LauraMax
Cathlete
Huh? What? Wait a second............didn't he "suspend" his campaign so he could jet back to D.C., wave his magic wand (really don't want to know which) & solve all of our economic problems?
So what happened?
Economic bailout bill fails
- Thread starter regina
- Start date
So what happened?
hottiescientist
Cathlete
Huh? What? Wait a second............didn't he "suspend" his campaign so he could jet back to D.C., wave his magic wand (really don't want to know which) & solve all of our economic problems?
So what happened?
I thought the same thing actually. Go across the aisle? You can't even get your own side to fall in line.
LaughingWater
Cathlete
The bill will probably go through some tweaking and be back. I'm sure it will eventually pass. We just have to hang in there.
cindi1
Cathlete
You are correct - it's been going on since 1999 when the Clinton administration was pressuring loan companies to ease up on their standards.
hottiescientist
Cathlete
Can someone explain (in basic terms) what this means for the average american? I don't know about the rest of you, but this really has me worried.
Very large generalities: If you put your money in a FDIC insured account (which are most accounts) your money is safe up to 100K. IRA have insurance protections too but you have to look at how you set up your retirement account. 401Ks across the board have dropped in significant value (so if you were planning on retiring soon you may want to readjust your strategy). The Treasury Department recently stepped in to provide guarantees for money market funds, using a Depression-era fund to back them. Consumer and business credit is going to a big hit. The Fed is stepping in to help alleviate the ability to lend to one another. Getting a mortgage and a car loan will only be reserved to the people with the highest credit and still at higher rates. You will have a hard time refinancing loans until this passes. This will affect jobs, ones that are already available and ones that could have been available.
Does that help?
LaughingWater
Cathlete
There will be some kind of bailout ~ I'm sure it's just a matter of details. I wouldn't worry too much at this point. Hard, I know. It feels like I've been watching cable news 12 hours a day.
But I have faith it'll work out. I'm disappointed it didn't this first time around, but it will soon.
JennieR
Cathlete
Yes, that does help. Thank you for explaining it.
I do have a 401K and I've noticed in the past fews months that it's not worth what it use to be.
dorothyrd
Cathlete
Huh? What? Wait a second............didn't he "suspend" his campaign so he could jet back to D.C., wave his magic wand (really don't want to know which) & solve all of our economic problems?
So what happened?
95 Democrats voted no. The bill failed by 23. Where was Obama, oh wait, he did not stop campaigning.
Actually this all tells me.....the bill was not good.
dorothyrd
Cathlete
Yes, that does help. Thank you for explaining it.
I do have a 401K and I've noticed in the past fews months that it's not worth what it use to be.
The market has not been good for a number of years. Very little gains, pretty much holding steady. The thing about having money in the market is keeping it long term, not panicking and pulling it out. This is not good for someone in their 60's, or maybe even 50's because they will not have time to recover. Diversification of your money is a good thing, don't put everything in the same basket.
Yes, Clinton and Bush supported these loans that eventually was the death of Fannie Mae. The fault of this should be very bi-partisan, and these people should stop bickering and work together.
Also, another point of what does it mean to you? This bail out money has to come from somewhere. The government already raids the dwindling social security surplus to make ends meet, so there is not anywhere to raid, so guess what, we will pay for it through increased taxes, and it will not matter which party is in charge, to pay for this, they have to raise taxes, for years, and years and years to come.
Which is also why it is very important to stop unneccesary spending as well.
I just saw Suze Orman on CNN saying that the bill should have been passed and that this is a disaster. She was saying look at this as a "buy out" not a "bail out" as things can be bought cheaply now and that there are a lot of good deals if you know where to look. Not passing this can freeze the credit market--no loans for small businesses to say pay salaries, order new stock, finance shipments etc. Claims it could lead to job losses and shutdowns. I really have no idea as to what is true and what is not. Your money in the bank is safe as it is FDIC insured up to $100,000 per account. Trouble is we may not really understand it but I don't think many in the Congress understand it either. They better not adjourn for the holidays and leave this hanging!
dorothyrd
Cathlete
Oh heck, they want to adjourn and campaign. Things I am seeing on TV is mixed about whether this should have passed. I think someone mentioned above that it will go back to the table and be reworked, and that is probably the right thing to do. With so many on both sides voting it down, there are problems with it.
dorothyrd
Cathlete
The bill if you care to read it. Might help insomonia.
http://www.foxbusiness.com/pdfs/rescuebill_First Draft.pdf
Also article that kind of explains winners and losers. I am sure there are other articles out there that can help you understand ramifications of this plan, or others.
http://www.foxbusiness.com/story/markets/economy/winners-losers-b-rescue-plan/
http://www.foxbusiness.com/pdfs/rescuebill_First Draft.pdf
Also article that kind of explains winners and losers. I am sure there are other articles out there that can help you understand ramifications of this plan, or others.
http://www.foxbusiness.com/story/markets/economy/winners-losers-b-rescue-plan/
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baylian
Cathlete
Nancy Pelosi just showed how much of a loose cannon she really is . . . her mouth will haunt her for years. I would have changed my vote too if someone started to run their mouth like that. A preverbial screw you . . and she certainly gave the ammo. Remember that there were Dems against it also. This has been coming for years - not just the Bush era.
Why blame either presidential candidates . . .this is a bipartisan issue.
I personally did not want it to pass. But those that in charge of the banks and lending institutions should be hunted down . . .
