Deal reached in US financial crisis [Update- NOT Passed]

[HOOT]

DOW down 510!!

[the_only_turek_fan]

Bill defeated as per AM77.

[Wookie]

Wow...

[ericschand]

Originally Posted by fotze

Apparently these brokers were offering mortgages with a mortgage rate of i.e 3% for the first year that would jump to 8% after the first year.

I have lent someone money, and they can't pay. So, now I'm forced to
decide. Let them go bankrupt, leaving me with holdings I don't want,
leaving them without the means to pay me, and probably driving me
bankrupt as well.

Or do I go and negotiate? Apparently they can afford the 3%. Can they
afford 4%? 5? The interest rate in the US is around 2%. This gets me
income, not as much as before, but income none-the-less, and also they
don't go bankrupt, nor do I. I also don't end up with holdings I don't
want.

Why can't the banks do this? Would it not be in their best interest?

Or has it something to do with the repackaging of the loans?

ers

[I-Hate-Hulse]

Oh Fata. Buckle up kids this is going to get ugly.

[peter12]

Thank goodness for libertarians.

[nickerjones]

Im moving to Calgary =) lol

[Superflyer]

TSX is down 851 points

[Phanuthier]

Originally Posted by Slava

I thought that this was kind of covered already, sorry for not replying. I can't say for sure that there is money being printed, but the money is definitely coming from the taxpayers.

This is sort of what confuses me, when they say its coming from the taxpayers. The fed's don't just have $700B or anything close to that just sitting around waiting to get spent.

[jolinar of malkshor]

Originally Posted by Phanuthier

This is sort of what confuses me, when they say its coming from the taxpayers. The fed's don't just have $700B or anything close to that just sitting around waiting to get spent.

That is where the printing press comes into play. THEY WILL PRINT THE MONEY IF NEED BE.

[badnarik]

Originally Posted by jolinar of malkshor

That is where the printing press comes into play. THEY WILL PRINT THE MONEY IF NEED BE.

The magic of fiat money.

[Finner]

Down 900 points.

[Wookie]

I'm going back to the barter system.

I've got a sheep for trade, looking for some gas to fill my car, some new clothes and groceries. Oh... and the sheep has recently been sheered.

[Table 5]

wow....what a horrible horrible decision by a bunch of yellow bellied rats more intent on getting votes than actually doing what's right for this country. I hope everyone remember the names of the fools that still think that wall street or main street or any street, isn't headed for the toilet.

[HOOT]

WOW! Dow is down 660 pts now....

[Flame Of Liberty]

Originally Posted by Finner

Down 900 points.

So people who made bad decision, lost their money, made puppy eyes at the congress to bail them out so the party can continue, the congress showed that this world has not lost the common sense completely, these people panicked some more and they are lose even more money.

This will clear the market, wipe out bad decision makers so the whole system can move and grow again.

[HOOT]

i have never seen it drop so quickly....-720 on DOW

[Table 5]

How exactly is it supposed to clear the market when nobody wants to lend anybody else money? You still really think this won't affect everybody?

[HotHotHeat]

Holy snap the S&P 500 is down 8%. That's huge.

[HOOT]

It broke an All-time record of DOW dropping to 724.24....2nd was 721 Sept 17, 2001 after 9-11.

They are saying on CNN there is no money flow, money markets have shut down and there is a possibility that some businesses may have to shut down having no money to borrow for operating and employee costs.

This is a gong show. Sure is a good time NOT to be American!