Did Something Important Happen Today ???

777 Is Good In Vegas, But Dropping That Many Points on Wall Street...

I don't say this often, but today is a day that we all will (or should) remember... What September 11th was to security, today was to the financial sector. I don't blow the caution whistle much, but Congress really fucked up today, and they better fix it quick.... Wall Street is ready to just about implode, and DC went back into political mode, and they can now play a fiddle while America burns - just like Rome.

So, what happened to the 'agreed to' bill? Well, the Democrats had trouble tying up those guys who know nothing about Wall Street - the Congressional Black Caucus. What does this mean? It means that Jim Clyburn wasn't able to even whip his own people in line...They were pissed off because they wanted the bailout to bankroll ACORN, a low-income housing group that also has a major political arm that finances Democratic candidates. The House GOP got that part straightened out during this weekend's rehashing of the bill. While the GOP took a lot of flack for holding out this week, but the fact is the bill pushed today was a better bill. Not perfect, but better....Here's how the SC Delegation voted:

Yes: Henry Brown, Joe Wilson, Bob Inglis, John Spratt, Jim Clyburn.

No: Gresham Barrett.

The other half of the problem was that many House GOP members changed their minds after Speaker Nancy Pelosi got on the floor of the House and laid into the Republican Party, blaming them for everything that has happened. Truth is, Pelosi herself voted for the deregulation bill in 1999 (under a Democratic President) that contributed to the problem we now face. Like most things, there is plenty of blame for both sides.....

Well, many guys on the right side of the aisle took it personally - which you shouldn't on important things like this - and voted no. In short, "Hey Nancy, F. Me? F. You !!" And you thought these things just went on at home... A bill that they had enough problems with just got what they needed to say no... That's all it took. Nancy, when there is a once in a lifetime bill that must be passed bipartisanly, you:

1. Bite your tongue and talk nice

2. Pass the Bill

3. Then talk trash about the other side AFTER it passes..

How did Wall Street react? The market dropped 400 points in TEN MINUTES, and ended down by a massive 777 points - the largest one day point drop EVER... Start blowing the air raid whistles....... Our country financially is now in big trouble. I'm not kidding. No, I would rather not have to borrow all this money to bail out America, but we are in serious, serious trouble.

Congress needs to get back in a room with those who straggled, find out what they want, and fix the bill to get those last 15 votes needed to pass. Maybe you don't understand how this will affect you personally, so I'll break out my diploma again and explain it. If banks keep this debt on thier books, they can't loan out money, even to other banks or good customers. In turn , you can't borrow for a car, a home, or at the least, you'll need to put down A LOT MORE down to get it. That slows the economy down, business slows down to a crawl, and then people start losing jobs - and it might be yours. Not mine, i've had my share of losing jobs this year....




Got it? No, no one likes going $700 Billion into debt, but we'll get a pretty good chunk of that back, and the downside is unthinkable.... We need to get this done, and fast. Congress better not even think of going home now.



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