OT: The BailOut

[lookin4sleep]

The House refused to pass the bailout, here's an url -

http://news.yahoo.com/s/ap/financial_me ... 9CaD49U84F

From the story:

Lawmakers shouted news of the plummeting Dow Jones average as lawmakers crowded on the House floor during the drawn-out and tense call of the roll, which dragged on for roughly 40 minutes as leaders on both sides scrambled to corral enough of their rank-and-file members to support the deeply unpopular measure.

They found only two

Maybe they were listening to us after all??? There's a first time for everything.
Chris

[Slinky]

In our area Dish Network channel 210 carries the House votes. The bail out was just defeated w/in the hour by a vote of 228 No and 205 Yes. We have the Republicans to thank for defeating the bail out.

Now, MAYBE those idiots in Washington will make a full disclosure of just exactly what that bail out proposal entails so that WE, the average Americans, can make an informed and intelligent decision on whether it should be passed or what changes need to be made so that is IS acceptable to US, the American citizenry!!!

There may be hope for this country after all!!! DEMAND that your Senator and Representative provide full information on the bailout to you and others in their constituency NOW BEFORE they put it up for another vote!!!

[Slinky]

One Representative, Republican Weller from Illinois, failed to cast a vote.

[DreamStalker]

I sent a half dozen messages to congressional members and both presidential candidates during the last week ... tonight I will start another round to keep the pressure up. It's like starting off with CPAP, just keep at it til it works or kills 'ya.

[lookin4sleep]

Here's a BONUS -

Oil sinks below $100 as US bailout plan voted down
By STEVENSON JACOBS, AP Business Writer
20 minutes ago
NEW YORK - Oil prices plunged as much as $10 a barrel Monday as a U.S. financial bailout plan failed to win legislative approval, increasing fears a prolonged economic downturn that could sharply curtail energy demand.

All I can say is, woo-hoo!! My retirement account was already worth -$50, so further drops in the market are moot, and my gas will be CheaPPPP!!

Chris

[Slinky]

Hee,hee! Scared the speculators off!!! While it will still be high, that ought to bring the price of oil down to a more realistic level.

Oh, yeah, I've been not only e-mailing, but also following up via snail mail, my Congressmen and Representative and the candidates. I didn't bother w/BushBaby. He's not worth the time nor energy. Its still a lonnnnnnnggggg time until we are RID OF HIM in January. *sigh*

[lookin4sleep]

I sent a half dozen messages to congressional members and both presidential candidates during the last week ... tonight I will start another round to keep the pressure up. It's like starting off with CPAP, just keep at it til it works or kills 'ya.

I want it to seriously damage someone else, thanks, since I am already damaged by lack of O2 for years, and I want it to be old white guys (no offense to the group) who greedily profited on the backs of regular folks. I also sent messages,and I will also re-do my round of advice, attaching the "Sweden" info that Slinky posted. Anybody remember when we had a balanced budget, back when old Slimy Bill was in office? Ah, the good old days....

Chris

PS. Slinky, it's 122 days and 22 hours until Bushhhh is gone.

[Slinky]

You know, I've seen the market drop on word of the failure to pass the bailout. And I see the Dow has dropped around 500 points give or take, quite some fluctuation going on - BUT - thank goodness we, hubby and I are "making it" so far on our retirement checks. Our savings is money we never got in our grubby little mitts anyway, we socked it away out of our paychecks before we ever got them so we aren't going to miss what we never had in our grubby mitts that much - at least for a while yet, so I could really give a rat's rear how badly the market gets hit. Most of our money went into the market long before it passed the 1000 mark so we're still ahead of the game in actual monies not accounting for inflation. We're still ahead of what we would have had we just socked it in the mattress or a coffee can buried in the back yard. Despite the lousy housing market in Michigan we built this house ourselves new in 1968 doing most of the labor ourselves w/a building loan and we've kept it up so our house is still worth considerably more than what we paid for it as is the land. I think we can ride this out w/o too much pain. I'm hoping anyway. It'll be tough but hey, my momma and daddy didn't promise me no rose garden! Hubby and I both went thru tough times before we met and married, even so, we can both still remember back that far. So, we've had 44 good years, guess we're gonna have to make it thru some more tough times, this time together. We'll just appreciate each other and our family more.

