House defeats $700B financial markets bailoutSeptember 29, 2008 2:13 PM

[frawin]

I wish the politicians would do what is best for America rather than what is best for them and their party.

House defeats $700B financial markets bailoutSeptember 29, 2008 2:13 PM ET


All Associated Press newsWASHINGTON (AP) -

The House on Monday defeated a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry.

Stocks plummeting on Wall Street even before the 228-205 vote to reject the bill was announced on the House floor.

When the critical vote was tallied, too few members of the House were willing to support the unpopular measure with elections just five weeks away. Ample no votes came from both the Democratic and Republican sides of the aisle.

Bush and a host of leading congressional figures had implored the lawmakers to pass the legislation despite howls of protest from their constituents back home.

[Diane Amberg]

I'm just sick! Now what happens?

[jerry wagner]

It is sad to see that 228 representatives (at this point in time) viewed reelection in November to be their prime concern as opposed to the needs of our economy and public.

[Dee Gee]

Sounds to me that we are in for some tough times, so tighten your belt and survive.

[frawin]

Surprisingly the Dollar is holding up better than anticipated. This may not be as bad as anticipated, I think a wait and see is the best action. In the meantime a lot of praying would be a good thing.

[jerry wagner]

Watch gold up 25.90, and 1-year T-bill yield down @ 0.06%.  That is where the money is going.

[frawin]

Jerry, neither is a surprise. Gold has always been the worlds safe haven, it was in the crash of 29. Somehow I feel that world has changed in both population and the self-preservation attitude of the people, we are a different mix in this country. In addition no country has the benefit of isolation from the rest of the world. I am the youngest of 15 children, my parents had 9 children at home when the depression started, I asked my dad  how they survived, he said they had the farm, milk, chickens, hogs, big garden, in addition they had a meat market and a locker plant in Howard. The big thing he always said was that everyone helped each other and shared whenever and whereever they could. Our population is no longer heavily rural and that is the biggest change and negative of all. Hopefully we can get the economy moving and avoid a major depression. I worry more for my children than I do for my wife and I.

[Wilma]

You and your wife come from "make-do" people.  If you passed this on to your children, they will be all right.  All of my age group ( how's that for not saying old woman, Jo.)  know how to manage with only necessities.  I think most of our children and their children are going to learn this and they will be all right, too.  Maybe they should start now and stay with it even after the crisis passes.

[frawin]

You and your wife come from "make-do" people.  If you passed this on to your children, they will be all right.  All of my age group ( how's that for not saying old woman, Jo.)  know how to manage with only necessities.  I think most of our children and their children are going to learn this and they will be all right, too.  Maybe they should start now and stay with it even after the crisis passes.

Thanks Wilma, you know exactly what I am talking about. I think my children will be alright, they are all 3 very hard workers and seemimgly good managers. I started working in the family grocery store when I was in the first grade, my dad worked us kids hard and I have to say all of my brothers and sisters were/are very hard working people. I worked for various farmers and people all the way thru grade school and high school, milked cows every morning and every night from the 7th grade thru high school. When I got of high school I farmed on my own, worked for others, worked in the oil patch went to college, had a ditching machine, drove Earth moving equipment on the Elk City Dam, with my HARDWORKING WIFES'  (My best move was marrying a good hardworking Flint Hills Farm Girl) help and encouragement, I went back to school, I have spent 40 years in the Oil and Gas business, I still work 8-12 hours a day and enjoy every minute of it. I will be 68 this coming week and I have no intention of quitting work, as long as my health lets me. I am going to be a Walmart Greeter when I am 75, I may see you then at Walmart, and we can ride around together in one of those electric carts and talk about the good old days.

[srkruzich]

It is sad to see that 228 representatives (at this point in time) viewed reelection in November to be their prime concern as opposed to the needs of our economy and public.

I am for one glad to see congress refuse to saddle us with a debtload like that.  The government is not chartered to buy out stupid people.  Let the stupid people lay in the bed they made.  The rest of us will make it.  Markets correct and bad businesses fail all the time.  It is time to stir the pot and let the dust settle and those left are the ones who were smart and strong and is a good starting point at which we can move on with.