Rescue Plan released; What does it mean?

[Zkribbler]

Dow Jones Industrials down 468 points...that about 4 1/2%

[chequita guevara]

Congress should wait to vote for this until after their recesses and return home to their districts.

[Lancer]

The French have been sounding off about replacing the current system with something else. Anyone heard what that might be?

[MarkG]

Originally posted by Timexwatch
Votes can change until the gavel comes down.

there should have been a revote in that florida thing then

[Barnabas]

I would laugh. But I don't know if this will affect me in a couple of months.

[Lancer]

So. If they don't pass it what? Can't get a loan? Is that true? The borrowed money this country survives on goes dry (is this true?) and then what?

[Imran Siddiqui]

Basically don't try to get a house or car loan anytime soon

[Zkribbler]

Originally posted by Imran Siddiqui
Basically don't try to get a house or car loan anytime soon

...and there's companies that utilize loans to smooth out the large outflow of cash at the beginning of the month for payroll. They are now going to have a liquidity problem.

[OneFootInTheGrave]

Basically don't try to get a house or car loan anytime soon

not at all true, perhaps on more unfavourable terms, or actually paying attention now to whom are they lending, but the commercial debt industry will not be stopping... the market is panicking and well done to Congress for having some guts for first time in living memory, as they obviously though that it is just more $ to shore up the people who got us there in the first place... US politicians are finally showing some backbone

There will be a plan, but possibly not this one and not today (but very soon... by the end of the week?)... As I understood the revised plan is a lot better than the taxpayer robbery which was on the table initially, but if they reject this, perhaps a really good plan will come forward ... (yes I can dream), or at least a better version...


Wander what will happen with Citigroup now that they bought all that bad debt from Walchovia, and were certainly counting on this one passing to make a quick billion or few...

[Zkribbler]

The thing I'm most concerned of is people freaking and starting to pull their deposits out of banks -- regardless of their FDIC insured. No bank, however solvent, wii be able to withstand a run on it. Before today, they could borrow the cash to fight of a run. But with money lending drying up, especially to weak-sister banks, things could get nasty.

The only thing we have to fear is fear itself, and I'm afraid there'll be an abundance of fear of there.

[Imran Siddiqui]

not at all true, perhaps on more unfavourable terms, or actually paying attention now to whom are they lending, but the commercial debt industry will not be stopping

What happens when a bunch of banks fail and the ones still standing don't have any money to lend? Likely they'll be VERY conservative and invest in stable growth devices. They likely won't be lending much to anyone at all. That means forget it for most people looking to get a mortgage loan or car loan. And don't even begin to ask for a loan if you are a business looking to grow.

[Zkribbler]

Dow Jones down 700 points -- that's almost 7%!

[Timexwatch]

Originally posted by Imran Siddiqui
Basically don't try to get a house or car loan anytime soon

You might have to look at getting one from a Credit Union. Compared to banks, FCUs haven't done that bad so far.

[Victor Galis]

Wow, lost almost as much money as the day the Conservatives announced they would be taxing income trusts

[Aeson]

At least we have a chance of getting something decent in there. Though more likely just more crap gets stuck in there before it passes.