Congress Passes Bailout, Dow drops 100 220pts

October 3, 2008 12:38 pm

by Chris · 73 comments

As of right now, the 15Min delayed quotes shows the dow up 268, the real time quote is up 150 104 40. Close of Market Update: Dow dropped 400pts from where it was when the house voted.

Great job morons.

Can we finally stop calling the passengers of Flight 93 heros?

Updated: The House Clerk didn’t have the right roll call vote up when I posted the list.
This is the correct roll call. The list below is corrected:

Here it is (Bold is a switcher):
From Georgia:
Ayes:
Lewis
Scott
Marshall
Bishop

Nays:

Broun
Linder
Price
Westmoreland
Deal
Kingston
Gingrey
Johnson
Barrow

{ 72 comments }

Tea Party October 4, 2008 at 5:57 am

Take heart Lads and Ladies:

These are the most trying of times. In the end, America can still feed itself. We have huge resources in this Country, and we will, as the past has proved, resolve the issues at hand.

To do otherwise is simply unthinkable and offers no ‘safe haven’ for not only us but many in the World. I for one am unable to allw myself to believe this Country will dissolve or go quietly as a group of mediocre pensioners into an Orwellian future.

On a thread-related note, it is a bit early for unbridled venom, so I will simply state, to the Godless puke who made the out of context comment about Flight 93:

Step A: Remove head from rectum
Step B: Wake up from your bad trip.
Step C: We need heroes NOW

“Let’s Roll”

umustbekidding October 4, 2008 at 6:01 am

I have written our Senators plus Nathan Deal (my cogressman) and John Lender (congressman in our business district) for the 5th time this week. This time to tell them the loans to the unqualified have got to stop.
Not that they’ll listen to me.

Three Jack October 4, 2008 at 8:27 am

bill, cary ichter is a prominent atlanta attorney. too bad the ajc doesn’t have his letter online.

anybody else note that america would have been better off if the bailout/rescue bs bill had passed on monday sans the $150b in pork added by pigs like saxby and johnny (if it had to pass at all)?

Game Fan October 4, 2008 at 8:58 am

We don’t really know who the heroes are. For all we know the folks on the plantation were told this wold pass and they simply drew straws to see who would receive the voter outrage. (A bi-partisan effort) What a bunch of sock puppets.

ramblinwreck October 4, 2008 at 5:03 pm

I was with Congressman Deal today and after hearing him speak I am confident that he is definitely listening to his constituents. The 9th District in Georgia is the reddest district in one of the reddest states and Nathan Deal definitely listens to his constituents.

JB in Buford October 4, 2008 at 5:15 pm

Well, the deed is done. Saxby has lost my vote, and I’m strongly considering voting for Martin this time around (1) to make it more likely for Chambliss to lose, and (2) because his campaign folks assured me that Martin would vote for Supreme Court nominees based upon qualifications, nor ideology (a risky promise to rely upon, obviously, but still…).

My question is this: who is the best candidate(s) to mount a primary challenge against Isakson in 2010?

Doug Deal October 4, 2008 at 6:46 pm

ramblin,

Deals always listen ;-)

tb October 4, 2008 at 8:06 pm

I have business inerests in Deal’s district and agree that he is most definitely listening to his constituents. Thank Goodness most of GA representatives are listening.

Harry October 4, 2008 at 10:17 pm

Sen. Jon Kyl, a key player in negotiating the Wall Street bailout/economic stabilization bill, said the time has come to break up and sell Fannie Mae and Freddie Mac, the nation’s two largest mortgage finance lenders.

The Federal National Mortgage Association, which is known by the chummy nickname Fannie Mae, and the Federal Home Mortgage Corporation, which is otherwise known as Freddie Mac, have operated since 1968 as government-sponsored enterprises.

“The banks were forced – literally forced – to make mortgage loans to a lot of people that in the past they hadn’t made them to, because (the people) couldn’t afford them,” Kyl said in a teleconference with Arizona reporters.

“But they were deemed to be red-lining, to be discriminating against people who need to share in the American dream of home ownership. Well, it’s a great dream, and we want as many people to share in it as possible, but not if they can’t afford it,” he said.

Ga Values October 5, 2008 at 5:23 am

JB in Buford

Check out Allen Buckley, he is the only CONSERVATIVE in this race.

http://www.buckleyforsenate.com/welcome.asp

btpull October 5, 2008 at 10:18 am

Harry,

McCain might still have my vote is he would have made similar statements a week ago.

umustbekidding October 5, 2008 at 5:02 pm

I live in Deal’s district and have a business in Linder’s. They are both good about listening to their constituents.

