Holy moly - Congress has voted against US bail out

[dinny]

Goodness me

oh blimey. my mortgage is about to go down the tubes then...

and me

what does that mean for us in the Uk and the global economy? i take it , it is not good.

not good news then.

Not great for the individual but the capitalist system lives on, so that's OK

OMG

they voted against it?

so what happens now? lots of banks go bust?

It's weird.

When I first realised as a child that notes and coins had no inherent value, and that money in the bank was actually just numbers on a page, I used to idly wonder what would happen if everybody stopped believing in it all at the same time.

Looks like we're about to find out.

Good.

The sooner the markets are allowed to correct themselves the better.

Lame ducks should not be bailed out for the sake of political gain by current incumbents (Republican or Labour). If a business is not viable, it should go to the wall.

I've said it before and I've said it again... Americans dont' eat enough fish.

We are all stuffed, aren't we.

Is 'correct' a bit of an understatement?

No, it's true.

Lynette, neither do UK bankers. Everyone is in it.

Does anyone, as in not just those on mn , know what will happen now?

frogs - you and my DH think alike.

He's been saying "there is no actual money, it's all made up"

well georgimama i can see your point and I would probably agree if we weren't talking about peoples' homes and savings

BECAUSE IT'S PEOPLE'S HOMES AND SAVINGS

not surprised.

it needs tweaked a bit and then they'll vote again.

American taxpayers do not like to foot bills for others who they see as irresponsible.

and many, many Congressional seats are up for re-election in just 4 weeks.

they do not think, 'oh, this is for hte greater good for me to pay an extra $5,000/person.'

especially when so many of them are already struggling.

the banking crisis is not the only bad thing going on in their economy just the now.

and they are much more capitalist in their thinking than Brits.

Having fallen off my chair in shock, have now revived. I never thought I'd have athe slightest sliver of respect for Americans, but at least they do have proper debates, unlike our own dear parliament. But thats's the ONLY vauguely positive thing I can think of right now. Dh is going to be absolutely unbearable when he gets home tonite. Economy will deffo go into a spin - FTSE in calamitous nosedive - SCARY.

ok I can undetstand that savings can disappear - but how does it affect their homes?

well i presume if you have a mortgage with a bank that goes bust....your mortgage disappears too