Bailout Bill Fails/Passes merged thread

killJOY · Fission Joined: Feb 21, 2005 Posts: 2510 Location: ^NNE^

Yay! The gangrenous leg was cut off!!!

But how far does the infection go???

Is it systemic? Treatable? Who the fark knows....
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"By the time individuals discover that remaining resources will not be adequate for the next generation, the next generation has already been born. " David Price

Plantagenet

"The Republicans' refusal to vote for the bailout was a rejection of their own president." --Barney Frank (Dem-Mass)

So the vote by a majority of the democrats for the bailout should be seen as an endorsement of president Bush?

burtonridr · Intermediate Crude Joined: Aug 03, 2007 Posts: 763

You know what is Fark crazy! when they try to help us out with their "stimulus package" they send $600... When they decide they want to fix the problem they send the 700 billion to the big banks!

Wtf why not give each american home owner 20% to pay down their mortgage... Ta da now the value of homes that have been leveraged against are worth as much as they owe. This instantly give the banks money and helps free up some of the debt that is so heavily weighed against consumers... WHICH IS THE REAL ROOT OF THE PROBLEM.

But they wont do that, that is how I know when Mr paulson gets up and speaks about trying to help the American people, he is full of crap.

Right now they are going to give the banks tons of money and buy the homes at 50 cents on the dollar. So basically the government will buy my home mortgage for $50,000 when I owe $100,000.

K so they are going to use my money to buy my house!

So they screw you there, now you still have to pay the $100,000 you owe on the house. Tack on the interest accrued and you get a bill roughly around $135,000 by the time you pay it all back, then you get to pay back the money the government borrowed to buy your house, ya know the $50,000 in tax money. So my $100,000 house ends up costing me $185,000!

Or if I default then the government buys the house with my money for $50,000.... then I have to pay back the bank $50,000 to make up the difference that I owe them, then through taxes I have to pay back the other $50,000? Plus I will have to pay taxes on the difference because it is seen as a capital gain!

Please someone tell me I'm way off base! Mad

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cbxer55 · Posted: Mon Sep 29, 2008 2:20 pm Post subject: Re: Bailout bill fails

DJIA down 676 points for the day.
Express elevator to the basement anyone?
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ALBY

what happened today was a partisan Fark, with each side trying to paper the other wioth blame for the whole facking mess.

i noticed that the nuanced approach to selling the bailout as a financial resue plan failed miserably this weekend. everyone switched back to bailout by sunday. so now, sterner measure will be required.

i fully expect TS will be allowed to hit TF and the dow will collapse to about 7000, give or take a 1000. people will get their 401K statement and learn they have been skinned by HALF and immediately begin a massive run on the remaining instituions of finance. that will result in a bank holiday which will completely freak people out and a bigger badder version of this bill will surely pass IMMEDIATELY thereafter.

i'd like to believe the bill was scuttled by principled opposition, but we all know that we have the best CONgress money can buy. those feckless leeches are simply trying to preserve their place suckling place on the nation's teat.

mark my words. at the end of the day, the taxpayers will own every worthless piece of crap derivative ever created. a massive transfer of wealth has already been engineered. all that remains to lock it in is a market crash, a dollar collapse and then a nice long bout of deflation and depression.

the fix is in. the dow was down less than 250 points in the AM when my retuers ticker told me that today would be one of the biggest down days for world markets in 20 years. we finish the day dwon 600 and change. I think they fuxed up and released that story early.

joeltrout · Light Sweet Crude Joined: Sep 19, 2007 Posts: 1317

Cid_Yama · Last edited by Cid_Yama on Mon Sep 29, 2008 2:39 pm; edited 5 times in total

Dow Closes down 777.68

More important, the NYSE which is heavy financials, closed down 685.40 at 7204.97, an 8.69% drop in one day.

Just noticed Nasdaq closed down 9.14%

The VIX which measures volitility is at 46.72, an extremely astronomical level. Up 34.48%

This is sometimes called the 'fear' index. From this they are absolutely terrified.

Maybe we will have a global market meltdown overnight.

I don't think I have ever seen it over 30 before, the highest being when Bear Sterns folded.

Does anyone know where the VIX was on the first day of trading after 9/11?
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killJOY · Fission Joined: Feb 21, 2005 Posts: 2510 Location: ^NNE^

ALBY

pardon me... down 777.

the bid and ask were corrupted all day. i swear to god, the market finished down 600 and change as i tyoped that post, i went back to the tickewr and were down 777.

whiskey, tango foxtrot.

maybe i need to switch to bloomberg ?

allenwrench · Intermediate Crude Joined: Apr 23, 2008 Posts: 893

You know, I never did hear how much our tax bill was going up to fund the reamout?

Well, the Reps seemed to dig deep and found some honor.

We will see how long these newfound ethics and concern for the taxpayer lasts

Prince · Heavy Crude Joined: Dec 26, 2005 Posts: 233

The bailout bill might have failed, but the Fed still managed to play with over $600B today, which barely made the news. Even with today's ~~bailout~~ currency "swap" arrangements, the DJI fell almost 800 points and the Nasdaq dropped (a record?) 200.

http://biz.yahoo.com/ap/080929/fed_credit_crisis.html

joeltrout · Light Sweet Crude Joined: Sep 19, 2007 Posts: 1317

ROCKMAN

On the other side of the coin, I just read that over $700 billion of stock were bought in the market today. Someone must think matters aren't too bad. I took advantage of the situation today and bought back my favorite NG exploration stock for $89 after I sold at $106 a couple of weeks ago. I usually buy back after an 8% drop but this time decided to watch the market closely and pick a bottom. Think I came close. Don't ask me to explain it but whenever the market drops so do most of the NG stocks. I expect in the next 2 to 4 weeks it will jump back into the low 100's....especially with winter coming and so much NG still shut-in in the GOM.

As I said, I've given up trying to understand this market. I've been riding this same peak/trough cycle for months and every few weeks make a trade that averages around 8% FOR THAT PERIOD. The market completely ignores the fundamentals. All the analysts, with out exception, liked this stock a lot when it was $127. I never wanted to be a short term traded and resisted these cycles for a couple of months. I don't know how long this roller coaster will run but right now it looks like I'll average around a 30%+ return per annum.

Newfie

ROCKMAN

I missed the "ploy" by Repubs Newfie.....more Houise Dems voted against the bill than Repubs.