Wish I Coulda Been There -- Bailout Voters
What I wouldn't give to have been a fly on the wall in the offices of those Congressmen and women late on Friday, in particular the
These people were told all week -- actually, "told" is far too light of a word to describe the urgent pleading going on from the President, the Treasury Secretary and former Goldman Sachs head banker and various and sundry other members of the media and of Washington in general -- but they were told all week how urgently the market and the economy in the U.S. needed this bailout package to pass. Some of the members of Congress took those pleas to heart, but 228 out of 435 of them voted against the measure nonetheless earlier in the week, and when the Dow tanked to its largest one-day point loss in history after the bill failed on Monday, these same talking heads all blamed the nay voters as the reason that people's IRAs and retirements and portfolios dropped basically close to 10% in one day across the board. Somehow, these people were placed at fault for voting with their hearts, with their heads, and really just with the beliefs of their constituencies on the issue at hand. And people were finding fault with that. It just boggles the mind.
Anyways, fast forward four days and there we were on Friday, with a number of unrelated and largely anger-inspiring amendments of pork being tacked on to the bill in an aim to win some more votes, and with the market performing poorly all week on top of that, the expectation was that the bill was going to pass the House this time around. You had various House members talking publicly about changing their Nay vote to an Aye, and as the hour for a vote grew closer on Friday, it was more or less a foregone conclusion that all the rhetoric and bullshit politicking going on was going to have paid off. The $700 billion bailout bill was going to pass, only this time it would pass as an $850 billion bailout bill because one of the porky amendments involved $150 billion in tax breaks for corporations, to appease hard-line Republicans in the House who had previously voted against the largest government intrusion into the markets since the Great Depression.
The stock market was not oblivious to what was happening either. Investors knew that many of the Nay voters from Monday had been pressured hard all week -- in particular the Republicans, but really all of them -- and had been publicly and privately blamed for the major U.S. indices' worst week since the week after the 9-11 terrorist attacks. It was clear to the market that, especially with all the delicious bacon and sausage tacked on to this bill as we all know the Congress loves to do, this thing was going to get the votes it needed this time around to immediately become law, with a Presidential execution of the bill a stone-cold guarantee. So stocks opened higher on Friday, and traded up and up and up all through the morning as the midday vote in the House neared. As the actual hour of the vote approached, more and more news stories came out about people changing their votes to being in favor of the revised bill and how it was more and more clear that the 218 votes needed were going to be there "to save the markets and the economy". As the vote officially began right around 12:30pm ET on Friday, the Dow traded up over 300 points, a huge up day thus far and at its height of the session as traders and investors knew what was coming of the bill.
And then it passed. As the winning votes rolled in and were posted on C-Span and broadcast live around the country, around the world and right on to the trading floor at the New York Stock Exchange, a strange thing happened. People started selling. And then some more. A little more. Through the afternoon, the 300-point rally on the Dow stopped, fizzled and eventually the market sank back closer to flat on the day, erasing a huge morning of gains on optimism about the success of the pressure brought to bear on the Congress to vote against the will of their own constituencies. Within two hours of the vote, the market first crossed into negative territory on the day, and by the merciful 4pm ET close, it was another 1.5% down day across all three major U.S. indices.
And I just wish I could have been inside the offices of every one of these Congress people who voted in favor of this bill, I really do. Because I solemnly guarantee you that most of them left on Friday feeling nothing short of hoodwinked. They were told, implicitly and/or explicitly, that the economy needed their Aye votes, that the markets needed their Aye votes. They were blamed for the selloff all through the week because of them voting down this absolutely necessary bill that would surely save the American economy from the brink of the abyss. They saw the market rally on Friday morning and let that be their last sign that it was ok for them to stick up the collective middle finger to the very people who voted them into office and who desperately waited for their elected representative to do just that -- to represent them and their interests -- and went ahead and voted in favor of the bailout anyways. And look what it got them. Turns out, investors and the major players in the market aren't nearly as sold on this bailout working to turn around what has already proven to be a rather ugly economic picture in this country.
Maybe the investing public isn't nearly as dumb as Bush and his cronies have planned on us being over these past few weeks?