[lookin4sleep]

Here's another Url discussing why the banks and mortgagers are in trouble,

http://www.washingtonpost.com/wp-dyn/co ... 02688.html
and an excerpt -

"Now that there's somebody out there putting some light on the financials, it's shoot the messenger."

Lynn E. Turner, a former SEC chief accountant, said he remembered fielding questions about the accounting provision six months ago from lawmakers on Capitol Hill.

"What the banks are telling everyone is that the accounting has caused the problem," Turner said. "The only thing fair-value accounting did is force you to tell investors you made a bunch of very bad loans."

Naw, ya think???
Chris

[JeffH]

This won't be popular but I'm gonna say it. Not passing this is a big mistake. I can offer three examples of what we are headed for.

1. A very good friend recently had a $20,000 line of credit pulled by Citibank. Nothing changed except Citibank doesn't want to loan money right now. This person's credit rating hasn't changed at bit.

2. G.E. Capital quit loaning money to Sonic restaurants on Friday. This is who Sonic pays for it new and remodel construction projects. They are now on hold.

3. The largest Chevy Dealership in the country just shut down because they couldn't provide financing for cars.

This is serious and you are going to feel pain over what happened today.

JeffH

[Goofproof]

Responspiality is a bitter pill, for the irresponcipal to swallow. I say, wash it down with some designer water. I do, and always have, lived off my means, nowdays that's not the norm. It high time people lived within their means, Jones Beware! I never tried to keep up with you, and never will. On the bright side, I may be able to get a better car, maybe a 1981 6 cyl.

I filled my 1978 Fairmont up with gas friday and doubled it's book value. Jim

[JeffH]

Don't believe me? Watch Larry King tonite and let Suze Orman explain it to you. She does a much better job than I do. As she explained it, you have a $5000 credit limit on your credit card and a $3000 balance? They will take the $2000 that is left away from you. Like I explained in example one above. This person owed nothing against this line of credit and they loved that...they took the whole thing away.

It repeats later tonight.

[Slinky]

Giggle. You got me beat, GoofProof, I filled my '96 Olds Cutlass at a bargain gas station almost 2 weeks ago at $3.54 a gallon, didn't quite double the value of my Olds, but I still have better than a 1/2 tank in it and gas was down to $3.72 a gallon yesterday in town. Broke my heart to burn some of that $3.54 a gallon gas but hubby's birthday is fast approaching. Last year I got him one of the cheaper Garmin GPS thingies for his fishing boat. Scaled down this year and just got him one of those cigarette lighters to install in the boat and the adapter for the Garmin so he doesn't have to run it on batteries all the time. (Its just a 14', 2 seat, fishing boat). I debated getting him a gallon of farm implement paint so he could paint the boat trailer but .... its not in that bad a shape the paint can't wait to be a Christmas present instead.

[Slinky]

Ah, but JeffH, I consider that doing me a favor!!! I refuse to let them extend me beyond a $1000 limit on my credit card. And there has been a time or two I hit that limit or close to it and it HURT to pay that off w/in 30 days. It HURT bad and sure curtailed my "fun" for a couple of months after as I built up a little cushion in my checking account and cash in my pocket. So if they cut me back to $500 they will be doing me a favor ensuring that I don't pull that stupid $1000 in one month again!! They are just reminding me to live w/in my means.

We originally got our credit cards (one each) to use for emergencies. But eventually it got really easy to use them for "conveniences" and then came the day of rude awakening when we had to pay interest for those conveniences we'd bought!! Yet another lesson in "fiscal responsibility" learned - the hard way.

[birdshell]

Jim, I have to agree with you overall. I was fortunate enough to have bought a condo below my means, and I drive a 1994 Honda. I never would have thought that I would pay $50.00 to fill the gas tank.

I had to laugh out loud about doubling the value of your Fairmont by filling the tank! How many miles to the gallon do you get out of that Ford? I think it is old enough for my grandfather to have worked repairing the machinery that helped to build that car!

Karen,
Who lives in GM country

P.S. Slinky, I, too, have a $1000 limit on my credit card. That way, I not only spend less but...if anyone steals it or tries to use the number, they aren't going to get very much!