This campaign isn't about the issues POLITICS THREAD

by **CFP** » Mon Sep 29, 2008 16:22:24

McCain economic advisor on MSNBC getting ripped by the host, this is just pure bedlam on the TV networks right now

by **jerseyhoya** » Mon Sep 29, 2008 16:25:44

Why the bailout bill failed

by **karn** » Mon Sep 29, 2008 16:25:59

The Tv is panicking. We're deep into something now.

by **Woody** » Mon Sep 29, 2008 16:29:21

Comforting

It's possible despite weeks of warnings, and a stock market that is cratering as we speak, that a lot of members still aren't taking any of this seriously enough. And that, ultimately, may be the real reason for today's vote.

by **jerseyhoya** » Mon Sep 29, 2008 16:30:54

Woody wrote:Comforting

It's possible despite weeks of warnings, and a stock market that is cratering as we speak, that a lot of members still aren't taking any of this seriously enough. And that, ultimately, may be the real reason for today's vote.

Woody, I don't think you understand. These are the good guys, who are listening to their constituents. Not being a political hack who wants members to take a very tough vote.

by **FTN** » Mon Sep 29, 2008 16:38:06

I've been out all afternoon.

I heard about this while I was in the middle of switching bank accounts.

I don't even know what to say. What a sad day for this country.

by **jerseyhoya** » Mon Sep 29, 2008 16:44:06

Hank Paulson is super pissed.

by **CalvinBall** » Mon Sep 29, 2008 16:44:09

I say the government is just being Miley.

by **pacino** » Mon Sep 29, 2008 16:45:23

CFP wrote:My rep, Gerlach, voted no. Not really a surprise. He's running against Bob Roggio in a month and it's been identified as a possible close race. Which is really telling, because Chester County was about as Republican as you could get.

This is a swing district if there ever was one, with the closest race in 2004 being there (Murphy/Gerlach). Murphy/Gerlach in 06 was close as hell too. This compromises most of Lower Merion Township, KOP, Norristown and parts of Reading and its southern suburbs and Chester...thus why it's far closer than you may think.

by **jerseyhoya** » Mon Sep 29, 2008 16:46:52

pacino wrote:
CFP wrote:My rep, Gerlach, voted no. Not really a surprise. He's running against Bob Roggio in a month and it's been identified as a possible close race. Which is really telling, because Chester County was about as Republican as you could get.

This is a swing district if there ever was one, with the closest race in 2004 being there (Murphy/Gerlach). Murphy/Gerlach in 06 was close as hell too. This compromises most of Lower Merion Township, KOP, Norristown and parts of Reading and its southern suburbs and Chester...thus why it's far closer than you may think.

As I said on that same page, it's a D +2 district, which means over the last two presidential elections, PA-06 has performed 2% more Democratic than the nation as a whole.

by **FTN** » Mon Sep 29, 2008 16:47:07

fuck im going to play tennis at 5. I'll have to watch re-runs of Fast Money and Cramer later tonight. No spoilers!!

by **pacino** » Mon Sep 29, 2008 16:52:07

jerseyhoya wrote:
pacino wrote:
CFP wrote:My rep, Gerlach, voted no. Not really a surprise. He's running against Bob Roggio in a month and it's been identified as a possible close race. Which is really telling, because Chester County was about as Republican as you could get.

This is a swing district if there ever was one, with the closest race in 2004 being there (Murphy/Gerlach). Murphy/Gerlach in 06 was close as hell too. This compromises most of Lower Merion Township, KOP, Norristown and parts of Reading and its southern suburbs and Chester...thus why it's far closer than you may think.

As I said on that same page, it's a D +2 district, which means over the last two presidential elections, PA-06 has performed 2% more Democratic than the nation as a whole.

Gerlach gets the bump of being the incumbent and a 'moderate' on some issues. Not sure how it's playing nowadays, people may just see the (D) next to Roggio's name and vote for him and he could win by less than 2000 votes. That's my prediction anyway.

by **Rev_Beezer** » Mon Sep 29, 2008 17:03:42

We did this to ourselves.

by **Bakestar** » Mon Sep 29, 2008 17:06:34

How much of the public's skepticism about the "bailout"* is the inevitable result of years and years of mistrust built up after the government's seemingly endless cries of "wolf" turned out to be a lot of hot air... "We ABSOLUTELY MUST invade Iraq NOW", "We absolutely MUST FIX SOCIAL SECURITY RIGHT NOW OH MY GOD!", "This PATRIOT ACT MUST PASS THIS SECOND OH MY GOD COMMIENAZI LIBERALS HATE IT!!!", "SWEET JESUS we need NAFTA RIGHT NOW!", etc. The voters have been told time and again that they MUST support a particular course of action, only to see it crash and burn.

I really don't know enough of the crunchy details to know whether this particular bill should have/needed to pass, but I think Washington kind of made its bed in this particular case.

* It was doomed as soon as it became known as "The Bailout". Yuck. They should rebrand it "the Main Street Financial Stimulus Program" or something.

by **pacino** » Mon Sep 29, 2008 17:07:29

You're right, of course.

by **drsmooth** » Mon Sep 29, 2008 17:13:59

jerseyhoya wrote:When a lot of people I trust who are a lot smarter and better informed on issues agree on something, I like to see that something happen. And I really hate to see it stopped because a whole lot of people who don't know $#@! about anything get in the way.

never believe that anyone is "a lot smarter than you" about matters of economics.

never.

Physics, maybe. Economics? not ever.

by **kruker** » Mon Sep 29, 2008 17:18:29

drsmooth wrote:never believe that anyone is "a lot smarter than you" about matters of economics.

never.

Physics, maybe. Economics? not ever.

Nassim Nicholas Taleb spends a significant number of pages in his book "The Black Swan" to prove this point. At one point he says that anyone who trusts others to manage his money is a sucker.

by **Bucky** » Mon Sep 29, 2008 17:20:01

drsmooth wrote:
jerseyhoya wrote:When a lot of people I trust who are a lot smarter and better informed on issues agree on something, I like to see that something happen. And I really hate to see it stopped because a whole lot of people who don't know $#@! about anything get in the way.

never believe that anyone is "a lot smarter than you" about matters of economics.

never.

Physics, maybe. Economics? not ever.

Assumimg you were talking to a general "you", and not JH in particular....

my wife begs to differ.

by **jerseyhoya** » Mon Sep 29, 2008 17:22:26

Largest drop in Dow history

Today Capitol Hill and Wall Street are inextricably linked for history:

The Dow Jones dropped 777 points, the largest point drop in history, plunging dramatically after the House failed to pass bailout for the nation's financial system.

According to Bloomberg News, stocks lost $1.1 trillion in value, meaning the market loss was larger than the size of the $700 billion bailout.

by **Trent Steele** » Mon Sep 29, 2008 17:25:10

It's a write-off, Jerry.

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