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I predicted that the Dims wouldn’t have the stones to do this.
America won today.
bbartlog
15 years ago
Awesome. I was rooting for it to go down in flames. They want me and my three kids to foot the bill for their stupidity? Maybe they should think of something else.
The Dem failure to support is not *too* surprising. Popular opposition to this bill is pretty widespread; obviously most of what I get exposed to is the right/conservative perspective against it, but looking purely at the class lines and the beneficiaries you can see that poor people don’t get diddly from this bailout (at least up front). I would guess that Dems who listened to their constituents instead of their party leadership would almost all be opposed to this bill.
luva the scissors
15 years ago
holy crap, the dow is falling so freakin fast. this is crazy. i really don’t want the bail out, but everyone is panicked. thank god we have a credit union and not a bank.
I won’t sit here and tell you that the ride is not going to be rough.
However, the rough ride will be shorter this way than with a bailout.
bbartlog
15 years ago
Yah, I think Dave is probably right… I see another article that notes ‘Ample no votes came from both the Democratic and Republican sides of the aisle. More than two-thirds of Republicans and 40 percent of Democrats opposed the bill’.
Gonna see how my local Congressman (Dem Mike Doyle) voted once the info is available.
Hard Right
15 years ago
The dems are only against it because they know their allies in the media will help hang this on the GOP. By doing so they think they can win the election.
james manning
15 years ago
no one wanted this bill to pass. i would have voted against it as well. the problem is what is the alternative and i haven’t seen a good choice from anyone. the credit market is closed so i suspect that things will go down real fast.
but here is what i am thinking. if this is all about mortgages – why don’t we spend the $150 billion and purchase the 10% of the bad mortgages, loan another $60 billion to the banks to open the credit market and the government can work directly with homeowners to help those that can afford to keep their houses stay in them. that would cost far less then the $700 billion they are talking about right now.
and i don’t think its cool for the bush administration to wrap this around the neck of the next president.
bbartlog
15 years ago
i don’t think its cool for the bush administration to wrap this around the neck
Bush certainly shares a lot of the blame for this debacle, but you can’t really fault him for the timing, which is totally out of his control…
Dave Noble
15 years ago
Mike,
Your corrected headline is still inaccurate. 40% of Democrats voted against the bill. 67% of Republicans voted against it. That’s not the same margin.
It’s like I said, Democrats control Congress. If they wanted this bill to pass, then they could have done it, but many chose to save their jobs instead.
scott, democrats didn’t want the bill which is why it didn’t pass. no one wants it. something may eventually get passed but so far no one has convinced the american people that this is the right path. but the failure does fall on bush and paulson. they presented the american people with a 3-page plan for a complicated issue. that was mistake number 1. mistake number 2 was to present it as america’s last hope. then they continued their bad selling of the program.
and when i say bush wrapping around the next president’s neck, i am referencing the entire mess that is the american economy.
i’m not cool with bailing out these banks. they created fancy financial instruments then leveraged those securities, followed no rules or regulations, created a $516 trillion derivative market and now that the house of cards has fallen, they want the tax payer to bail them out.
yeah… there is blame enough for both parties and we can punish them in november. but my guess is that most will return and we’ll be back here again in about 10 years.
Timothy
15 years ago
If this was so good, and the “donkies” so unified, the Dems could of passed this without any Republican votes in the House. But the public “melted the phones” these past few days and enough politicos listened. Just like the imigration bill crackdown, the Dems and Repubs got the jist of the electorate’s displeasure.
They aren’t the only ones pissed right now. There are a lot of foreign banks who got into this with the reassurances from US banks/govt that these notes were “AAA” rated……BZZZZZZZZZ, wrongo boyos.
1. Don’t reward stupidity and greed
2. Bring back professional RISK MANAGEMENT. All the rules and gov’t regulations don’t mean squat if management doesn’t do it’s job. Also, government should not meddle in the risk management process, dump vast amounts of cheap money (aka: temptation) or act as a safety net giving management cover to act stupid.
3. A house is a priviledge, not a right (nor a political patronage scheme)
4. Get your own financial house in order and treat credit with respect
Crispy
15 years ago
Clearly you’re not very good at math, since it’s obvious that the percentage of GOP who voted against the bill was significantly higher than the percentage of dems who did.
