The Bailout Dies

Posted by: Chris Palmeri on September 29, 2008

It’s not often we get to report breaking news on Hot Property, but I see the bailout seems to have died on the floor of Congress. The final vote was 205 for it and 228 against. A surprisingly large number of Republicans voted against it.

The Dow Jones average is down some 700 points so far today, 400 of that in the last ten minutes as vote was being tallied. It seems this bailout is toxic, much like the mortgages Treasury Secreatary Paulson hoped to buy with the money.

Reader Comments

Snoz

September 29, 2008 6:34 PM

Monday morning
it was all I hoped it would be..
But Monday morning.. Monday morning couldn't guarantee
that monday evening you'll would still be here with me..
Oh Monday Monday, Monday morning you gave me no warning just what was to be....--Mamas & Papas

Another Monday Morning Judgment Day has arrived for the evil California real estate scamers whose worship of the golden calf have brought the plague upon this land. While the Almighty has already toss the fake prophets who worshipped in the temples of BearnStearn, Merrillynch, LehmanBros, Countrywide, Indymac, Freddie and Fannie Mae, AIG, WaMu, Wachovia, etc, etc into the fire for their false preaching and prayers, the remaining evil California scamers rest not in peace for they too shall have to be brought before the Judgment. Especially in California, there are still hard-core believers of the god of real estate. They are the Die-hards holding out to the bitter end that their god of real estate will save them from catastrophe. The Die-hards had recruited Scribes to do their offerings. Obeying the blasphemous teachings of the false prophets who worshipped real estate’s golden calf, the self-serving Scribes advocated buying more real estate during this liquidity melt-down claiming that the market has reached bottom; advised the naïve of the next hidden gold mine in real estate in the up-and-coming artist neighborhood; reported the safety of investing in luxury McMansions because they are immune to real estate bust; gave aid and shelter to those who expediently instructed the congregation to hold onto their Freddi and Fannie shares. The Scribes will be punished the same as the wicked California landscamers. The evil Californian, seeker of the easy life and the quick pleasure of the green-back, has now suffered the pain, convulsion, and early amputation for his imprudent forage into real estate seduction. His disease has spread eastward and finally paralyzed Wall St whose own indulgences exacerbated the disease among the multitude. Because they have eyes that see only gold, ears that hear only bank accounts and tongues that speak only of sales of real estate, the wicked California real estate scamers must face Armageddon. They will tremble before the righteous; beg for mercy before the merciless; confess their evil ways before the holy. There will be no escape from imminent final slaughter. Neither the Federal Reserve nor the Treasury can forestall the final Act. The House of Congress can’t shelter them from harm’s way. While the wages of sin is death, there await worse punishment for those who aided and abetted, perpetrated, and instigated the deceptive allure of real estate investment. It is so written. So it shall be done.

christopher b kubler

September 29, 2008 9:13 PM

It seems that we would have indeed been better off with no bailout proposal at all...now that the market expects it, it will punish us shareholders if and until it goes through.

http://www.pushingdirt.com

Rick Zepeda

October 5, 2008 9:26 PM

It's good to wake up and see it's still America. http://loanmodificationhelp.blogspot.com/

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About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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