Britain rallies after the Dow plummets

Here are more of these cases described http://multiboss.net/?module=bc

i've never had a credit card. so i dont feel sympathy for anyone that has. welcome BACK to reality.

John Maynard Keynes once said: ‘The decadent international but individualistic capitalism in the hands of which we found ourselves after the war is not a success. It is not intelligent. It is not beautiful. It is not just. It is not virtuous. And it doesn’t deliver the goods.’

nothing but a mistake

The system is not going to fail. The free market will not fail. The free market wins out over all, everytime. The United States is not going to fail. There will be no "Amero". The American people will not stand for it. Nothing will impede our sovereignty. The US will stand tall and the free market will stand. This is a market correction, the needed relief of bad debt and unsubstansiatied goodwill. This does not mean in any way we are now or ever will be a new soviet state.

THE SYSTEM NEEDS TO FAIL
it has only put us here because it was inevitable
reviving it by any means will only allow it to rape us further

it has turned us all into slaves and luckily for us, THE WORKING CLASS, it has fell in upon itself.
This is a system set up by people outside of the government
the people have no controll over the banks
or the buisinesses
we have no controll over the economy!
Hasn't it ALWAYS controlled us?
the way we live our lives?
this is not what we are about america!
this system...
it has only put the people and even the government itself under.

destruction breeds creation
lets let this sucker fall
...please...
the only way to make it better is for it to dissapear!

I think the answer is that nobody really knows what this means: the house will almost certainly allow a smaller bailout, so it's not going to be major in the long run.

I can't lie - At first I use to always point the finger at Bush during his first term in office.
I stopped pointing the finger at him simply because " he is one man who is doing his part for others in high govt officials, oil execuitives, people on Capitol Hill and many more who has been benefiting from the taxpayers pocket for the past 20 to 30 years.
Think about who else passes laws and legislations. Who else balances our budgets as well. In each state, city, town and county, there is taxes we pay that goes towards things for the American people.
9.4 million people are out of work in America as of today with over 700,000 forclosure homes as today. All of this "seemed " to start this year....
Nope. This has been going on for quite some time. We are all victims of it regardless of how we look at this issue. Once the banks get bailed out, things will be back to normal - higher prices on homes, higher student loans, higher food cost and of course our favorite OIL which will be rising through the roof again.

Perhaps very soon we'll all be paying in Amero(s). The inexorable thrust upwards, the gradual systematic collapse of the American Markets, and of course our international affiliates, to usher in a new American Order, with it's own currency!: possible.

Fuck them. I have good credit. I don't owe anyone any money. I can get a loan whenever I want. I didn't make loans to people that couldn't pay them back. They are are making $100 Million a year, let them bail them out.

bailout = shock absorber
gov't involvement = no media coverage, less painful to watch and witness, less scary
bailout or no bailout the result will be the same
the question is will it be covered up so we can go back to work instead of paying attention to doom and gloom headlines, take your pick, either way sh*t is going to happen, and so does good stuff too, eventually.

Rep. Michael Burgess (R-TX) reports from the floor of the House that the Republicans have been cut out of the process and called unpatriotic for not blindly supporting the fraudulent bailout. He says the only debate has been about what talking points to use on the American people. The most ominous revelation is when he claims the Speaker has declared martial law.

“I have been thrown out of more meetings in this capital in the last 24 hours than I ever thought possible, as a duly elected representative of 825,000 citizens of north Texas.” Said Congressman Burgess.

Burgess asks the Speaker of the House to post the bailout bill on the internet for at least 24 hours instead of passing the largest piece of legislation in US financial history in the “dark of night.”

The most frightening part of Rep. Burgess’ one-minute floor speech is when he says, “Mr. Speaker I understand we are under Martial Law as declared by the speaker last night.”

