A bit of a bad scene in the House. The bailout/rescue plan was voted down by 228 to 205 votes. Not one of Congress' better days.

This has gotten beyond ugly
 

http://news.yahoo.com/s/ap/financia...P5YjBVeGs0N UE

summary: the US House of Representatives, by a vote of 228-205, has rejected the $700bn bailout bill.

The Down Jones industrial average immediately reacted by 777 points, the absolute worst one-day drop, in terms of points. It is worth noting however, that in terms of percentage, it is not worst than either the crash in October, 1987, or in October, 1929.

In a system based on confidence, this is a catastrophy.

The system based on confidence has left us confident that for the last decade, the manipulators of the money somebody else made, will stuff their pockets to bursting with it, then try to replace it through their buddies with the key to the tax coffers.

I'm confident they will get it too. :(

I understand the need to cut costs and make sacrifices so I'd like to offer to provide my own paint stirs for Lilith's dungeon of homemade sex toys and bdsm devices.

A generous soul!

I believe the fair thing would be for Halliburton and the Six Sisters to float a quick $trillion$ to keep all the peasants doing their bidding.

On a practical note, the Senate has the opportunity today to move the rescue/bailout package forward. Let us hope that at least there we will find enough bipartisan leadership.

I did notice that the oil market raised prices in hopes the government does go another trillion in debt. :(

http://biz.yahoo.com/ap/081001/oil_prices.html

That ^^^ sure makes me want my government to give money they don't have to the people who's greed screwed this up. I can't wait for them to keep the price of my gas going up. :rolleyes2

Gas around here is going down. It dropped two cents in one day. Granted it's not as fast as it went up, but it's something. However I love the "we deserve it dividend idea". I sure could use that much money and I know just about everyone else could as well.

Our gasoline prices have dropped to ($3.46 is the lowest I've seen), but oil per barrel climbed $4.00 according to the news this morning. I'm surprised that gasoline didn't jump. Usually it goes up when they hear a camel stubbed it's toe. :(

dicksbro,

It is interesting to watch the various markets change and twitch as a spending bill this large moves through the Congress.

I also noticed the fall in the DJI as well as the oil price when the bailout legislation (now being referred to as crisis legislation) failed to pass in the House. Now that a revised draft of the legislation is scheduled to be voted on in the kindlier Senate, where passage is more likely, both the DJI and oil prices have ticked up a bit.

Just goes to show how carefully government market interventions must be to avoid inadvertently creating new problems when correcting old ones.

the markets ended up with little or no change today and oil is down about $2.00 a barrel, they are waiting and watching.

It did this with the last bail out proposal. The market was stable and then when it didn't clear it plummeted.