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Bend over and grab your ankles (update)
Posted by: McQ on Friday, October 03, 2008

The House has passed the travesty, er, bailout, er "Financial Rescue Plan" (263-171).

UPDATE: It sure impressed the stock market, didn't it?

Opening at 10,483.96, by 1pm it had advanced to 10,796.26 and upon news of the passage of the bill, it managed to lose every bit of that plus 157 points closing at 10,310.25.

 
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Previous Comments to this Post 

Comments
There goes that already low as dirt congressional approval rating.
 
Written By: josh b
URL: http://
And, right on cue, 100 points of this morning’s rally on the DJIA is gone.
 
Written By: CR
URL: http://
No CR! The bailout was a good thing, the market WANTED it, don’t you see?

They just can’t believe that anyone but THEM can solve problems.
 
Written By: looker
URL: http://
hell even Golden slacks which was up almost 10 bucks just before the vote tanked as soon as the vote was complete.
 
Written By: Mac
URL: http://
My congressman, Charlie Dent, is one of the people who apparently accepted the pork bribe and changed his stance to supporting the bill. Thanks for nothing, Chuckles.
 
Written By: InebriatedArsonist
URL: http://
Ice Cube said it best - ’with no vaseline’
 
Written By: meagain
URL: http://
Earlier, Ms. Pelosi said the measure was essential to “begin to shape the financial stability of our country and the economic security of our people.”
In Socialist Amerika, GOVERNMENT SHAPES YOU!!!
 
Written By: josh b
URL: http://
I would post my reaction to this, but your filter won’t let me.

Suffice to say it is fairly vulgar...
 
Written By: Scott Jacobs
URL: http://
My father and I were discussing the market yesterday. We decided this was a classic trading opportunity, buy yesterday and get the possible run up in the morning and then sell. It is an old trading strategy:

"Buy on the rumor, sell on the news."

The rationale is that whatever the vote was it was likely to go up beforehand. Those who like it will invest, those who don’t either have already sold if they wanted to, or were waiting for its passage to get out. If it passed those who hate it or felt it wouldn’t make enough difference would sell. The people who liked it were already in.

If it failed traders would sell on fear of the reaction or because they wanted it to pass. Either way, some significant group would flush.
 
Written By: Lance
URL: http://asecondhandconjecture.com
Looks like they’re still flushing at 3:20 PM EST.
 
Written By: looker
URL: http://
I am literally sick to my stomach. If ever there were a more clear demonstration of just how little the pols (on both sides of the isle) regard this nation and its citizens...there it is. I just hope the people turn out on Election day and TURN THEM OUT INTO THE STREETS.
 
Written By: Unscripted Thoughts
URL: http://
Memo to the perps:

"If your children ever discover how lame you really are, they’ll murder you in your sleep."

(Frank Zappa, 1966 — "Freak Out" liner notes)

It will be a long time before everyone with the capacity to think about it realizes how awful this is. I just heard some dirt-bomb on CNBC explain: "That’s why we pay our taxes to the government; to help out in difficult times."

My initial impulse is that I would have that fool’s head on a pike, if I could, just as a matter of meeting him on his own premise and getting there first with the most.

{shrug} There’s no percentage in that. There’s no percentage in any of it anymore. Me? I’m just going to more and worse of a hater as I go.

Boundless contempt. Boundless.
 
Written By: Billy Beck
URL: http://www.two—four.net/weblog.php
Someplace one of the ’we can fix it’ Congressmen is staring at the close and mumbling - "But I don’t understand, we promised them ALL moonponies!"
 
Written By: looker
URL: http://
Someplace one of the ’we can fix it’ Congressmen is staring at the close and mumbling - "But I don’t understand, we promised them ALL moonponies!"
Sadly they all failed to realize....moon ponies only work on the moon. The earths gravity pummels them into the ground...kinda like the market.
 
Written By: josh b
URL: http://
So much for arguments that failure to pass the bill the first time resulted in the market drop.

Hey, but, having solved the major crisis of the hour, they can now adjourn and bask in the glow (of the torch and pitchfork crowd) from their constituency at home.
 
Written By: looker
URL: http://
If the market drop was proof it should have been passed the first time, surely the market drop upon passage is proof this was a bad idea.
 
Written By: Jeremy Bowers
URL: http://www.jerf.org/iri
it will be back up on monday provided there is no more bad news over the weekend.
 
Written By: mac
URL: http://
Bend over and grab your ankles
Wait, is this blog entry about the bailout, or about the fact that Barney Frank’s "partner" was a Fannie executive? "Fannie executive" - I crack me up.
 
Written By: Skorj
URL: http://
None of the crashing and burning that was threatened if this ransom was not promptly paid could have possibly demonstrated more vividly than this vote how entirely f*cked we are.
BEND OVER AND GRAB YOUR ANKLES
Or not. One’s kind cooperation is entirely optional. Superfluous, even.
 
Written By: Linda Morgan
URL: http://
"Those who like it will invest"

But I thought all the investment capital was gone, which is why we needed the bailout.


***************************8

" I’m just going to more and worse of a hater as I go."

What? Our bright and cheerful little Pollyanna going all dark and grim on us? I don’t believe it.)

