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  1. #41  
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    Dave Ramsey, whom I respect, hated the deal but assumed it would (and should) pass. Here's a post I just found at FR, which I think states the case pretty well:

    "Iím a conservative and big free market advocate and practitioner. Iím also a pragmatist. The failure to pass this bill and stop what it tried to do was bad for America. This is not about saving Wall St. The damage there has already been done and you canít take stocks below zero. This was about the rest of us. We are absolutely staring into the abyss of a 1929 Herbert Hoover type banking collapse that will have serious bad consequences for all of us. If you donít use a bank, donít have a pension or other investments and donít buy food, you are probably not affected. For the rest of us, this is bad.

    This problem was created by Washington and its hard to see a solution that doesnít come from there as well. There are literally thousands of banks that are on the brink of failure right now and the several thousand others are in a cloud that doesnít allow them to act. Without capital, capital-ism doesnít work. That is what we are facing right now.

    My fear is that the conservatives have won this battle but have lost the war. Sadly, the cost to fix this later will be much more and will result in significantly more government control over our lives. From what I read, we had a decent but not perfect solution. We didnít go the European way, where they nationalized three banks today (we may have to go that way later as it gets worse). Our route looked like an investment in the banking system, not an expense. In all likelihood, that investment would have resulted in a nice return over the next few years as the markets stabilize. "

    We'll never know.
    "Today, [the American voter] chooses his rulers as he buys bootleg whiskey, never knowing precisely what he is getting, only certain that it is not what it pretends to be." - H.L. Mencken
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  2. #42  
    Senior Member AlmostThere's Avatar
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    Quote Originally Posted by linda22003 View Post
    Financially inept congressmen caved to their even more financially clueless constituents
    I'm addressing this post in a vacuum. Congressmen cannot cave to their constituents anymore then a worker caves to his boss when told to do something. Congressmen are our employees, not our caregivers.
    Better to die on your feet than live on your knees.
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  3. #43  
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    Quote Originally Posted by AlmostThere View Post
    I'm addressing this post in a vacuum. Congressmen cannot cave to their constituents anymore then a worker caves to his boss when told to do something. Congressmen are our employees, not our caregivers.
    So you support government by polls? I thought that was Clinton's big sin, according to Rs?
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  4. #44  
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    Oh, goody. Down almost 700 points now.
    "Today, [the American voter] chooses his rulers as he buys bootleg whiskey, never knowing precisely what he is getting, only certain that it is not what it pretends to be." - H.L. Mencken
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  5. #45  
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    Out of panic, a lot of folks who don't even understand the actions the government was going to take are just angry that they did not do "something". Some people with financial expertise have actually pointed out some of the holes in this thing. For instance, if the government decides to pay let's say 40 cents on the dollar for these securities, many other finacial entities may be pricing them on their books at far higher amounts. Would they all then have to reprice in accordance? And would the repercussions from that not be severe as well?

    I'm surely no expert on today's economics, but does anyone think the Dow would have dropped so far today if the government had not insisted something had to be done right now, and instead taken the time to think this through a little more?
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  6. #46  
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    Quote Originally Posted by linda22003 View Post
    Without the praise to the Almighty, I agree. It's going to take time, and our investments have been moved to a safe place as of this morning. But this is a nightmare we didn't have to have.
    You waited until this morning to protect your investments? Ever heard the old saying about a fool and his money?
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  7. #47  
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    No, this morning was the last step, not the first one. But thank you for your concern. I have never been anything close to poor, and I'm not likely to start now.
    "Today, [the American voter] chooses his rulers as he buys bootleg whiskey, never knowing precisely what he is getting, only certain that it is not what it pretends to be." - H.L. Mencken
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  8. #48  
    Senior Member AlmostThere's Avatar
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    I believe that when a Congressman gets thousands upon thousands of calls/emails from his constituents with a HUGE majority favoring a position, that Congressman has an obligation to listen. This isn't following polls. This is doing what the people want who sent you to Washington.

    As my original post stated, I was addressing a post within a vacuum. This meaning I was taking the specific bill being voted on out of consideration.
    Better to die on your feet than live on your knees.
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  9. #49  
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    It's pulling back up a little
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  10. #50  
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    Quote Originally Posted by linda22003 View Post
    Oh, goody. Down almost 700 points now.
    It's down less than 6 PERCENT. The percent is the important part.
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