The free market does require regulation, I absolutely agree. The teapot dome, Ma Bell, Standard Oil, these are examples. Capitalism does require regulation. Monoplies and Oligipolies are not capitalism. That is not competition. A government has a responsibility to serve the needs of it's constituency, of which I believe health care is a part of. I believe the health and welfare of it's citizens is a main requirement of a government. But allowing companies to flirt the rules of common sense and allow unfettered speculation is not. To give them free reign and control over public marketplaces is not in the interest of the people and is not the role of a government and should not be. That is not competition, that is not capitalism.

That's just it. The Market clearly doesn't always win out. The Glass Stegal Act was put into place for precisely that reason. Market Deregulation, Undue speculation in the commodities market driving up energy costs, the increase in healthcare costs while the increase in the uninsured and number of people who die of treatable illness also go up are all cases of the market not working for the average person.

Its true the market is self sustaining and goes through cycles and corrections but its clear historicaly as seen with stagflation and the great depression that no the the market doesn't always create a boon for the entire nation just personal wealth for some.

I am an accountant. We have put all our goodwill on one side and all our bad debt on the other side, and so our balance sheet is shit. We have to blow it out. It's been building up for years, and I've been saying it for years. You buy assets for too much and call it goodwill and you take on assets that are worthless and call it bad debt. It was bound to happen. And we will be better off when we get all of these blue skies off of our books and see where we really stand. Then we can make an informed decision. The government enabled it, but the free market always wins out. Always.

I love that the house republicans stood up to the federal corruption. Socializing the loss of crooked businessmen is not conservative OR liberal, and I don't want my tax dollars to pay for some greedy exec's 20 million dollar severance package.

who voted for it

http://clerk.house.gov/evs/2008/roll674.xml

That is $1.1 Trillion in bad debt and goodwill, blue skys that need to be out of the market. Yes it will hurt, but we will be stronger for it. It is $1.1 Trillion in loans to people none of us would have ever made loans to, and purchases way above market value. Those that made loans to people without any means to pay it back and who bought assets they knew were worthless should suffer, they made the decisions. The companies producing goods and staying within their means will be stronger for it.

WE DON'T NEED NO BAILOUT
LET THE MOTHERFUCKER BURN!
BURN MOTHERFUCKER BURN!

Awhile ago I read somewhere that several major powers in the world could, on a whim, divert and exchange international currencies and create a global finacial catastrophy like this. Why? Who would benefit from something like that? This is a direct quote: "A major chunck of the American economy is built on Saudi money. They have a trillion dollars invested in our stock markets and another trillion dollars sitting in our banks. If one day they chose to suddenly remove that money, our corporations and financial institutions would be sent into a tailspin, causing economic crisis the like of which has never been seen." Micheal Moore.

These are bin ladens people, the same folks who've been in bed with the Bush admin. for decades. So why cause economic crisis? Well a national disaster would keep Bush in power for one. Also for the same reason they blew up the trade towers: Chaos is very profitable and fear keeps the masses in line.

This is the time to get into the market. But get in smart. Get in with companies that actually make things, get in with companies that actually produce goods, that actually provide necessary services. Not with companies that play on credit float and deal in paper. Those days are done.

For all of you against the bailout. For all of you naderites, bob bar libretarians, hard line liberals, and stuborn conservatives.

Toll of todays legislative failure on Wall Street.

1.1 trillion dollars lost in stock value in one day.

That is one hundred billion dollars more than the bailout bill at its Zenith. The danger is more than just real its happening. This will continue unless this goes forward. This is a factual non starter now. The bill MUST go forward. We just lost more than the bill cost in one day! One day! The largest drop in points ever. One hundred billion dollars more than the bailout evaporated today. Get over your ideaological hobby horses and face the facts. I am sickened by this horid state of affairs and the incompetence of voters who can't see a depression coming.

What I think that's funny is this crash wasn't supposed to happen until after the election. I think the Obama camp has been prepared for these for a long time.

I guess all the majority stock holders will just have to go with the hard top ferrari instead of that convertible

Oh bull. There is not going to be an Amero. There is not going to be a North American Union. The American people will not stand for it. We don't need it, it's not going to happen. Nothing is going to interfere with the soveriegnty of The United States of America. The people will not stand for it. It is not going to happen. We still produce more food than any nation on earth, and we have the capabilities to produce the most energy. Only in America is obesity a problem and the poor people have two cars and cable TV. They need us more than we need them.

