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| Home Front Economy |
| Stocks fall as investors fear new delay for US bailout plan |
| 2008-10-03 |
| Share prices crumbled on stock markets worldwide Thursday on anxiety over the fate of a US finance sector bailout and disappointing US economic data. Markets were unsettled in the face of the global banking crisis even after the US Senate approved a revised $700 billion rescue package and sent it back to the House of Representatives. |
| Posted by:Fred |
| #10 Enough swings of a few hundred points and you're down 20%. We'll see tomorrow. But I think most folks are starting to realize this was a mistake. |
| Posted by: Nimble Spemble 2008-10-03 18:36 |
| #9 That sounds more like profit taking than bearish sentiment over the bailout. People bought when prices fell off the cliff, now that they got a 'pop' they sold and took the profit. Swings of a few hundred points aren't indicative of anything other than it being a trading day. |
| Posted by: Mike N. 2008-10-03 18:19 |
| #8 The Dow is up 165. Is that because they sense the bill will pass and they will get their bailout? Then the House passed the bill. Then the Dow closed down 157. Goo job, Congress. |
| Posted by: Nimble Spemble 2008-10-03 18:10 |
| #7 C-span does not have the video up anymore - basically Reps. LaTourette and Bachus and about 6 others plead their case and they all made good sense. Charwoman Slaughter and the whole Rules Committee was embarassing. Matsui is a flake and McGovern is a total ass. Also saw the NAM plea and it was what convinced me. Again, the video seems to be difficult for me to find. |
| Posted by: swksvolFF 2008-10-03 11:09 |
| #6 Post last night after a bundle of T&T's, and it is a passionate topic for me. Coffee clearing the cobwebs. Now, the ammendment as Rep. Bachus explained it made good sense to me and I think it should be allowed to be debated and voted upon as it is without additional changes. There were good points made especially the unchecked power the Sec. of Treasury would receive do unaccountably distribute money "To the same captains of industry which as it turns out were captains of the Titanic". Rep Bachus claims that if the ammendment is added without changes then enough votes would swing in order to pass the bill, everybody happy including myself. Paulson says he can only appropriate $50bl per month wisely so why does he need so much money all at once? Also it was explained that as the bill currently is it would take a passage of Congressional bills to make changes which, if vetoed, would make the process of change impossible. Both candidates are calling for more oversight then why support this bill which creates less oversight and accountability of the appropriation of money. "It shouldn't be a bailout, it should be a workout where the actions of the Treasury come up for review by a House panal every month for 5 months and then, if everything seems to be working as it should, then the remaining amount of money would be appropriated at the allowance of $50bl per month." Sounds prudent to me. I have no confidence in the bill as is, debating the ammendment would go a long ways to restoring my confidence. And to the Senate, screw you elitist opportunistic hogs. *sips more coffee |
| Posted by: swksvolFF 2008-10-03 10:43 |
| #5 The Dow is up 165. Is that because they sense the bill will pass and they will get their bailout? |
| Posted by: Nimble Spemble 2008-10-03 10:02 |
| #4 Apparently Stoney thinks he needs '100' Pub votes for a victory. Last time 65 voted yes, so that means he wants 35 more. The measure failed by 12 last time, so perhaps he just wants some insurance. Or perhaps he wants to let more Dhimmis vote no and save their skins at the polls, and blame Pubs for the bailout. Ah, politics. |
| Posted by: Steve White 2008-10-03 09:44 |
| #3 Sounds like Steny Hoyer is actually going to make certain he has votes in hand before bringing this out again. Looks like they've turned enough sheeple to ram this through. And, it's a much worse version than the first one. Unbelieveable. We have now lost any semblance of a republic. Certainly taxation without representation. Will anyone of these turncoats be ejected from office on Nov. 4 ? Obviously, they are not worried. |
| Posted by: Woozle Elmeter 2700 2008-10-03 09:34 |
| #2 Representative Spencer Bachus' (R-AL) proposal for a House ammendment makes a lot of sense to me (appropriate up to $250bl which at $50bl per month as Paulson suggested is only the amount which can be spent per month appropriately, is plenty of time to see if it works and then review futher money appropriations) - I think he is abosolutely right that if the American people are not confident in the bailout (or workout as it was suggested) then how are they going to be confident in said market? That and the negative approval prospect of the Senate proposal is bullcrap. And Senate, bullcrap on the pork. Bullcrap on trying to force the hand of the House of Representatives into making the vote immediately without review with so much paperwork to review especially with such sweeping decisions. And bullcrap on the House Debate Rules Committee. |
| Posted by: swksvolFF 2008-10-03 02:24 |
| #1 http://fabiusmaximus.wordpress.com/2008/10/03/last-chance/#more-2664 |
| Posted by: newc 2008-10-03 00:49 |