Bailout Bill fails house vote, markets drop 600 points as of now. http://money.cnn.com/2008/09/29/news/economy/bailout/index.htm?cnn=yes here is the plan if you have time to read it. I will read it later this evening. http://i.cdn.turner.com/cnn/2008/images/09/28/ayo08c04_xml.pdf Democratic Reaction: Whats your reaction?
short term it will hit our economy hard. long term we'll be better off for it. I worked for a hedge fund for 10 years and know first hand how market manipulation through shorts and swaps, etc... can affect the markets. Look for hedge funds to be as obsolete as i-banks soon. at the end of the day the banks and mortgage companies that spent 10 years digging their own grave are going to have to lie down in them. Markets correct themselves eventually, no need to rob peter to pay paul when peter shares the same house.
That's all fine and dandy as long as you have no intention of buying a house or a car or borrowing to remodel the house or send your kid to college or to take a vacation or to pay for a wedding, etc etc. for the next few years.
I don't see how anyone can possibly vote against this bill. The ramifications are so big and widespread but no one wants to worry about that. All they want to do is follow party principles and focus on not bailing out wall street execs. All that is in the past and should be out of the window as we try to avoid one of the worst economic periods of all time and certainly the worst that any of us have seen. I guess I see it more because I work with banks on a daily basis but you would think lawmakers would understand this stuff. I gotta run for now, I was gonna wait for the bump on the passage of this bill but will now sell all my securities without it.
That was my first reaction, how do they continue business without this. No one is lending money right now.
Take a lesson: http://www.youtube.com/watch?v=ticytEUvVhQ Supporting this bailout is supporting the destruction of this country. Let us take a hit now and the market fix the problem not the socialistic govt. we have come to know.
It doesn't have to be this bill or no bill. Compromises will be made and a new bill drafted. Much research needs to be done concerning a thing this complex and expensive. The notion that we have to fix it all in 24 hours is ridiculous. Nobody even knows where that $700 Billion figure comes from.
