Senate passes sweetened $700B market bailout

[eatsmall]

Senate passes sweetened $700B market bailout

Not sure what's going to happen tomorrow. And after tomorrow what's going to happen.

[aiki14]

And futures are down on the news. Amazing. My guess is the house doesn't pass it.

[nickel_buck_fifty]

If we can only get this through the house the arrow manufactures will get a tax break.
Yes that correct, as in bows and arrows.

People wonder why we are in this position!

[kingfisher]

Originally Posted by aiki14

And futures are down on the news. Amazing. My guess is the house doesn't pass it.

Time will tell. Pro or Con

America has spoken. We the people have informed our Reps of what our votes are on this Rescue/Bailout. Lets see if our Reps vote as there constituents wish. If not, I suspect they will be removed next term.

Time will tell

[Horsefish]

Still, it's time for a single malt. We are in the intermission between the two halves of this political play. I expect that Friday's close will be very interesting if the House votes Friday morning.

PS, Do you think that the Capital Gains tax will be suspended?

[kingfisher]

Originally Posted by Horsefish

Still, it's time for a single malt. We are in the intermission between the two halves of this political play. I expect that Friday's close will be very interesting if the House votes Friday morning.

PS, Do you think that the Capital Gains tax will be suspended?

NO

[Horsefish]

Originally Posted by kingfisher

NO

LOL.....Actually, I hope they do. I've got a lot of wash sales that are going to come back and haunt me next April. Guess I better increase my estimated tax payment.

[JV_Picker]

Originally Posted by Horsefish

PS, Do you think that the Capital Gains tax will be suspended?

Yesterday, I would have said no. With the Senate's vote this evening, all I can say is that (in the short term) anything is possible.

For me, my state's Senate delegation is on the chopping block this November (Yeah, I've got 700 billion reasons to do it).

The situation is soo..evil? Crappy? Short-sighted? (Pick a description & paste here.) Regardless of who is voted in for the next twenty years or so, taxes are going up.

All the big banks and investment houses have to do is to get up off their hind-parts, go through their portfolios' waste dumps, and auction and write off whatever isn't performing, thus becoming credit-worthy again. But nooo...it is apparently easier to have a few lobbyists scare Congress real good, and stick *me* with the bill!!

The irony of the "credit crisis" is that ads on TV, on billboards, through the mail, and the internet are still touting credit lines for anyone from prime to sub-prime. And absolutely no-one's credit card transactions has been rejected because of funding problems at the bank (as a customer who has eschewed most greenbacks a long time ago, and an employee who accepts the transactions on a daily basis).

[madcowdisease]

The extension of the tax breaks is likely enought to get the twelve additional votes from Republicans to pass it in the house assuming everyone that voted for it previously still votes "yay".

Personally, I favor Peter DeFazio's (D-Oregon) proposal over the one currently in the Senate.

http://www.thenation.com/blogs/jstre...ut_alternative

I think they ommitted the one-quarter of one-percent tax on stock, options, and futures transactions that I hear is in this proposed legislation. I'd love to see an increase in the deposit on futures contracts as well but this will do if it is in lieu of the dollar crushing $700 billion package currently.

[kingfisher]

Hfish

You suspect you have part of it correct. You might adjust those estimated taxes for the years to come. Good call.