Bail Out did not get approved by Congress

at least the initial vote. obviously things can change as members change their vote. but this is crazy...

congress needs to be fired. get ready for the great depression 2.

look, dow isn't down 5000 or whatever, but this is just brutal nonetheless

nah nah nah nah... nah nah nah nah...hey hey good bye.........

petr - are you singing about your LES property prices?

Time for me to get that book on subsistence farming out of that library and rent Mad Max for some tips . . . . I'm kidding (or at least I hope I'm kidding).

Dow down 500; i think confidence in the bill's effects was low anyway

Tell all the Conservative Republicans to pass this thing ASAP!

What is the preferred dystopian future of the StreetEasy board:

(a) Mad Max
(b) Waterwold
(c) The Postman
(d) Solarbabies
(e) Other (Please specify)

E) The Grapes of Wrath Possessions I have left will be in my 1994 Toyota pickup, my last, best paid for asset.

where spunky throughout all this? And those who went against the gold and VNO trade? Spunky, tell me you sold your MER, C, MS positions from JAN for a 2 year hold?

(e) Escape From New York

i prefer Ark 2.

(e) I am Legend

> petr - are you singing about your LES property prices?

Congratulate perfitz for calling the top of the bubble!

(of course, he told everyone to BUY then)

Can't say we've had a stupider piece of advice on this board than that...

To the nearest 50, where do you think the Dow closes down? My guess is down 650 for the day.

try 750

Try a nightmare over the next few days.

Anybody want to vote for a Republican?

I'm sorry, but - eventually the bill will go through, and this market will snap back so hard (even if only for a day) that I'm sure I'll get whiplash.

This is a short term 'buy' opportunity, no doubt....

This will get the Republicans more votes short term... most of the country was against the bailout.

When we go bankrupt, thats another story...

"I'm sorry, but - eventually the bill will go through, and this market will snap back so hard (even if only for a day) that I'm sure I'll get whiplash."

i agree a bill will eventually go through and market will rally. but whether it makes back all these losses depends on what it looks like. and i think its safe to say that every day that passes and every vote that is bought makes the bill less and less effective to solve wall street ills.

Oh - I was not suggesting in general terms that the market as an entity would make back these losses or not. But after 777 down, all I'm saying is taht sometimes it's okay to sit in the midst of confusion and know that it's a fine place to be - I think there are (admittedly short term, but still there, nonetheless) opportunities for the patient and intrepid person right now.

fair enough. i agree, things are looking very cheap and if you're fortunate enough to have lots of dry powder, i would start chipping away at it right now.

Some perspective - it's not even a top ten drop percentage-wise; so doomsday isn't here (yet)

More like 27%....

Much of the downside was already priced in... today's drop isn't what you look at, the same issues took us down hundreds of points before today..

alpine292 "Tell all the Conservative Republicans to pass this thing ASAP!"

What about the 95 Democrats that voted against it?

What about a majority of democrats siding with your stupidest possible republican prez and a minority of "his" guys sending us to savings disappearance? The country I live, 5000 miles away, is considered very risky. The same guys that helped the american system get so ugly, inefficient and destructive told the world that they shouldn't invest in my country, and that american economy was the model, and everything that didn't align with it was risky. Look what happened!

"I think there are (admittedly short term, but still there, nonetheless) opportunities for the patient and intrepid person right now."

My cash is staying in my closet safe until some sort of normalcy returns. You have to have gigantic balls to mess around here.

"Tell all the Conservative Republicans to pass this thing ASAP!"

How about the Liberal Democrats...

funny how they are both on the same side in this one

Is their stupid president after all and their stupid way of running a country on the last 8 years!!!!! and their de-regulation!!!!!! And now they are votin no?????? What are u thinking garelj?????

"Is their stupid president after all and their stupid way of running a country on the last 8 years!!!!! and their de-regulation!!!!!! And now they are votin no?????? What are u thinking garelj?????"

Wow...tell me how you really feel...

