Bailout Bust?

Dave S said:
Why am I not surprised by this?

http://abcnews.go.com/Politics/Vote2008/story?id=5884701&page=1

The market will probably tank tomorrow because of this bickering. And our economy sits teetering on the edge of collapse and its party politics as usual. Basturds.
:smt013:smt013:smt013:smt013
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Local to me Bank Washington Mutual has lost $6Billion in the last 3 quarters. Well apparently JPMorgan/Chase decided to buy them out just now.

Tomorrow may be Black Friday.....since Congress doesn't seem to have a grip on which way they want to go eigther.
 
i hate to say it, but i'm afraid your both right:smt013:smt100
 
I heard on the radio tonight that if you divide the 700 billion dollars to each american over the age of 18 each person would get around $275,000! That would go a long way to paying off everyones debt!
 
wish2fish said:
I heard on the radio tonight that if you divide the 700 billion dollars to each american over the age of 18 each person would get around $275,000! That would go a long way to paying off everyones debt!
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Better recheck your math. It works out to a little over $2000/person. Still not insignificant, but if we're going to have a rational discussion, we need to work from facts, not from panic.
 
Why not act in panic? That is what the goobermint seems to be doing. I still am having a hard time grasping why this is a panic TODAY and not a panic LAST WEEK.

I personally do not fully understand the issues at stake. . .beyond a few simple facts from the original proposals;

1) $700B is an Swinging Wild Ass Guess. A talking point. Not a real estimate. Not a maximum.

2) In the original plan, there was negligible(or is that negligant?) oversight provisions. Looks like they are addressing this? (or are they putting on lipstick?)

3) As usual, there is no plan to actually FUND the bailout.

Is this really politics as usual? Or is it that the house Republicans are actually taking a fiscally responsible stand against a fiscally irresponsible executive branch and hoodwinked democrats acting tough? I think it is too soon to tell.

Let's look at this in a positive light: Last week, the President through a HUGE proposal over the wall to the Congress. Isn't it their DUTY as legislators to dig into the details and argue over both the broad and fine points? Right now. . that is what I see.
 
comsnark said:
3) As usual, there is no plan to actually FUND the bailout.
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Sure there is, they'll just print more money, further devalue our dollar, drive up the price of oil and then point fingers about the predictable unintended consequences. Buisness as usual:smt021
 
I'm not feeling good about what's going to happen today. The fact that there is no deal is certainly disheartening, but even if there is a "deal" it helps the symptom but is not a cure.
 
I thought Obama was going to have his people call their people?

Good thing I still have one of these (it's in my garage for the winter)

VanguardSunfish_9.jpg


Can we start the "official sunfish thread" now?
 
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What about sailfish?

I'm not convinced about this thing. First of all, grossly oversimplified, the economy is a great big confidence game. Heck, money isn't even money, it just is a symbol that stands for money.

Historically, the economy ran boom to bust cycles. The last such cycle was nearly four generations ago. So when there was a big downturn in the market in '29, people "knew" what was coming next and grabbed their cash. That run on the banks and lack of confidence in the economy where great contributors to the Depression. I don't know if people today are that wary of the financial system. They don't have that experience. As long as confidence does not completely collapse, there's time. Once confidence goes, everything goes.

Best regards,
Frank
 
It'll be interesting to say the least. I didn't even know Wamu was in trouble, next thing you know they were seized and the deposit assets were sold to Chase. I think there's trouble in River City.
 
Oh, now that I look at their stock slide over the last year, I guess they were in trouble.
 
and up go the earmarks... Joe Biden has attached $51M in earmarks for DE to the bail out plan...
 
I'll be waiting for the phone call today to go rekey the new WAMU building(shiny one on the left and just completed last year)
394759768_7915d2674f.jpg

I've already rekeyed the big one on the right which was their old heaquarters and still occupy part of it.

I'm sure JP Morgan doesn't need two headquarters and it's a nice asset they can sell.

My friend works for WAMU and was assured last week was told his postion is secure because his talents were needed even in the event of a pending sale.

I'll be calling him today since the pending sale last week was rumored to be Wells Fargo. This new news is a whole new can of worms.
 
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tmhudson2 said:
Better recheck your math. It works out to a little over $2000/person. Still not insignificant, but if we're going to have a rational discussion, we need to work from facts, not from panic.
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Rational discussion???? this is the internet!

Don't see where I was panicing! I was just repeating what I heard. It was from the Michael Savage show. Your number would be true if you took total census (700 billion/301 million). I said persons over 18 because I thought that is what he said. Maybe he was talking mortages. I will try and see if I can get the nubmer they were qouting last night.
 
I have a bit more jaded view. A week ago. . the economy was strong. Today, we need a $700B cash infusion (maybe more). Need the money TOMORROW. It just smells of a cash grab.

BTW: Market as of 2pm is NOT tanking. Not that means anything these days.
 
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