Hey, nothing in my life changes...if anything, everyone will be as poor as I am.

This was all a show. The Fed just infused the economy with $600 Billion in bank credit without asking congress for permission. Why?...Because they have the authority to do so. The goal was to get MORE authority, specifically to invest in their comrades corporations with tax payers' money. The banking cartel will continue to ask for more control until we say no more...today we just said no. They'll keep trying until we abolish the FED with a final cry of "NO MORE!"

The House Republicans are to blame for this... They only wanted the original unaltered plan that gave Paulson free reign to do what he wanted with the $700 billion.

Even after concessions by the House Democrats, they still didn't want to go with the bailout plan. The sad thing is that these same Republicans will be reeleted by their constituencies.

Good- we need to tighten our belts and suck it up to save the dollar. Now we need to know how the hell the Fed actually operates instead of letting them manage the economy in secret with no accountability.

pack it up kids were moving to canada!

oh no...oh no....OH NO!!!!

The bailout failed because we, the people, actually read it and pressured our congressmen not to support it. Our so-called congressional leaders took Paulson's 3 page arrogant non-starter proposal, turned it to 110 pages and didn't expected the average blog-savvy taxpayer to actually notice:

(1) Section 107: Allows the Secretary (Paulson) to waive provisions of the Federal Acquisition Regulation where compelling circumstances make compliance contrary to the public interest."

When did anyone in the Bush Administration play by the rules? I read this as a rewording of the infamous 32 words about no government oversight. Paulson would have the authority to do as he pleased "in the public interest."

(2) Speaker Pelosi's comment: "the era of golden parachutes is over."

B.S. The shiny new 110 page bill only bans golden parachutes for "incoming executives." Outgoing executives awarded severance packages more than three times their salary would be forced to to pay a 20 percent excise tax on the money. Ahhh, too bad. Twenty percent of sometimes 30 - 40 million. The average taxpayer pays over 30 percent income tax.

How many golden parachute executives do you think would actually pay the tax?

SUCH a good thing this didn't pass! Don't believe the hype!

guys... it's happening. we're watching it unfold before our eyes.

get ready for the Amero...

YES!

No one can spend your money better then you can. Maybe faster but not smarter.
The government can not give anyone anything that they first do not take from someone.
A depression would be a great thing in getting our republic back and downsizing this monster of a government that is no longer for the people.

i agree w/ uroborus8

EVERYBODY NOW SING W/ ME!!!

listen to what i say
in your life expect some trouble
when you worry you make it double
dont worry be happy
be happy now

dont worry, be happy
dont worry, be happy
dont worry, be happy
dont worry, be happy
dont worry
dont worry be happy
don't worry, don't worry, don't do it,
be happy,put a smile on your face,
don't bring everybody down like this

don't worry, it will soon pass whatever it is,
don't worry, be happy,
i'm not worried
SING W/ ME NOW!! dont worry...
la lA LA

Yes, everyone calm down. The market went down. So that means there are bargains out there to be had for stable companies that produce real goods and not paper. Credit tightened. So that means people with no money and no job won't be able to get a loan. Well, they shouldn't be able to get a loan if they can't pay it back. I saw one commentor say companies won't be able to borrow money to make their payrolls. If you have to borrow money to make your payroll, you have no business being in business in the first place. Reregulation and enforcement will happen, no matter who the President is. That is a good thing, regulation is key to maintaining a free market. The free market is adjusting, it happens, and it will be stronger for it in the long run, and you can make it work for you by looking for the market bargains now out there. There is no reason to go wrong headed toward socialism and communism. Think smart people.

Hmm, what's that I smell burning? Oh, it's my pension!

Brace yourselves, now the fear campaign really begins. They are going to go all-out to try to scare us into this legislation.

well see the light of the tunnel at around 2015- CNN

Is it any wonder that republicans aren't owning up to thier failures?

