Anybody check the stock market today?

[mm2002]

Depressing. Because the house rejected the financial relief plan, NASDAQ reports the worst "one day" percentage decline since 1987. What's next?

[Rockhound76]

Cautiously buy in. It can go down more, but it will eventually self correct. However you feel about the gov't getting into private business, I thought that since gov't intervention in the market made this mess, maybe it would have to interfere a bit to get us out of it.

There were enough votes to pass the thing, then Barney Frank and Pelosi had to start making it a campaign point. After Pelosi's speech, 12 Republicans who had reluctantly agreed to support the bill backed off in a tiff. While I hope politicians could be more grown up than that , I should have known better than to have expected anything different on either side of the aisle.

For those who thought that Bush and the Republicans were responsible for the dereg'ing of the mortgage markets, here's an article from 2003:
THE BUSH ROLE. .
New York Times, September 11, 2003 by STEPHEN LABATON
.
“The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac . . .
.
The company is also likely to lobby against the efforts that give regulators too much authority to approve its products. . .
.
''The regulator has not only been outmanned, it has been outlobbied,'' said Representative Richard H. Baker, the Louisiana Republican who has proposed legislation similar to the administration proposal . . .
.
. . .Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.
.
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.'
.
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said."
.
You can find the link to the article if you look up "Barney Frank" on wikipedia

[texdiveguy]

Via internet news: 4:05pm CST

By TIM PARADIS, AP Business Writer 1 minute ago

NEW YORK - Wall Street's worst fears came to pass Monday, when the government's financial bailout plan failed in Congress and stocks plunged precipitously — hurtling the Dow Jones industrials down nearly 780 points in their largest one-day point drop ever. Credit markets, whose turmoil helped feed the stock market's angst, froze up further amid the growing belief that the country is headed into a spreading credit and economic crisis.

[USF_Diver]

I think I just saw the nasdaq went down almost 9% thats sick.

[Gombessa]

This day is so dire that I'm going to jump out my window.

I'm back. I just realized I left my pants inside, so I climbed back in.

[chinacat46]

Originally Posted by Rockhound76

Cautiously buy in. It can go down more, but it will eventually self correct. However you feel about the gov't getting into private business, I thought that since gov't intervention in the market made this mess, maybe it would have to interfere a bit to get us out of it.

There were enough votes to pass the thing, then Barney Frank and Pelosi had to start making it a campaign point. After Pelosi's speech, 12 Republicans who had reluctantly agreed to support the bill backed off in a tiff. While I hope politicians could be more grown up than that , I should have known better than to have expected anything different on either side of the aisle.

For those who thought that Bush and the Republicans were responsible for the dereg'ing of the mortgage markets, here's an article from 2003:
THE BUSH ROLE. .
New York Times, September 11, 2003 by STEPHEN LABATON
.
“The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac . . .
.
The company is also likely to lobby against the efforts that give regulators too much authority to approve its products. . .
.
''The regulator has not only been outmanned, it has been outlobbied,'' said Representative Richard H. Baker, the Louisiana Republican who has proposed legislation similar to the administration proposal . . .
.
. . .Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.
.
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.'
.
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said."
.
You can find the link to the article if you look up "Barney Frank" on wikipedia

How come it didn't pass? Didn't the republicans control congress back then?

[BuzzF117]

Originally Posted by chinacat46

How come it didn't pass? Didn't the republicans control congress back then?

GOP controlled the congress but because of the rules that they aggreed upon they had a very difficult time getting things out of committee. Barny Frank bottled many things up in the banking committe

[georoc01]

At this point, I am thinking we need to throw them all out a window. Every congressman, democrat, republican, doesn't matter. But it would take some real anger out there for it to happen.

Now that pensions have been replaced with 401ks, everyone is effected by this, not just wall street fat cats.

[chinacat46]

401k? Mine is a 201k

[mm2002]

Yeah, it's not a pretty picture, but things will turn around. I don't think anyone wants to re-live 1929 all over again.