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Want to know what complete failure looks like?

 
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jaster is back in black
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PostPosted: Mon Sep 29, 2008 2:58 pm    Post subject: Want to know what complete failure looks like? Reply with quote

Looks something like this:



That bill that was supposed to restore consumer confidence and save our economy? Turns out it didn't pass, and it was really supposed to do so.

http://www.msnbc.msn.com/id/26884523/
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lugo is unable to remember his password.
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PostPosted: Mon Sep 29, 2008 3:11 pm    Post subject: Reply with quote

Fuck.
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jaster is back in black
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PostPosted: Mon Sep 29, 2008 4:21 pm    Post subject: Reply with quote

Look at that stock market? Dropped 400+ points in 10 minutes after the bill failed to pass.

01
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When I am weaker than you, I ask you for freedom because that is according to your principles; when I am stronger than you, I take away your freedom because that is according to my principles.
-Children of Dune, attributed to Louis Veuillot
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lugo is unable to remember his password.
Such an Aries


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PostPosted: Mon Sep 29, 2008 4:54 pm    Post subject: Reply with quote

Good thing the only stock I own is stock in my company. We're health insurance, so I figure we're not going anywhere.

Our stock isn't dropping any more than usual today, at least.
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afarrell
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PostPosted: Tue Sep 30, 2008 3:45 pm    Post subject: Reply with quote

Didn't we have a bailout in 1987? Isn't repeated bailout going to create a moral hazard? Would it not make much more sense to force companies to disclose their mortgage holdings. The bill, as it exists allows Bush's Secretary of Commerce the ability to spend any more than $700 billion on without further congressional approval.
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mchicken is dejected.
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PostPosted: Tue Sep 30, 2008 3:48 pm    Post subject: Reply with quote

afarrell wrote:
Isn't repeated bailout going to create a moral hazard?


No.
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jaster is back in black
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PostPosted: Tue Sep 30, 2008 3:51 pm    Post subject: Reply with quote

afarrell wrote:
Isn't repeated bailout going to create a moral hazard?


We don't have time for moralizing, here.

afarrell wrote:
Would it not make much more sense to force companies to disclose their mortgage holdings.


In the immediate future? No. I do, however, think that there is some real merit to the idea of creating a bill to insure $700B-$1T of bad/risky debt instead of the purchasing plan which is the focus (though it does include some insuring) of the bills currently at hand.

afarrell wrote:
The bill, as it exists allows Bush's Secretary of Commerce the ability to spend any more than $700 billion on without further congressional approval.


You're living in the past, my friend. The plan that actually made it to the House involved installments (a first installment of $100B or $350B) and Congressional oversight after that first installment had been spent.
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