Congress Passes Bailout, Dow drops 100 220pts

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

73 comments

  1. Vic says:

    Friday October 3, 1:32 pm ET
    House Sends Bush $700 Billion Wall St. Bailout- Reuters
    “The House of Representatives on Friday passed a $700 billion financial industry bailout bill. The landmark legislation now goes to President George W. Bush, who is expected to sign it into law”

    (***Hugo Chavez and Fidel Castro invited to White House to celebrate the first annual U.S. Nationalized Banking – Bailout Day.***)

  2. Jeremy Brand says:

    Motion to change the name of the USA to the USSA (United Socialist States of America). It fits.

  3. My kin folks call me Nick says:

    Now is it time to play the blame game?

    Anybody want to defend comrad Bush today?

  4. My kin folks call me Nick says:

    Oh, that is should be “Comrade”.

    I better get use to spelling it correctly!

  5. Jmac says:

    PI says Barrow opposed …

    John Barrow, Democrat of Savannah: “The Senate tried to send us something we could all agree on, but all they really did was dress up the same bill we voted on earlier this week with sweeteners to get some members of the House to change their vote. Most of the new items in this bill I have voted for and would vote for again, but not if it means voting for a bailout that’ll do more harm than good. I hope I’m wrong, but that’s how it looks right now.”

  6. Chris says:

    The correct term is товарищ

    Pronounced tovarishch.

    Yes, I’ve been studying up on my Russian. I hope to defect to that democratic capitalist nation soon.

  7. Icarus says:

    As I said yesterday, I still expect a steady drift downward on the Dow. The consumer is still over leveraged, and I don’t see anything in this bill that will make commercial banks want to start aggressively lending.

    For those that want to use the Dow as a yardstick for success or failure, you’ve baked failure into the cake.

    And I still expect various other bailout/handout bills to come. This is the beginning, not the end.

  8. Doug Deal says:

    Chris,

    One can only hope that this get’s used against incumbents in the coming elections as well as the elections in 2 years.

    As for your heros of flight 93 comment, I just made the connection, as I forgot the revised itenerary of the flight. In this day an age of hysterics, I wonder if the government now considers your a felon for what you suggest.

  9. umustbekidding says:

    This thing ‘might” (I use that term lightly) help the big boys but it does nothing for those of us trying to keep a small business a float. We have never borrowed money to pay our employees, so that pathetic reasoning for passing this bill does not work with me.
    Why isn’t the DOW up 800 points? I thought this was going to save the world.

  10. Jeremy Brand says:

    umustbekidding- if you believe it’s up 800 points, it is up 800 points.

    That’s the kind of reason or lack of that’s used in DC.

  11. Icarus says:

    “Why isn’t the DOW up 800 points? I thought this was going to save the world.”

    This thing passing was already factored into the cake. Had it not passed, Dow 9,000 would have been an easy target.

    Now, had they passed the Icarus Main Street Assistance Act, the Dow would most certainly be up at least 800 points…

  12. Chris says:

    I’m 99% sure that the 9/11 report had 93 heading for the Capitol, which means we lost our one best opportunity to rid the county of these ass-cancers.

    It is good to know that George W. Bush managed to do what Bin Laden couldn’t: destroy the American economy.

    There is not a single Congress person I would lift a finger to save if they were drowning before me.

  13. umustbekidding says:

    If I just want it bad enough it will go up 800 points, right?
    It sure did go down fast on Monday. Maybe it went down because everyone was affaid it would pass. It was up today before it passed – funny huh?

  14. Ga Values says:

    Surprise, we have 7 REAL REPUBLICAN Congressmsn & 2 RINO/SOCIALIST Senators. Saxby sold us out to the LOBBYIST, samething he has been doing for the last 6 years. When does opensecrest.com up date for the last quarter where we can see what he got for our vote?

  15. Doug Deal says:

    u,

    Invest about 100 million dollars buying all the companies on the dow (30) at a price that would be equivalent to a 900 point gain, and Bob’s-Your-Uncle, there you go.

  16. AtlConservative says:

    GA Values – AMEN! I will not vote for Saxby. I won’t vote for Martin either. So, either I won’t vote on the Senate race or I’ll vote L!

  17. Doug Deal says:

    GA,

    Where was that opinion when I was helping Herman Cain in 2004. All the establishment Republicans were going off on how wonder the man is.

    Is the only reason people back him because other people look like they are backing him?

  18. umustbekidding says:

    Doug
    I supported Herman too. He is truely a great man.
    I just can’t vote for Saxby.
    It is time fir term limits. That way no one has seniority. It may be the only way to get our congress working for us, instead of themselves.
    BTW – can I borrow 100 million?

  19. umustbekidding says:

    I just heard someone on channel 2 say it would be easier for people to get loans now. Isn’t that what got us into this mess? Loans should not be EASY. People should qualify. People should be able to AFFORD the loan. People need to live within their means.

  20. Will Hinton says:

    I called Rep. Hank Johnson’s office today and told them that I had never been more proud of my representative in Washington because of his NO vote. I will go to war for Hank any day because of this. I would encourage those of you fortunate enough to have a Representative who voted against this nonsense to let them know how much you appreciate it.

    And I would encourage all of you to vote against Saxby Chambliss for betraying the citizens of Georgia, his supposed conservative principles, and our children and grandchildren who will bear the burden of this debt for their entire lives.

  21. Bill Simon says:

    UMust,

    “If I just want it bad enough it will go up 800 points, right?”