So as a service to you today I am going to post here the actual roll call of votes from both the Senate and the House for the final versions of this bill that passed the U.S. Congress this week. Everyone who goes out to vote this November should know clearly whether their person voted for or against what is again the largest single government intrusion into the private marketplace in the past 80 years, and what is at its heart designed not to protect consumers or to bail out the victims of this crisis, but rather to help out the banks who got themselves into this mess by allowing greed and shortsightedness to trump caution and prudence with what they did with other people's money, and the government who did somewhere between little and nothing to oversee the players in the financial services marketplace whom it was their entire job to regulate. Despite a lot of what I've written over the past couple of weeks, I'm not into politics at all, despite an avid interest and participation in the world of finance in this country, so I don't have a thought on who anyone votes for or doesn't vote for based on their party or their platforms or anything. I just think it makes sense for the people who want to know to have a quick and easy place to see where their bitch voted on this $700 billion bailout package for the financial institutions of this country, using our money -- yours and mine -- to pay for it all. I have included the state for each voter on the two lists, to make it as easy as possible for you reading this to find your person or persons and see what they chose to do on this extremely important turning point in our country's history. So here's the list, do with it what you will:
Senate roll call from Wednesday on the financial bailout bill (S. Amdt. 5685 to H.R. 1424):
Akaka (D-HI), Yea
Inouye (D-HI), Yea
Alexander (R-TN), Yea
Corker (R-TN), Yea
Barrasso (R-WY), Nay
Enzi (R-WY), Nay A shoutout to the good people of Wyoming, both of whose Senators voted against this bill and in favor of their constituents' wishes.
Baucus (D-MT), Yea
Tester (D-MT), Nay
Bennett (R-UT), Yea
Hatch (R-UT), Yea
Biden (D-DE), Yea
Carper (D-DE), Yea
Bingaman (D-NM), Yea
Domenici (R-NM), Yea
Bond (R-MO), Yea
McCaskill (D-MO), Yea
Boxer (D-CA), Yea
Feinstein (D-CA), Yea
Brown (D-OH), Yea
Voinovich (R-OH), Yea
Brownback (R-KS), Nay
Roberts (R-KS), Nay Three cheers for Kansas!
Bunning (R-KY), Nay Go Phillies!!
McConnell (R-KY), Yea
Burr (R-NC), Yea
Dole (R-NC), Nay
Byrd (D-WV), Yea
Rockefeller (D-WV), Yea
Cantwell (D-WA), Nay
Murray (D-WA), Yea
Cardin (D-MD), Yea
Mikulski (D-MD), Yea
Casey (D-PA), Yea
Specter (R-PA), Yea So, Arlen....you are all up people's asses about the Patriots and their blatant cheating scam of the last several years in the NFL. But $700 billion being thrown at the banks by a bunch of bankers and rich people? No problem!
Chambliss (R-GA), Yea
Isakson (R-GA), Yea
Clinton (D-NY), Yea Thanks, Hillary!!! What a shocker.
Schumer (D-NY), Yea Another shocker given the quality of representation coming out of my home state.
Coburn (R-OK), Yea
Inhofe (R-OK), Nay
Cochran (R-MS), Nay
Wicker (R-MS), Nay Yay Mississippi!
Coleman (R-MN), Yea
Klobuchar (D-MN), Yea
Collins (R-ME), Yea
Snowe (R-ME), Yea
Conrad (D-ND), Yea
Dorgan (D-ND), Nay
Cornyn (R-TX), Yea
Hutchison (R-TX), Yea
Craig (R-ID), Yea
Crapo (R-ID), Nay
DeMint (R-SC), Nay
Graham (R-SC), Yea
Dodd (D-CT), Yea
Lieberman (ID-CT), Yea
Feingold (D-WI), Nay
Kohl (D-WI), Yea
Reed (D-RI), Yea
Whitehouse (D-RI), Yea
Gregg (R-NH), Yea
Sununu (R-NH), Yea
Grassley (R-IA), Yea
Harkin (D-IA), Yea
Martinez (R-FL), Yea
Nelson (D-FL), Nay
Johnson (D-SD), Nay
Thune (R-SD), Yea
Kennedy (D-MA), Not Voting (Illness)
Kerry (D-MA), Yea
Kyl (R-AZ), Yea
McCain (R-AZ), Yea Pussy. So glad you want to champion eliminating government excess as President. Yeah, I believe you.
Lugar (R-IN), Yea
Bayh (D-IN), Yea
Landrieu (D-LA), Nay
Vitter (R-LA), Nay I knew I loved New Orleans for some reason.