Plenty of Democrats to help pick up the slack...just needed 10 of them...maybe Thurs we will after Pelosi apoligizes for ruining all the good work both sides of the aisle did over the weekend

This bill was originated by the republican (bush/paulson) regime. Garelj - you are a big twister of situations. The republicans overwhelmingly didnt deliver the votes and now you blame it on the dems. Amazing. This was a republican originated bill and the dems moved to try to make it work for what their platform stands for (not that i entirely agree there). The point is it's the republicans who have overwhelmingly not delivered or found a document which they could agree to work with. No extreme right or left document will work since it requires bipartisan support.

Originated by the republican (bush/paulson) regime - 4 pages

Completely changed and pork filled by the congress leadership (pelosi/reid) - 110 pages

Pelosi has the votes since its a straight majority vote, she just couldnt rally the troops...

Sorry but you are relinquishing any blame on the republicans - totally ridiculous. There were republicans working on it and the Republican Senators are not an issue. 4 pages had no oversight or accountability. Bills are not written by one party - but the speaker is that - the speaker as is the majority leader and those happen to be dems.

McCain got on today and blamed it on Pelosi's speech which he said was too partisan. Let's be grown-ups and not punish the country because feelings were hurt in a speech. What McCain is implying is that he wanted it passed so he should have rounded up those troops better. If he wants the upside if he succeeded, should he bear some liability for the failure of it? It's hard to get it only on the upside (kind of like wall street is hoping for I guess).

The time spent with his parading in front of Bush saying nothing last week, should have been used for more work.

Let's be grown-ups and not name call and blame other people for the countries ills...stand up and say how we're going to get through this, not talk about the past...

She just couldnt help herself...and now she will pay the price

does anyone have a view as to what it's going to take to get the 10 or so votes they need to swing over to the other side- be it dem or rep?? market was certainly spooked by the lack of ability on both sides to deliver the votes. but i think it's an overreaction. bills fail votes all the time. you rejigger a few things, include some pork belly project a few people care about and you get their vote and eventually the bill passes

The bill was polarizing so i think the dems made a deal with the reps that they would not go more than 60/40 so that they distributed the requirements so that it wasn't pinned on either groups. The repubs didn't bring in the rest to make it work knowing the expected proportion of dems who would support it. From what I read, this was known ahead of the vote.

I felt something was off in the "Breakthough on Bill over the Weekend" headlines. The words of strong support from the Republican rebels wasn't there. But I expected it to be clear victory, but with enough dissenters to make the Dems very nervous that this would be their baby. I did not expect this. The leaders of the parties have lost control.

http://www.nytimes.com/ref/washington/ROLLCALL.html?currentChamber=house&currentSession=2&currentCongress=110&currentRoll=674

Write your Congressperson.

30% drop in NYC RE value by Nov 1. Here we go again. Well it was fun while it lasted.

JuiceMan, you beat me to it! e) "I Am Legend," but I was thinking the original version with Vincent Price. Hurry now to youtube, where you can view it in all its b&w gory splendor.

But let's go backwards to the good ole days of working in Manhattan. What did it remind people of?

a) Brazil
b) The Trial (Orson Welles)
c) Wall Street (Michael Douglas)
d) other

My vote is for a)

International markets are fairly calm; the bets are still heavy on the deal getting done, not to mention the other nearly $700 billion that flooded the markets yesterday.

Great buying opportunities yesterday and today. I dipped in yesterday. Not much, but when the market falls by nearly 800, everyone is predicting a deep depression and it's all because of the failure of a vote that will be reversed in a few days, that strikes me as a great time to buy.

"where spunky throughout all this? And those who went against the gold and VNO trade? Spunky, tell me you sold your MER, C, MS positions from JAN for a 2 year hold?" Urbandigs

I don't know but this is one heck of a crazy period. Good stuff for the history books.

"You have to have gigantic balls to mess around here."

Why JuiceMan, that's the nicest thing you've ever said to me.

I think you are totally right, Faustus. I wish we could get a look at the portfolios of the members that voted against the bill!

faustus, I did the same yesterday and today. It was really hard to do, but I guess that's why I have gigantic balls.

steve, it was hard to resist even though most of my other positions were getting annihilated. I ponied up and bought yesterday, not a ton, but enough to make a little scratch.

... and if it turns out yesterday was a trough, it's also just nice to be able to say you bought there.