patrick.net

It would be fun to have HARM and DinOR chime in

From CNN/Money

Others point out that the bailout doesn't address the root cause of the problems on Wall Street as well as the broader economy: falling house prices.

The "root cause" was the was the housing price runup, not the ongoing correction. Why is that so hard to see?

Let the situation continue to correct by disallowing a bailout. If the economy needs a spur, that $700 billion and any follow on bailout money would be as Duke says, better spent on infrastructure.

thenuttyneutron Says:

Wachovia is gone but there is not much on the FDIC website about it. The FDIC brokered the deal!

I can't find anything about WalkOverYa in the news. They are "gone?"

I am on C-SPAN now and they look like they are minutes away from the final vote. I am on pins and needles! I hope this does not pass.

I plan to vote against my reps in all future elections if they vote yes on this bill. I wrote 3 letters to each of them and their offices know how I feel.

I still find it unbelievable that 95% of the input from the people is against this bailout, yet it does appear that this bill will pass!

@ Headset

http://www.bloomberg.com/apps/news?pid=20601087&sid=agVqu_CIqFyw&refer=home

Headset.

Right on.

Don't let the realtor and wall street thieves re-define the problem as being the *fall* in housing prices. The problem was and always will be the unsustainable RISE in housing prices.

TOB,

Yeah, let us securitize the new SF Bay Bridge. I can dig it. (Sarcasm off).
Seriously, if anyone says "infrastructure" again I'm going to barf.

thenuttyneutron,

Thanks. I do not have any money in Wachovia personally, by my employer's cab company does. I just called the accounting department, we are taking over $100k out of it immediately.

hes the Anti-Bush!

LOL!

The voting will start in under a minute! I am glued to the TV set!

Some jackass Rep. Hoyer of Maryland talks about their oath of "defending America and the Constitution". I find it funny how they think something explicitly stated in Article 1 Section 8 (powers of congress) is being Abdicated again by Congress. What is there about this that is Constitutional?

Netron,

Republican Rep. Boehner was previously up on the podium holding his nose demonstratively to indicate how much he disliked voting YES for the bill, which is what he is going to do.

It starts, a 15 minute Vote is now in progress!

Let's declare today Bank Failure Friday, and just skip the rest of the week.

IT FAILED TO PASS!!!!

Unbelieveable.

The markets took it pretty well so far.

dow is -4% already ....it might get to -6% soon.
Watch out your 401K's !

I like this quote from CNBC.

"What would it take to get the Republicans to vote yes?"

"Hang Wallstreet Execs"

These words were used on National TV!

Grr- no articles yet.

It's official, now they are maneuvering for a motion to reconsider.

http://www.youtube.com/watch?v=4mo6639Zjek

"We don't need no water let the Mother Fucker Burn!"

"Burn Mother Fucker Burn!"

Oops. they are moving to suspend the rules and pass it anyway. I think maybe the first vote was a grandstanding protest vote, it MAY pass after all!!

No justme, the vote is booked, the bill is dead. You are right they tried for a parliamentary motion to reconsider (and I hope whoever did resoundingly loses their seat in 5 weeks), and a 15-minute vote stretched into 40 minutes as they tried to gather more yays, but this incarnation of the abominable plan failed. Make no mistake: they will try again, and soon.

Apostasy, you are correct.

Where do we find the list of how the representatives voted?

I was just thinkng "What do I want now?"

The answer: a new polical party. With so many R and D going against party leadership (thank God) I think we can create something like "The Reform Party". This party votes on merrits of ideas. They asign positions of power based on compentancy and not polical party. They never demand party loyalty but ask members to vote their conscience and in the best interest and will of their constituents.
There are so many good reforms out there and just getting out of this wasted partisan world of R vs D would be so refreshing!

By the way - looking at market analysis looks like I was right-on.

10,500 (all be it late), going to 8500.

If we nationalize the banks we can stem the tide nearish 8400 - say 7500. where we will mudde along for years.

If we do nothing, we can go to, hmm, 4000 in 2 years? Then we will recover briskly since our capital formation markets and rule-of-law system makes us a fast and flexible economy. We will rebuild and retool and export with alarming capacity.

Holy crap, the Fed is expanding TAF by $300 Billion to $450 Billion total. We don't need no stinkin' Paulson Plan. As I have previously pointed out the Fed has a little less than $300Billion in Treasuries available (almost $200B are unavailable as they have been swapped out through TAF). Looks like the Treasury will continue to hold a bake sale for the Fed. Again I ask, do they need Congressional approval, or is this now the Ben and Hank show?