Nov 11, 2009, 10:34am
Nov 10, 2009, 8:45am
Everyone on CNBC keeps saying this thing didn't pass because it was perceived as a "Fat Cat Bailout." So:
Update: Steve Liesman reports that there won't be a new vote 'til Thursday. Congressional staff said they need time to figure out "how to bring this to the floor in a way that will pass." We say: name change.
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Posted by guest , Sep 29, 2008 3:55PM
nancy pelosi singlehandidly ruined this.
Posted by guest , Sep 29, 2008 3:57PM
fuck that san fran cunt
-richard s (alabama)
Posted by MarshallStack , Sep 29, 2008 3:59PM
What are we going to do tomorrow without money market trading?
Aren't we already on the hook for ALL of those assets?
Get those machines back on
Posted by guest , Sep 29, 2008 3:59PM
tl;dv.
Posted by guest , Sep 29, 2008 4:01PM
They are seizing all the assets of Duke and Duke.....
Posted by guest , Sep 29, 2008 4:02PM
can you add a 4th option to the poll:
Fuck my Life
Posted by guest , Sep 29, 2008 4:03PM
Ahhh blame pelosi because she gave a speech and you didn't like it!! What a bunch of wimps how about your grow a pair since you only have yourselfs to blame.
Also the guy from Alabama shouldn't you be having sex with your sister.
Posted by guest , Sep 29, 2008 4:03PM
start stockpiling bottled water and assault weapons now.
Posted by guest , Sep 29, 2008 4:04PM
wake me up when the dow hits 8000
Posted by guest , Sep 29, 2008 4:04PM
Yes, yes, a THOUSAND times yes.
Posted by mj , Sep 29, 2008 4:04PM
@1,2 Why don't you save your bullshit for the group of pussies who torpedoed the American Freedom and Anti-Terrorism and Defense of Marriage Finance Act because people were mean to them and they wanted to cry about it.
Posted by guest , Sep 29, 2008 4:07PM
FREEDOM!!! THE AMERICAN PEOPLE HAVE SPOKEN. NO WELFARE FOR THE WEALTHY. AT LEAST THERE ARE SOME CAPITALISTS LEFT.
Posted by daytraitor , Sep 29, 2008 4:07PM
it didn't pass because congress is way out of their depth. i'm sure they'll be getting right back to their typical activities straight away:
http://www.youtube.com/watch?v=aIRu8-5Nyek
Posted by guest , Sep 29, 2008 4:07PM
Ahhh blame pelosi because she gave a speech and you didn't like it!! What a bunch of wimps how about your grow a pair since you only have yourselfs to blame.
Also the guy from Alabama shouldn't you be having sex with your sister.
Posted by guest , Sep 29, 2008 4:07PM
@2 - Seriously? That's what your comment is? Good thing you live in Alabama.
Posted by daytraitor , Sep 29, 2008 4:08PM
it didn't pass because congress is way out of their depth. i'm sure they'll be getting right back to their typical activities straight away:
http://www.youtube.com/watch?v=aIRu8-5Nyek
Posted by guest , Sep 29, 2008 4:08PM
@2 - Seriously? That's what your comment is? Did you wander over to DealBreaker from Fox News?
Posted by mj , Sep 29, 2008 4:09PM
@2, Sen Shelby you know you wish you could. If she'd give it up, would you deliver some votes?
Posted by guest , Sep 29, 2008 4:10PM
How about "Now I have to move to Dubai and take frequent trips to Thailand to have ladyboys relieve my stress" Bill
Posted by guest , Sep 29, 2008 4:11PM
bartiromo def just said, 'what is this crap?'
Posted by guest , Sep 29, 2008 4:12PM
How can I afford to buy my kids the GI Joe with the Kung Fu grip in this market? I'm a karate man, I bruise on the inside. But this market is killing me on the outside.
Billy Ray Valentine, Capricorn.
Posted by guest , Sep 29, 2008 4:13PM
@20 - yep
Posted by guest , Sep 29, 2008 4:15PM
Ahhh.. I see the ideological warfare going on here...
For example the bill could also be called 'American Taxpayer Free Choice Act' or ' Enhancing Credit For Needy Americans Act' no?
Oh, I apologize. I forget that only conservatives pass bills with ridiculous names.
Posted by guest , Sep 29, 2008 4:15PM
It's pathetic that the several commenters didn't catch the Richard Shelby joke, you fucking 'tards.
Posted by BlackSwan06 , Sep 29, 2008 4:16PM
@2 Do you kiss your cousin-wife with that mouth?
Posted by guest , Sep 29, 2008 4:16PM
there are no more capitalists just people who type in all caps.
Posted by MarshallStack , Sep 29, 2008 4:17PM
Where we are going -
Had the Treasury and Fed not quickly stepped into the fray that morning with a quick $105 billion injection of liquidity, the Dow could have collapsed to the **8,300-level** - a 22 percent decline! - while the clang of the opening bell was still echoing around the cavernous exchange floor.
It isn't 22 percent anymore!
Posted by guest , Sep 29, 2008 4:17PM
be honest, who got long friday?
with all the anger here, seems like everyone.
nice trade.
-retail
Posted by guest , Sep 29, 2008 4:17PM
Okay, pork belly prices have been dropping all morning, which means that everybody is waiting for it to hit rock bottom, so they can buy low. Which means that the people who own the pork belly contracts are saying, "Hey, we're losing all our damn money, and Christmas is around the corner, and I ain't gonna have no money to buy my son the G.I. Joe with the kung-fu grip! And my wife ain't gonna f... my wife ain't gonna make love to me if I got no money!" So they're panicking right now, they're screaming "SELL! SELL!" to get out before the price keeps dropping. They're panicking out there right now, I can feel it.
