Financial Crisis Megathread - Revised bailout passed senate/house and goes into law

Dow went down 5oo+ points today, crazy.

so what's a good country to move to?

The tough part is that time will never show us the rightness or wrongness of the vote. The decision is made, every other scenario is just speculation.

may be you can find some answers there. And alot more answer of other things too. LOL


Manswers

Manswers - SPIKE

I'd like to see everything hit the fan, even though I'm aware that I'm slitting my own throat in the process. It's a case of "we average folks are already tanked, so we'll enjoy watching the fatcats joining us."

It's time for everyone from top to bottom, from Government to Households, to relearn the basic truth: Debt is Bad. Even when it's necessary, debt is bad, and debt should be avoided unless it is necessary. If you put up a house as collateral, then think about how you'd feel living outside in the mud, rain, and cold, without running water or amenities, and realize you're making a bet on your ability to avoid doing just that.

No more of this packaging debt and selling it off to others, so that "it's not our problem anymore", that fueled the mortgage bubble with a SECURITIES bubble, which is how we really got into this mess.

600+ points down now, holy fuck.

The do-nothing Congress strikes again. It's controlled by the Democrats, any of you care to explain what the fuck they are thinking?

EDIT: 778 point down now...

Its a good thing they stop that bail out. Sure its a huge dent on economy. But if the market crashed still after that bail out was passed there would been no coming back from it then. Right now things can be fix slowly if right minds are allowed to fix the problem. If greedy people dont become obstacle, there can be solution.

I think they should liquidize any thing Bush and Dick made profit on after they were elected and use that money to put in economy.

I'm fine with it tanking.

Yeah, I was gonna say. This is not a blame the dems thing. It's always going to be a complete unknown as to what could have happened either way. We're just gonna have to bite the bullet one way or another.
If we have an open business model, I don't think the government should step in only to save the rich folks asses. Unfortunately this will come back to bite every tax payer regardless of whether we bail them out or not.

Either way, it was a silly bandaid for a huge problem. The whole thing needs to be reformed.
---------------------------------
edit:


Lawmakers quickly point fingers after bailout fails - CNN.com

This is ridiculous. They're just spending time pointing fingers and negotiating votes at this point.
It's like a high school debate class where no one can keep it in their pants.

Not to mention:
YouTube - Dems for Bailout: Pelosi #1 "anything goes mentality"

/facepalm
Everyone seems to just be looking at this in terms of how many potential chairs they can gain or lose.

Sweet!! Time for me to buy some stock!!

I raised my contribution to my 401k too!

I'm OK with them not rubber stamping Bush's crap, and they obviously shouldn't rush things, but they aren't handling the situation very well at all. Maybe they need to move into closed sessions or something to keep the market from freaking out.

Well on the good side, Oil did drop back down to about $96 a barrel so gas prices are surely going to drop respectively............oh wait! It won't drop hardly at all!!

Time for the news media to play up the financial armageddon to scare the American people into supporting this ridiculous bill. I'm not surprised at the bubble burst today, the crooks didn't get their billion dollar welfare checks and maybe for a brief second they face the reality that they might actually be responsible for their failings. I guess with election day looming perhaps some lawmakers were scared by the calls they were getting from their constituents who were angry. Some of the pork they tried to put in the bill, sheez. Pandora's bailout.

It's finally dropped a little bit around here, average I see is 3.79 but I paid 3.39 (only 4 cent drop from last week) at Arco. Still seems like too much.

Commentary: Bankruptcy, not bailout, is the right answer - CNN.com

he has some really good points.

Ron Paul thinks the bailout is a bad idea, and I agree with him. I'm just saying that they need to do something. If they can spend 700 billion dollars on this bad debt, why not pump that money into infrastructure instead? Or do another stimulus?