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| Name: |
GoneFishin
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| Subject: |
Let's be Honest
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Date:
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9/30/2008 10:18:21 AM
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The extreme wings of both parties voted against the bill. Namely, the black caucus and the conservative Republicans. A block of Republicans who are not seeking reelection supported the bill. There was an agreement between the leaders of both parties that they would each deliver around 50% of their members.
As this is an election year, those who supported the bill, for the most part, feel they are in safe districts for reelection.
Yes, the democrats could pass a bill without republican support since they control congress. They could forget compromise and strip out all the Republican demands and pass a bill wilh everythning they want, send it to the President. and then force his hand.
That would be a disaster for this country. Politics is all about compromise.
I would love to see higher FDIC insurance. However, that is again "for the rich". I assume there will need to be an offsetting feature added to appeal the left.
Yes, I am a Democrat but I am an American first.
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| Name: |
AUCATZ
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| Subject: |
Let's be Honest
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Date:
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9/30/2008 10:29:02 AM
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FDIC insurance limit raise would be great. Lots of us have saved many years, and if we reach the years near to retirement with money in savings it should be safe. $250k saved over a lifetime isn't 'rich', heck - it isn't even average after 30+ years of work. This isn't something that should be a political topic, in my opinion. Of course, I've never subscribed to 100% of what either party promotes, so I'm an Independent and vote for the person.
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| Name: |
wix
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| Subject: |
GoneFishin
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Date:
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9/30/2008 11:05:14 AM
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As a "well informed" Democrat, could you tell us which of the members of the House are not up for re-election this year. Democrat or Republican.
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| Name: |
MartiniMan
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| Subject: |
Sigh.....
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Date:
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9/30/2008 11:17:58 AM
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I am betting this is a better than average informed and educated Democrat with a better than average grasp of economic principals. A clear argument against government schools.
So here's a simple question. Why doesn't the Dem leadership do exactly that? They claim that Bush and Republicans are so wrong on everything so why not put out a bill that has everything the leftists in Congress want?
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| Name: |
GoneFishin
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| Subject: |
Sigh.....
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Date:
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9/30/2008 12:29:18 PM
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Wix, as we all know every repesentative is up for reelection. Reread what I posted. Those who feel they are in safe districts and will be reelected tended to support the bill. It is a tough call if you are facing a difficult reelection.
Martini, in the real world you know Democrats are NOT going to help Bush out without Republican support. It is all about posturing----with telephone calls to Congress running so high against it neither party is going to take the "blame" alone in this election year. After the loss of $1.2 trillion in the market yesterday, Mainstreet received an education as to why the bill is needed and I suspect the call ratio has changed and we will see one passed.
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| Name: |
MartiniMan
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| Subject: |
So what you are saying
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Date:
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9/30/2008 1:13:44 PM
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is that for the Democrats politics is trumping what is supposedly best for the country? On that we can agree. Conservatives have been inundated with calls from their constituency objecting to the bailout and they responded. I have no idea what caused the 95 Dems to vote no.
The most cogent argument I have heard against this bill (which I believe will apply to any subsequent version) is that the root cause of this "crisis" is the government. Why on earth should any thinking person support the arsonist being given the responsibility for putting out the fire? I am sick and tired of every politician coming on TV claiming that if we don't raid the treasury and give more power to those people that caused the problem in the first place that we face doom and gloom. And yet they go on a 2 day break and the markets respond positively. The fact is they are making this problem much worse by proposing a massive government takeover of the financial markets.
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| Name: |
muddauber
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| Subject: |
So what you are saying
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Date:
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9/30/2008 3:36:44 PM
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Perhaps what we should do is close the markets till we work out a solution. That would allow some time to do things in a better perspective and not rush to a solution just to do something right this minute.
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| Name: |
MartiniMan
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| Subject: |
Closing the markets
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Date:
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9/30/2008 4:44:16 PM
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I don't think that is necessary as yet and would only have the effect of reducing what little confidence remains. Almost all the losses of yesterday were regained today (up 485). We'll see what happens tomorrow.
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| Name: |
water_watcher
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| Subject: |
Closing the markets
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Date:
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9/30/2008 6:57:32 PM
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The gain today was partly on hope that it will pass and partly on short covering. The market is definitely oversold if this does pass. It does look like this will drive us in to recession ... but we are not in one yet. Someone commented on the statement that the economy is fundenmentally sound .... it is. Historically speaking we still have good manufacturing and consumer activity and have not had a quarter of negative growth. What is dire now is the credit situation that will ripple in to everyday life of individuals whether you plan on borrowing or not. If companies can not borrow their businesses will start to fail, they will lay people off, less people consuming, less production needed, etc.
This is needed to prevent more bank failures and create liquidity.
Just so you know ... the DOW futures are already down over 50 points right now. So at this point it does not look like we will get a follow through tomorrow. We probably can only hope to move sideways until the next vote.
But I believe if this fails a second time, you could see a 1,500 to 2,000 point decline this time.
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