Senate, you ruined my year. Seriously. (Update: House Passed It)

[Bon]

http://www.yahoo.com/s/963396

By JULIE HIRSCHFELD DAVIS and CHARLES BABINGTON, Associated Press Writers
1 minute ago

WASHINGTON - After one spectacular failure, the $700 billion financial industry bailout found a second life Wednesday, winning lopsided passage in the Senate and gaining ground in the House, where Republicans opposition softened.


Senators loaded the economic rescue bill with tax breaks and other sweeteners before passing it by a wide margin, 74-25, a month before the presidential and congressional elections.

In the House, leaders were working feverishly to convert enough opponents of the bill to push it through by Friday, just days after lawmakers there stunningly rejected an earlier version and sent markets plunging around the globe.

Sorry, it had to have it's own topic. I'm really ******. I thought yesterday was a victory. Instead, it was a temporary block that brought defeat to this nation and our dollar.

[John Mora]

Re: Senate, you ruined my year. Seriously.

But I want my mommy to have a job {:3

[Alzar]

Re: Senate, you ruined my year. Seriously.

CAN SOMEONE ACTUALLY EXPLAIN THE SITUATION

I kinda think anyone completley opposed to it doesn't actually know what's going on.

[Ωbright]

Re: Senate, you ruined my year. Seriously.

Our tax dollars were used to fund a protracted and pointless war in Iraq (among other places) which the vast majority of Americans have always been opposed to. Now we're broke. Now we have to pay more tax dollars to bail out.

You see now?

[Duel]

Re: Senate, you ruined my year. Seriously.

I really like Euros!!!!!!!!!!!!!

[Bon]

Re: Senate, you ruined my year. Seriously.

Our tax dollars were used to fund a protracted and pointless war in Iraq (among other places) which the vast majority of Americans have always been opposed to. Now we're broke. Now we have to pay more tax dollars to bail out.

You see now?

Thus making our dollar even closer to the equivalent of toilet paper.

[Alzar]

Re: Senate, you ruined my year. Seriously.

Well I mean it's true that we're spending stupid amounts of money pointlessly in Iraq but I don't think that's what this is about. I think the government apparently wants to buy a bunch of securities for which no one knows what the actual value is and it's a big bundle of confusing.

[Magus]

Re: Senate, you ruined my year. Seriously.

Thus making our dollar even closer to the equivalent of toilet paper.

Which is exactly what happens in strip clubs.

[Alzar]

Re: Senate, you ruined my year. Seriously.

HAHA I RUINED UR COMMENT

or maybe I made it even more relevant

*thinks*

yeah

YEAH

[H2SO4]

Re: Senate, you ruined my year. Seriously.

The government can't find the money to build better schools, fix roads or give people affordable healthcare, but they can find the money to bail out wall street.

Fun fact: If the $700 billion the government is spending was equally divied up between all the taxpayers of this country, everyone would get $75,000.

[John Mora]

Re: Senate, you ruined my year. Seriously.

Our tax dollars were used to fund a protracted and pointless war in Iraq (among other places) which the vast majority of Americans have always been opposed to. Now we're broke. Now we have to pay more tax dollars to bail out.

You see now?

That's not really what happened.

This is what happened.

[Wavelength]

Re: Senate, you ruined my year. Seriously.

The way I see it, we're throwing ourselves into the frying pan to avoid being thrown into the fire.

Take the red pill, we bail out companies who leveraged their investments to a ridiculous level in the name of greed and caused this financial disaster. We pay out $700 billion to provide enough liquidity to cool off the market, lose a lot of value in our stock markets in the coming months/years, and only see part of that money back in the coming years.

Take the blue pill, we don't rescue the companies, global financial markets become unstable, and the very backbone of our economy is shattered. I couldn't see how unemployment wouldn't skyrocket. Just the defeat of the bill caused a loss of over $1.4 TRILLION in our Stock Market in one day. Granted, we recovered half of that the next day when it looked like the bill would probably get passed, but it shows that even something as big as $700 billion (an amount equal to about six times that tax rebate we got earlier this year) is chump change compared to what could happen.

It's bitter medicine, but it's something we needed to stop a year ago or more (I feel we need far more transparency from companies that invest their funds in markets). It can't be stopped now. We have to take the medicine, no matter how bad it tastes and what it's made from.

At the very least, I'll take solace in the fact that it's a much less heinous use of our government's money than this $25 billion piece of spoiled pork.

[Ωbright]

Re: Senate, you ruined my year. Seriously.

That's not really what happened.

This is what happened.

Seems to me that that was more like the last straw of many. *shrugs* I'm no market analyst.

[Karr Lord of Chaos]

Re: Senate, you ruined my year. Seriously.

the states economy is already pooched and i think investors everywhere now realize that america is not the stable market it used to be. even with a bailout like this, they only save the market from a full colapse. we will never again see the type of breakneck heights of the former years.

the market had to realize just how far it was from realistic values and thus has been moving to reflect that. there is alot of crooked practices and greed which has also posponed this from happening earlier and also pushed this type of instability onto american markets.

im interested in what all this bill mentions; is it a hand out for the rich or are there enough safeguards protecting taxpayer money from further misuse?

[DarkwingChuck]

Re: Senate, you ruined my year. Seriously.

It's bitter medicine, but it's something we needed to stop a year ago or more

Exactly. Why are so many of America's problems left to escalate completely unchecked until it's too late and we're stuck between a rock and a hard place.