Posted by guest , Sep 29, 2008 4:17PM
Bartirommo has been on a hysterical rant all day.
Posted by Anal_yst , Sep 29, 2008 4:17PM
This is what happens when the Politicians try to play economics. Coming from a bunch of nincompoops who don't even understand how to play Monopoly (and definitely not Stratego or Risk), this is hardly a surprise.
Maybe if someone explained to them that if they won't be able to get a car, house, or any credit what-so-ever without passing this, then, uh, oh I dunno, they'd maybe pull their heads out of their asses, maybe
Posted by guest , Sep 29, 2008 4:18PM
How about the:
Faith Americanism, Trust, Compassion And Theocracy
Act?
Oh...
Posted by guest , Sep 29, 2008 4:18PM
Looking back, we should have known it was a bad omen when the opening bell failed to ring this morning.
Posted by guest , Sep 29, 2008 4:20PM
i would like maria's asshole
Posted by diablo , Sep 29, 2008 4:22PM
They will rename it:
In God we Put our Financial Trust Act
Sounds awful, but it will pass.
Posted by guest , Sep 29, 2008 4:22PM
fd
Posted by guest , Sep 29, 2008 4:22PM
@23: You're right; democrats fuck it up, even when they control both houses of Congress.
Posted by guest , Sep 29, 2008 4:22PM
@28
Nice. We call it dumb money.
Posted by guest , Sep 29, 2008 4:23PM
@23: You're right; democrats fuck it up, even when they control both houses of Congress.
Posted by guest , Sep 29, 2008 4:25PM
Instead of trying to ram through a "Christmas tree" style bailout package (with all of our Congressmen's ornaments on it), how about this simple proposal as a way to fix the problem?
The problem is that there is no market for these so-called "toxic assets": mortgage derivative securities, credit default swaps, etc. This is causing banks to take huge losses (via mark to market accounting and the fact that they cannot unload these assets to anyone), and no one knows where it will end. As a result, banks are hoarding capital and our credit system is seizing up.
Why not rely on free market principles and encourage the formation of this market in the best way Washington can--by lowering taxes?
My proposal is this: draft legislation that provides that all realized gains on “toxic assets” [NOTE: a carefully defined term is required here, must be narrowly drafted to only include those assets for which there currently is no market] purchased will be capped at a 7.5% tax rate regardless of who buys them.
This way, private buyers will be incentivized to analyze these securities and buy them at below what they deem a fair market value price in order to lock in their gains on the 7.5% rate, and a market for these securities will be jumpstarted.
Another precaution to take would be that banks could not just reciprocally "swap" equal quantities of toxic assets to take advantage of the tax gains: it would have to be a genuine sale in the marketplace, NOT a trade.
How much taxpayer money is required to implement this? ZERO. (I realize that liberals would disagree and claim that a federal tax cut is a loss of taxpayer money that rightfully belongs to Washington, but who cares what they think?)
Any thoughts? Let's put our heads together and figure this out ourselves.
Posted by guest , Sep 29, 2008 4:27PM
@23: You're right; democrats fuck it up, even when they control both houses of Congress.
Posted by guest , Sep 29, 2008 4:28PM
@24 - agreed. Can't believe how many tools took the bait. Thought the joke was obvious.
Posted by guest , Sep 29, 2008 4:36PM
campbells soup the only s&p stock to close up...
what about ramen?
Posted by guest , Sep 29, 2008 4:37PM
Gosh, those crybabies on WS. Does anyone here believe that 0.7 trillion will bail out a world market where about 25trillion in assets and or lending capacity vanished? All Treasury has to do is guarantee the interbank lending (repos) based on past history and balance sheet size. Cost them nothing. We guarantee bonds for Israel, so why not for our own banks? Instead they use the ESF beyond the arm of congress and to guarantee all money market funds!
Posted by guest , Sep 29, 2008 4:39PM
how is it the dems fault? 1/3 of republicans voted for it - for a bill sponsored by their administration - I'm not a democrat but the republicans bear the blame for this - morons
Posted by mj , Sep 29, 2008 4:49PM
@40. I know you're conditioned to call this a "Christmas Tree" bill, but you demonstrate your ignorance in doing so. There were no extraneous programs or amendment. The bill laid out the plan for exactly one program. Warrants, oversight, and executive comp are all part of the same issue. As for your "plan," there is no longer a liquid market for these assets. The free market has turned its back on them. Doesn't want them. Lower tax rates on cap gains wouldn't change that. Not only does it falsely imply that the current rate disincentivizes trading, it ignores relevant facotrs like the ability to finance and hedge these assets. Also, your idea that PM's should analyze assets to determine their worth and then buy them cheaply - FUCKING BRILLIANT! I can't belive nobody's ever thought of that. Lastly:
"Another precaution to take would be that banks could not just reciprocally 'swap' equal quantities of toxic assets to take advantage of the tax gains: it would have to be a genuine sale in the marketplace, NOT a trade."
Seriously, do you have any idea what you're talking about or what a swap contract actually is?
Posted by guest , Sep 29, 2008 4:57PM
"well this is it, the last bastion of pure capitalism left on earth"
http://www.youtube.com/watch?v=RAXdie_gifI
Truly classic.
-C
P.S. Of course the Dukes were 'back' via the generous hand out by the Prince of Zamunda, clearly movies ahead of their time.
Posted by guest , Sep 30, 2008 10:55AM
@40. I care.