Grant Posted October 2, 2008 Report Share Posted October 2, 2008 Wow, great article from Glenn Beck: http://us.cnn.com/2008/POLITICS/10/01/beck.future/index.html Quote Link to comment Share on other sites More sharing options...
Myself Posted October 2, 2008 Report Share Posted October 2, 2008 As much as I oppose the bailout on sound, free-market principles... ... I can't help but wonder. Are we, in voicing opposition to the bailout, trying to save the system for the 2nd handers? The thing is -- it's our system. There is no Galt's Gulch to kick back in while the rest of the world falls to pieces. Make no mistake -- if the US continues down this path to catastrophe it'll be our necks too. Quote Link to comment Share on other sites More sharing options...
Steve D'Ippolito Posted October 2, 2008 Report Share Posted October 2, 2008 The thing is -- it's our system. There is no Galt's Gulch to kick back in while the rest of the world falls to pieces. Make no mistake -- if the US continues down this path to catastrophe it'll be our necks too. Dang, you haven't got your personal invite yet? I got mine. Quote Link to comment Share on other sites More sharing options...
KendallJ Posted October 2, 2008 Report Share Posted October 2, 2008 As much as I oppose the bailout on sound, free-market principles... ... I can't help but wonder. Are we, in voicing opposition to the bailout, trying to save the system for the 2nd handers? That depends on if the only thing you do is oppose the bailout. Quote Link to comment Share on other sites More sharing options...
SkyTrooper Posted October 3, 2008 Report Share Posted October 3, 2008 The thing is -- it's our system. There is no Galt's Gulch to kick back in while the rest of the world falls to pieces. Make no mistake -- if the US continues down this path to catastrophe it'll be our necks too. Ha that brings to mind Hank Rearden: “I regret that I shall be obliged to save your goddamned necks along with mine.” Quote Link to comment Share on other sites More sharing options...
Tenure Posted October 3, 2008 Report Share Posted October 3, 2008 (edited) Clawg: I saw that same ridiculous quote myself the other day. I was shocked; it was something right out of Atlas Shrugged. There's a bit where some new directive is being set in place and it involves a certain amount of money as a fine or a tax or relief or something, and to paraphrase, "The number was not based in any reason. One person suggested it and no one saw any reason to object to it." To add to the list of silly quotes: Tennessee Republican Zach Wamp, one of those who voted against the bill on Monday, said he would now vote in favour of the measure despite ordinary Americans remaining "as mad as heck" at the situation on Wall Street. "You have got to do what you think is right. I thought the right thing Monday was to vote no. And I think the right thing to do tomorrow is to vote yes." Edited October 3, 2008 by Tenure Quote Link to comment Share on other sites More sharing options...
Greebo Posted October 3, 2008 Report Share Posted October 3, 2008 Dang, you haven't got your personal invite yet? I got mine. If you could mention me to whoever is organizing the Gulch, I'd be much obliged... Quote Link to comment Share on other sites More sharing options...
gags Posted October 3, 2008 Report Share Posted October 3, 2008 (edited) The New York Times has picked up the "not enough regulation caused the crisis" talking point with a vengeance. http://www.nytimes.com/2008/10/03/business...amp;oref=slogin Apparently government restrictions on debt levels at some of the investment banks would have prevented this whole mess. The writer of the article acts as if the guys running the investment banks were just too stupid to know what is good for them. Of course, government regulators should have been allowed to tell them what was in their best interest. Edited October 3, 2008 by gags Quote Link to comment Share on other sites More sharing options...
Thomas M. Miovas Jr. Posted October 3, 2008 Report Share Posted October 3, 2008 I'm listening to the debate on the House floor regarding the "rescue bill" and I'm hearing a lot of arguments along the lines of: I'm all for capitalism and free markets, but we must act now because credit is tightening up; so, even though I'm against government intervention in the economy, I'm voting for this bill. In other words, the semi-capitalists are selling us down the drain. You can listen to the debate by going to Fox News online and clicking on the link down on the left of the screen. There actually are a few members standing by non-governmental intervention, but because the credit markets are tightening -- i.e. one can only get a loan if one has good credit -- and it's putting them in a panic. California, for example, is claiming they won't be able to meet payroll because they cannot get a loan. Is there something wrong with this picture that the bad creditors are complaining and want a bail-out? Quote Link to comment Share on other sites More sharing options...
brian0918 Posted October 3, 2008 Report Share Posted October 3, 2008 (edited) It looks like the House will pass the bill. Bloomberg says that at least 24 members are switching from No to Yes, putting them well over the mark. The only thing we can hope for is that people who voted yes will switch to no thanks to all the pork that's been added. Most likely it will pass. http://www.bloomberg.com/apps/news?pid=206...&refer=home People don't give a damn about rationale. All they want is pork. Paulson could hand them a huge turd and if it's wrapped in enough pork, they'd swallow it and shout about how "it's just gotta be done, no matter how bad it is!" Edited October 3, 2008 by brian0918 Quote Link to comment Share on other sites More sharing options...
