D-Day
Friday, October 3, 2008 at 08:54AM Today is D-Day for the House of Representatives.
Either they'll begin to heal the credit markets by passing the Senate's plan, or they'll wipe out another trillion dollars in value with a no vote.
The rumbling on the street is that the House will do the right thing, but we've been down that road before. It's hard to imagine that they'll turn their back on the economy a second time, but I suppose anything is possible with this lot. The back benchers have elevated buffoonery to an art form, so trying to predict the outcome is pointless.
Worst case scenerio: They vote not after the market closes, which will give traders a running head start on selling off their positions Monday morning. Talk about a Black Monday -- that would be a nightmare.
Footnote: The House passed the Senate's bailout bill by a wide margin, 263-171. Mark down this day: Congress did something good. And the Cubs are still wretched.
Reader Comments (11)
All I saw in this post was" "blah blah blah the Cubs are wretched."
I would have to agree with this post. They are wretched. Met fans laugh at the Cubs. :-)
I am truly embarrassed to be a Cubs fan, no question. I can't even provide one single line of support. Their play begs the question: "if this is a playoff team, I would really hate to see those teams that didn't make it."
I personally am going to boycott watching their next game. They don't deserve my attention at this point. If they somehow win, I will resume watching.
I am truly embarrassed to be a Cubs fan, no question. I can't even provide one single line of support. Their play begs the question: "if this is a playoff team, I would really hate to see those teams that didn't make it."
I personally am going to boycott watching their next game. They don't deserve my attention at this point. If they somehow win, I will resume watching.
Well, Nick, I must disagree with the bailout. While I have a considerable amount at risk, I'd rather take my chances of losses and let those accountable suffer the consequences of their actions than to take an even greater risk passing this package, which now tops $800B, when we're already deeply in debt.
For what it's worth, the head of my bank feels exactly the same way.
I wish McCain had gone to stop this freight train, getting people to think about the enormity of what they are doing, instead of trying to push it through.
I am so disgusted that McCain chose Palin, who I completely distrust. If he wanted to be a maverick, Joe Lieberman would have been a fine choice.
Oh, one more point--did no one else feel that Biden's emotion at the mention of losing his wife and child seemed staged? I think it was thoroughly planned ahead of time to manipulate us.
If anyone needs proof of the impact the credit crunch is having on the economy, GM reportered that it did 12,000 car leases last month because they couldn't loan the money to its customers. That's a canary in the coal mine for the economy, and should scare the snot out of every member of Congress.
While I am venting, wanted to include one more observation. The real roots of this financial mess began under Clinton, who wanted to boost housing sales, allowing increasing numbers to become home owners when they could not afford it, and to let them buy more expensive houses than they should have. It thus made his presidency artificially appear to create prosperity, but it was a false prosperity--we understood it even as it was happening.
We were house-hunting during this period and we were appalled at conditions which fostered financial irresponsibility and inflated house prices, so we did not buy. If we had, and later run into problems because of our own stupidity, we would not have expected the tax payer to rescue us.
Nor do we want to rescue them. Let the chips fall where they may instead of creating a further mess. A contrary position that isn't being expressed here, I know. I've spent a lifetime being responsible, and am quite upset to think that we're at risk due to other's irresponsibility.
I agree with that -- Clinton and the Democrats forced Fannie and Freddie to make risky loans, and now it's coming home to roost. But punishiing main street by sabotaging the economy doesn't make any sense.
Seriously? We needed more regulation and who opposed that? The Republicans. People can't be trusted to be budget conscious on their own. The "too bad" mentality is catching up with all of us now.
Side note: I do NOT think Biden planned to get all choked up and mention the tragic accident. Seemed genuine to me. The guy gets emotional often, so this was no surprise. Biden was calling Palin out - she's always insinuating that she's in touch with Americans because she's a regular joe and has kids (blah, blah, blah). As a women, I find this to be a really annoying tactic (not a strategy). Joe Biden comes from a middle class background too. The difference is - he's intelligent and understands the issues. The only one who seemed rehearsed was Palin (I'm pretty sure she planned the distribution of her 15 or so winks along with the insult-to-my-intelligence folksy lingo...pulease.
From a political standpoint, and perhaps in general, she comes across as slimy as the oil that oozes from Alaska's ground. It got me thinking, and this isn't limited only to Pfailin, but having a job when most of what you do is lie in order to make a point is somehwat disgusting when put in the context of someone that's job is to look out for and protect the public's interest.
How do you teach values to your children when your career is nothing but moving chess pieces, fakery, misleading to get a vote, etc. She comes across as the queen of living that mantra...sickening, really
Yes, she is slimy.
Well, Mitch, when you don't have substance, you sink to lies and bullshit. I love how Palin's two quotes (from her staged, rehearsed closing statement) were from an anti-semetic crazy man and from Ronald Reagan's speech warning that social security would result in a socialism (oh but she left that out). I think leaving out context works for Palin because most people won't research her statements - they'll just get all hot and bothered from her winking. Let the games begin. Prediction: Its going to get UGLY.
At least the Cub players get playoff checks. Met players get....
I do wish interleague play hadn't sacrificed the famous Cubs/Mets series. Those were good.
Anyway, I"m glad they passed the bill. Too bad my family had to lose big bucks in order for the House GOP to see the light. But hey, what we lost was a small portion of the $1.2 trillion lost last Monday.
The party of fiscal responsibility strikes again.