Ahira's Hangar

Damn, this is gonna be rough...I'd pretty much been convinced by you that despite my dislike of the idea, it was necessary. Guess they'll know soon how necessary it was...

--A

Okay, I'm a tad nervous now. (Canada's economy being umbilically tied to America's.)

That's awful. Being an apartment dweller, I sure hope my landlord's finances are in good shape.

A lot of states are thinking about enacting laws because too many renters are hearing about their landlords being foreclosed for the first time when the cops arrive to throw their stuff out on the street in an eviction!

According to it might turn out to be more costly to the US taxpayers to let the banks fail than this failed buyout would have cost.

here is a breakdown of how the congressmen voted:


some fairly interesting patterns there...

The US stocks are rebounding a bit today, but I hope you guys all know that as awful as it is to see the stock markets tank like that (taking plenty of peoples' retirement money with it) - it is a sideshow to the real problem - and that is the credit markets.

Glad you got paid. I hope everyone else did, too!

talks about how the credit problems have begun slipping into the lives of normal folks

There are a heckuva lot of rumors floating around today that most of the third quarter finacial data to be released in October will be either negative or flatlined. I believe that this will mean that not even the government can deny we are in a recession.

(Here in Michigan we've been in one for years now - it has been very frustrating for us to hear Washington repeatedly saying that the economy was sound when we know that it has been swirling down the toilet. )

We have to find another way to work on this crisis, if that's what it is, that benefits the citizenry and those in danger of losing their jobs and doesn't give these huge handouts to their bosses and the very wealthy. Serious regulation and oversight is needed. I'm glad the bill was voted down-the initial wording in this bill would have put that money in the Treasury Dept.'s hands not Congress (that what people dodn't realize) and who controls that Dept.?: GWB, GWB and friends are once again using WMD scare tactics to fleece the American public and leave a horrible mess for whomever wins the Presidency. That's why so many Republicans vote against the bill-to sucker the Dems in hoping it would pass. I'm extremely pissed off at all the democrats who voted for this. They failed to listen to all the economist and all of progressive radio and their listener screaming, "No don't do it".

We shouldn't give a dime to these executives who lost control of their ships, they pooled mortgages, made investments with invisible money and never once regulated themselves. They were manufacturing free rides, not running businesses. They should be put in jail along with GWB.

edit just read the post above: If the wording about executive control is changed I'll grudgingly support this--this has to be done in increments with control of the majority of the dispersion in the hand of the next administration, not this one. Everybody better call their Senators.

The Bill the House rejected had already changed the oversight issues, etc.

The original proposal from the White House was ridiculous and evil. It was the one that had no built in oversight among many other problems.

It was only three pages long.

The House Bill had been expanded to provide oversight, eliminate any gains on the part of the executives, and many other serious issues such as a provision to protect renters. It was somewhere around 180 pages long, to give you an idea of how much it had been changed from the original proposal.

But Wall Street as it was no longer even exists. There are no more large investment banks, among other things.

This is not a bill to bail out Wall Street so much as it is to avoid a major recession in best case scenario - and a major depression in the worst case.

The people who robbed and raped the country have gotten away with their ill gotten loot and their ill deeds.

This bill is to try to protect the rest of us from the coming damage.

It changes so dam rapidly I can't keep up with it and you must be following this tooth and nail to understand all that, I don't think the average America can follow this as fast as you can and it's really freaking them out. Apparently it's still in the process of change right up to the vote tonight.

Investment Banks were BS from the getgo because all they care about was making invisible money and ripping off the deregulated system. If you say that Wall St. has effectively stopped existing---then what does that mean? Mission Accomplished? Cheney really is going to move to Dubai to celebrate with his Haliburton buddies? Why do politicians such as Udall, McCain and Obama even mention Wall St. or are they really mentioning it in the past tense? Come on, there's still a Wall St. it just can't operate on invisible $ anymore. Okay so the bill is changing to protect homeowners, great, my Dad always said don't be hasty. We should work on this for at least another week. The global economy isn't going to collapse in the meantime. From all accounts I've heard the markets will rebound naturally by Friday (then again they said that before Black Tuesday *gulp*). I say kill this bill tonight and keep working on it.