JB in Buford October 5, 2008 at 7:41 pm

Ga Values,

Thanks for the tip. I had already seen Allen Buckley, and may vote for him if I can’t bring myself to vote for Martin. Even though Buckley doesn’t stand a chance of winning, it would be a good protest vote. Martin has the advantage of actually being within striking distance of Chambliss, so it may be better to cast a vote for Martin under the assumption that sometimes you have to go backward short-term (i.e. accept a more liberal candidate for 6 years) to go forward long-term.

The bigger question in my mind involves Isakson. There is still time put that seat in conservative hands if a viable candidate can be identified and funded early. Who are our option(s) to mount an energetic primary challenge in 2010?

bowersville October 5, 2008 at 7:59 pm

D@mn good protest vote for Buckley. That’ll teach Saxby. Let’s just go ahead and give the Democrats the 60 filibuster proof majority we need to have the full blown Marxist/Socialism/Fascist agenda cast down our collective throats, that’ll teach us.

I would like the idea if we could go down the path and don’t agree with the outcome, we have the privilege to experience a Mussolini moment at the gas station. Ah, but those were the good old days where you reaped what you sew.

IndyInjun October 5, 2008 at 10:24 pm

Bowersville,

Sometimes people have to have PRINCIPLES and be willing to abide by them, even when it is painful.

Rewarding horrendous behavior with your vote is encouraging more of the same.

bowersville October 5, 2008 at 10:51 pm

Sometimes people have to have principles, too bad the voter doesn’t know that.

Do you think people want the chips to fall where they may when it might be painful? Of course not.

So principled people choose the lesser of an evil. Some will chose Democrat, others Libertarian and the rest Republican.

IndyInjun October 5, 2008 at 11:26 pm

Ah, this is what the political class feeds upon, too.

The people are too stupid to understand, or even try to understand, complex issues, so they gullibly fall for the one presented as causing the least pain.

That is more often than not a bad decision. A little pain up front can forestall death throes later.

Bastiat wrote : “The state is the great fiction by which everybody tries to live at the expense of everyone else.” ……and …”Now since man is naturally inclined to avoid pain -and since labor is pain in itself-it follows that man will resort to plunder whenever plunder is easier than work. History shows this quite clearly. And under these conditions, neither religion nor morality can stop it.”

What does stop it is when the plundered hang the plunders, thereby making the marginal cost of plunder greater than its benefits.

As the BIGGEST CRIME IN HISTORY plays out before our eyes, this concept will become very clear.

Vic October 6, 2008 at 12:22 am

Monday, October 6, 2008
Those big bad poor folks sure can mess up the global economy:
Hang Seng: 17,089 down 592 – 3.3%
Nikei: 10,448 down 449 – 4.48%

This week & month; “Committee on Government Oversight and Reform” House Oversight Cmte hearings:

1) Monday Oct 6, 2008, “The Causes and Effects of the Lehman Brothers Bankruptcy.

2) Tuesday Oct 7, The Causes and Effects of the AIG Bailout. (the ones that got 85 billion)

3) Thursday Oct 16, “Regulation of Hedge Funds”

4) Wed Oct 22, “Breakdown of Credit Rating Agencies”

5) Thursday Oct 23, “The Role of Federal Regulators”

6) Thursday Oct 30, Emergency preparedness
for a major uptick in extraordinarily tall trick or treaters this year.

7) Saturday Nov 1, Do it yourself Xmas decorations, using Lehman Brothers stock certificiates.

Vic October 6, 2008 at 2:02 pm

Historic Posterity Thread:

Monday 10/6/08
3p.m.
Dow Jones Industrial Average
9,623 down 701 – 6.8%

Time to load the Wall Street Jets, Yachts and Helicopters up with Credit Default Swaps.

Vic October 6, 2008 at 2:03 pm

buy 1,000 shares of Motorola MOT at 5.92 and throw him, Saxby and Jim a big farewell party by November 4th.

Chris October 27, 2008 at 8:28 am

The Dow is now below the point it was on 10/23/98.

Japan’s market is below where it was in 1982.

Icarus October 27, 2008 at 8:35 am

Japan’s market is below where it was in 1982, but still above where it was on August 6, 1945.

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