Congress "on holiday"?

[Deetee]

I haven't been able to keep up over the last week, but please correct me if I'm wrong.

The global financial system is going into meltdown, share prices are plummeting, banks are collapsing, millions across USA and the world will suffer extreme economic hardship, the pre-eminence of the USA as the major world economic power house is being destroyed, and the world holds its breath to see if Congress can approve a $700 billion bail-out which would restore stability and confidence in the markets. Each day the situation continues sees $trillions wiped off the value of shares.

And what does Congress do? It goes on a two day holiday, that's what. I only hope someone is trying to sort out this mess, and they aren't all off trout fishing. Do Congress always have a 2 day holiday mid-week?

[Darat]

Yesterday I heard one of them saying how difficult it had been to work on this whilst respecting religious holidays....

[Francesca R]

Presumably this is Rosh-Hashanah, which kicked off after yesterday's vote?

ETA: Actually I think it's divine intervention. The more the politicians argue and vote about the snafu, the worse market sentiment gets. So a couple of days of not much might conjure up a rebound in stocks. Hats off to the Jewish god (if that's in keeping with respectful observance?) :D

[dudalb]

If the recess is because of Rosh Hashanah, how come all those Roman Catholic and Baptist congressmen are heading back to their home districts?
Could if be that campaigning for reelection is more important to them then doing something about the crisis?
Heaven forbid such a cynical thought on my part.

[Francesca R]

Don't knock it--its working. The market's up 4%. God looks after her own. . .

[Darat]

But think of the anguish for the media talking heads - they were all prepared with the "market is free-falling" keening and then this happens. They must be Christians and as everyone knows God is Jewish!

[PitPat]

I agree that it doesn't look very good, but I also imagine the key players are working behind the scenes to come up with an alternative bill. Until there's something concrete to bicker about on the house floor, campaigning is probably a better use of their time for many representatives. Besides, the Senate is currently in session.

[dudalb]

The fall yesterday was a shot across the bow by Wall Street that something needs to be done.
If another week passes without some legislation, we ain't seen nothing yet.

[dudalb]

But think of the anguish for the media talking heads - they were all prepared with the "market is free-falling" keening and then this happens. They must be Christians and as everyone knows God is Jewish!


I get the feeling you really don't like free markets, guy.

[godless dave]

I haven't been able to keep up over the last week, but please correct me if I'm wrong.

The global financial system is going into meltdown, share prices are plummeting, banks are collapsing, millions across USA and the world will suffer extreme economic hardship, the pre-eminence of the USA as the major world economic power house is being destroyed, and the world holds its breath to see if Congress can approve a $700 billion bail-out which would restore stability and confidence in the markets.

There are a number of unwarranted assumptions in your post. I've taken the liberty of bolding them above.

Why do you assume a bailout bill would solve the problem?

Even if it would, why do you assume it has to be passed ZOMG Rite Nao!!!11!!!!! ?

[Beth]

I always welcome Congress being out of session or in gridlock. I figure the less they accomplish, the better off the rest of us are.

[Deetee]

Ahh - I've sussed it.

The holiday is Ede, the festival to celebrate the end of Ramadan.
Nothing to do with the Catholics or Jews whatsoever!

[godless dave]

Yes, I'm sure they stopped work for the one Muslim member of Congress.

[Basilio]

l' shana tova!

[dudalb]

THey are celebertaing Rosh Shanahah by campaigning for re election in their districts.

[Whiplash]

Just more proof of the overwhelming power of the jooooooooos.

[applecorped]

Just more proof of the overwhelming power of the jooooooooos.

The Joes?

Joe Biden?
Joe McCarthy?
Joe Lieberman?
Joe Montana?
Joe Namath?
Joe DiMaggio?
Joe Strummer?

Which ones?

[wuschel]

And what does Congress do? It goes on a two day holiday, that's what.
Let's call this a "bank holiday" shall we?

[Corsair 115]

Don't knock it--its working. The market's up 4%.As for today, however, the markets were... well, let's say unhappy.