Use that 700 billion to get us on the road to a RENEWABLE ENERGY ECONOMY that will bring us JOBS and get us OFF the very substance that has caused much of this economic downturn as well. Yes, the mortgage fiasco was a big part of it, but I do believe that will correct itself and can be worked out. What we need to do is to restyle our entire economy to give it the shot in the arm it needs.If we used this as an opportunity to see that bringing jobs back to America by investing in renewable energy and working to get ourselves off fossil fuels it would help the economy immensely. The Congress just passed a budget with over 488 billion dollars earmarked for defense! What are they thinking? They then need to go back and give us something that will take into account how much THEY too have contributed to this and REALLY hold those who brought it on accountable. Sending in this money to a system that has not been endemicly corrected is doing nothing but covering the wound instead of healing it. We are a resilient people and we will go through hard times. This is one of them but it is also an opportunity to look at how we can change it to make it better. Don't give up, don't give into fear, and make your voice heard.

I for one am sick of the governemnt using my money for programs I do not support and can not even use if I did. I would like the option of opting out of all income and property taxes. I would support a very minimal sales tax so long as it lets the governemnt function without getting to large like the current socialism we live under.
Until then I will not be paying taxes and letting the governemnt use my money against me to try and enslave me to the government to pay for things I do not support. I am sure they will pass some bailout because it is no longer the will of the people. When you vote out those who support any bailout effort and vote for it keep in mind we have a great offering of third party that the media keeps you from.
www.myspace.com/familyrights

Good...

I don't really have anything to lose... So I can't get deeper into Credit Debt?... wow... that's horrible. It took me about 5 years "in the real world" to realize that I shouldn't have ever gotten a credit card...

The companies that were to be benefited most by this bail out got themselves into a mess just like I did... and they can get themselves out or go bankrupt, just like I will have to. People and companies alike need to be held accountable for their actions.

Big whoop... the stock market is going to shit... I really don't care. I sure as hell am not going to foot the bill to bail out some rich assholes... I'll stop paying taxes if I have to...

Bail the taxpayers out with low interest long term loans and let them bailout the companies they owe if anything...

Can someone explain to me the significance of Rosh Hashanah and the apparent inability of Congress to reconvene to address our Country's financial crisis and potential alternatives to today's failed attempt to in part resolve this situation? I'm truly baffled and would sincerely appreciate some guidance.

Good thing, bad thing, whatever you think this was not the right bill to pass. We need to get people, economists perhaps, who know what they're talking about to write this bill instead of politicians who get support from these companies.

This is what happens when the government pumps money into companies like Fannie Mae and Freddie Mac, those companies then overextend credit, and people barely above the poverty line buy $500,000 townhouses. Now, those people are foreclosed since they never really could have afforded those houses in the first place, and the credit markets seize up because of it.

Fannie & Freddie's execs should be in jail, as should half of Congress for pumping money into a bubble that popped and screwed us all over.

This is history our grandchildren will read about this the largest drop EVER. They will keep sticking this down our throats untpl this passes.Its not over I can' believe the republicans voted it down in other words vote for me the hell with Bush.The Democrats who voted for this lost my vote sorry Mike Arcuri your not listening to the voters.

500 points is nothing they'll bounce back in no time. It's not the end folks, quit crying, this country has always been more about the people, not the dollar.

If you really believe our economy just went down the drain, your wrong. It means they will actually have to go back to the basics. Reduce the deficit, increase exports, decrease imports, the dollar will rise and the housing problem will fix itself in time just like the Dot.Com problem did. Its nothing more than survival of the fittest. Stocks go down, but they always go back up again. The market dropped this much three separate times in the last 3 week.

It is still lots better than bailing out Bush's cronies and sticking our grandchildren and their children with the bill.

Maybe if the wealthy people wouldn't be so greedy of wanting more money and playing with peoples lives and the government wouldn't live comfortably in spending ridiculous amount of useless things. This wouldn't happen at all. Now its finally time for Americans, not federal government to clean up this mess. Its always the citizens that has to clean up what the government piss on. Thats a f#@king shame.