Lautenberg (D-NJ), Yea
Menendez (D-NJ), Yea
Leahy (D-VT), Yea
Sanders (I-VT), Nay
Levin (D-MI), Yea
Stabenow (D-MI), Nay
Lincoln (D-AR), Yea
Pryor (D-AR), Yea
Murkowski (R-AK), Yea
Stevens (R-AK), Yea
Nelson (D-NE), Yea
Hagel (R-NE), Yea
Durbin (D-IL), Yea
Obama (D-IL), Yea Just want to make sure you see it.
Reid (D-NV), Yea
Ensign (R-NV), Yea
Allard (R-CO), Nay
Salazar (D-CO), Yea
Sessions (R-AL), Nay
Shelby (R-AL), Nay Alabama, you complete me.
Smith (R-OR), Yea
Wyden (D-OR), Nay
Warner (R-VA), Yea
Webb (D-VA), Yea
House roll call from Friday on the financial bailout bill:
ALABAMA
Democrats _ Cramer, Y; Davis, Y.
Republicans _ Aderholt, N; Bachus, Y; Bonner, Y; Everett, Y; Rogers, Y.
ALASKA
Republicans _ Young, N.
ARIZONA
Democrats _ Giffords, Y; Grijalva, N; Mitchell, Y; Pastor, Y.
Republicans _ Flake, N; Franks, N; Renzi, N; Shadegg, Y.
ARKANSAS
Democrats _ Berry, Y; Ross, Y; Snyder, Y.
Republicans _ Boozman, Y.
CALIFORNIA
Democrats _ Baca, Y; Becerra, N; Berman, Y; Capps, Y; Cardoza, Y; Costa, Y; Davis, Y; Eshoo, Y; Farr, Y; Filner, N; Harman, Y; Honda, Y; Lee, Y; Lofgren, Zoe, Y; Matsui, Y; McNerney, Y; Miller, George, Y; Napolitano, N; Pelosi, Y; Richardson, Y; Roybal-Allard, N; Sanchez, Linda T., N; Sanchez, Loretta, N; Schiff, Y; Sherman, N; Solis, Y; Speier, Y; Stark, N; Tauscher, Y; Thompson, Y; Waters, Y; Watson, Y; Waxman, Y; Woolsey, Y.
Republicans _ Bilbray, N; Bono Mack, Y; Calvert, Y; Campbell, Y; Doolittle, N; Dreier, Y; Gallegly, N; Herger, Y; Hunter, N; Issa, N; Lewis, Y; Lungren, Daniel E., Y; McCarthy, N; McKeon, Y; Miller, Gary, Y; Nunes, N; Radanovich, Y; Rohrabacher, N; Royce, N.
COLORADO
Democrats _ DeGette, Y; Perlmutter, Y; Salazar, N; Udall, N.
Republicans _ Lamborn, N; Musgrave, N; Tancredo, Y.
CONNECTICUT
Democrats _ Courtney, N; DeLauro, Y; Larson, Y; Murphy, Y.
Republicans _ Shays, Y.
DELAWARE
Republicans _ Castle, Y.
FLORIDA
Democrats _ Boyd, Y; Brown, Corrine, Y; Castor, N; Hastings, Y; Klein, Y; Mahoney, Y; Meek, Y; Wasserman Schultz, Y; Wexler, Y.
Republicans _ Bilirakis, N; Brown-Waite, Ginny, N; Buchanan, Y; Crenshaw, Y; Diaz-Balart, L., N; Diaz-Balart, M., N; Feeney, N; Keller, N; Mack, N; Mica, N; Miller, N; Putnam, Y; Ros-Lehtinen, Y; Stearns, N; Weldon, Y; Young, N.
GEORGIA
Democrats _ Barrow, N; Bishop, Y; Johnson, N; Lewis, Y; Marshall, Y; Scott, Y.
Republicans _ Broun, N; Deal, N; Gingrey, N; Kingston, N; Linder, N; Price, N; Westmoreland, N.
HAWAII
Democrats _ Abercrombie, Y; Hirono, Y.
IDAHO
Republicans _ Sali, N; Simpson, Y.
ILLINOIS
Democrats _ Bean, Y; Costello, N; Davis, Y; Emanuel, Y; Foster, Y; Gutierrez, Y; Hare, Y; Jackson, Y; Lipinski, N; Rush, Y; Schakowsky, Y.
Republicans _ Biggert, Y; Johnson, N; Kirk, Y; LaHood, Y; Manzullo, N; Roskam, N; Shimkus, N; Weller, Y.
