.
(But many in the cities from the "old ways " will be fine.
I am not very smart in any of this.
I guess I never had to be. I have never had enough money to invest in much of anything in the market stock place and everything we ever bought was only after we worked hard and saved and had the money to buy it.
Or Mark would buy something that was a piece of junk that no one wanted to fix..and he would fix it all up like new and we would have that.. We have and had a whole lot of wonderful things just because he was so talented with his hands and creativity..and we eat like royalty because we are so old fashioned that we cook everything by scratch. *it's cheaper*
So to get by on what we have and can make do with is not a real big problem for us and my family.
(An inconvenience I imagine..but not hard to implement)
Just like ole Hank Williams Jr sings... " A Country Boy (and girl) can survive. " ;)
Teresa, Buying, trading stock and whatever riches bring are not what counts. What counts to me is my family, friends and the great memories. When I am together with my kids and grandkids we talk about the great Quail Hunts, Pheasant Hunts, Dove Hunts, Deer Hunts . Noone ever says hey dad made any good trades lately. Time with family is important, the great memories of so many people in Howard Kansas that helped me so much when I was growing up. The love of family and my brothers and sisters, mom and dad, my wife, Children, Grandchildren, my 200 + Nieces and Nephews,, Teresa, I know you have great memories of your family and even more important they have great memories of you and your love, that is riches.
I'm more worried about the fallout from this. If banks don't have money to lend, and I mean to small business owners, not the big corporations, stores may not be able to buy inventory to sell. Owners may not be able to make payroll, which can lead to more layoffs and business failures. How can a young dentist come to Howard if he can't get a bank loan to set up his/her office? Can a farmer still buy seed corn? It's all connected. Al just wrote a newsletter this afternoon to his pensioners from New Castle County explaining the health of the pension fund, which is all invested in lots of instruments. You don't want to have to tell an 85 year old widow that her survivors pension went bust. I'm not very materialistic by nature. We don't have boats and 4-wheelers and hot tubs and campers and vacation homes. I was hoping to be able to take a few more trips, but if need be we can stay home. I'm more concerned about being squeezed out of decent health care when I'm medicare age.
Diane, the biggest layoffs would probably be in China, India, Japan and other countries.
I was thinking more of the local Ford dealer, and liquor store owner, but I understand what you mean.
a bunch of fools talking... Highlights of this eight-minute video:
Maxine Waters: Through nearly a dozen hearings, we were frankly trying to fix something that wasn't broke. Mr. Chairman, we do not have a crisis at Freddie Mac, and particularly at Fannie Mae, under the outstanding leadership of Franklin Raines. [Raines would barely avoid prosecution for fraud.]
Gregory Meeks: ... I'm just pissed off at OFHEO (the regulators trying to warn Congress of insolvency at the GSEs), because if it wasn't for you, I don't think we'd be here in the first place. ... There's been nothing that indicated that's wrong with Fannie Mae, Freddie Mac has come up on its own ... The question that then comes up is the competence that your agency has with reference to deciding and regulating these GSEs.
Lacy Clay: This hearing is about the political lynching of Franklin Raines (Yep, there is the race card).
Barney Frank: I don't see anything in this report that raises safety and soundness problems.
Exit Question: When are these congressmen going to be hauled off to prison? http://www.youtube.com/watch?v=_MGT_cSi7Rs
I have a friend named Mac.. who is a retired federal police officer and here is what he told me...
Mac's plan: conquer Saudi Arabia. Irradiate the remaining oil fields in the Middle East making them unusable for, say, 100 years (oil reserves). Expand Israel to impose the American will in the region so we don't have to commute from Raleigh. Sell oil to the developing nations as long as they play nice. Annex Mexico and establish a US. Military regime to end corruption, so they can stay out of the border wire trying to come here, and get a decent job with decent wages down there. Return Cuba to it's rightful owner, Florida!! Install jogging trails between the Florida Keys and Havana.
The bailout will get my support when I see the multi-millionaires who profited from this scheme hanging from light poles up and down Wall Street.. Of course, one of those also responsible regulators on the Federal Financial Management Committee won't be there. He now has Secret Service protection.
http://www.lewrockwell.com/orig9/quinn9.html
Why millionaires and billionaires are for the bailout plan.
Couldn't have said it better...
There is NO reason for this bail out! It is simple market corrections. Let capitalism work as it should. The weak (or stupid) fail and the rest pick the bones of the 'dead' and get stronger.
I wrote my congress critters yesterday and told them to vote no. We should all do this.
If you don't know who they are or how to contact them go here.
http://www.vote-smart.org/search_zipcode.php?keyword=33714-3325
enter your ZIP and it will point you to your Reps. Write your letter and hit send... Just takes a minute.
The fall-out from this is already starting...I heard on NPR that there has been a considerable reduction in the amount of credit being extended to people doing something as basic as buying a car. Times are going to get tighter...and interest rates are going to go up, up and up.
Do you suppose we will finally stop getting 3 to 4 credit card applications in the daily mail?? :D
LOL...oh, my, yes...and the Tooth Fairy is going to finance my next mortgage.