The House Rejected the Bailout ...

fuzzy_dogs_mom

I got a call from Wells Fargo yesterday telling me I'd be getting a letter from them to the effect that whatever interest my investment earned with them just disappeared ... but I'm really not too concerned about that.

I've lost track of what banks have gotten sucked up in the mess. Is Wells Fargo in trouble? I wonder what the investment was Joyce. Unless it was a Money Market account, I'm not sure why they'd be saying that.  They can't take away % earned already on my types of accounts, or at least I didn't think they could. Then again, I never thought my bond with Lehman Bros was risky, so I'm learning new stuff every day. I just found out that one I have with Citi Group is also struggling, but hopefully it'll be okay. We've taken such a beating on our investments these last few weeks that I just can't even think about it anymore. When the "experts" say that we shouldn't panic and bail out now, I know what they really mean is that if you didn't bail out a long time ago, you missed the boat

As far as I know WF isn't in any trouble ... yet.  I think that $50K is in metals and the other half is in two different things (can't remember what) @ $25K each. That deposit was made in Nov. '07 so it has been nearly a year and I'm not sure how much interest it earned.  I wasn't crazy enough to plan on getting rich off whatever the investments made, so as long as  the original amount is safe I'm not going to worry too much about it.  It probably is a Money Market account, but the stupid PMA account bank statement is 16 pages long and covers checking, savings, WF visa, HELOC and the investments.  It's such a PITA to wade through it all that I usually grab the part that I need to balance the checkbook and file the rest. I just do a quick glance and make sure there's not anything on the visa or any checks written on the HELOC that I don't know about.

Joyce

I heard today that the bailout was revamped (no small thanks to McCain who, again, did what he thought was right, regardless of politics..hmm.. where have I heard that before) and the ACORN bit is out. The other big problem was that Obama and others were recipients of contributions from that organization. The other bit if irony is that the CEO's of Fannie Mae and Freddie Mac are Obama's campaign financial advisors (no, I didn't make that up.)

But I suppose we can ignore that, like we ignored Hillary and Bill shredding like crazy before they had to testify in Whitewater.

Obama only voted present and did not involve himself in this solution, quite possibly because of conflict of interest, which may have been politically savvy but it may hurt in the long run. In the meantime, McCain, once again worked for his country, a life-long pattern, as I can see. Aside from the debate night, he did put his campaign on hold, which means missing several cities, in order to hammer out this bailout so that you and I don't lose our shirts. That's a guy working for the people. If people want to call him McSame (which I know is meant as an insult but goodness forbid I call Obama by his middle name) then I think we could use some more of the same if it involves pulling out fat out of the fire. IMHO.

ron2

The other bit if irony is that the CEO's of Fannie Mae and Freddie Mac are Obama's campaign financial advisors (no, I didn't make that up.)

No, you certainly didn't make it up.  But like the McCain campaign, you're repeating an outright lie.

Snopes

For those interested in who Obama's actual economic/financial advisors are -- Rob Rubin, Paul Volcker and Warren Buffett.

ron2

Obama only voted present

FYI -- The Senate vote hasn't occurred yet.

Myra

But like the McCain campaign, you're repeating an outright lie

Interesting. I quoted a Snopes judgement in one of these debates before and that Snopes judgement was rejected because it was truthful about McCain.

So, and not saying it's you, but in this forum, accepting a snopes judgement depends on the politics. It does, however note, that he did have contact with them and it was about advice, though, as the snopes article is saying, they are not his financial advisors, now.

So, are you calling me a liar or am I guilty of a sin if I have repeated something deemed a lie?

And I think I mispoke earlier. You are right, the house hasn't voted, but it is expected to pass. But where has Obama been in this resolution other than taunting McCain into the debate? His camp said that McCain should be able to multi-task, solving the economic woes of companies Obama was linked to (Obama represented ACORN in a lawsuit in Illinois) while debating him. So, McCain took time away from the campaign and a night away from trying to solve the economic gordian knot left by Freddie Mac and Fannie Mae because Obama wasn't going to stop campaiging even for a moment and was going to show up any way, forcing a forfeit. Oh, so classy ...

ETA:

I've been trying to independently confirm your list of his economic advisors but I haven't found it, yet.

ETA II:

According to Obama's own website, this is his economic advisor.

"Austan Goolsbee

Goolsbee is the Senior Economic Advisor to the Obama campaign. He is a professor of economics at the University of Chicago and a Fulbright Scholar. The Financial Times named him one of the six Gurus of the Future/Best Under 40 in 2005, and the World Economic Forum in Switzerland chose him one as one of the 2005 Young Global Leaders. He received his Master's Degree in Economics from Yale in 1991 and his Ph.D. in the same subject in 1995 from Massachusetts Institute of Technology."

So, I'm still trying to find the source of the names you listed. It would appear that neither one of us got it right.

ETA:

I googled the names you listed and got this.

http://www.bloomberg.com/apps/news?pid=20601070&refer=home&sid=abKPolAPZtx4

They are not exactly part of his campaign troops but he was meeting with them to discuss economic issues, maybe in a similar vein to talks with the CEOs of Fannie Mae and Freddie Mac before they ran off with all their money.

Well I watched the tally.

And I head them all answer, so it sounds like everyone was present.