One Utah

September 29th, 2008 by Glenden Brown Glenden Brown

Wall Street: “Give us our bailout or the Economy Gets it!”

Initially, the Dow dropped 700 points - as I’m writing now it’s down about 550 points.

How did Utah’s house members vote?
Cannon voted yes.
Bishop and Matheson voted no.

The consensus seems to be: something has to be done. Just not this particular bailout.

This entry was posted Monday, September 29th, 2008 at 11:56 am and is filed under This Blog. You can leave a response, or trackback from your own site.

14 Responses to “Wall Street: “Give us our bailout or the Economy Gets it!””

rmwarnick Says:
September 29th, 2008 at 12:06 pm
This is a first. Matheson voted the way I told him to. But that does not mean he has my vote in November, there’s too many other times he voted wrong.
Leo Brown Says:
September 29th, 2008 at 12:07 pm
The consensus is now gridlock and paralysis.

Enjoy the ride on the markets, and be glad your social security wasn’t privatized.
rmwarnick Says:
September 29th, 2008 at 12:19 pm
A piece of prescient commentary off of TPM:

If the Repubs can get the Dems to carry this bill, they can claim to be against what will continue to be unpopular without having to take the blame for a complete financial catastrophe. It’s a no-win for the Dems and a win-win for the Republicans. Unless, of course, they’ve overplayed their hand (like their current leader McCain likes to do) and the bill goes down because of their opposition, and a financial meltdown follows.
bekkieann Says:
September 29th, 2008 at 12:38 pm
Bye bye 401K. Bye bye retirement.
T-fal Says:
September 29th, 2008 at 12:56 pm
401 k, the “no stick” miracle by T-fal! (T-fal, also known as “Treasure falling”).

Just think, you now have no idea what you will be doing for the rest of your life! That’s a good thing. How exciting is retiring into the sunset with savings? Now the whole rest of America’s aging life will be one big adventure.

Don’t worry, it won’t last forever.

Leo; “The consensus is now gridlock and paralysis”. The best of all possible outcomes.
rmwarnick Says:
September 29th, 2008 at 1:06 pm
Matt Yglesias weighs in:

Given that the House GOP didn’t deliver the 80 (or whatever) votes that Democrats were making substantive concessions in order to achieve, now I really don’t see why the Democratic leadership doesn’t tear this thing up and start writing a progressive bill. Not only might that produce a good outcome in the end, but it also seems to me like the thing that would be most likely to convince recalcitrant House Republicans to get with the program in order to preempt something more left-wing.
Cliff Lyon Says:
September 29th, 2008 at 1:46 pm
New Deal!!!! Now more than ever!
Leo Brown Says:
September 29th, 2008 at 2:04 pm
Can the markets hold it together until after the election?
T-fal Says:
September 29th, 2008 at 2:49 pm
Probably because it would never ever have a chance of passing Richard. A progressive bailout bill? Would Bush pass it if it gave money to mortgage holders and not banks?

Veto.
Leo Brown Says:
September 29th, 2008 at 5:24 pm
So far it has been easy to criticize the bill. If the credit markets seize up, the media will make inaction very, very painful politically. Try watching MSNBC and CNBC. These guys do not want to watch the markets tank. Today was a trillion dollar loss day. That will trickle down. The conservatives stood on their principles today, but at a certain point, they will be forced to join in the rescue or look like Herbert Hoover. The worse it gets, the more liberals will be elected. The fundamentals of the economy are not all that sound, and there is a whiff of panic in the markets.

Eventually, the markets will come back. Sovereign wealth funds will scoop up the bargains. The GOP can watch the Saudi’s buy America if they won’t let our Treasury Department do it.
T-fal Says:
September 29th, 2008 at 5:40 pm
Who is stopping dems from buying Leo? They have more personal wealth than republicans as a group. It is painful politically, the trick will be laying blame and having it stick. We want the government owing more worthless assets? Why not bet the farm eh?

That is where T-fal comes in. The cookingest no stick surface on the market. Even gooey dried on messes like nafta, can slip right off and be deposited in the GOP or Democrat garbage can!! Just depends into which can the cook slides the mess!

Got a stubborn attachment to left leaning politics? One stir fry of cooked loan loses can cure. It even works for shake and bake pork!! And WE Helped, Mama!

Got fried egg on your face, republican? If you had cooked with T-fal, the aborted chicken fetuses would have slid clean onto your plate, no broken yolks either!!

At last, a problem that truly encompasses to total incompetence of federalism at large. A part from the going broke part, tis’ a beautiful thing.
Larry Bergan Says:
September 29th, 2008 at 7:51 pm
Does the dictionary have a sense of humor? Dennis Kucinich brought up an interesting fact on “Democracy Now.” There are two meanings to the word “oversight.” I have long known that the word “balance” has been twisted to allow lies to be compared to the truth as if equal, but this word doesn’t even need to be twisted. I wonder how many times Tom Delay chuckled inside when the word came up. He did always seem to be enjoying himself, didn’t he?
Leo Brown Says:
September 30th, 2008 at 5:29 am
The market has its own logic of the crowd, and it can remain irrational longer than you can remain solvent, as the saying goes. There is more than a whiff of panic in the market. Partisan ideologues have gridlocked the Congress while the markets melt down. This is not responsible government. Did we learn nothing from 1929?
Chris Hutcherson Says:
October 2nd, 2008 at 10:25 am
How long will it be before more money is required, Is this just a short term fix ?

Wall Street: “Give us our bailout or the Economy Gets it!”

14 Responses to “Wall Street: “Give us our bailout or the Economy Gets it!””

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