Bailout Fails House Vote, Dow Down 777 Points at End of the Day
Wow, interesting times, interesting times. Although the House Republicans can't seem to admit it*, I think the vote failed due to negative pressure from constituents. Lots of Dems didn't vote for the bailout either. Democracy in action!
I don't like the bailout, by any means, but my various stock holdings are taking a friggin' beating.
*they are blaming it on mean, nasty Nancy Pelosi.
I don't like the bailout, by any means, but my various stock holdings are taking a friggin' beating.
*they are blaming it on mean, nasty Nancy Pelosi.
posted by spooked at 4:44 PM
3 Comments:
i am glad that this so-called "bailout" did not pass.
it is just another bushco rip-off.
my stocks are way down too.
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BLACK MONDAY?
As one Wall Street veteran explained to me, "I don't see one penny of that $700 billion ending up helping the broader economy. I see it being used to prop up share prices so the insiders can salvage as much as possible when dumping their shares".
Indeed, the $700 billion is just part of a massive "pump and dump" scheme engineered with the tacit approval of the US Treasury and the Federal Reserve. Once the banksters have offloaded their fraudulent securities and crappy paper on Uncle Sam, they will do whatever they need to do pad the bottom line and drive their stocks up. That means they will shovel capital into hard assets, foreign currencies, gold, interest rate swaps, carry trade swindles, and Swiss bank accounts. The notion that they will recapitalize so they can provide loans to US consumers and businesses in a slumping economy is a pipedream.
http://www.counterpunch.org/whitney09292008.html
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BAILOUT PLAN REJECTED
One lawmaker who voted against the bill, Rep. John Culberson, R-Texas, said the measure would leave a huge burden on taxpayers. "This legislation is giving us a choice between bankrupting our children and bankrupting a few of these big financial institutions on Wall Street that made bad decisions,"
Some Democrats voted against the bill for not doing enough to help taxpayers facing foreclosure or unemployment and accused proponents of moving too fast.
http://tinyurl.com/3pf3fc
Something tells me, Congress, the White House, the *true elite*, WANT the economy to crash...it's class warfare, that's how people with *old money* (WASP families with generations of wealth that reach back to the 17-1800's) think...the richest of the rich don't care if the market collapses, they'll still have a ton of money, and some gold/silver stashed away to back it up, plus T-Bills...
ya they probably want it to crash.
and if they can get a $700 billion blank check in the meantime then all the better for them.
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