The tribe has spoken....mixed feelings here!

Repubs vote 2-1 nay!

This is going to get ugly. Worse than it already is. I bitch about the bailout but it would have been the best thing I believe. Going to get really ugly.

Sounds to me the best idea of all. This is going to scare the lenders straight and stop giving loans to people that can't afford them. In the mean time, I think the best option for the country to do is help out the folks that were given the loans. That may just show a glimmer of hope to the people of this great country. In addition, the fact that lenders are really at fault here is reason enough to make them find a way to get the moneys from the people lended to. If that means turning the existing foreclosing homes into a 60 year loan at half the monthly payment then so be it. It is a lot easier to bear a 600-700/ mth payment than a 1200-1300/ mth payment. Now, all the sudden there is less foreclosed homes and less bankruptcy. Voila, problem averted. What do ya think?

I'm still open for business. Closing a $550M transaction Wednesday, $250M transaction today, $4MM transaction Friday, $240M transaction next Friday, so I'm putting out about $5 million on the street in two weeks, and we have more money to lend to responsible clients. We also don't have the issues other folks do.

I don't do consumer car loans, just C&I, Com'l RE, and other types of commercial loans.

Microsoft!!!

Andy, what is you're outlook on commercial Real Estate? Is this going to be the next shoe to drop ?

Nope.

Loss of Payroll, due to simple fact that corporations can longer get a loan from a bank.

People will panic and pull their monies out of their banks and investments.

Mass bank and market crash. Sound familiar to those that read their US History Books, specifically in the 30's time frame??? This time, it's way worse.


I'm not for bailing out those greedy bastages that got us in this mess in the first place, but the US corporations needs some hard cold cash and they need it now.

Denying the US that cash is bad....very bad.

Or, so I've been lead to imply.

Not sure. Depends on vacancy rates. Ever notice how many tower cranes there are in Bellevue? They might take a hit if they can't lease them. I'd be a little concerned if I had a large portfolio of investor RE right now.

The bulk of what I do is owner occupied, but we do have some investor RE. I have a fair amount of rental single family residences and apartments, but those tend to be pretty good when housing credit tightens up.

All in all, I think Joe Average will be fine, as long as you have paid your bills on time. If you have a diversified portfolio of investments, this is a bump we'll get through, and don't sell it all and quantify your losses. Credit will tighten up, and good banks will still be willing to lend money.

My suggestion to you is to turn off your TV.

Well, I dont agree that the lending cease is a good thing. But it has one thing going for it. And that is the fact that there is less of an excess. What I mean is, this is going to force the country to live and discover what "need" is rather than the misconceptions that we exist under today are. Kids at school with phones, rather than paying attention to the important lesson up front, texting away. Mom and dad buying the brand new car for Jr. just to have it wrecked a week later cause he thinks it is a Formula One car. These hard times fall on us at a very oppurtune time if you ask me. A time when the things that are valued are almost always a material item. Just run around and ask ten kids what they think is most important that they have. I bet most of them say 1. Mom and dad 2. Video games or some electronic. This is going to be a valuable and needed lesson I think. While it is not a good thing that there are so many who will pay dearly for what has happened. It is, I think a necissary evil. Maybe the government should only find a way to soften the blow. Rather than eliminate it.

You think you know everything, stam.

LMAO

Get ready to see some serious "straight talk" acrobatics...McSame is about to get on the tube and give a speech as to how it's Obama's fault that McSame failed to deliver anywhere near enough Republicans to get this bill passed...

This oughta be good.

He should just send Palin out there to blame it on Clinton.

Fish on...

Todd

Well, it was kinda disappointing.

He just said it was a necessary bill, and that it was "Senator Obama and his Democratic colleagues' fault".

Period.

Not even a mentally retarded frontal lobotomy patient with a penchant for wearing a knapsack over his head could come up with a connection between McSame's utter failure to get his own party in line and blaming it on Obama.

I suspect the press will have a field day with this one.

This just further reinforces the fact that McSame knows virtually nothing about the economy, and that his failure to win decisively in the foreign policy debate will likely ring the death knell for his candidacy...well, whatever is left of the knell after Palin's been beating it with a spoon all week.

The next three debates (two for the POTUS candidates, one for the VP's) are going to be interesting...unless you support the McSame/Falin ticket, in which case they're going to be a nightmare.

Fish on...

Todd

Lame Todd. This is no more McC than it is BO, NP, HC, HR or any of the rest of them. As always, there is planty of blame to go around. The taste went bad for the bill after all the political mumbo jumbo that happens in Wa. Everyone to busy taking credit and point fingers. Just more BS. Put your party ahead of your country and political points ahead of right and wrong.
Just one more reason we need to kick all these SOB's out and start new. And BO is not new. It is sad day.

The republicans were lined up to vote yes even though democrats are unwilling to accept any responsibility over the mortgage crisis until Nancy PMSilosy opened up her mouth and got political and tried to put all the blame on the republicans.

.......so then the Republicans really showed her.

At the expense of the Dow.........down 800 points +/-

I'm glad kindergarteners have taken over DC.

