Just on Fox News

There was a judge on talking about the Wall Street mess. She said that the FBI is investigating some of the bad acts including Fannie Mae and Freddie Mac. She said that there will be indictments. Of course, by the time anything really is done, we will have a new President.

The senior economic editor for the WSJ said that he said another drop in the market like today the congressmen will run back to Congress get something done.

I still think it is stupid that some people voted against the bill because of what loudmouth Pelosi said. The bill was something you vote "yes" or "no". If my congressman vote "no" just because of Pelosi, I would lose all kinds of respect for him. Vote "no" because you think it is a bad bill, not because Pelosi is stupid and one of the most partisan legislator in Congress.

A guy from the Heritage Foundation said that economic shutdown will be coming down very soon unless something isn't done soon.

I don't mind paying my fair share to help my country. I don't want people to get hurt because our Congress is too partisan to quit stumbling over itself.

I just saw Huckabee zing back at Colmes (on Fox) for this - basically saying you have the majority and couldn't get enough votes to pass this? Sure some Republicans were upset at what Pelosi said cuz she couldn't keep her trap shut without blasting at the administration but, what of the 95 Democrats that voted against it??

My Democratic congresswoman voted no.

I sent her a thank you note.

Voting no because of her speech was an off-the-cuff remark and they later said it wasn't true, no one actually changed their vote because of it, but it took on a life of it's own.

The bailout will lead to a WORSE recession, and INFLATION later due to devalued dollars.
As many, if not more, economists are stating it's a bad thing to do, and an adjustment must be tolerated to correct things.
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“Credit expansion,” wrote the Austrian economist Ludwig von Mises, “is the governments’ foremost tool in their struggle against the market economy. In their hands it is the magic wand designed to conjure away the scarcity of capital goods … and to make everybody prosperous.” But everyone cannot be prosperous. The boom created by credit expansion cannot last. This is what the leaders of the United States have missed. “The inescapable consequences of credit expansion,” wrote Mises, “are shown by the theory of the trade cycle. Even those economists who still refuse to acknowledge the correctness of the … credit theory of the cyclical fluctuations of business have never dared to question the conclusiveness and irrefutability of what this theory asserts with regard to the necessary effects of credit expansion.”

And what are these effects?

According to Ludwig von Mises, an upswing occasioned by credit expansion can only be maintained by further credit expansion; and, in the long run, “it turns into depression when the further progress of credit expansion stops.” This outcome is absolutely certain and today’s financial crisis underscores the point. The economic boom of recent years has been propelled forward by an unprecedented credit expansion. At each turn, when the market was threatened with contraction, further credit expansion was urged.

The magic wand of credit expansion is like heroin addiction. The more you take, the more you want. The day inevitably comes when you cannot increase the dosage because you run short of supply. And so it is with credit expansion. The markets are accustomed to easy money. They now require easier and easier money. They are addicted. Eventually, however, they must suffer the symptoms of withdrawal.

Did we think this expansion could continue forever without consequence? Evidently we did not consider where we would end up. And now, at last, the United States Government believes it can fill the hunger for credit through a coordinated push – the last gasp of our insatiable credit addicts. President Bush offers a plan. Behind closed doors he reportedly said, “This sucker could go down.” Once again, the president’s grammar is in error. The sucker in question will go down.

Every dollar poured into the proposed rescue operation will be lost. Buying toxic debt is not a solution. The proposed mechanism for rescuing the economy represents a new falsification of values – and a new twisting of the market. The dollar cannot possibly survive this new initiative. A $700 billion bailout is only the beginning. It is merely a foretaste. What we see in Washington is an exercise in self deception. It is the self deception of a country that does not see danger, of a country that ignores the wisdom of ancestors and the ABCs of economics.

They want a booming economy. What they’ve failed to consider is the false nature of the boom thereby engendered. False values, false ideas and promises of false prosperity pepper the program of today’s politicians. They have no business at the helm of a great country. Their leadership consists in pitiful ignorance, and the republic may be in its last days. There has been a shocking willingness to destroy the country’s currency. “If the government does not care how far foreign exchange rates may rise, it can for some time continue to cling to credit expansion,” Mises explained. “But one day the crack-up boom will annihilate its monetary system.”

The proposed plan to save the markets will save nothing. The proposed solution is no solution. Improper investments have been made and massive losses must result. We have to take our medicine before we can get better. Debasing our already debased currency makes things worse.

It was Cantor who when speaking why the bailout failed held up a sheet of paper and pointed to it. He said, "This is why the bailout failed." And then he described it as a part of Pelosi's speech given just before the vote. I saw him do it. I was watching when he did it. No one disagreed with him.

Wish I could recall where I just read it, but others rebuffed him saying it just wasn't so, they had already planned to vote no anyway.
Besides, IMO, the dems had the votes they needed - well, literally.

Chris Van Holland, Democratic Congressional Campaign Committee chairman before the vote told 16 vulnerable democrats this November to vote NO to save their collective asses and was heard stating they plan to use the outcome of the vote against Republicans.

5 Democrat Committee Chairmen voted NO. Even a sub-committee chair on the banking committee,a democrat under Frank voted NO!

South-side Chicago (D) Representatives B. Rush and J.Jackson jr. both voted NO!

I'm sure they'll "spin" it and blame the Republicans for playing politics but they shouldn't have put it to a vote if they didn't have the support. Maybe a couple of hotheads changed their minds because of what Pelosi said (and I would have, which is why I'm not in politics), but bottom line - she could not get her own party to back her up. Period.