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September 29, 2008 in News | 8 comments
The bailout was shot down in the house. Redraw your own conclusions. Mine is that it’s a Bad Thing.
Mike Warot on September 29, 2008 at 4:22 pm
It’s proof that the people still have a voice in this country… how can that be bad news?
Now all we have to do is survive the last 4 months of Bush, and we can start the healing / recovery process.
jeff 'SKI' Kinsey on September 29, 2008 at 5:13 pm
I am with Mike; inadequate safe guards equals defeat.
The people that pay taxes have spoken. They do not want to pick up yet another deferred payment plan for bailing out idiots.
There has to be a better solution. Which begs the question, who is looking for it? Do we need T. Boone Pickens to jump ship from solving our energy crisis to battle this mess too?
Maybe Boone should be Paris Hilton’s running mate?
Russell Nelson on September 29, 2008 at 5:28 pm
If you thought (as I have) that the failout wasn’t going to work, then yes, it’s a good thing we didn’t spend that money. The value that disappeared today … didn’t really exist. It was only the promise of taxpayer dollars that kept it propped up. Now that the real value has been recognized, we can start to rebuild (assuming, of course, that we’ve hit bottom, which is not obvious).
When failure is inevitable, better to fail fast.
jeremy on September 29, 2008 at 5:59 pm
I don’t think the bail out would have worked, what it would have done is started a slippery slope that would likely have grown in leaps and bounds that would bleed us severely. It was at best a stop-gap measure guestimated to be a big number, but not big enough to scare people, well… the truth is that the number to sustain the current economic regime is likely very scary. To me, we can take the 3-5 year hit in immediate prosperity to get to a real economic re-adjustment, and I don’t think the real value has been realized on the downturn just yet. But I want to see that value in the next 9 months so we can get the legislation passed in the first 100 days of next administration that will alleviate the real messes and put us back on an even keel.
Mike Warot on September 29, 2008 at 6:11 pm
The on thing that would be a positive action of Congress would be to up the limit on FDIC to at least keep pace with inflation, and to backstop their losses since they can at least count in it being paid back eventually.
David Taht on September 29, 2008 at 6:44 pm
Another useful thing would be for Congress to start using real numbers for inflation and for the Fed to publish the M3…
It’s really hard to make valid decisions when your data is doctored, as the USSR learnt before its collapse, and as the US is learning about subprime.
Jack Kendall on September 29, 2008 at 11:07 pm
I think thy will make a few tweaks to the bill and it passes by the end of the week.
The business people are ramping up their calls and as much as the congress listens to the voters when your campaign contributors come calling they really listen.
Deb on September 30, 2008 at 10:44 am
They’re looking at Plan B now…what kills me is they want to take a break for a holiday…ummm, policemen and firemen don’t get off for holidays…the country needs help, but let’s all take a break.
I’m thinking they’ll be passing it shortly
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