    Yes, it will. It’s called “Psycho-Cybernetics-2008 Edition.”

    Write it down on a 3×5 card. Say it aloud every day. Talk to yourself in the car. Curse Saxby Chambliss. Later…Rinse…Repeat…

  22. tb says:

    The market is going to go up and down for a while and volatility will likely persist until inaugeration day. I am no financial guru, but someone who has watched the market closely for a long while and remember distinctly just prior to the last 2 elections the market was extremely volatile. Market volatility has more to do with the psche of uncertainty than any thing else. For these morons in congress to to allude the market will settle out because of them voting the bill in, is absolutely preposterous. Incidentally I was watching C-Span and there were democrats on the floor of the house making great arguments against this bill, and they sounded like conservatives… so in this crazy mixed up world we have true dems sounding very conservative and then pantywaist republicans going along with the vote to go like sheep with the herd.

    The only solution now is secession. God Bless America.

  23. tb says:

    I sent a note of Gratitude to my congressman John Linder who had it right all along.

    What get’s me is that mainstream media ALSO bungled this thing bigtime. There was a piece of legislation called the No Bailouts Act by Oregon Congressman Defazio that didn’t even get a single look and it would have COST ZERO. It would have called on the SEC and FDIC to do what it was intended to do. Period. No Bail Out , No money, No welfare to irresponsible lenders or lendees.

    I am extremely angry and yes, bitter because I believe George W. Bush and his cronies have caused America to become even weaker by his policies and this craziness of the last 2 weeks. IMHO, it was about him seeking a legacy for actually doing some good.. and the good is yet to be seen, if it ever comes at all.

    God forbid if we something else happens to us.. like an attack or natural disaster. WE have not invested in American ingenuity, imagine of all that money was spent on infrastructure of a long range energy plan for nuclear, natural gas, wind, solar an biofuels…. imagine all the jobs that could have been created …instead we buy up ….bad paper.

  24. Chris says:

    Did your head explode?

    I find myself in surreal territory myself thinking that Indy and Goldwater might be right on the need to the GOP to die away.

    No Bailouts for the Republican Party!

  25. IndyInjun says:

    Actually, this deal has made me literally nauseated.

    Linder finally held true to conservatism, but only after inflicting years of damage.

    His turnabout was negated by that of Marshall, who now deserves being thrown out on November 4.

    Yes, the Republican Party of Bush, Boehner, McConnell and McCain deserves summary execution.

    The GA Republicans deserve credit for FINALLY doing the right thing and going the opposite way.

    We need SOMEBODY left after the ditching of Saxby.

    We need also to recall Isakson.

  26. btpull says:

    Unfortunately the fools (who do not understand that it was government policies and not the free market that caused this mess) in the media are declaring the death of Reagan conservatism along with the announcement of the start of new era of big government regulation.

    McCain does not deserve to be elected at this point. He had a golden opportunity to get the Federal Government out of the middle of the mortgage market, but choose to vote with the democrats instead.

  27. Doug Deal says:

    I am about an inch away of withdrawing $2000 and getting a thousand made and posting them all over midle georgia.

    Of course I would probably run afoul of some federal election law, but I think that would make great publicity, perhaps I could have Marshall’s (or isakson’s) seat in 2 years.

  28. bowersville says:

    Bud is up because they came out with American Ale, Bud finally recognized that the fundamentals of American ingenuity is alive and well in middle America and if Bud wanted to compete with the micro breweries they might have to produce something besides barley water.

    cruzchev said the Soviets would take over America from with in, he just didn’t know he would have to wait 55 years until January 20, 2009.

  29. Harry says:

    A totally unnecessary bailout. Robbing middle class Peter to pay deadbeat Paul. The causes are mostly not fixed, such as continuing mandated lending to poor minorities who can’t afford the house – so more trips to the powertrip pols WILL occur.

  30. Bill Simon says:

    There was a great op-ed in today’s AJC not written by any columnist.

    I think it was a guy named Cary Ichter. Anyway, he suggestd that the industry bail itself out by applying a tiny transaction fee on each stock, bond or derivatrive transaction and raise money that way.

    Something like $2.50 charged per $1000 value of the transaction.

    Great idea…but, of course…all we have representing us in D.C. are people like Hank Paulson who only think of scooping out OUR tax dollars to save the bastards on Wall Street.

  31. Harry says:

    You have to give Pelosi credit. She played rope-a-dope with the GOP and won bigtime. The first defeat was a setup. The congressional black caucus voted no for the most part, which gave her the excuse to lard up the bill and bring them on board for the finale.

  32. Harry says:

    Read the Community Reinvestment Act as amended in 1993 and 1999. If lenders do not meet specified targeted quotas, they receive unspecified punitive treatment meted out by a bureaucrat, which includes such things as the government not allowing new branches, mergers, etc. This practice continues post-bailout, and assures there will need be more bailouts in the future. Guess who pays the freight.

  33. Tea Party says:

    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”

  34. umustbekidding says:

    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.

  35. Three Jack says:

    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)?

  36. Game Fan says:

    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.

  37. ramblinwreck says:

    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.

  38. JB in Buford says:

    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?

  39. tb says:

    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.

  40. Harry says:

    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.

  41. umustbekidding says:

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

  42. JB in Buford says:

    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?

  43. bowersville says:

    [email protected] 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.

  44. IndyInjun says:

    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.

  45. bowersville says:

    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.

  46. IndyInjun says:

    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.

  47. Vic says:

    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.

  48. Vic says:

    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.

  49. Vic says:

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

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