Score One For America.

Quote from Landis82:

But unfortunately, the average guy in the street "Joe-6pack" has absolutely ZERO understanding of how money and capital markets work ( the banking system ). You can also put 98% of Congress in that camp as well. Zero understanding of how the economy and banking system are related.

"Joe-6pack" won't get his economics lesson until he has lost his job because the company that he works for was unable to finance their payroll through the "frozen" commercial paper market, or because the order at his company just dried-up because of a lack of financing.

This is NOT a "great" day for America.

It simply confirms what we already know . . . that the average American is far too dumb to be governed. They are like a DOG, that only knows how to react to one-syllable words like, "fetch" "stay" and "sit".

They are unable to think through even the most slightly complicated issues, like the current one.

Bring on double-digit unemployment rates . . . and an economy that comes screeching to a halt with one bankruptcy after another. It's already happening.

What a shame.
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I agree that people - and most of Congress - are clueless on economics and markets. And also that joe 6pack opposed the bailout for reasons of his own that are probably too stupid to discuss. I also agree that the ramifications will suck. But I don't believe I've ever seen people actually make their voice heard in government like this; so that in and of itself is a good thing. If it were backed up by actual knowledge, that would be great.
 
Quote from Aaron Copland:

Still handing out Econ 101 lessons Landis? Seems your the one who can't seem to come to grips with this.
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Leave it to you and your "pea-brain" to think that the flood of money out of deposit accounts at banks and into Treasuries is a GOOD thing for the economy.

Perhaps you should have spent more time studying for your Econ. 1 class than how to "Photoshop" your fake ES position onto a thread on ET.
 
Quote from TraderJoe08:

Ron Paul voted against the bill. Period.
Keep pumping money in and make the dollar worthless and we will have much greater problems than this. Please watch the video of Ron Paul today.
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Ron Paul is great for dissecting issues and finding blame.
What he is extremely poor at is presenting a solution.
 
Quote from theboxer:

I agree that people - and most of Congress - are clueless on economics and markets. And also that joe 6pack opposed the bailout for reasons of his own that are probably too stupid to discuss. I also agree that the ramifications will suck. But I don't believe I've ever seen people actually make their voice heard in government like this; so that in and of itself is a good thing. If it were backed up by actual knowledge, that would be great.
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Agreed.

But unfortunately "Joe-6pack" won't get a clue until he can't get a loan, or his company that he works for can't get a loan, or a large customer of the company he works for can't get a loan because there is no healthy collateral on the books of his local bank, and/or because so many depositors have taken their money out of their bank and placed them in Treasuries. The CP market has been "frozen" for sometime, as it is now.

When he finally gets laid-off from his job, ONLY THEN will he have realized that this legislation wasn't just about Wall Street.

But by then, it will be far too late.
 
Quote from Adobian:

Not so fast here. The democrats were against the original bail out in the first place. Bush wants to pass this, so the Dems get the ridiculous terms in, most everythings were for the people, for Americans. Fund for Schools, Limits on CEO's pay .... etc ... In the end, it's a bail out package the proves to be so disadvantageous to the Republicans that they have to bite the bullets and rejected it. That's why the Dems were so all for it when they were really against it in the beginning.

Got it?
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Quote from Cache Landing:

We don't live in a democracy. We live in a republic. What you just described is how a republic works. IF this were a democracy, then we would all be voting on this bill instead of the elected representatives.

In any case. It didn't have "something" to do with congressmen wanting to keep their seats. It had "everything" to do with them wanting to keep their seats. What it comes down to is that the vast majority of Americans don't want this bill. The vast majority of GOP congressmen don't want this bill either. The vast majority of DEM congressmen do want this bill, but what they don't want is to be tied to it come election time. They want the money, but they know the bill is unpopular and they are already the most disapproved congress in the nation's history.
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All true and I agree with that as the reason the bill didn't pass. All the polls I was looking at were saying 65% of the public didn't want the bailout and calls to some congressmen were running at 100:1 against the bailout. After todays market action (biggest one day point decline in history) the representatives have the cover they need to vote for the bill and public opinion will likely have changed with under 50% now opposing the bailout as I am sure that people will be rattled. Only 12 out of 228 need to change their mind and with todays market action and the vast amount of political and fiscal pressure to vote for the bailout they will get their 12 and them some. Whats worse than being the guy at election time who voted for the bailout? The guy who didn't vote for it and can them be blamed for all the economic hardships the voter is experiencing. " Dear voter, if only my opponet had voted for the bailout package, the stockmarket and economy would not have gone in to the toilet and you would not be suffering the economic hardships that you are". Yes maybe BS but will play decisively well with the voters.

Personally against the bailout but got long NQ on close today, bailout passes tonight or tomorrow night latest with a huge bounce from current levels.
 
Quote from Adobian:

Not so fast here. The democrats were against the original bail out in the first place. Bush wants to pass this, so the Dems get the ridiculous terms in, most everythings were for the people, for Americans. Fund for Schools, Limits on CEO's pay .... etc ... In the end, it's a bail out package the proves to be so disadvantageous to the Republicans that they have to bite the bullets and rejected it. That's why the Dems were so all for it when they were really against it in the beginning.

Got it?
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Who ever said Bush is a true republican? What makes Bush a horrible president is because he is a pseudo. He has always been a corporate socialist. A puppet. Nothing more.

He does what wallstreet wants. A true republican does not.
 
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