Why blame either presidential candidates . . .this is a bipartisan issue.
I personally did not want it to pass. But those that in charge of the banks and lending institutions should be hunted down . . .
toughYrun
Cathlete
OK. I’m going to have to jump in here.
Pelosi was not able to convince 40 percent of her caucus to vote yea. She’s got 235 members and so didn’t need a single Republican vote to get this bill passed since she only needed a total of 218 votes for that to happen. Republicans delivered 65 votes for a bill that Boehner described as a crap sandwich.
I want to know why Pelosi, Frank and the rest of them were out there yucking it up this weekend while claiming that everything was a go and behaving as if we are supposed to praise them because they worked so hard over the weekend!
I’m disgusted through and through. This has been a long time in the making. I have not seen one bit of evidence disputing that all roads of this mess lead directly to Fannie Mae and Freddie Mac.
I have seen the C-Span video that has been put together with bits and pieces of a 2004 hearing about Fannie Mae. While I don’t know if any of the sound bites have been taken out of context (urbanlegends.com doesn’t say one way or the other) you can’t mistake what Maxine Waters was saying when she declared that desktop underwriting and zero down loans are (were) a great thing for people to obtain affordable housing. Not. Nor when the regulator testifying was accused of raising alarm bells because there are people who want to get rid of GSEs in the first place and that the GSEs have done a tremendous job. Not. Nor when Barney Frank asserted that everything is fine, just fine. Not. And on and on and on.
All of their heads need to roll.
One more thought…..I think it says a lot about the way voters feel about this bailout scheme when I consider that those House members who voted against it are reportedly engaged in tough reelection campaigns.
Whew!! Alrighty then.
As my DH says, we’re either going to pay for this through our stock investments or through tax payments for years to come and dangit, I am ticked off!!!!
Pelosi was not able to convince 40 percent of her caucus to vote yea. She’s got 235 members and so didn’t need a single Republican vote to get this bill passed since she only needed a total of 218 votes for that to happen. Republicans delivered 65 votes for a bill that Boehner described as a crap sandwich.
I want to know why Pelosi, Frank and the rest of them were out there yucking it up this weekend while claiming that everything was a go and behaving as if we are supposed to praise them because they worked so hard over the weekend!
I’m disgusted through and through. This has been a long time in the making. I have not seen one bit of evidence disputing that all roads of this mess lead directly to Fannie Mae and Freddie Mac.
I have seen the C-Span video that has been put together with bits and pieces of a 2004 hearing about Fannie Mae. While I don’t know if any of the sound bites have been taken out of context (urbanlegends.com doesn’t say one way or the other) you can’t mistake what Maxine Waters was saying when she declared that desktop underwriting and zero down loans are (were) a great thing for people to obtain affordable housing. Not. Nor when the regulator testifying was accused of raising alarm bells because there are people who want to get rid of GSEs in the first place and that the GSEs have done a tremendous job. Not. Nor when Barney Frank asserted that everything is fine, just fine. Not. And on and on and on.
All of their heads need to roll.
One more thought…..I think it says a lot about the way voters feel about this bailout scheme when I consider that those House members who voted against it are reportedly engaged in tough reelection campaigns.
Whew!! Alrighty then.
As my DH says, we’re either going to pay for this through our stock investments or through tax payments for years to come and dangit, I am ticked off!!!!
kimmie2191
Cathlete
Do you remember when Kennedy was shot??? I have heard that all my life from parents and grandparents. I was always surprised how they remembered what they were doing, what they were wearing etc.
Well, in 1989 I was working as an ER nurse when Peter Jennings announced the Operation Desert Storm ground war. I was terrified. It was not something I ever expected to see in my lifetime.
In 2001 I put my husband on a plane at 7:30 am for a flight to Boston. I had a 9 month old at the time. As I was driving home from the airport I heard "A plane TO Boston hit the World Trade Center in a suspected terrorist attack. Again something I thought I would ever see in my life time.
Today I learned that Wachovia bank as being bought by Citibank and I went online to move some money around when I saw the BREAKING NEWS. The $700 billion bailout did not pass. Warren Buffett, Alan Greenspan etc saying things like DEPRESSION, total economic collapse, Wall stree suspends trading etc. Nope, never thought I'd see this happen.
I don't profess to be an economist but how the hell did these idiots get us in these situations??? Greed, stupidity or lack of safeguards. I personally don't care if it's Republican or Democrat, I want the heads of these banks that were loaning lots of money to people who never would have qualified for it.
As a single woman I bought my 1st house in 1988. The interest rates were 18% Yep, 18 percent!!! And to get a mortgage you had to show every pay stub, every tax return, every nickel under your couch cushions. And remember, this was when credit cards and car loans etc were still tax deductible.
Now in my mid forties, I am shocked at the idiots that said sure, here take another large loan that you can't afford, and I'm just as disgusted at the people who took these loans knowing they were way over their heads.
Sorry for the rambling, but this whole mess is out of control and people are just getting by, and the CEO's are walking away with BILLIONS. Sounds like a big F U to us!!! Good luck everyone
elliemom
That is pretty much how I look at it too
baylian
Cathlete
baylian
Cathlete
Agreed Sparrow - tough times ahead but this too shall pass. Last thing I want is the Feds entrenched in Wall Street.
And get ready - the markets in Europe will be rolling in a short time.