$$$700 billion right out of taxpayers pockets

[tet]

honestly, i don't see 500 pts as a big swing these days.  i think if it moved 1,000 in a day, i'd be shocked now.  but otherwise, this is all just standard movement, albeit amplified due to the huge impact of this bailout.

[rowjimmy]

It's not the 500points overall; it's the 300 points in 10 minutes.
THAT is a big swing.

[gah]

778 points, 7%, and $1.2 trillion in market value. Seems like a big deal to me. But we'll see what happens over the next couple days, with congress out and not getting back together until Thursday, i don't think to work on this plan. Know what I don't like though? All the finger pointing. Ridiculous. Typical, but still, a little ridiculous.

[Guyute]

You've got a point hood.  The finger pointing is useless right now.  What the world needs is something to prevent the next Great Depression.  I believe they may be calling everyone back tomorrow to work on this.

[rowjimmy]

Read the comments.. they're key:

http://www.clusterstock.com/2008/9/congress-thanks-for-that-wake-up-call-we-ll-pass-bill-now

[antelope19]

[rant]
I think it's garbage personally.  Let the ones who made the bad decisions fail.  So what, we had a 778 point loss in the stock market yesterday?  Sure its the single greatest POINT loss in one day in our countrys history, but if you look at it from a percentage stand point, it doesn't even rank in the top 10.  George Bush is stating that we have to do something or else the sky is going to fall.  Sorry Dubya, but I just don't believe you anymore.  On anything.  You're a proven liar and have steered this country awry.  Proof: What has the stock market done today?  It's checked itself back up almost 300 points.  People freaked yesterday because of what Bush said; because we have become such a fear based society in this country.  This was all based on speculation. 
[/rant]

[antelope19]

I was reminded of a quote from president Andrew jackson when he was faced with similar financial issues back in the 1830's:

Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves.

I know alot has changed.  I know that we're not revoking the charters of any banks, like Jackson did.  However, don't you think that Wall Street and their speculations are similar?  I just think it's interesting that history honestly does make a habit of repeating itself.   

[mattstick]

Great quote.

[Poster Nutbag]

I don't know what to think anymore...I listen to both sides of argument and find myself agreeing with them both...I want to see the people that made these decisions take a fall, but don't want to see small buisnesses across America go under and have many of the smaller fish in the market lose all their retirement money either...Such a complex problem... You have to help the seemingly worse greedy ass people to help save the many of the innocent their mistake will take down with them...IT SUCKS!!!!

But at the same time I think its a little bit comical that this is the first bill in 8 years from Bush that the Republican congress hasn't pushed through... :lol:   Whats up with that??

[rowjimmy]

It's not a republican congress anymore.

[cactusfan]

a nice summary of the viewpoints of various economists on the whole bailout fiasco:

http://talkingpointsmemo.com/news/2008/09/bailout_plan_reactions.php

[Poster Nutbag]

It's not a republican congress anymore.

Yes        DEM.        REP.
205        140          65

NO 
228        95            133

No vote   
1            0             1
       

This is what I meant...A majority of the Demorcrats passed the bill , While the majority of Republicans failed the bill...
http://www.nytimes.com/ref/washington/ROLLCALL.html?currentChamber=house&currentSession=2&currentCongress=110&currentRoll=674
Also check out how many Arizona congressmen supported this bill... also funny...  :lol:

[Guyute]

[rant]
I think it's garbage personally.  Let the ones who made the bad decisions fail.  So what, we had a 778 point loss in the stock market yesterday?  Sure its the single greatest POINT loss in one day in our countrys history, but if you look at it from a percentage stand point, it doesn't even rank in the top 10.  George Bush is stating that we have to do something or else the sky is going to fall.  Sorry Dubya, but I just don't believe you anymore.  On anything.  You're a proven liar and have steered this country awry.  Proof: What has the stock market done today?  It's checked itself back up almost 300 points.  People freaked yesterday because of what Bush said; because we have become such a fear based society in this country.  This was all based on speculation. 
[/rant]

It's called a dead cat bounce.  People that sold heavy moving to some cheap stocks to try and play the expected increase.  If the bill looks like it will get done we may see 100-200 points up tomorrow.  If it falls apart I guess 5-600 drop.

There reports started to roll in today that small businesses are finding they can't borrow for capital or short term to cover things like payroll while they wait to collect from customers.  The potential to get real ugly is at the doorstep, we need to shut the door and stop it from coming in.

[antelope19]

I got some sound advice from a friend where to invest my $$$.  I thought I'd share with my fellow paugers:

On the heels of the past few days' market issues
If you had purchased $1,000 of Delta Air Lines stock one year ago, you would have $49 left.  With Fannie Mae, you would have $2.50 left of the original $1,000.  With AIG, you would have less than $15 left.  But, if you had purchased $1,000 worth of beer one year ago, drank all of the beer, then turned in the cans for the aluminum recycling REFUND, you would have $214 cash.

Based on the above, the best current investment advice is to drink heavily and recycle.

  :-D

[rowjimmy]

Shame I don't live a deposit bottle/can state.