Voyager wrote:Gunbot wrote:It sounds to me that all credit will be shut off. Punishing Wallstreet in a heavy handed matter will be like cutting off our nose to spite our face. It's going to be ugly.
Exactly. If they don't pass this, the terrorists will be laughing at us. We will be doing what they tried to do and failed - wrecking the U.S. economy. That is where our power is.
All fingers point to Dubya. No one believes him now. They are tired of his scare tactics. Now when people really should believe our leaders, they can't. However, millions of businesses and individuals live day-to-day on credit. When that gets locked up - and it will if this doesn't pass - the economy will crash. This is not a sky-is-falling trick. It's reality.
Who are you two?? Speech writers for Nancy Pelosi???
This mess was created by them ALL...Democrats, Republicans and independents alike. John McCain TRIED to get something done in 2005, and was blocked by BOTH Republicans and Democrats.
The Bush administration tried no less that 17 times since 2003 to get Congress to listen.
Even Bill Clinton said the Democrats stopped him and THE REPUBLICANS from passing any legislation that would have tightened up regulation on Fannie and Freddie. ( The the election thread to see the quote and the clip from the interview.)
Now as to the Bill that didn't pass, if Nancy Pelosi hadn't gotten up and spouted off just prior to the vote, it would have passed, but the partisan old hag had open her yap and spew.
Not ONLY that the Bill wouldn't have done anything for anyone here. It would have added tremendously to the national debt, and screwed Joe and Jane average tax payer, while not fixing a DAMN thing.
If it wasn't 5 weeks before and election this whole thing would have been glossed over by congress and the market allowed to correct itself. Which is EXACTLY what it should do.
Our country has become remarkably short sighted, and never looks beyond the next 2 months. The stock market has returned an AVERAGE of 8% per year, averaged over time.
If people wouldn't panic irrationally over this it would correct itself in a matter of days or weeks.
Yes it is bad, and yes people lost money today, and probably will tomorrow, but that is short term, long term they will make it back and then some.