INDIANA
Democrats _ Carson, Y; Donnelly, Y; Ellsworth, Y; Hill, N; Visclosky, N.
Republicans _ Burton, N; Buyer, N; Pence, N; Souder, Y.
IOWA
Democrats _ Boswell, Y; Braley, Y; Loebsack, Y.
Republicans _ King, N; Latham, N.
KANSAS
Democrats _ Boyda, N; Moore, Y.
Republicans _ Moran, N; Tiahrt, N.
KENTUCKY
Democrats _ Chandler, N; Yarmuth, Y.
Republicans _ Davis, N; Lewis, Y; Rogers, Y; Whitfield, N.
LOUISIANA
Democrats _ Cazayoux, N; Jefferson, N; Melancon, Y.
Republicans _ Alexander, Y; Boustany, Y; McCrery, Y; Scalise, N.
MAINE
Democrats _ Allen, Y; Michaud, N.
MARYLAND
Democrats _ Cummings, Y; Edwards, Y; Hoyer, Y; Ruppersberger, Y; Sarbanes, Y; Van Hollen, Y.
Republicans _ Bartlett, N; Gilchrest, Y.
MASSACHUSETTS
Democrats _ Capuano, Y; Delahunt, N; Frank, Y; Lynch, N; Markey, Y; McGovern, Y; Neal, Y; Olver, Y; Tierney, Y; Tsongas, Y.
MICHIGAN
Democrats _ Conyers, N; Dingell, Y; Kildee, Y; Kilpatrick, Y; Levin, Y; Stupak, N.
Republicans _ Camp, Y; Ehlers, Y; Hoekstra, Y; Knollenberg, Y; McCotter, N; Miller, N; Rogers, N; Upton, Y; Walberg, N.
MINNESOTA
Democrats _ Ellison, Y; McCollum, Y; Oberstar, Y; Peterson, N; Walz, N.
Republicans _ Bachmann, N; Kline, Y; Ramstad, Y.
MISSISSIPPI
Democrats _ Childers, N; Taylor, N; Thompson, N.
Republicans _ Pickering, Y.
MISSOURI
Democrats _ Carnahan, Y; Clay, N; Cleaver, Y; Skelton, Y.
Republicans _ Akin, N; Blunt, Y; Emerson, Y; Graves, N; Hulshof, N.
MONTANA
Republicans _ Rehberg, N.
NEBRASKA
Republicans _ Fortenberry, N; Smith, N; Terry, Y.
NEVADA
Democrats _ Berkley, Y.
Republicans _ Heller, N; Porter, Y.
NEW HAMPSHIRE
Democrats _ Hodes, N; Shea-Porter, N.
NEW JERSEY
Democrats _ Andrews, Y; Holt, Y; Pallone, Y; Pascrell, Y; Payne, N; Rothman, N; Sires, Y.
Republicans _ Ferguson, Y; Frelinghuysen, Y; Garrett, N; LoBiondo, N; Saxton, Y; Smith, N.
NEW MEXICO
Democrats _ Udall, N.
Republicans _ Pearce, N; Wilson, Y.
NEW YORK
Democrats _ Ackerman, Y; Arcuri, Y; Bishop, Y; Clarke, Y; Crowley, Y; Engel, Y; Gillibrand, N; Hall, Y; Higgins, Y; Hinchey, N; Israel, Y; Lowey, Y (This is my Congresswoman btw in my new home in Westchester County. So pleased to see this; it gives me someone to vote out on her ass in a few weeks.); Maloney, Y; McCarthy, Y; McNulty, Y; Meeks, Y; Nadler, Y; Rangel, Y; Serrano, N; Slaughter, Y; Towns, Y; Velazquez, Y; Weiner, Y.
Republicans _ Fossella, Y; King, Y; Kuhl, Y; McHugh, Y; Reynolds, Y; Walsh, Y.
NORTH CAROLINA
Democrats _ Butterfield, N; Etheridge, Y; McIntyre, N; Miller, Y; Price, Y; Shuler, N; Watt, Y.
Republicans _ Coble, Y; Foxx, N; Hayes, N; Jones, N; McHenry, N; Myrick, Y.
NORTH DAKOTA
Democrats _ Pomeroy, Y.
OHIO
Democrats _ Kaptur, N; Kucinich, N; Ryan, Y; Space, Y; Sutton, Y; Wilson, Y.
