House defeats financial industry bailout bill

Just on the news.....

The House has defeated the $700 billion bail-out legislation for the financial industry.
More than enough members of the House had cast votes to defeat the Bush administration-pushed bill, but the vote was held open for a while, apparently as efforts were under way to persuade people to change their vote.
On Wall Street, stocks plummeted as investors followed the developments in Congress.


Also....

The National Bank of Hong Kong has issued statements of a high level meeting to be held sometime this week. The topic? American Gov't loans.

Wonder if they would just bail me out??

.......and I wonder who's pushing the Hong Kong National Bank to discuss this Would it be China?

I've no clue on how these financial markets work, so many continents are interlinked financially but I'm guessing China will become stronger and stronger....look this week, they're even up in Space. I worry about the yellow man

One things for certain, property(Real Estate) both here in the UK and in the US needs to slide back realistically to prices 8-10 years ago, perhaps a full blown reccession is the only way. I for one would hate to see it but I'd have no sympathy for the finance sector, who always screw us out of every penny(Dollar) we have, to feed their own greed. It a sentence 'Let the Twats sink'

Peloilse (cant spell today) had the GOP VOTES but in the end came out and blamed BUSH for everything....and thus lost their support... plus 70 democrats voted against the plan... THANK THE LOERD. In that plan CONGRESS should have put in a tax rebate stimulus package FOR US WE THE PEOPLE----and not the for the companies who trashed their billion dollar banking profits out the door... plus having salries and bonus packages for CEO who are at the company less than 2 years... NUTS I tell you.


Rick

Interesting take on greed......

When WaMu was taken over by the feds last week, the president, Allan Fishman had only been on the job for 3 weeks. His close out was 18 million dollars, yep 6 million for each of the 3 weeks he worked for WaMu.

I am sorry I dont feel badly for ANYONE in the financial industry nor for the people who went into mortgages that were wayyyyyyyyyyy over their heads. The assholes that wrote the mortgages should be shot and pissed on.

Theyprofiled several couples who are about to lose their homes...let's see, combined income $63,000.00 a year and they got a mortgage for $275,000.00. The wife was bawling because her children love the house and area they live in....BIG DEAL!!

doka wrote:Interesting take on greed......

When WaMu was taken over by the feds last week, the president, Allan Fishman had only been on the job for 3 weeks. His close out was 18 million dollars, yep 6 million for each of the 3 weeks he worked for WaMu.

I am sorry I dont feel badly for ANYONE in the financial industry nor for the people who went into mortgages that were wayyyyyyyyyyy over their heads. The assholes that wrote the mortgages should be shot and pissed on.

Theyprofiled several couples who are about to lose their homes...let's see, combined income $63,000.00 a year and they got a mortgage for $275,000.00. The wife was bawling because her children love the house and area they live in....BIG DEAL!!

EXACTLY...
k and i were talking this weekend... flipping houses same issue this has been part of a smaller home ownership issue... and since when does 60000.00 a year warrent a 300,000 house??? or more. CRAZY. Paulson should be fired...and i have been a HUGE BUSH support since the beginning but he needs to be held accountable too--maybe even impeached for letting this get so out of control... Plus the leaders of the house and senate should be fired...

Rick

dow just closed at -748 for the day.... talk about implosion... I wonder if Obama will take credit or will he blame MCCAIN....for Peloise implosion today with her speech that killed the bill.


Rick

lights1961 wrote:dow just closed at -748 for the day.... talk about implosion... I wonder if Obama will take credit or will he blame MCCAIN....for Peloise implosion today with her speech that killed the bill.


Rick

It will be a muted response from the Obama camp.....emotions will be running high in both camps and scoring cheap points off such a tricky issue would be a wrong move. Obama smart enough to see that.

styxie wrote:

lights1961 wrote:dow just closed at -748 for the day.... talk about implosion... I wonder if Obama will take credit or will he blame MCCAIN....for Peloise implosion today with her speech that killed the bill.


Rick

It will be a muted response from the Obama camp.....emotions will be running high in both camps and scoring cheap points off such a tricky issue would be a wrong move. Obama smart enough to see that.

yesterday he took ALL CREDIT for the DEAL... will he take the blame for the implosion??? NO freaking WAY. did he give Mccain credit
for strking the deal.. NoWay... will he blame McCain for the deal being BUSTED... YOU BET. but remember Dems control congress...and did not NEED ONE GOP VOTE TO RAM IT THROUGH for BUSH TO SIGN... so where did DEM lose control of 70 house members...


Rick