I predicted that the Dims wouldn’t have the stones to do this.
America won today.
Awesome. I was rooting for it to go down in flames. They want me and my three kids to foot the bill for their stupidity? Maybe they should think of something else.
The Dem failure to support is not *too* surprising. Popular opposition to this bill is pretty widespread; obviously most of what I get exposed to is the right/conservative perspective against it, but looking purely at the class lines and the beneficiaries you can see that poor people don’t get diddly from this bailout (at least up front). I would guess that Dems who listened to their constituents instead of their party leadership would almost all be opposed to this bill.
holy crap, the dow is falling so freakin fast. this is crazy. i really don’t want the bail out, but everyone is panicked. thank god we have a credit union and not a bank.
Luva,
I won’t sit here and tell you that the ride is not going to be rough.
However, the rough ride will be shorter this way than with a bailout.
Yah, I think Dave is probably right… I see another article that notes
‘Ample no votes came from both the Democratic and Republican sides of the aisle. More than two-thirds of Republicans and 40 percent of Democrats opposed the bill’.
Gonna see how my local Congressman (Dem Mike Doyle) voted once the info is available.
The dems are only against it because they know their allies in the media will help hang this on the GOP. By doing so they think they can win the election.
no one wanted this bill to pass. i would have voted against it as well. the problem is what is the alternative and i haven’t seen a good choice from anyone. the credit market is closed so i suspect that things will go down real fast.
but here is what i am thinking. if this is all about mortgages – why don’t we spend the $150 billion and purchase the 10% of the bad mortgages, loan another $60 billion to the banks to open the credit market and the government can work directly with homeowners to help those that can afford to keep their houses stay in them. that would cost far less then the $700 billion they are talking about right now.
and i don’t think its cool for the bush administration to wrap this around the neck of the next president.
i don’t think its cool for the bush administration to wrap this around the neck
Bush certainly shares a lot of the blame for this debacle, but you can’t really fault him for the timing, which is totally out of his control…
Mike,
Your corrected headline is still inaccurate. 40% of Democrats voted against the bill. 67% of Republicans voted against it. That’s not the same margin.
It’s like I said, Democrats control Congress. If they wanted this bill to pass, then they could have done it, but many chose to save their jobs instead.
scott, democrats didn’t want the bill which is why it didn’t pass. no one wants it. something may eventually get passed but so far no one has convinced the american people that this is the right path. but the failure does fall on bush and paulson. they presented the american people with a 3-page plan for a complicated issue. that was mistake number 1. mistake number 2 was to present it as america’s last hope. then they continued their bad selling of the program.
and when i say bush wrapping around the next president’s neck, i am referencing the entire mess that is the american economy.
i’m not cool with bailing out these banks. they created fancy financial instruments then leveraged those securities, followed no rules or regulations, created a $516 trillion derivative market and now that the house of cards has fallen, they want the tax payer to bail them out.
yeah… there is blame enough for both parties and we can punish them in november. but my guess is that most will return and we’ll be back here again in about 10 years.
If this was so good, and the “donkies” so unified, the Dems could of passed this without any Republican votes in the House. But the public “melted the phones” these past few days and enough politicos listened. Just like the imigration bill crackdown, the Dems and Repubs got the jist of the electorate’s displeasure.
They aren’t the only ones pissed right now. There are a lot of foreign banks who got into this with the reassurances from US banks/govt that these notes were “AAA” rated……BZZZZZZZZZ, wrongo boyos.
1. Don’t reward stupidity and greed
2. Bring back professional RISK MANAGEMENT. All the rules and gov’t regulations don’t mean squat if management doesn’t do it’s job. Also, government should not meddle in the risk management process, dump vast amounts of cheap money (aka: temptation) or act as a safety net giving management cover to act stupid.
3. A house is a priviledge, not a right (nor a political patronage scheme)
4. Get your own financial house in order and treat credit with respect
Clearly you’re not very good at math, since it’s obvious that the percentage of GOP who voted against the bill was significantly higher than the percentage of dems who did.
Bbartlog: Doyle voted FOR the bill:
http://clerk.house.gov/evs/2008/roll674.xml
Dave Hussein & Crusty: yeah, so what?