Congress votes against Bailout

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Uploaded by on Sep 29, 2008

Panel 1
Remember the day.
September 29
Congress votes against Bailout
Votes 228 to 205 against
Shocks financial markets


Panel 2
Dow down 6%
S&P 500 down 7%
Nasdaq down 7.7%
Oil down 8%
Panel 3
Wachovia essentially collapses
FDIC sponsors Citigroup takeover
For pitiful $2.1 bln
No deposits lost
Govt had to insure debt
US$312 bln of mortgage debt

Panel 4
Bradford and Bingley nationalized
Branches, deposits sold cheaply
Fortis nationalised for $16 bln

Panel 5
What does it mean for us?
High fixed mortgage rates
A longer recession
Possible 100 bps OCR cut
Remember the day

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Top Comments

  • Simple Answer: Watch Peter Schiff and Ron Paul on youtube.

  • Why are these banks failing?

    Look up Fractional Reserve Banking and Fiat Currency and The Federal Reserve Fraud and you will learn why the banks are failing.

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All Comments (12)

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  • They are tyring to take BILLIONS form the UK and USA.

    Isnt it amazing how our banks all crash at the same time ???

    Its as tho its the same peopel running it all, isnt it ? Oh dear, they are not able to hide because of the internet.

    Now you wil see how you are all still owned by the British Crown. So are WE, the Brits, but we are nOIT supposed to be. WE won a civil war, as well, but they WONT go away.

    Its the JEW in them, which keeps coming back !!!

  • It's because they have too many bad debts. Banks are little more than a promise to pay. They lend out roughly 11 times the cash on hand. If people all rush down to get their money out, and the bank concerned can't borrow to cover it, the bank has effectively collapsed. WaMu saw a $16B run on funds as despositors took their money out in the 10 days before it fell over....unable to give back any more deposits or to borrow any more to allow it to.

  • It's simple for me to write. No point regurgitating information when you can go direct to the source.

  • everyone seems to have there own answers as to why the banks r failing. i thought i was because of speculative investments.

  • thats not an answer

  • this is set up

    martial law has been declared before the vote

    now no one can go for bernanke bush etc as they said bailout - you have only yourselves to blame for total collapse

  • B/S.

  • End the fed.

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