Wow. Just f'n wow.

If anyone...for real...thinks that the Repubs voted against this bill, against their President, Vice President, and their presidential candidate because Speaker Pelosi made a speech, and it hurt their feelings...if any of the Republican congressmen really voted against all that because their feelings were hurt, then they need to go get a hug from their mommies and maybe have some kool-aid and a plate of Oreos.

You know how you can tell when even the Repubs know they dropped the ball?

They say it was "everyone's fault"...if there's any debate whatsoever that it wasn't their fault, then they'd flat out blame it on the Democrats, or at least Bill Clinton.

When you hear the Republicans saying, as they are right now on TV as I am writing this, that it was "everyone's fault", then what you are really hearing is that "we fukked this up, and bad"...

Every republican voter who is pissed about this ought to call their representatives, if they voted "nay", and ask them if they did it because their poor little feelings got hurt...if that's what happened, then they should write in "Mickey Mouse" on their next primary ballot...at least Mickey will make the hurt feelings go away, he's so happy and all.

Fish on...

Todd

Didn't you're party last week acuse Mccain of spoiling the votes they needed to pass this bill? Does that ring a bell?

More Lame this time Todd. This bill was killed because of politics. If you dont realize politics happens in DC and things dont get passed because of it you are the one that needs to call mickey......he could explained it to you in a language fit for a two year old.......then you would understand.
When we say "blame to go around" it is because there is "blame to go around." If you cant see that through your partisan hate of the other side you are part of problem. Again, a sad day.

KK,
Some of us here work for a living and check this stuff for two seconds before getting back to work. We just type fast, post and run. You see, jobs are like that. No time to grammer check or worry about a missed key. Try it some time and you & todd might have the same problem.

OK...it was politics...duh.

Explain to me the politics behind this...

218 votes required to pass the bill
Democrats voted 141 to 94
Republicans voted 64 to 133, with one not voting.

How, again, is this the Democrats' fault that the bill didn't pass?

What "politics" were the 134 Republicans playing who went against their Pres, VP, Pres candidate, and all the experts?

I didn't make up the story about how Nancy Pelosi "hurt their feelings"...they made it up themselves. If you don't like it, ask them why they said it, not me.

Fish on...

Todd

Hey asshole, I have two jobs.

Fish on...

Todd

Fixed that for ya, Todd.

...and can goddamn guarantee you that as small business owners, KK and I contribute more taxes quarterly than you do all year.

Fish on...

Todd

A little close to the vest for both of you. Sorry I "hurt your feelings". Maybe I was being to "political". Just take your meds, they would calm you down a bit.

""

Sure Todd. As I own two offices and a third through my wife. Figure out who you are talking to.

No hurt feelings...just more baseless and factless drivel coming out of your keyboard...thought we'd point it out for you...again.

I sincerely doubt it will be the last time.

Fish on...

Todd

I thought that title was reserved for me?

Everyone knows how smart you think you are Todd, you tell us all the time. If we poll who has more "drivel" spilling from keyboards around here you would rank #1. Maybe #2 to JLH. We should do that poll.
We could also do one about who is the smartest member. You can be the only one to vote. Then your feelings wont get hurt again.
Lastly, I dont talk about what my "offices" make todd. I keep that as a personal thing. Those of us who have made it dont attempt to talk down on others. Grow up.

So, what about the youtube from c-span, seems everytime someone from the other side comes up with something concrete you just ignore it. I believe that it is from 2004--- would have given us a head start on this crisis.

If the Dems had voted party line than it would have passed. I read the info KK and I saw where it discussed what taxes were collected but not where it described the disbursments.

Nice to know others on this board see through Todd and KK's bluster and B.S.
It's amazing to me, but I thought the "caste system" was abolished a couple of centuries ago. But like any dillusional belief system, there are still those who cling to
the notion that they are better than anyone else. Way to win friends and influence people, Todd and KK. TODD/KK '08!!!!!! Team Driftboat Veterans For Themselves!

Oh and unless I am mistaken, (and If I am, Im sure Todd and KK will see to it that I am corrected) but it was POLITICIANS who defeated this bill, and there is no need to draw distinctions between parties.

Zzzzing!!

He's watching Judge Judy...

All this political mumbo jumbo... Thickheaded as I am I can't seem to figure it out. The republicans were the ones that were supposed to be the beneficiaries from this bill. Don't even go there. I know the bs behind that. But the Dems are the ones questioning all the formalilities at the debates about where the moneys come from and how they are going to fix anything. Then the dems are the only one to vote majority for it. Whaaaaat? I am really confused now.

Someone help me out here. Am I way off or what?

So you are saying the republicans got their feeling hurt, and as a result failed to pass a bill, they favored, proposed by their president and presented to the American people as vital to our nation, and their constituents. Now that'statesmanship at its finest .

In addition to the Repubs voting 66% against the bailout, it is reported that 40% of the Dems voted against it also.

Ouch...............

This correction should bring america back to living within their means.

That is what I was saying earlier.

I've seen reference to this by a few others and I've been Googling every keyword phrase I can think of but still can't find any bill put forth by the Ds with language stating that lenders are forced to make loans to minorities who can't afford them.

