Monday, 29 September 2008

HOLY FUCKING SHIT!!!!

The House rejects $700 billion bailout!

The Dow is on its way to under 10,000 points. Which is ironic in a way, given that crossing 10,000 was such a psychological event in the first place.

8 comments:

Ken Breadner said...

Umm, Catelli--just noticed your little epigram. No worries--the world went crazy a while back, did you miss it?
As for this tanking...here's my forecast, call it prediction numero uno: they'll come back with a revised bailout bill, which will pass. The market will dead cat its way up about 700 points. Then it'll meander around for a week or two. As it becomes clear that $700000000000 is pocket change compared to what's required (nobody really knows for sure, but estimates run as high as $45 TRILLION), the market will start sagging and we'll be exploring sub-basements we haven't seen in quite some time.
Fun, eh?

Catelli said...

I lost the race??? Damn!

I dunno about a revised bailout. Anything they come up with is going to be even more watered down.

But yeah, things are going to continue to tumble. Now that it's spread to Europe, this ride is only heading downhill. I'm not even sure we can put the brakes on and slow it up.

Raphael Alexander said...

There should be no bailout. Let the economy fry while the oinklets run for cover...

Catelli said...

Raphael,

I was wondering why the bailout didn't go to the homeowner. Help the individual citizen in some way to maintain their mortgage payments.

So taxpayers benefit from their own taxes, financial institutions benefit because the loans are being paid, not defaulted on.

So that's win win.

I think I heard that Senator Clinton is in favour of this approach.

Raphael Alexander said...

Catelli, since when has corporate America ever cared about the homeowner? It's not about the homeowner, it's about propping up Corporate America, the oligarchy that runs the U.S.

And the oligarchy will win, too, when they resubmit a toned down version of the bailout without so many extras tacked on that might, you know, possibly help the people.

Catelli said...

Well corporations don't vote, people do. Since the upcoming election was such a big factor in today's voting, hopefully it will strongly influence the next bailout package.

Though I suspect it will be a watered down corporate bailout, which will have no effect on this crises and will just piss taxpayer money away.

Raphael Alexander said...

Then we see eye to eye on this one.

Catelli said...

Happens more often than you would think! ;)