Why I think the vote today is GOOD NEWS for Democrats.

[Pale Blue Dot]

First of all, in the interest of full disclosure, I was against the bailout plan. I thought it was very likely to be a very short-term fix that was going to make the economic situation even worse in the not-so-long run. Since the bill didn't pass, that point is moot now.

What is more relevant is that I believe that the economy IS as bad as they say it is. In fact, I believe that it's far worse than they say it is. The stock market is going to plunge now, probably rather quickly, and we may be in a global depression even by election day.

Now, however, after the whole thing falls apart, the Democrats have leverage. They can say that they were trying to do something and if the Republicans hadn't stopped them we could have averted this whole catastrophe. Had the bill passed, and the catastrophe happened anyway (which I believe was extremely likely), the Democrats would have taken most of the blame for spending $700B on a failed solution.

Everything is about to fall apart; that's the (very) bad news. The good news is if the Democrats play this collapse properly, then they can sweep into power in a landslide and begin the long, painful process of cleaning this mess up.

[NJmaverick]

1. When people suffer there is no GOOD news

learn it and live it

[EOTE]

2. It's better than it could have been.

I agree with the OP. I think that today's news plays well for the upcoming election as the OP suggests. What this means is that we'll have stronger democratic majorities with which to fix this FUBAR situation over the next several years. There will be no easy solution for this. It's going to be years of very rough times, but with strong democratic majorities, we'll be able to get ourselves out of this mess eventually. With republicans in charge, we'll get more of the same. And then, well, have you seen Mad Max?

[Pale Blue Dot]

5. There was going to be even more suffering if the bill had passed. nt

[ramapo]

3. You have an excellent point but it is going to be very very ugly

Luckily it is the Repubs who doomed the bill. Whatever happens is on their shoulders. I was grudgingly in favor of the bill, although the more I heard about the "oversight", the less happy I was.

However, I did think it would calm the markets and perhaps allow a period during which a more proper solution could be found. Then again, it is just as likely that we would've seen additional bank failures, panic, etc,

Now it is very likely that we will see panic, bank failures, and god knows what. Tomorrow will be a very interesting day since Asian and European markets are closed.

For the first time, I am truly concerned. The tightening credit market threatens our business. We depend on a credit line to keep us going while waiting for payment from customers. Large corporations can be quite slow in paying their bills.

[El Pinko]

4. true, and they can't be blamed for the disaster the bailout would have been

(and probably still eventually will be)

[donco6]

6. No one's going to give a shit.

When you're eating dirt patties it's kinda hard to feel good about being right.

[jpgray]

7. Really? A more progressive bill will give the GOP even more cover to obstruct

And with 47 blue dogs, how would you plan to pass it?

[Pale Blue Dot]

9. I don't think anything will pass until after the election. nt

[ShortnFiery]

8. It's bad news but not totally partisan: Libertarian leaning, both left and right rejected

this Corporate bail out.

We're all going to suffer, but I will save a space for Corporate Crones in my soup line. :shrug:

[Myrina]

10. As they say, 'the market is self-correcting' ...

... the +10000 averages of the DOW/NYSE are based on the speculators & their shell games based on "what if's".
That their "what if's" turned into "rut-roh's" is forcing the speculation to slow (if not end).

Why would it be so bad if the DOW/NYSE evened itself back out around 9000?
Obviously 10 - 12000 was not sustainable.


Bigger isn't always better, and yes there IS such a thing as 'too much'.

[TZ]

11. Tell that to my dad...

Whose pension is based on the stock market. He might be wiped out soon if nothing is done.
I'm sorry, but wishing for things to fall apart so that the Democrats can sweep into power is distasteful to me, and makes me wonder about you finnfan.
Doing nothing is NOT the answer.