One BIG step for Mankind!

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Submitted by socrattt on September 29, 2008 - 11:15am

Well, it looks like the smart and honest politicians actually voted in favor of the people. Quite shocking if you ask me. I expected this bailout to pass this morning although I had no faith that the bill would help our economy or housing market.

Now what?? Any investor in the market has to be so confused this morning. Will our markets really drop to levels at 7,000 or 8,000 on the Dow?

This is incredible to watch!!!

‹ Exurban Bubble Markets OC Register: Median should be $300,000 ›
I don't think the Dow will
Submitted by cr on September 29, 2008 - 11:26am.

I don't think the Dow will fall that far for two reasons:

- I think the polticians for this bill were over-hyping the downside. Not all mortgages in the country are bad, in fact less than 5% are. There will be further correction but I'd be surprised if the Dow went much below 10,000 before rebounding.

- Second, this is just the initial form of the bill. They have to do something to fix this mess, but this "solution" was anything but.

Things may get worse before they turn around, but at least now we aren't wasting $700 Billion on delaying the correction.

Watch the Fed lower rates by
Submitted by flu on September 29, 2008 - 11:32am.

Watch the Fed lower rates by a full 1% :)

Bye bye USD.

Does anyone have a link that
Submitted by JustLurking on September 29, 2008 - 11:33am.

Does anyone have a link that shows how individual congressmen/women voted?

We made history today!
Submitted by carlsbadworker on September 29, 2008 - 11:35am.

We made history today!

Fat cats 0 : Our children
Submitted by tc on September 29, 2008 - 11:43am.

Fat cats 0 : Our children 1
Tighten your belts and man up all you fat lazy Americans. Free the citizens of this country of the financial slavery imposed on us. No more indentured servitude.

while you were distracted
Submitted by 4plexowner on September 29, 2008 - 11:46am.

while you were distracted today ...

http://www.bloomberg.com/apps/news?pid=2...

4plexowner, thanks for
Submitted by underdose on September 29, 2008 - 12:43pm.

4plexowner, thanks for posting that.

tc, not so fast. Bernanke still has a printing press, and if congress won't allow these guys to raise the money through a treasury bill auction, they will still raise it by some other means. Instead of being taxed on your income directly, you will just have your purchase power stolen through currency debasement. And if, as it looks, all governments are turning the printing press, even if the dollar rises against Euros and such, all that means is it is falling in value at a slightly less fast pace.

If it wasn't an election
Submitted by fm on September 29, 2008 - 1:05pm.

If it wasn't an election year, things may have been different.

tc wrote:Fat cats 0 : Our
Submitted by kev374 on September 29, 2008 - 1:23pm.

tc wrote:
Fat cats 0 : Our children 1
Tighten your belts and man up all you fat lazy Americans. Free the citizens of this country of the financial slavery imposed on us. No more indentured servitude.

Well said. We need an attitude adjustment in this country. No more injections of money into the system on a whim, we need a real economy that is not based on accumulation of debt.

Find out how your
Submitted by mrmanfitz on September 29, 2008 - 2:50pm.

Find out how your congress(wo)man voted. Keep them accountable!

http://projects.washingtonpost.com/congr...

DOW today: 10,365.45 DOW on
Submitted by afx114 on September 29, 2008 - 3:53pm.

DOW today: 10,365.45
DOW on January 22, 2001 when GWB took office: 10,578.24.

Yet another example of 8 years with nothing to show for it.