Monday, September 29, 2008

Cue plutocrat on ledge: the depression starts...

NOW.
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8 comments:

Smiff said...

Boy, this is a tough one. On the one hand, BushCo. is for it. On the udder hand, many satanic House members like this piece of shit are against it:

Representative Darrell Issa, a Republican, said he was “resolute” in his opposition to the measure because it would betray party principles and amount to “a coffin on top of Ronald Reagan’s coffin.”

Though i'm just guessing if the stock market crashes, that ain't good for anyone (like my retirement portfolio).

September 29, 2008 at 1:32 PM
k-mad said...

If you believe the people who work with credit, the economy basically ceases to function at this point.

September 29, 2008 at 1:51 PM
Fungster said...

My Question: How could they say they "had" a deal when it hadn't been voted on? Clearly, they didn't have a deal. Or, the house members lack disciprine.

Well, a stock market crash can mean that stocks are on sale. Which is good for those retirement portfolios that have about 30 years before they need to be tapped. Like mine. Though this is eerily like the early noughts, when any money I put in the account made up for the losses in that month. Right now, I think the losses are winning against the deposits. But I haven't looked. In a while. Too depressing.

September 29, 2008 at 2:12 PM
k-mad said...

Trey-J, Conyers, and da Elf among the "no" votes. But I wouldn't worry about those investments - there are plenty of ways to rebuild a retirement portfolio.

September 29, 2008 at 2:28 PM
Jason said...

I would make the perhaps minor point that while stocks plunged, the dollar did not. Passage of the bailout would probably help stocks and hurt the dollar. I leave the Wall Street/Main Street math to you...

September 29, 2008 at 2:35 PM
Jason said...

WTF? "BILL TITLE: To amend the Internal Revenue Code of 1986 to provide earnings assistance and tax relief to members of the uniformed services, volunteer firefighters, and Peace Corps volunteers, and for other purposes"? Orwellian much?

September 29, 2008 at 2:36 PM
k-mad said...

That's not on either of the versions I'm seeing. CNN posted a similarly wordy one but by today Library of Congress posted one that actually sounds descriptive. Which raises the question: why does Congress hate volunteer firefighters?

September 29, 2008 at 2:57 PM
Smiff said...

woops...

Biggest point drop in the history of Wall Street so far…

Hovering around a 700 point drop at this point…

UPDATE: The Dow closed 777.68 points to 10365.45

That’s lower than on Bush’s first day in office, January 22, 2001

September 29, 2008 at 4:43 PM

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