Bye Bye Banks and Wall Street

[wendybeth]

I'm not sure the market can take another round of review. This is one instance where there are too many people expressing urgency to not take it them seriously.

[BarTopDancer]

So is now a good time to buy some stock?

[DreadPirateRoberts]

maybe

[wendybeth]

The bill was rejected. Going to be an interesting day.

[BarTopDancer]

Still can't afford Google.

[Gemini Cricket]

Huge banner headline on CNN.com. Yikes.

[Moonliner]

Originally Posted by BarTopDancer

So is now a good time to buy some stock?

You might want to wait a bit....




EDITED TO ADD: Drat, WB beat me to it.

[Disneyphile]

For once, I'm starting to see an advantage to having no savings left and only scraping by. At least now I don't have to worry about losing money I don't have anyway.

[Alex]

Right or wrong, congress needs to act definitively one way or another. Nobody is making serious decisions on the business side unless completely forced to do so because the government is creating too much uncertainty.

[innerSpaceman]

No they don't. They need to do just what they've done. Reject this bullsh!t of $700 billion throwaway of OUR money that won't do a damn thing to solve the financial debacle of banks.


I feel bad for Alex and for zapppop, you are both likely to lose your jobs. Banks are going to drop like flies (there are only a handful left standing at this point anyway, right?). But the bailout would only delay the inevitable.

The deal included no protection against windfall golden parachutes and outrageous CEO compensation for the dickwads who caused this disaster, and no relief for homeowners who can't pay their mortages. The only "concession" the democrats (supposedly in charge of Congress) got was oversight for the money (i.e, half now and half to be approved later by Congress).


Voters are not buying the Sky Is Falling Scenarios in the press, and they are letting their representatives know it. A Republican Congressman from Texas wisely pointed out the bailout proposal is, "like the Patriot Act and the Iraq War, borne of fear and haste." Bravo for him.



Perhaps voters will feel differently soon, perhaps not. Right now, the crisis is only in the news. No one's feeling it in their lives. During the Great Depression, no one had to read it in the paper to know there was a great depression. Until people start seeing this as a calamity affecting them, I can't blame them for thinking this is just a bailout of reckless Wall Street Tycoons, and likely a feckless way to prop up global markets that simply can't be propped up at this point.