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House rejects $700B bailout

woranch

Well-known member
Its about time they got something right. 90 Democrats and more than 130 Republicans voting against the bill.





http://www.usatoday.com/news/washington/2008-09-29-bailout-congress_N.htm?csp=34
 

Sandhusker

Well-known member
They'll vote for one before this is done, but this allows them to say that they voted "No" and will give them some leverage on getting a few more things changed.
 

MsSage

Well-known member
Why is it "political partisanship" when you vote NO to allow people who are not paying their bills to stay in the house they could not afford? Why should the government pay their house mortgage when they signed saying they will pay?
 

TexasBred

Well-known member
Sandhusker said:
They'll vote for one before this is done, but this allows them to say that they voted "No" and will give them some leverage on getting a few more things changed.

This one really was Pelosi's baby....now maybe they'll get to work and do it right or just let those suckers go belly up.
 

kolanuraven

Well-known member
Even if there wasn't a MAJOR crisis earlier when all this started.....I'm guessing it's a sure Cluster F--k by now with all this back and forth.
 

cutterone

Well-known member
Apparently many people called or e-mailed their congressmen and said they wanted it voted down and to top it off Peloski gave some kind of a "screw you Repulicans" speach just before the vote and that was all it took.
 

backhoeboogie

Well-known member
I appreciate everyone who did the right thing, no matter what party lines dictated.

Some of the legislation previously passed needs to be undone before we try to fix it. Throwing money at a problem that is not fixed is not a viable option. Especially when folks who can afford their homes can just walk away out of convenience.
 

Mike

Well-known member
I really don't know how I feel about the bill rejection. Part of me says yea, and part says nay.

One week from last Thursday, we were just a few hours and/or transactions away from a complete meltdown.

Every check written in the USA would have returned as NSF, whether the actual account balance would cover this check or not.

Also, every credit card transaction would have been denied.

Scary part is.....just as soon as this happened, there would have been a run on the banks as no one has ever seen......and none would have been able to cover the deposits.
 

kolanuraven

Well-known member
Mike said:
Also, every credit card transaction would have been denied.



Locking down those things would prob be the best move for society as a whole ever done.

I know 2 " ol' maid" sisters who took on every store credit card made and every offer that came in the mail for those 0% credit card deals, in " the good ol' days" and now between them they've got close to $35K in credit card debt alone......and both are BROKE.
 

Mike

Well-known member
kolanuraven said:
Mike said:
Also, every credit card transaction would have been denied.



Locking down those things would prob be the best move for society as a whole ever done.

I know 2 " ol' maid" sisters who took on every store credit card made and every offer that came in the mail for those 0% credit card deals, in " the good ol' days" and now between them they've got close to $35K in credit card debt alone......and both are BROKE.

For every person that is irresponsble with credit card debt, I'd bet the next ten are handling them well.

This is why they changed the bankruptcy rules...so that you can't get away with it anymore.
 

aplusmnt

Well-known member
Mike said:
I really don't know how I feel about the bill rejection. Part of me says yea, and part says nay.

One week from last Thursday, we were just a few hours and/or transactions away from a complete meltdown.

Every check written in the USA would have returned as NSF, whether the actual account balance would cover this check or not.

Also, every credit card transaction would have been denied.

Scary part is.....just as soon as this happened, there would have been a run on the banks as no one has ever seen......and none would have been able to cover the deposits.

I see the situation as serious but I do not see it as doomful as you painted. I think the market could actually work through this by itself to some degree. I think things are over exaggerated by those wanting to money or appear to have solved the problem.

But then again I do not understand how so many businesses will not be able to pay their pay roll if credit freezes. I borrowed money for payroll twice in my life once when I was 22 years old. The next 22 years I never relied on loans for payroll. How could all these businesses be shut down if they can not get a loan for payroll?
 

kolanuraven

Well-known member
It now truly seems that most business' are within 48 hours of total meltdown ON A GOOD DAY!!

It seems that the old idea of " nest egg" for a rainy day exists no more.
 

Mike

Well-known member
aplusmnt said:
Mike said:
I really don't know how I feel about the bill rejection. Part of me says yea, and part says nay.

One week from last Thursday, we were just a few hours and/or transactions away from a complete meltdown.

Every check written in the USA would have returned as NSF, whether the actual account balance would cover this check or not.

Also, every credit card transaction would have been denied.

Scary part is.....just as soon as this happened, there would have been a run on the banks as no one has ever seen......and none would have been able to cover the deposits.

I see the situation as serious but I do not see it as doomful as you painted. I think the market could actually work through this by itself to some degree. I think things are over exaggerated by those wanting to money or appear to have solved the problem.

But then again I do not understand how so many businesses will not be able to pay their pay roll if credit freezes. I borrowed money for payroll twice in my life once when I was 22 years old. The next 22 years I never relied on loans for payroll. How could all these businesses be shut down if they can not get a loan for payroll?

I got my info directly from a friend in one of my Senator's office in D.C.

You are not normal if you don't borrow for payroll from time to time.

All construction companies do it because they don't get paid weekly, or monthly.

Did you see where Caterpillar made an operating loan of $1.5 Billion the other day and is paying 8.7% interest?
 

aplusmnt

Well-known member
kolanuraven said:
It now truly seems that most business' are within 48 hours of total meltdown ON A GOOD DAY!!

It seems that the old idea of " nest egg" for a rainy day exists no more.

I do not see that either, I believe Politicians will paint that picture, I believe the media will paint that picture and I believe the doom and gloomers will paint that picture.

But I bet our GDP still continues to rise and in the long run we will be better off for this mess. Once people realize this social engineering experiment is failing in the U.S. as it has failed in other Countries then maybe our grand kids will have a chance to become a great generation as great grandfathers did before them!
 

aplusmnt

Well-known member
Mike said:
aplusmnt said:
Mike said:
I really don't know how I feel about the bill rejection. Part of me says yea, and part says nay.

One week from last Thursday, we were just a few hours and/or transactions away from a complete meltdown.

Every check written in the USA would have returned as NSF, whether the actual account balance would cover this check or not.

Also, every credit card transaction would have been denied.

Scary part is.....just as soon as this happened, there would have been a run on the banks as no one has ever seen......and none would have been able to cover the deposits.

I see the situation as serious but I do not see it as doomful as you painted. I think the market could actually work through this by itself to some degree. I think things are over exaggerated by those wanting to money or appear to have solved the problem.

But then again I do not understand how so many businesses will not be able to pay their pay roll if credit freezes. I borrowed money for payroll twice in my life once when I was 22 years old. The next 22 years I never relied on loans for payroll. How could all these businesses be shut down if they can not get a loan for payroll?

I got my info directly from a friend in one of my Senator's office in D.C.

You are not normal if you don't borrow for payroll from time to time.

All construction companies do it because they don't get paid weekly, or monthly.

Did you see where Caterpillar made an operating loan of $1.5 Billion the other day and is paying 8.7% interest?

I am sure some companies do borrow like that, I am just a believer in loans for start up and expansion not in day to day operation cost.

But I also believe in buying the amount of home you can afford so I guess not everyone does things as I believe. :lol:
 
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