**********************
"Or not. One’s kind cooperation is entirely optional. Superfluous, even."

I hesitate to say it (but only briefly) lest I look like a violence-condoning sexist pig, but there is that old phrase; ’When rape is inevitable, relax and enjoy it’.

************************

Look on the bright side. The next President will have a $700 billion slush fund to spend pretty much as he wishes. Think of how much good he can do with it, or if you are incurably cynical, think of how many votes he can buy with it. The potential either way is mind boggling.
 
Written By: timactual
URL: http://
McQ - I suggest you start a pool on your site where we all guess when the 3 disbursements are expended (if it’s still 3). Plus a forth guess on when the Treasury announces it needs more than 700 million.

 
Written By: Grimshaw
URL: http://
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Written By: jtnnbugx
URL: http://yjefcihzyuzu.com/
Change you line up against the wall and shoot.
But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security.
How much longer? All falls eventually reach a bottom, and the ultimate effect of the bottom being artificially made further away will only be a harder impact when it is finally reached. Are we all going to just sit here with our thumbs up our asses and hope we die before that bottom is reached? If we have become such a morally destitute people as to pass on the duty to our posterity, maybe this experiment should fail.

It may not yet be time the "throw off" government, but I’m afraid we may be in the proximity of the point where it will be too late to stop it’s approach with a ballot box.

 
Written By: Augustus
URL: http://
Augustus, I’ve been wondering about that very thing for weeks.
 
Written By: meagain
URL: http://
This look interesting .. Obama Sued Citibank Under CRA to Force it to Make Bad Loans
 
Written By: Neo
URL: http://
B.O.H.I.C.A, baby!
 
Written By: SDN
URL: http://
While I don’t doubt that there’s a distatse on the part of the market for this bailout bill, I’m unconvinced that the market drop we saw is in direct connection to the passage of the bill.

Trying to judge what drives the band of lemmings known as he Stock market to do what it does and nail down the causes for each motion, rather reminds me of a project we were once given in high school... trying to reverse engineer a pseudorandom number generator by means of analyzing it’s output. Or, perhaps more correctly, of the tale of the blind men and the elephant. How does one know if they’re getting the attribution right, or wrong?

And if the market was quite so predictable, why are we not all understanding of when exactly to get into the market thereby making us all rich?

Part of the problem, here is that the bailout bill wasn’t about the stock market only, but rather the credit market, the connection of which to the stock market is partial at best.

Now, understand me; I’ll be the first to say that the issues which got us here are not solved by this influx of cash, unless and until the business practices... IE; the government’s 70% stake in housing debt... is removed. I could be wrong, but I suspect Bruce, you won’t argue much with that one point. But mislabeling unknowable market reactions as confirmation of a political position hardly seems to me a way to get there.
This look interesting
Yes, it does and it goes directly to what my argument has been since this stuff first showed on the radar.
 
Written By: Bithead
URL: http://bitsblog.florack.us
Part of the problem, here is that the bailout bill wasn’t about the stock market only, but rather the credit market, the connection of which to the stock market is partial at best.
Really? Not what I was told when the market dip seemed to justify passing the bailout.

http://news.yahoo.com/s/ap/20080930/ap_on_bi_ge/financial_meltdown_1655
In his comments from the Diplomatic Reception Room of the White House, Bush pointed to Monday’s drop in the Dow Jones industrials.

"The dramatic drop in the stock market that we saw yesterday will have a direct impact on retirement accounts, pension funds and personal savings of millions of our citizens," he said. "And if our nation continues on this course, the economic damage will be painful and lasting."
 
Written By: jpm100
URL: http://
Really? Not what I was told when the market dip seemed to justify passing the bailout.
You’re only reinforcing the points I’m making, here, that the conclusion being drawn by Bruce, here... or for that matter, the other way as well, is a leap of faith, unbound by mere fact.

 
Written By: Bithead
URL: http://bitsblog.florack.us
And ummm... jpm? Bush may have made that argument. I have not, and frankly, I think Bush was foolish to try that one.
 
Written By: Bithead
URL: http://bitsblog.florack.us
I think its a win-win illustration for McQ, and I suspect deliberate.

Either this issue is connected to stockmarket in which case the stockmarket had a lack luster response to the package. Or, its not connected and proof that many of the package advocates, including Bush and Paulson, were fear mongering about the connection to the stock market to help this pass.
 
Written By: jpm100
URL: http://
But I thought all the investment capital was gone, which is why we needed the bailout.
Plenty of money to invest, but the leverage is decreasing. That means lower asset prices. Across the board (except maybe gold.)
 
Written By: Lance
URL: http://riskandreturn.net
The reality seems to be that the Democrats are wrong about 95% of the time while the Republicans are wrong 55% of the time.

This suggests third parties, however there is just too much batsh*t crazy, even among those with good ideas (Libertarians mostly, the left third parties are wrong converging on 100%).

 
Written By: Don
URL: http://
Either this issue is connected to stockmarket in which case the stockmarket had a lack luster response to the package. Or, its not connected and proof that many of the package advocates, including Bush and Paulson, were fear mongering about the connection to the stock market to help this pass.
(Shake of the head)
If we don’t know what motivated the market, then we can’t really argue, on a logical basis, either of those positions, can we? It may well affect those things in the longer term, we don’t know. But we damn sure don’t know what motivates the market on a day to day basis.
 
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URL: http://bitsblog.florack.us
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