Republicans _ Boehner, Y; Chabot, N; Hobson, Y; Jordan, N; LaTourette, N; Latta, N; Pryce, Y; Regula, Y; Schmidt, Y; Tiberi, Y; Turner, N.
OKLAHOMA
Democrats _ Boren, Y.
Republicans _ Cole, Y; Fallin, Y; Lucas, N; Sullivan, Y.
OREGON
Democrats _ Blumenauer, N; DeFazio, N; Hooley, Y; Wu, Y.
Republicans _ Walden, Y.
PENNSYLVANIA
Democrats _ Altmire, N; Brady, Y; Carney, N; Doyle, Y; Fattah, Y; Holden, N; Kanjorski, Y; Murphy, Patrick, Y; Murtha, Y; Schwartz, Y; Sestak, Y.
Republicans _ Dent, Y; English, N; Gerlach, Y; Murphy, Tim, N; Peterson, Y; Pitts, N; Platts, N; Shuster, Y.
RHODE ISLAND
Democrats _ Kennedy, Y; Langevin, Y.
SOUTH CAROLINA
Democrats _ Clyburn, Y; Spratt, Y.
Republicans _ Barrett, Y; Brown, Y; Inglis, Y; Wilson, Y.
SOUTH DAKOTA
Democrats _ Herseth Sandlin, N.
TENNESSEE
Democrats _ Cohen, Y; Cooper, Y; Davis, Lincoln, N; Gordon, Y; Tanner, Y.
Republicans _ Blackburn, N; Davis, David, N; Duncan, N; Wamp, Y.
TEXAS
Democrats _ Cuellar, Y; Doggett, N; Edwards, Y; Gonzalez, Y; Green, Al, Y; Green, Gene, N; Hinojosa, Y; Jackson-Lee, Y; Johnson, E. B., Y; Lampson, N; Ortiz, Y; Reyes, Y; Rodriguez, N.
Republicans _ Barton, N; Brady, Y; Burgess, N; Carter, N; Conaway, Y; Culberson, N; Gohmert, N; Granger, Y; Hall, N; Hensarling, N; Johnson, Sam, N; Marchant, N; McCaul, N; Neugebauer, N; Paul, N; Poe, N; Sessions, Y; Smith, Y; Thornberry, Y.
UTAH
Democrats _ Matheson, N.
Republicans _ Bishop, N; Cannon, Y.
VERMONT
Democrats _ Welch, Y.
VIRGINIA
Democrats _ Boucher, Y; Moran, Y; Scott, N.
Republicans _ Cantor, Y; Davis, Tom, Y; Drake, N; Forbes, N; Goode, N; Goodlatte, N; Wittman, N; Wolf, Y.
WASHINGTON
Democrats _ Baird, Y; Dicks, Y; Inslee, N; Larsen, Y; McDermott, N; Smith, Y.
Republicans _ Hastings, N; McMorris Rodgers, N; Reichert, N.
WEST VIRGINIA
Democrats _ Mollohan, Y; Rahall, Y.
Republicans _ Capito, N.
WISCONSIN
Democrats _ Baldwin, Y; Kagen, N; Kind, Y; Moore, Y; Obey, Y.
Republicans _ Petri, N; Ryan, Y; Sensenbrenner, N.
WYOMING
Republicans _ Cubin, Y.
posted by Hammer Player a.k.a Hoyazo @ 7:29 PM
9 Comments:
And surprise, surprise Dow is down 400 to dip below 10k.
After every bubble there has to be correction.
Sorry to all who lost money on homes
and what happens if liquidity is not restored to these markets? Banks stop loaning (already have actually). Leads to large companies not meeting obligations, the most important of which is payroll requirements. Jobs are lost and not just on Wall Street but "Main Street" as well. As someone with experience in the industry, I'm surprised you don't understand that.
Yes, it is a hugely desperate manuever. Desperate times require desperate measures. We are certainly in desperate times. And the stabilization bill is a desperate measure. A desperate measure that is the only way to suriving this short-term crisis.
Does it fix the underlying problems (ie bad mortgages and over-leveraged consumer)? Certainly not, but if liquidity isn't restored we won't have to worry about that either.
this is the equivalent of putting a band aid to a gashing wound. Sorry for those that lost their jobs but shit happens.
