anyone watching the markets and the congressional vote?

[Ntombi]

Scary as hell.

It's on C-Span, MSNBC, and the rest. The vote is poised to fail, and the market is tanking.

They're holding the vote open, and at the point it was supposed to close (without passing), the dow went down 684 points. Now that it's apparent that they're holding the vote to get it passed, it's rebounded a tiny bit.

[powerbuddy]

Yeah it failed!

[scotthayes]

No 226 Yes 207

[Peace]

It will be interesting to see who voted for what.

[scotthayes]

faux news (all we really get in UK) are saying vote still open and yea needs to be 217. Some big arm twisting going on.

[Aranince]

When you say it failed, does that mean it didn't get enough votes or the bailout didn't do anything to help the situation?

[scotthayes]

205 - 228 to nay

[scotthayes]

It's failed.

[CalBoy]

Honestly, I expected a filibuster in the Senate, not a breakdown in House rank and file.

Nonetheless, I'm pleased. They were rushing this vote, and the sum is too get a bill passed in only a week.

[hulugu]

Oh hell.

The market is busily losing its collective wit.

[Peace]

Honestly, I expected a filibuster in the Senate, not a breakdown in House rank and file.

Nonetheless, I'm pleased. They were rushing this vote, and the sum is too get a bill passed in only a week.

This vote was in the house not the senate.

[GeeYouEye]

The market had priced in a bailout by the end of last week. This is just that unwinding.

[CalBoy]

This vote was in the house not the senate.

I'm well aware of that. ;)

I was remarking on how I expected the bailout to fail in the Senate, not in the House.

[Peace]

I'm well aware of that. ;)

I was remarking on how I expected the bailout to fail in the Senate, not in the House.

Gotcha! :)

[BigHungry04]

Honestly, I expected a filibuster in the Senate, not a breakdown in House rank and file.

Nonetheless, I'm pleased. They were rushing this vote, and the sum is too get a bill passed in only a week.

This vote was in the house not the senate.

Actually CalBoy said he expected a filibuster in the Senate. He never said it was voted upon in the Senate.

I'm actually surprised it failed. I didn't want it to go through, but I thought the members of Congress would actually pass the bailout.

The market is down, however it will fix itself eventually. We need to allow these banks to fail. Our money is safe unless you're invested in the stock market, but everyone knows that involves risk. That risk isn't that you could not make as much money, but that it has the possibility of losing all of your money in that particular investment. The big corporations know this too, so they shouldn't freak out when they lose their money by making a bad investment. This is why you invest money you can afford to lose. Investing is just like gambling. People just need to realize this.

[kavika411]

The market had priced in a bailout by the end of last week. This is just that unwinding.

Well said. However, I am concerned that there will be an emotional selloff by people watching the unwinding. In other words, the unwinding takes the market down 500 points, but then another 1000 point drop ensues, caused by sellers panicking about the initial 500 point unwinding.

[iShater]

It failed eh? the House has brains? :eek:


As in they thought on their own and figured out it is not the best of ideas?

[gotzero]

The people in the house are all up for re-election and there is a large populist backlash to the bailout. Interesting...

[Peace]

Can you imagine what would have happened had the Republicans got their way and privatized Social Security ?

[iShater]

Can you imagine what would have happened had the Republicans got their way and privatized Social Security ?

I totally forgot about that "idea" :eek:

[BigHungry04]

Well said. However, I am concerned that there will be an emotional selloff by people watching the unwinding. In other words, the unwinding takes the market down 500 points, but then another 1000 point drop ensues, caused by sellers panicking about the initial 500 point unwinding.

After it drops 10% from the previous day's close the market will shut down for 10 minutes. If the sell-off resumes to drop 20% from the previous day's close, then the market will shut down for 20 minutes, and 30% results in closing the stock market.

So it will take time for it to drop that far. Maybe people will calm down before it happens.

[Ugg]

Can you imagine what would have happened had the Republicans got their way and privatized Social Security ?

I've been thinking about that a lot lately. Hopefully, the bozos who think that is a good idea have been wiped out in the markets. With any luck it'll be twenty years before anyone brings up this idiotic idea again.

I feel sorry for all those Brits whose retirement age is rising as a result of the plunging stock markets.

[scotthayes]

The dow could drop another 2,000 point and that would put them back to October 2002.

[iShater]

The dow could drop another 2,000 point and that would put them back to October 2002.

Perfect time to buy for the long term.

[hulugu]

Actually CalBoy said he expected a filibuster in the Senate. He never said it was voted upon in the Senate.

I'm actually surprised it failed. I didn't want it to go through, but I thought the members of Congress would actually pass the bailout.

The market is down, however it will fix itself eventually. We need to allow these banks to fail. Our money is safe unless you're invested in the stock market, but everyone knows that involves risk. That risk isn't that you could not make as much money, but that it has the possibility of losing all of your money in that particular investment. The big corporations know this too, so they shouldn't freak out when they lose their money by making a bad investment. This is why you invest money you can afford to lose. Investing is just like gambling. People just need to realize this.

Wait, what?

Oh sure. Now you tell me. Excuse me while I'll go sell the rest of my portfolio and shuffle off to play blackjack at the Indian Casino.

[joepunk]

As of now it looks like 140 Dems and 65 Rep. voted for the bill. However 95 Dems and 133 Rep. voted against the bill

Link (http://clerk.house.gov/evs/2008/roll674.xml)