Harry Reid is a goddamn idiot.

[Freitag]

Senate Majority leader Harry Reid also warned that there was no alternative to passing the bill quickly, adding that a major US insurance firm he did not name was on the verge of going bankrupt along with some other big companies.



http://www.forbes.com/feeds/ap/2008/10/02/ap5502040.html

Almost every major insurance company took a major shit today. Holy fucking shit. THE MARKET IS POWERED BY PANIC AND SPECULATION, WHAT THE FUCK ARE YOU THINKING?!?!?!

[HBox]

http://www.forbes.com/feeds/ap/2008/10/02/ap5502040.html

Almost every major insurance company took a major shit today. Holy fucking shit. THE MARKET IS POWERED BY PANIC AND SPECULATION, WHAT THE FUCK ARE YOU THINKING?!?!?!

They've been doing this before every recent failure. Last weekend Robert Bennett from Utah said they needed to pass the bailout before Monday or a bank he wouldn't mention would fail. Monday Wachovia fell. Before we took over AIG people were openly speculating about when they would fall for weeks.

What they are saying doesn't matter much when a close look at the books of any of these banks or insurance firms would induce panic.

[Freitag]

They've been doing this before every recent failure. Last weekend Robert Bennett from Utah said they needed to pass the bailout before Monday or a bank he wouldn't mention would fail. Monday Wachovia fell. Before we took over AIG people were openly speculating about when they would fall for weeks.

What they are saying doesn't matter much when a close look at the books of any of these banks or insurance firms would induce panic.

During a team meeting, I almost want to scream like Samuel L Jackson in the Negotiatior, "YOU ARE NOT IN CONTROL!"

[Freitag]

Technically, Wachovia didn't fall; they just got bought. Wamu fell. Right?

[HBox]

Technically, Wachovia didn't fall; they just got bought. Wamu fell. Right?

They were both essentially FDIC-brokered fire sales, although in Wachovia's case they attempted to say it wasn't a bank failure. If that's the case they only had days left.

[Freitag]

My only issue with this is that before Wachovia, AIG, Wamu, etc. fell, there was sustained rumors for weeks. Even when Bennet called out Wachovia, people who followed the markets knew that's what he's talking about.

On the other hand, there's been no rumors about a major insurer falling outside of AIG.

[RAAMONE]

i hate how one guy can say one little thing and everything gets completly crazy

[pennington]

I would agree Reid is an idiot if I thought he had a clue what the consequences were of making a statement like that. Oh, wait, that would make him an idiot.

Sadly, I believe 99% of the Senate and House have no understanding of economics or how the markets work. Many of them (including the presidential candidates of both parties) have never had a job outside of government. The rest are mostly lawyers.

[Knowledged_one]

I would agree Reid is an idiot if I thought he had a clue what the consequences were of making a statement like that. Oh, wait, that would make him an idiot.

Sadly, I believe 99% of the Senate and House have no understanding of economics or how the markets work. Many of them (including the presidential candidates of both parties) have never had a job outside of government. The rest are mostly lawyers.

Well John McCain was a naval aviator

[pennington]

Well John McCain was a naval aviator

People in the military are government employees too. :smile:

[Knowledged_one]

People in the military are government employees too. :smile:

ahh but are people in the government military employees

he also had the job of POW for a few years

[HBox]

he also had the job of POW for a few years

You gotta kidding me. REALLY?! you'd think they'd mention something like that.

[pennington]

ahh but are people in the government military employees


That might be a good thing.

he also had the job of POW for a few years

I guess when you're a POW you're still considered active duty. I'm sure there are others here who would know for sure.

[cougarjake13]

so are we all fucked ???

[KnoxHarrington]

I do have my doubts about how much effect the comment really had, though, because it's hardly a shock. An insurance company's about to go bust? No shit?

Yeah, it's a stupid statement, and he shouldn't have said it. But I really doubt it had quite the impact that some are saying it did.

[scottinnj]

I do have my doubts about how much effect the comment really had, though, because it's hardly a shock. An insurance company's about to go bust? No shit?

Yeah, it's a stupid statement, and he shouldn't have said it. But I really doubt it had quite the impact that some are saying it did.

agreed. Reid is a dummy, and a "glass is half empty" kind of guy, but the market is still reacting to the books, not the rhetoric.

[FezsAssistant]

The Democrats are soooo happy about the current situation.
They and the mainsteam media have been rooting for it to happen for years.

[Knowledged_one]

You gotta kidding me. REALLY?! you'd think they'd mention something like that.

Seriously you need to lighten up there Francis

Do you really think that is a serious response from me or that i would really think that POW is a real job

Your response is the main reason i have tapped out of all political threads

[A.J.]

Seriously you need to lighten up there Francis

Do you really think that is a serious response from me or that i would really think that POW is a real job

Your response is the main reason i have tapped out of all political threads

Ummm...I think he was making a joke about the constant mentioning of the POW thing.

[Knowledged_one]

If i misinterpreted that then fine i apologize but thats not how i read what he said

[HBox]

I was just making fun of the POW overuse.

[scottinnj]

Okay, why is Reid still the Majority Leader.

Senator Feinstein seems to have a better grasp of the constitution then him.

I like the guy too, he's grown on me. But I just listened to last Sunday's MTP and he was pummeled by Shuster about the Burris appointment, and a number of other issues, and he just stammered like a kid stalling for time looking for his crib notes.

I'd like to know constitutionally how Reid can block the Burris nomination to the US Senate.
I've never heard of the guy, apparently he was the AG for Illinois for a while (Mojo, can you confirm this?) and is squeaky clean.

Nonetheless, Blago is the governor, he has yet to be indicted and the 10th Amendment covers this as a state right to have elections and appointments to the federal level as they see fit. There is no way I can see the US Senate having any right to block Burris' entry into the chamber.

And on the flip side, Reid has said he is going to wait until Coleman's lawsuit is played out before he seats Al Franken. Now I'm no fan of Al, but when the Minnesota Board of Elections certified the election and declared Franken the winner, that's it, that is Minnesota saying "We Have Elected Al Franken To The United States Senate" and while Coleman has some legal action he can still take, Reid once again will not seat an Elected senator from a state he has no say about.

Send Reid back to his Senate seat, and put Diane Feinstein up on the podium-this is just getting too crazy for me. Does he really want to push these issues and start the new Senate term off with this crap making the headlines, or can he just let it go, follow the constitution and get shit done in bipartisan manner like he always says he wants to do?

[HBox]

Burris hasn't been confirmed by the Illinois Sec of State yet so he had no business being down there today other than to cause a scene. If Burris is confirmed or bypasses the Sec of State then they really can't stop him but that hasn't happened yet.

As for Franken, Minnesota hasn't OFFICIALLY declared him the winner, they were to do so a week after they announced him the winner of the recount. That will be held up if Coleman files a lawsuit. He may have already done so, if not it will happen before Monday.

Neither of them are Senators yet.