anyone watching the markets and the congressional vote?

Discussion in 'Politics, Religion, Social Issues' started by Ntombi, Sep 29, 2008.

  1. Ntombi macrumors 68030

    Ntombi

    Joined:
    Jul 1, 2008
    Location:
    Bostonian exiled in SoCal
    #1
    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.
     
  2. powerbuddy macrumors 6502

    Joined:
    Jun 20, 2006
  3. Peace macrumors P6

    Peace

    Joined:
    Apr 1, 2005
    Location:
    Space--The ONLY Frontier
    #4
    It will be interesting to see who voted for what.
     
  4. scotthayes macrumors 68000

    scotthayes

    Joined:
    Jun 6, 2007
    Location:
    Birmingham, England
    #5
    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.
     
  5. Aranince macrumors 65816

    Joined:
    Apr 18, 2007
    Location:
    California
    #6
    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?
     
  6. scotthayes macrumors 68000

    scotthayes

    Joined:
    Jun 6, 2007
    Location:
    Birmingham, England
  7. CalBoy macrumors 604

    CalBoy

    Joined:
    May 21, 2007
    #9
    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.
     
  8. hulugu macrumors 68000

    hulugu

    Joined:
    Aug 13, 2003
    Location:
    the faraway towns
    #10
    Oh hell.

    The market is busily losing its collective wit.
     
  9. Peace macrumors P6

    Peace

    Joined:
    Apr 1, 2005
    Location:
    Space--The ONLY Frontier
    #11
    This vote was in the house not the senate.
     
  10. GeeYouEye macrumors 68000

    GeeYouEye

    Joined:
    Dec 9, 2001
    Location:
    State of Denial
    #12
    The market had priced in a bailout by the end of last week. This is just that unwinding.
     
  11. CalBoy macrumors 604

    CalBoy

    Joined:
    May 21, 2007
    #13
    I'm well aware of that. ;)

    I was remarking on how I expected the bailout to fail in the Senate, not in the House.
     
  12. Peace macrumors P6

    Peace

    Joined:
    Apr 1, 2005
    Location:
    Space--The ONLY Frontier
    #14
    Gotcha! :)
     
  13. BigHungry04 macrumors 6502

    Joined:
    Mar 14, 2008
    Location:
    Connecticut
    #15
    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.
     
  14. kavika411 macrumors 6502a

    kavika411

    Joined:
    Jan 8, 2006
    Location:
    Alabama
    #16
    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.
     
  15. iShater macrumors 604

    iShater

    Joined:
    Aug 13, 2002
    Location:
    Chicagoland
    #17
    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?
     
  16. gotzero macrumors 68040

    Joined:
    Jan 6, 2007
    Location:
    Mid-Atlantic, US
    #18
    The people in the house are all up for re-election and there is a large populist backlash to the bailout. Interesting...
     
  17. Peace macrumors P6

    Peace

    Joined:
    Apr 1, 2005
    Location:
    Space--The ONLY Frontier
    #19
    Can you imagine what would have happened had the Republicans got their way and privatized Social Security ?
     
  18. iShater macrumors 604

    iShater

    Joined:
    Aug 13, 2002
    Location:
    Chicagoland
    #20
    I totally forgot about that "idea" :eek:
     
  19. BigHungry04 macrumors 6502

    Joined:
    Mar 14, 2008
    Location:
    Connecticut
    #21
    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.
     
  20. Ugg macrumors 68000

    Ugg

    Joined:
    Apr 7, 2003
    Location:
    Penryn
    #22
    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.
     
  21. scotthayes macrumors 68000

    scotthayes

    Joined:
    Jun 6, 2007
    Location:
    Birmingham, England
    #23
    The dow could drop another 2,000 point and that would put them back to October 2002.
     
  22. iShater macrumors 604

    iShater

    Joined:
    Aug 13, 2002
    Location:
    Chicagoland
    #24
    Perfect time to buy for the long term.
     
  23. hulugu macrumors 68000

    hulugu

    Joined:
    Aug 13, 2003
    Location:
    the faraway towns
    #25
    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.
     

Share This Page