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| Xeogaming Forums - Debate Shrine - Nancy Pelosi, and how she killed the economy. |
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Lord Vulkas Mormonus Vile High Xeodent of Xeomerica.          Since: 10-29-04 From: North Carolina, United States. World, Sol System, milky way Since last post: 191 days Last activity: 174 days |
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| So, the bailout wasn't passed after Nancy Pelosi made a speech about how because it's by Bush, it's going to ruin the country.
Stocks dropped more this afternoon than they ever have in a single day. Even Obama seems to disapprove of it not being passed(although I only saw the beginning of his speech, he could ahve said more later). So, thanks to Pelosi's nice speech about the evil of Bush, and thanks to how little she actually contributed to the subject at hand... She set off a domino effect. Stocks are dying, which is really hurting businesses, not to mention the problem with banks not being able to pay mortgages. No matter how you tihnk of it, even if this bill needed some revisions, this not being passed has really hurt America. And yeah, I recognize that more than Pelosi are to blame, but seriously, this bill has now been murdered. Thoughts? Pelosi's speech: http://www.huliq.com/1/69547/pelosi-speech-bailout-today-september-29 |
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FX Zombie Marco Since: 03-24-06 Since last post: 3613 days Last activity: 3509 days |
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| I honestly think you don't have proper causality there. Pelosi was not the only person against the bill, and there's no way to tell if her speech is the reason it wasn't passed. Not only that, there's no way to know for sure if stocks wouldn't have dropped if the bill had been passed, mainly because the effects probably wouldn't have taken effect by now. | |||
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Rogue If you're reading this... You are the Resistance Since: 08-17-04 Since last post: 417 days Last activity: 225 days |
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| There's a lot more at work here than a speech by Pelosi. For the most part, a lot of people already knew where they stood on this.
The economy wasn't exactly in the greatest of places to begin with, and the stock market is often driven by fear and rumors. Example: A week and a half ago, rumor had it that Madison Square Garden would be switching its ticketing services from TicketMaster to Live Nation--sending Live Nation's stock up 21% in one day. Now here's a question: where would the $700 billion have come from? Why the American people of course. Your interest rates will be going up to cover the ass of a bank exec. By the way, the dollar dropped in value immediately after the announcement to help out these banks who'll probably put themselves in this situation again in the near future and expect another bailout. There've been TWO other bailouts this year already. These things were supposed to be reserved for the utmost dire emergencies, right? The Secretary of the Treasury, who came up with this $700 billion bailout, is reported to benefit from the bailout were it approved. He worked for Goldman Sachs. He's hired their executives as advisors. They'd be graciously accepting taxpayer money and supposedly will be able to cover up their illicit activities as well. Source 1 Source 2 Source 3 But not to fret, there have been MULTIPLE alternatives proposed. This one just happened to be what Bush and a few other big wigs liked. |
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