Please don't misunderstand, I have tried to be very clear here that something clearly needs to be done to stabilize the banking system in this country. But buying out all the bad mortgages and mortgage-related debts that banks have taken on over the past ten years with taxpayers' money is, to me, certainly not the answer.
Also, jobs are going to be lost and the economy is going to recess solidly without regard to this bailout package. It is important to be careful about who and where we lay the blame for this economy. I for one of course do not buy in to the current administration's rhetoric that this particular bailout plan was needed in order to save the economy from a deep recession. #1 I don't think this particular bailout was the right plan (at all), and #2 I don't think it will do much to stop a severe recession at this point.
So far the people who are actually to blame for this whole crisis have yet to step up and take any responsibility for anything. It's sad, actually.
Gillibrand, N; mine voted no... Im capital district NY
Hoy no critique of Dodd? Pre-vote he was the biggest Ham out there. You know, doing good for the people of the U.S. and then a Yea.
Lieberschnitzer doesnt surprise me, hes got no clout anymore back home.
One big surprise was Joe Courtney from CT voting no...i'll have to remember that next month.
Thanks for the response. You have done a pretty good job of explaining your view point. It's one of the primary reasons I read your blog; you are able to express your views clearly and intellectually (although not concisely most of the time ;0)
Anyways, I'm sure you would agree that the financial industry is the backbone of our economy, correct?
So what happens when the backbone disappears? We all go squish; it starts at the top and as it falls everything underneath is flattened. (for those that watch Family Guy, the episdoe where he gets 3 wishes and one of them results in his bones disappearing in order to avoid getting punched on the bus due to his annoying theme song.)
In order to restore the backbone, ie stabilize the banking system, what would you propose be done?
Dubs, I can put forth some ideas -- most of which have been discussed elsewhere at this point -- but in the end I'm not sure that I'm the guy to make the determination of what should be done to stabilize the banking system. One thing I am sure of is that taking the time to consider all the options and include opinions of those who are far more in the know on such things than me would have been the smarter approach.
In any event, raising the FDIC limits is a good first step to restoring confidence in the banking system. That was not part of the original bailout package that President Bush went on tv to say was utterly necessary to avoid major financial crisis. Other than that, in general I tend to favor recapitalization of the banks rather than just buying out their crap assets using taxpayer money. We could take that $700 billion and invest it in equity in the banks of this country rather than purchasing their the bad assets that they had no business buying up in the first place to the levels that they did. This way the banks would get the cash infusions they need to weather the crisis without the taxpayers and the government having to own these garbage assets, and at the same time we would be leaving the banks to use the new equity to work their own way through whatever bad assets they owned. On top of that, the equity interests we (taxpayers) would be getting in exchange for these huge cash infusions would more or less ensure a good possibility of turning a profit and of this whole $700 billion package not costing anywhere near as much as that $700 million figure. And with all the new cash on hand, the banks would almost surely resume lending, albeit slowly at first. It's what banks do, it's how they make money when they are sitting on piles of cash.
I also would have recommended finding some way to help the people of the country along with this bailout, rather than just helping the banks. You have to understand, and I've said this about a hundred times here on the blog, but this is a bankers' bailout, created by a banker and for bankers. Plain and simple. The banker heads who communicated this idea to Treasury Secretary Paulson desperately don't want to hold these crappy assets anymore on their books, because they don't know what to do with them and don't feel like dealing with it anymore. They would much prefer to just make them the government's problem. I would not and I think the vast majority of the American people agree with that view. Similarly, the big bankers in this country hate the idea of having to give large equity interests to the government or the taxpayers of the country, because that hinders their ability to act independently and without transparency and severely limits their ability to make huge incomes and bonuses. Again, I don't care about that. In fact I love that idea.
Again I know my answer is somewhat generalized but as I said, I'm probably not the best person out there to answer the question. It is just obvious to anyone who truly understands these things that this entire financial bailout bill is designed from its very conception to be really great for banks without being really great for anyone else in the country. And it seems the investing public has figured this out even better than I ever thought they could.
Woohoo! DOW closes below 10k! 9955.50! Down 369.9 points after being down over 600 earlier today! Stupid late-day rally, just means more pain to come.
Yah, this bailout was rejected by the people, and now by the markets as well. And here I was all proud of a government BY the people doing what it was supposed to do early last week. Expect a big turnover come election day now.
Market needs an enema, and it's getting it. Buying up the bad debt at this point is like putting gum in the New Orleans levies after they've broken. Too little, too late. The question now is when to start buying.
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