It Didn't pass!

[Supercilious]

Re: It Didn't pass!

Is that even legal? Is this vote definitive or not? What are the rules here? is this a done deal? What's next? Does anyone know?

• Is that even legal? - Nobody cares about the Law ( and for that matter about the Constitution) anymore.
• What are the rules here? - There are no rules in a mugging in progress. He who holds the knife (financial power) makes the rules.
• is this a done deal? - No. Only after the $700 bil is stolen from the taxpayer you could call it a done deal... and of course another "deal" will follow soon (the $700 bil is just a snack)
• What's next? -An engineered market crash ( in order to force the Bailout through Congress) followed by a carefully nurtured recovery ( after the $700 bil is passed)
• Does anyone know? - Yes. Ben, Hank and their hedgie buddies know what is going to happen next (my guess is that they have at least some decent planning)

[Supercilious]

Re: It Didn't pass!

USDX is up and treasury yields are crashing.

Why is the USDX up, any ideas?

Fed's Hammer Drill at work , of course

[Slimprofits]

Re: It Didn't pass!

An explanation about Congressional Martial Law from the Center on Budget and Policy Priorities, written in 2006...

Under the martial law procedure, longstanding House rules that require at least one day between the unveiling of significant legislation and the House floor vote on that legislation — so that Members can learn what they are being asked to vote on — are swept away. Instead, under “martial law,” the Leadership can file legislation with tens or hundreds of pages of fine print and move immediately to debate and votes on it, before Members of Congress, the media, or the public have an opportunity to understand fully what provisions have been altered or inserted into the legislation behind closed doors. This is the procedure that the Leadership intends to use to muscle through important bills...

[..]

That House rule (Rule XIII(6)(a)) provides that a resolution (called a rule) reported by the Rules Committee cannot be considered by the House on the same legislative day that the rule is reported (except by a two-thirds vote of the House). This is supposed to ensure that Members of the House and the public have at least one day to examine and analyze what is in legislation before they have to debate and vote on it.

To maneuver around this House rule and rush the three proposals discussed above to a vote before they have been fully examined, the Rules Committee reported a rule late Thursday afternoon (H.Res. 958) that would waive the application of Rule XIII(6)(a). Instead, it would allow the Rules Committee to wait until the last minute and not to report the rules governing the consideration of these bills or to release the text of the bills themselves until immediately before debate and votes on the bills, and on the rules governing their consideration, commences.

This extraordinary procedure is known as a “martial law” rule because it suspends the normal procedures and safeguards and allows the House Leadership to operate in a more authoritarian fashion. It enables the Leadership to seek to ram a bill or conference report through before the Members have the opportunity to fully understand what they are voting on.

[Judas]

Re: It Didn't pass!

I mean, the House declared martial law on ... itself? What is that?

House leadership (the Dem power guys) declared it on the House.

Is that even legal?

Yes, but scummy.

Is this vote definitive or not? What are the rules here? is this a done deal?

No, it is not definitive. They can tweak it, debate more, put it back up, call for another vote, ad infinitum. Until the stars fade from the heat death of the universe.

What's next? Does anyone know?

Congress wheels turn– backroom deals, pork projects handed out, deals for additional financing of campaigns from party coffers, threats, cajoling, blackmail, a bit of compromise, leaks to the press, etc. until the deal goes through in some form or until it is absolutely, totally, undeniably not going to pass after all the above measures fail.

[JayS]

Re: It Didn't pass!

I don't know about marshal

Yeah, sorry, I'm an idiot. Marshal, martial ... apple, orange. At least I spelled it correctly the 2nd time!

[Judas]

Re: It Didn't pass!

• What's next? -An engineered market crash ( in order to force the Bailout through Congress) followed by a carefully nurtured recovery ( after the $700 bil is passed)

By whom? The PPT?

[Supercilious]

Re: It Didn't pass!

By whom? The PPT?

Nope, by "friendly" hedgies . And they will make a load of money in the process.

[D-Mack]

Re: It Didn't pass!

By whom? The PPT?

Cramer will do it

Worst-Case Scenario: Dow Under 8400

Without the Paulson plan, or if the plan is so watered down and delayed, I have been saying all bets are off and we could be in for a huge swoon. How huge?
..
http://www.thestreet.com/story/10439...nder-8400.html

[grapejelly]

Re: It Didn't pass!

on CNBC poor Cwamer looked like he was going to cwy.

[BrianL]

Re: It Didn't pass!

Basic question I'm sure, but I thought gold would skyrocket if it passed, not if it failed.

It seemed generally accepted that, if the bailout passed, we'd be more likely to see high inflation in the future. That would make holding gold more desireable.

Is the huge gold jump people simply getting out of stocks/treasuries and needing somewhere to dump it short term? If so, does this mean we'd expect another drop short term followed by another positive gold spike when an eventual version of the bill passes?

[GRG55]

Re: It Didn't pass!

USDX is up and treasury yields are crashing.

Why is the USDX up, any ideas?

Elementary my dear Watson...

The safest place to be is in the currency of the world's largest debtor nation and largest energy importer, with its dysfunctional government, lame duck President, imploding financial system, liquidating hedge funds, collapsing house prices, corrupt CEOs, incompetent politicians, Marshal (sic) law, and never ending war on terror.

Apparently everywhere else looks even worse [as Mega will attest]...:rolleyes:

[D-Mack]

Re: It Didn't pass!

They blame each other..

Washington, D.C. - In a suspenseful vote of 205-228, the House of Representatives squashed a bill granting the Treasury $700 billion to shore up the U.S. financial system. Clearing the House was seen as the bill's biggest hurdle, and now the proposed bailout is thrown into disarray.

The bill had majority support from House Democrats, at around 140-95. It was killed by staunch opposition from House Republicans, 65-133. The voting was left open for several minutes, while congressional leaders tried to get members to change nay votes, and the tallies shifted slightly but not enough to pass.

...

Though support for the bill was strong at the start of voting, it tapered off at the end, and the nays carried the day. A motion was made to reconsider the bill at an unspecified later time.

"I don't know that we know the path forward at this point," said House Minority Leader John Boehner, R-Ohio, "We need everyone to calm down and relax and get back to work."

Rep. Roy Blunt, R-Mo., said "we did think we had a dozen more votes going to the floor than we had." Blunt and Rep. Eric Cantor, R-Va., blamed the collapse of support on a speech given by House Speaker Nancy Pelosi, D-Calif., shortly before voting, which they said stirred partisan tensions.


...

http://www.forbes.com/home/2008/09/2...0929vote2.html

[grapejelly]

Re: It Didn't pass!

and Cramer was spouting off about how the FDIC is still the one lone trusted institution and they should guarantee millions in bank deposits (or billions) to attract large corporate depositors.

[godraz]

Re: It Didn't pass!

The roll call can be read here: http://clerk.house.gov/evs/2008/roll674.xml

Gotta love the "BILL TITLE: To amend the Internal Revenue Code of 1986 to provide earnings assistance and tax relief to members of the uniformed services, volunteer firefighters, and Peace Corps volunteers, and for other purposes"

:rolleyes:

[Supercilious]

Re: It Didn't pass!

and Cramer was spouting off about how the FDIC is still the one lone trusted institution and they should guarantee millions in bank deposits (or billions) to attract large corporate depositors.

Yeah, Crammer can be very funny to watch, sometimes ...