777 Isn’t that when all the bells and whistles go off and you win the jackpot?!? It would be if we were all down at Foxwoods or Mohegan Sun. Three sevens! Yup! That’s what a person can spend all night plugging in quarter after quarter into the one armed bandit in the hopes of finding one fabulous jackpot… looking for those three lucky numbers!
Well, we got the lucky numbers today. Right there on Wall Street. 7-7-7 !!! No bailout! No do-overs, no write it off, no “we have to do this or the world will come to an end”, no one to believe in, no one with any real credibility, no wonder.
I don’t know how it happened or why, but somehow a whole bunch of people took off their rose colored glasses and just said “NO!”
I’m not some financial whiz kid, but I could have told you the wheels were coming off. Did anybody believe for a slick minute that loaning people money that they were not capable of paying back would end up with a good ending? Did anybody who got one of those ‘loans’ knowing they couldn’t pay it back think that it would have a good ending?
No. What it came down to is everybody got ‘theirs’ without ever asking about the cost they weren’t paying. A long time ago, I was told “There’s no such thing as a free lunch.” Well all sorts of people, a lot of them supposedly knowledgeable, were willing to bank on the house of cards staying up just long enough for them to get theirs.
Well, the waitress just put the check on the table. I’m not looking forward to hitching up the belt and feeling the pain, but its high time to get to it. I hope we can all work through this and come out on the other side with a better appreciation for paying what something is worth, for the privilege of everyone following the rules and paying their way. Let’s do the right thing.
Becki
Agreed. Unfortunately, I’m afraid round 2 will be coming up pretty quick. Got to get those politicians outta Washington and out there kissin’ babies – it’s election time!
Not to mention:
“In another move to try to keep the global financial system functional, the Federal Reserve said it was doubling the total amount of cash loans to banks to $300 billion, and making $620 billion available to other central banks through currency swap arrangements, up from $290 billion.”
http://news.yahoo.com/s/ap/20080929/ap_on_bi_ge/credit_markets
Alright Becki! Now you’re sounding like the conservative I know and love! Good old fashioned values…never bite off more than you can chew. Thank God the Republican congress had the balls to stand up and do the right thing. This is a good day…despite the hit to the 401K.
No offense Taxpayer, but both sides blocked this vote, and perhaps not all for the right reasons. This is lifted verbatim from an AP article…..
In the House, “no” votes came from both the Democratic and Republican sides of the aisle. More than two-thirds of Republicans and 40 percent of Democrats opposed the bill. Several Democrats in close election fights waited until the last moment, then went against the bill as it became clear the vast majority of Republicans were opposing it.
Thirteen of the 19 most vulnerable Republicans and Democrats in an Associated Press analysis voted against the bill despite the pleas from President Bush and their party leaders to pass it.
In all, 65 Republicans joined 140 Democrats in voting “yes,” while 133 Republicans and 95 Democrats voted “no.”
Taxpayer:
I’m not sure what the right thing is. In addition to the hit to the 401k, those holding regular IRAs (non Roth) and required to withdraw this year (over 70) will immediately feel the pain.
RC –
The Fed is doing exactly what they are supposed to do – providing liquidity to banks to counter a credit downcycle. Econ 101.
Yes, as I said, thank God for the Republican majority vote. Had it not been for the Republicans the Democrats would have shoved this down our throats without carefully considering the implications or the lack of taxpayer safegaurds. Barney Frank and Chris Dodd were drooling at the mouth at the prospects of moving towards a big-government run banking industry. Nancy Pelosi’s final pre-vote comments sickened me. This Democratic congress needs to be voted out in November.
Tax – what?
The bailout was authored by the Treasury Secretary – and endorsed by Bush. I know Bush is a republican, and I believe Paulson is as well. It was a Republican sponsored bill, backed by some Democrats. That’s my point. There’s blame to spread It’s a bi-partisan brain-fart…what are you blaming this on one party when there are lawmakers on both sides supporting and opposing the bailout?
JK,
Paulson is a life long democra and Bush is a lame duck President. But besides, the majority of democrats supported the bill while the majority of Republicans denied it. One party had common sense, the other only a common desire for expanding government recklessly at the expense of taxpayers. The democrats as usual stuffed the bill with earmarks such as funding for ACORN which is a liberal political activist group. Doesn’t that sicken you?
In George Will’s editorial today he makes note that, “The rising generation of thoughtful Republicans was represented on both sides of Monday’s vote. Virginia’s Eric Cantor, 45, and Wisconsin’s Paul Ryan, 38, supported the legislation because they had helped to achieve substantial improvements in it, such as requiring financial institutions to help finance their bailout, giving the Treasury potentially valuable equity in firms revived by public funds, and eliminating a slush fund for Democratic activists. Texas’ Jeb Hensarling, 51, and Indiana’s Mike Pence, 49, voted against what they considered a rescue model fundamentally flawed because (in Hensarling’s words) it “could permanently and fundamentally change the role of government.”
I heard no such debate by the Democrats who came across as being rash, partisan, spendthrifts, in favor of large government control. If were not for the Republicans who voted it down, we would not have the opportunity, as we are now (and without any economic crash mind you), to tweak the bill and make it more responsible.
Tax:
There were 90something democrats that voted against the bailout. But that’s really not my point…
And yes, earmarks and pork barrel spending sicken me. Both parties are pretty accomplished at such spending.
People with conservative philosophies tend to vote for republicans. The Republican Party, as far as I can tell, has lost the ability to promote truly conservative politics. Rather, they have moved toward supporting, and have had the support of, wealthy citizens (the have’s and have mores, according to Bush). If those folks, particularly those involved in big business were true conservatives, would they have given out, or purchased, millions of questionable loans? A conservative investor/businessman is certainly capable of being a conservative and making high-risk investments. But when there is way too much high-risk investing going on, you get what we have now (and what we had 20 or so years ago.
Maybe I’m over simplifying, but it appears that the Republican Party has come to represent big money, and not true conservative values.
I am not, repeat, not, in favor of taxing the wealthy and big business to death in order to support folks who don’t wish to work.
I do believe that a true conservative philosophy could be helpful, but that’s not what we seem to get from republican politicians.
You are absolutely right. I am angered and frustrated by this. I feel as though I am left without a voting option that represents my core beliefs.