2008.09.29
The bailout
We're writing about the bailout today. All in all, we remain convinced that some action is necessary to stave off even greater economic disruption, and perhaps even economic collapse. We understand, and share to an extent, the outrage of the thousands of constituents sending angry phone calls and e-mails to members of Congress.
The plan is better than it was when Paulson first proposed it. It is not a long-term solution, but a stop-gap measure that will, hopefully, keep the rot from spreading.
Considering the prominence of this issue in the news, we're likely to go ahead and post this editorial once it's written and edited.
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The House has rejected the bailout plan. The Dow is down quite a bit as a result.
Comment by c. trejbal — September 29, 2008 @ 2:19 pm
Pelosi had 65 Republicans cross the aisle to support her and she still couldn't get it passed.
Comment by Henry — September 29, 2008 @ 2:30 pm
Common sense 1
Socialism 0
At least for now...maybe there is a God
Comment by Nick — September 29, 2008 @ 2:44 pm
Chuck Todd, NBC noted the majority of the no votes came from congressmen in tight reelection races. Purely political without regard for the country. Vote them out...both parties.
Comment by Joe — September 29, 2008 @ 3:33 pm
The region's delegation broke as follows in the vote. (Yes vote means he voted for the bailout bill.)
Rick Boucher (D) - Yes
Virgil Goode (R) - No
Bob Goodlatte (R) - No
Comment by c. trejbal — September 29, 2008 @ 4:28 pm
Wonder who's job this guy is worried about?
"We're all worried about losing our jobs," Rep. Paul Ryan, R-Wis., declared in an impassioned speech in support of the bill before the vote. "Most of us say, 'I want this thing to pass, but I want you to vote for it—not me.' "
Comment by Will — September 29, 2008 @ 4:39 pm
Thanks Goode and Goodlatte for not wanting me to pay for the acts of money-grubbing bankers, mortgage brokers, and flippers. I would rather them work their own crap out than have us bail them out with $700 billion of our own tax dollars.
Boucher... well typical..
Comment by Marked Man — September 29, 2008 @ 4:44 pm
The sad part about it is that those of us who have tried to do things the right way...getting mortgages we could afford on homes that aren't over the top are the ones that are getting screwed either way.
Today, I saw my own savings/retirement plan (the one that I contribute to) take a beating on from the stock market. I (like many others) was just trying to save some money so as not to rely on the Social Security System.
Where has that gotten many of us?
I would say this mess is like a multi-faceted diamond but it is anything but a diamond. It's more like a huge lump of bull-#$%@ that we're all going to be stuck with for a long time to come.
Comment by Will — September 29, 2008 @ 5:09 pm
Once again, the failure of overlapping government agencies costs the taxpayers TRILLIONS. Will any lose THEIR jobs and pensions? For 5 years the fed gov KNEW of abuses at FANNIE MAE and FREDDIE MAC and just looked away. Thank you dems for obstructing the reform, thanks GOP for not pushing it harder. Fair or not, BUSH you get the blame. The fed gov holds this nation back from unparalleled greatness and its citizens from utmost joy and fulfillment.
Comment by BUD — September 29, 2008 @ 7:17 pm
Dow Jones Industrial Average:
01.19.01 - 10,587.59
(Dubya's Inauguration)
09.29.08 - 10,365.45
(Today)
Comment by Concerned for the Future — September 29, 2008 @ 8:35 pm
In other words, from 1995 to 2007 when Congress was effectively ruled by Republicans, the Dow leapt from 3,834 to 12,463 = a 44% gain. No other stretch comes even close.
Comment by Marked Man — September 30, 2008 @ 8:40 am
MM,
What an excellent stat. It's true. The DOW started its meteoric rise in early 1995. It's apex was October, 2007, almost perfectly corresponding with the GOP Congress.
Comment by Josh — September 30, 2008 @ 8:59 am
"a 44% gain"
Check your math, hoss.
The Democrats insisted that banks make loans to people with shaky credit. The banks stupidly made the loans thinking the real estate market would never fall. The republicans refused to support the banks when they were pressured to make bad loans.
Blame all around.
Comment by Henry — September 30, 2008 @ 9:09 am
Josh...
Regrettably, you're not dealing in October 2007. You're dealing today.
Finance doesn't look at things that way...or perhaps I can say they shouldn't.
Comment by Will — September 30, 2008 @ 10:06 am
"Democrats insisted that banks make loans to people with shaky credit."
I'll be anxious to see evidence of this insistence.
I'm sure there weren't any bankers who were delighted with the opportunity to spread even more money around at the prospect of making still more money.
Comment by Concerned for the Future — September 30, 2008 @ 10:54 am