IchorFigure Posted October 3, 2008 Report Share Posted October 3, 2008 (edited) Blahblahblah Wall Street blahblahblah greed blahblahblah predatory lending blahblahblah Main Street blahblahblah must act now. Edit: Hmm Chip Pickering from Mississippi made a short but touching speech just now. Saying it will probably be "his last vote" because he intends to uphold the capitalism and free markets America functions on, and recalling when the Soviet Union collapsed and free markets began to grow. Edited October 3, 2008 by IchorFigure Quote Link to comment Share on other sites More sharing options...
Tenure Posted October 3, 2008 Report Share Posted October 3, 2008 (edited) They've done it. It's been passed. It's all over. Edited October 3, 2008 by Tenure Quote Link to comment Share on other sites More sharing options...
01503 Posted October 3, 2008 Report Share Posted October 3, 2008 DOW is dropping like a rock. http://money.cnn.com/data/markets/dow/ Quote Link to comment Share on other sites More sharing options...
Thomas M. Miovas Jr. Posted October 3, 2008 Report Share Posted October 3, 2008 They've done it. It's been passed. It's all over. It's not quite all over yet, as the President has to sign it into law, but he will do that. Here are the final numbers: "Lawmakers voted 263-171 to pass the bill. It was the second time this week the House voted. On Monday, it rejected an earlier version, but accepted changes after the Senate added sweeteners and supported it on Wednesday." Quote Link to comment Share on other sites More sharing options...
Tenure Posted October 3, 2008 Report Share Posted October 3, 2008 I'm curious - if companies go bankrupt and the Dow hits the floor before this is signed into law and starts taking effect, will it be enough time for these companies to liquidate and for the market to correct itself? Quote Link to comment Share on other sites More sharing options...
Thomas M. Miovas Jr. Posted October 3, 2008 Report Share Posted October 3, 2008 Bush couldn't wait nto sign the damned thing...the ink wasn't even dry yet! http://news.yahoo.com/s/ap/financial_meltdown Quote Link to comment Share on other sites More sharing options...
Maximus Posted October 3, 2008 Report Share Posted October 3, 2008 "We have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country," Bush said shortly after the vote, although he conceded, "our economy continues to face serious challenges." What a freaking moron. Quote Link to comment Share on other sites More sharing options...
Ordr Posted October 3, 2008 Report Share Posted October 3, 2008 "We have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country," Bush said shortly after the vote, although he conceded, "our economy continues to face serious challenges." What a freaking moron. Maybe he's referring to the fact that, after this MASSIVE amount of money has been greenlit, the market is down anyway. Quote Link to comment Share on other sites More sharing options...
Clawg Posted October 3, 2008 Report Share Posted October 3, 2008 Now the question is how long it takes until the bailout bailout. Quote Link to comment Share on other sites More sharing options...
Maximus Posted October 3, 2008 Report Share Posted October 3, 2008 (edited) You mean the rescue rescue. Lipstick on a pig. Edited October 3, 2008 by Maximus Quote Link to comment Share on other sites More sharing options...
Greebo Posted October 3, 2008 Report Share Posted October 3, 2008 Quote Link to comment Share on other sites More sharing options...
Thomas M. Miovas Jr. Posted October 3, 2008 Report Share Posted October 3, 2008 The Dow closed down 157 points after this incredible deal for business and the tax payers was pushed through. Is that a vote of "no confidence" or just a sigh after such a frustrating week for all? Quote Link to comment Share on other sites More sharing options...
Thomas M. Miovas Jr. Posted October 3, 2008 Report Share Posted October 3, 2008 For whatever good it may do, here is a breakdown page on the House vote: http://www.newsmax.com/politics/house_vote_bailout_bill/2008/10/03/137093.html My Representative, after sending me a flier saying he is for less government intervention in the economy to get my vote, voted YES for the Emergency Economic Stabilization Act of 2008. How in the world are we supposed to pick political leaders when one cannot even hold them to their own word -- before they get re-elected. I actually don't know if there will be much of a shake up in either the House or the Senate based on their vote for this thing, because the media shock and awe saying we were in dire straights unless it passed convinced a lot of people out of fear that it had better pass. Quote Link to comment Share on other sites More sharing options...
JMartins Posted October 4, 2008 Report Share Posted October 4, 2008 President Sarkozy made a statement regarding the financial crisis. ''Self-regulation as a way of solving all problems is finished. Laissez-faire is finished. The all-powerful market that always knows best is finished,'' Sarkozy said. Full story: http://www.brisbanetimes.com.au/news/world...2217466847.html Quote Link to comment Share on other sites More sharing options...
Thomas M. Miovas Jr. Posted October 4, 2008 Report Share Posted October 4, 2008 President Sarkozy [of France] made a statement regarding the financial crisis. It is evasion of a massive scale to say that it was capitalism that led to this crises; but, of course, he isn't the only one, as our own politicians have come to the same conclusion after their policies nearly bankrupted the banking system in the United States of America. This is evil, and it will take us a long time to dig our way out of it. With the government via the Secretary of the Treasury having almost total control of the credit and mortgage industry, there will be massive distortions in the economy -- and, unfortunately, we will all pay for that. Quote Link to comment Share on other sites More sharing options...
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