The world, notably China and Europe, are tied into our failed system and will not rise to dominance over the US. If you want security, get into the informal economy or join a collective. Empire has to eat itself before a decentralized, cooperative, humanitarian system can rise in its ashes.

The corporate run media is trying to sell you this......dont buy into it....keep on the congress men/women if you dont want it

"the markets will correct themselves" my ass. Thats the same bs thinking that conservatives have thought for years. People don't get that this bails out WALL STREET AND MAIN STREET, the money that run's wall street is main streets money.

This bailout will pass later during the week, arm twisting has already begun in the democratic cloak rooms.

I remain skeptical. Now the government can try to pass several mini-bailout bills that are much easier to pass the vote. Who would say no to 5 bailouts at $200b each?

Geez guys, it's just a depression. Lots of other countries have had them since your last one. The world needs this. Maybe now we can get on with advancing human society.

The dollar has not been backed by precious metals since 1970. Deregulatoin was signed into law in 1999 by Clinton and has been made worse every year by a Congress dirty with big business money. We have been in a war for 7 years which has drained our coiffers. We lose 1.2 billion dollars a day to debt. The Chineese have been buying our debt for a decade. There has not been a hope of balancing the budget for many years now. This bailout would have changed any of that, and would have made everything worse.

Our economy was shit before these banks/business failed, and the bailout would not have helped anyone but those that mismanaged their own companies.

Bush wanted it to pass because he is a lame duck and wanted to help his rich buddies before he left. It was a sham.

The economy will adjust. Banks will lend, builders will build, people will spend. Quit listening to the same damned people that got you into this mess. We did not bail out losers... so what? Winners will emerge! Nothing will change in the short term... we were screwed before, we are screwed now, only the bastards that caused the mess will not profit.

The only good thing to come out of this decision is that in the future, when a mismanaged company contemplates a meltdown, they will think twice about asking the governemnt to bail them out and try harder to run a better business.

This was the right thing to do.

Bail out "our economy" ..... really? Under Reagan, Bush I & II there has been an enormous transfer of wealth from lower and middle classes to the "elite" who defied "trickle down theory" by not letting any of the money they obtained from unfair tax breaks and loopholes trickle down to the middle class and poor people. For my neocon friends: Jesus said "he who has much, more will be given...he who has little even that shall be taken away" Daaaang was Jesus a neocon?

We where saved! :D

They called it a recue plan, except they were saving the wrong people. Make legislation that helps real people pay bills, like ACTUALLY lowering taxes. We don't need a handout, we need a hand.

Don't be fooled.
This is all by design.
This was put into motion many years back.
It's all there for you to discern the reality of what is really going down.

The standing army due on October 1st.

The end of the eight year prelude to tyranny masquerading as carelessness and ignorance.

The patriot act consolidating powers in the case of a national emergency.

It goes on and on.

I'm glad the bailout went under, but I think it could be revived, just in a different way. I've heard some other people suggest this and it seems pretty sound to me...why not take that $700B and turn it into another stimulus check?

305m people in America, $700B divided between every man, woman and child would be somewhere around $2300. Now, if that happened, these people would put some (or all) of that money to use keeping their homes, paying bills, spending the money on things they need (hopefully) and the money would go straight back into the economy stimulating it and reviving the companies and potentially keeping everything afloat...right? Wouldn't that be better than all of these companies getting all of the money and we're just sitting here twittling our thumbs waiting for them to tell us what to do next??

Pericles1978...yeah, freakin' WEIRD, man! Pretty much right on the money.

I bet its so much to be on Capitol Hill right now!!! And by that I mean...its so crazy that its exciting.

What Congress will have to do is exactly what the 166 economists asked them to do in that letter the other day. They'll have to hold hearings and develop a bill based on the rational assessments of experts.

Just so everyone knows... the DOW plummeted earlier today before the bill was rejected. Yes it is bad that this is happening, but it was inevitable. Unfortunately, this needs to take place. This isn't the first time, nor will it be the last...