Can you provide a link? Thanks.

Community reinvestment act.

I looked at that but can't find any language stipulating that lenders are forced to lend to minorities that don't meet minimum requirements for a particular loan.

Can you point out where exactly that's found?

Watcha got for collateral?

How about a backhoe?

He's got a half-ass decent truck, and a boat that shows rocks and KK's rowing skills don't necessarily jive, but it's a Willie boat, and it's got some resale value in spite of the dents and scratches.

I happen to know that he has at least a couple hundred bucks worth of gold and silver plated fishing lures that won't ever see the light of day

Fish on...

Todd

P.S. Good luck on attaching his wine cellar...he'll live in a box under the viaduct hugging his vino before he'll ever put that on the block.

After spending Friday into this monring at LaPush, with no TV, no paper, no radio, just fishing and drinking, life was looking pretty good. But , then, I got near PA and decided to turn on KIRO and found out the world is falling apart. Kind of reminds me of Y2K, remember, lots of folks saying it was going to be the end of life as we know it. But then midnight comes around and nothing happens.

I don't expect much out of Congress anymore, so with expectations set low, I remaine un-disapointed by today's events. I am glad they are going to take the Jewish holidays off tomorrow, so I think I will too. I mean any crisis waiting for me at work can't be as bad as the one facing this Nation.

People are calling their congressmen opposing this because:

a) nobody, certainly not the general public, has any f'n idea if this is the right thing to do or not. I've got a bachelors in Physics, and run a 60 person small business and I have any idea at all if this is TRULY a good bailout.

b) It's a stupid large amount of money.

c) folks are reacting purely (or at least mostly) emotionally, having not yet personally felt pain from this and a) above. They may have lost more in their investments this year than they spent in gasoline with our spendy gas prices. But right now they're more painfully aware of the gas price issues. Everyone will vote for whomever says "drilling" the most often, no matter if that matters or not.

As soon as people can't move because not only can they not get a loan on the new house they want, other buyers can't get loans to buy their house. Or maybe folks won't be able to get loans to send their kids to college. Then there will be more political cover.

---- Brian

With the public not backing the bill, congressman up for re-election that are in tight races voted no 3 to 1. After the big push to get the bill passed, 5 democrat committee chairs voted against the bill so it seems that the dems even though they could have passed the bill on their own without republican help decided that it would be political suicide to pass the bill without someone to share the blame with.

Still no thoughts on this???

I'm just not very good at calling people names because we disagree.

I'll tell you this much. I just went from having a house to sell in about six months to having a rental property for atleast the next five to ten years.

My 401k went down 9% since last Friday.

The failure does appear to be based on districts in tight races rather than straight affliation. Since Bush has screwed everything up for the Republicans, they are in much more trouble, hence the higher no vote. What bothers me is that there was almost a 14% swing in the market yesterday, up in the morning and then down heavily in the evening. If someone had knowledge that the vote wouldn't go, how much could they have made? With the market back up 300 points more money is being made and lost by people. Who is being this active in this market? I hope it is all on the up and up, but the potential for huge money is so big I start to get a bit skeptical at times.

Unregulated Hedge Funds...one of the worst creations in financial history, unless you are ultra rich then they kick ass.

This being America what will go down is that everyone who's been getting even fatter for the last 8 years will have their asses(ts) covered and the rest of us will be footing the bill for the next forty years. Congress will hand over a black check to the Bush Administration who will see it as a "severence package" for themselves when leave office here in a few months.The way it will be sold to us will be "A tough pill to swallow for the good of America" and the common rabble, whom inevitably only know & think what corporate television tells them to know, will eat it up and call people who were opposed to it America hatin' Socialists. Some poor upper management hack will undoubtedly get nailed in an audit and have to spend 12 months at Camp Cupcake while becoming a convenient scapegoat.

That's my prediction.

Nice analogy. While it sounds like fiction, it may not be far from the truth.

As simple as it seems, a screwball accounting rule, Mark to Market has been a big player in all of this. Forcing companies to book present paper losses on assets they intend to keep long term, which will have considerable variance in value over time, has forced the holders of these mortgage backed securities to take a bath.

It could be a good thing for the U.S. to grab this paper on the cheap and sit on it as I think the worst of it will be over within 12 months regarding the crazy investor loans, option and subprime ARMS etc...most of the toxic stuff has/is or will shortly be in default. What's left at that point will be a pretty solid, long-term investment with responsible people who will have no problems paying the mortgage...the problem with this accounting rule from what I understand is time, it doesn't allow for market variances to work themselves out. That works both ways as they were booking huge fantom profits from these mortgage portfolios for many years, running up stock prices and bonus' along the way now the piper is getting paid back big time.

I'm not an accountant, nor would I ever want to be one but this rule seems like it could be changed quickly and would result in a much clearer picture of the true condition of a company holding this type of paper at a given point in time. I am all ears for some beancounter to educate me further on this "rule" or what would be a better "rule" so fire away...cheers.

[censored] or be Pucked if you're right of center....

.02

Mf