Oh and day after they rejected it, stocks went up...the day they pass it...stocks go down.
Alleluia we are saved!
Alleluia we are saved!
Sick of the bailouts.
- Thread starter Dogbrain
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seattlegal
Mercuræn Buddhist
See how your representative voted:
FINAL VOTE RESULTS FOR ROLL CALL 681
Once again, I'd like to thank my representative, a democrat, for voting against H.R. 1424 both times. I wish more would have stuck to their principles like he did.
FINAL VOTE RESULTS FOR ROLL CALL 681
Once again, I'd like to thank my representative, a democrat, for voting against H.R. 1424 both times. I wish more would have stuck to their principles like he did.
Pathless
Fiercely Interdependent
Stocks were already tanking before both votes - only difference being after the rejection on the first vote, they plummeted after, but on the second vote, they rallied after.
Been an incredibly volatile few weeks since Lehman went bust, and probably more volatility coming as everyone finds out who's holding 350 billion in now worthless Lehman bonds & shares - then, of course, Fannie, Freddie, and WaMu.
Looks like the Fed may have to expand the bailout to business finance and even state funding:
Bloomberg.com: Worldwide
Bloomberg.com: Worldwide
Netti-Netti
Well-Known Member
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My amateur communications theory was that the bailout was intended to instill confidence and thereby stabilize the market. So far the intervention seems to be aggravating the situation.
World markets are showing panic, which is ironic considering that one of the goals was to attract foreign investment again. The US market in turn responds with panic to the world markets.
This seems to be the Frankenstein effect in action, where the solution complicates the problem. I might add that from a PR point of view this government intervention was handled very poorly, with Pres. Bush making appearances that seemed to have no purpose other than to intensify anxieties. I thought it bordered on bizarre.
In 1987 the NASDAQ didn't drop as much as the Dow Jones Industrials and the S&P because of "market system failure." Another time a squirrel caused a power failure, thereby preventing millions of shares from being traded.
Stray Squirrel Shuts Down Nasdaq System - New York Times
Maybe someone should pull the plug on Wallstreet for a week and give these frantic traders a chance to cool off??.....
World markets are showing panic, which is ironic considering that one of the goals was to attract foreign investment again. The US market in turn responds with panic to the world markets.
This seems to be the Frankenstein effect in action, where the solution complicates the problem. I might add that from a PR point of view this government intervention was handled very poorly, with Pres. Bush making appearances that seemed to have no purpose other than to intensify anxieties. I thought it bordered on bizarre.
In 1987 the NASDAQ didn't drop as much as the Dow Jones Industrials and the S&P because of "market system failure." Another time a squirrel caused a power failure, thereby preventing millions of shares from being traded.
Stray Squirrel Shuts Down Nasdaq System - New York Times
Maybe someone should pull the plug on Wallstreet for a week and give these frantic traders a chance to cool off??.....
Dondi
Well-Known Member
I believe they have a 'circuit breaker' of sorts when the Dow drops 1000 points, to cool the market off before a meltdown..