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

[Azure]

Originally Posted by Phanuthier

Yes the average middle class person could, if you could get financing. I know in CA, there are promoting the use of solar panals with things like tax incentives to help offset the cost. I don't know the exact cost of it, but I know prices have significantly dropped since the dot com crash for the reason stated above.

Too bad none of us live in California, right?

Around here, Vestas is trying to create a mini-turbine that could independently power one home, even to the point where excess electricity is sold back into the grid.

Great idea....but costly. The average 'farmer/rancher' is not going to put down 100 grand for something that doesn't pay out. Sure, the rich people might go for it.....but I'm hearing a lot of idiots screaming bloody murder because so many people are rejecting the idea, based on cost alone.

If it would 'pay' for people to switch to solar power/wind power, etc, etc....everyone would be doing it. But obviously it isn't.

Also, nuclear power is generating 80% of France's electricity. There is no reason Canada and the US can't do the same.

[Table 5]

Voting has started.....

[Top Shelf]

And passed

[MrMastodonFarm]

Originally Posted by mykalberta

What makes anyone think that US government owning bad mortgages is a good idea.
.

I'm not going to wade in to deep here, because my knowledge on the topic is limited, but I don't think anyone believes it's a "good" idea. Just the best way out of this situation.

[Thunderball]

Originally Posted by MrMastodonFarm

I'm not going to wade in to deep here, because my knowledge on the topic is limited, but I don't think anyone believes it's a "good" idea. Just the best way out of this situation.

Agreed. Its not a good idea, but the hope is by doing this, they can spur the economy, encourage intelligent lending, and work through the bad times.

[Top Shelf]

Here are the details I could find on the vote today:

263 yea 171 nay

most republicans voted against
(91 yea 108 nay)

where as most democrats voted for
172 yea, 63 nay

[kermitology]

I'm watching the TSX, Dow, Nasdaq and S&P 500 on google finance.. Looks like the vote results spurred a drop in all of them..

[mrdeeds]

It's pretty funny that the GOP is trying to have their cake and eat it too. This is a plan essentially drawn up by their own party and endorsed by their own President. If the above figures are correct and the plan fails, they can point to the Dems and say you guys are the ones who passed it and just divorce themselves from W. and his administration. If it succeeds, they will be saying, it is the Republicans that came up with it.

[mykalberta]

Originally Posted by MrMastodonFarm

I'm not going to wade in to deep here, because my knowledge on the topic is limited, but I don't think anyone believes it's a "good" idea. Just the best way out of this situation.

They must think its a better idea than low interest loans to financial companies to buy up bankrupt companies and the bad mortgages that go with it.

This is a terrible day for the US economy and we will be here again because nothing has been solved. They should simply let the market correct itself by cutting the fat of obese companies who are poorly run. Yes this incurrs short term pain but the US put itself in this position and this bandaid wont do a damn thing to get it out.

[Resolute 14]

Originally Posted by Thunderball

Agreed. Its not a good idea, but the hope is by doing this, they can spur the economy, encourage intelligent lending, and work through the bad times.

Well, two out of three aint bad. The US is where it is precicely because of a lack of intelligent lending. All Congress has done is tell the banks that they don't need to worry about changing because the US government will pay for their losses.

[HOOT]

1st Vote:
R- 66(Y), 132(N)
D- 141(Y), 94(N)

2nd Vote:
R- 91(Y), 108(N)
D- 172(Y), 63(N)

So even with the "maverick" putting things on hold to go deliver, he still failed in getting the majority of votes for the Republicans.

After watching Palin last night in the debate look like a tool and ramble on it still amazes me people will vote for that ticket.

[Thunderball]

Originally Posted by Resolute 14

Well, two out of three aint bad. The US is where it is precicely because of a lack of intelligent lending. All Congress has done is tell the banks that they don't need to worry about changing because the US government will pay for their losses.

I would like to see the US Gov go after some of these bad lenders though in court. Really, what they did was criminal. Add that with the bailout, and longterm they will be on the right track.

[Finner]

Originally Posted by kermitology

I'm watching the TSX, Dow, Nasdaq and S&P 500 on google finance.. Looks like the vote results spurred a drop in all of them..

Old rule in the markets.....

buy on rumours, sell on news

[Resolute 14]

Yeah, that would make sense. This bailout should have come with strict laws regarding lending rather than $150 billion in pork.

[Azure]

Originally Posted by Resolute 14

Well, two out of three aint bad. The US is where it is precicely because of a lack of intelligent lending. All Congress has done is tell the banks that they don't need to worry about changing because the US government will pay for their losses.

Thats exactly how I see it as well.

I understand the importance of the bailout, but I would ONLY agree with it if long-term solutions were in the works as well.

[Phanuthier]

Originally Posted by Finner

Old rule in the markets.....

buy on rumours, sell on news

yup thats exactly it

[Phanuthier]

and now signed

There's alot of BS stuff here ... for NASCAR, for wool, for hand made arrows...

And the bill gets more votes? Thats politicians for you.