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PrintStunning defeat for economy bailout; stocks plunge
Wed Sep 24, 2008 9:21 PM EDT
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In a stunning vote that shocked the capital and worldwide markets, the House on Monday defeated a $700 billion emergency rescue for the nation's financial system, ignoring urgent warnings from President Bush and congressional leaders of both parties that the economy could nosedive without it. The Dow Jones industrials plunged nearly 800 points, the most ever for a single day.
Democratic and Republican leaders alike pledged to try again, though the Democrats said GOP lawmakers needed to provide more votes. Bush huddled with his economic advisers about a next step. The House was to reconvene on Thursday instead of adjourning for the year as planned.
The stock plunge began even before the 228-205 vote to reject the bill was officially announced on the House floor. The decline for the day surpassed the 721-point previous record, on the day after the Sept. 11, 2001, terror attacks, though in percentage terms it was well short of the drops on Black Monday of October 1987 and at the start of the Depression.
In the House chamber, as a digital screen recorded a cascade of "no" votes against the bailout, Democratic Rep. Joe Crowley of New York shouted news of the falling stocks. "Six hundred points!" he yelled, jabbing his thumb downward.
Bush and a host of leading congressional figures had implored the lawmakers to pass the legislation despite howls of protest from their constituents back home. Not enough members were willing to take the political risk just five weeks before an election.
"No" votes came from both the Democratic and Republican sides of the aisle. More than two-thirds of Republicans and 40 percent of Democrats opposed the bill.
The overriding question for congressional leaders was what to do next. Congress has been trying to adjourn so that its members can go out and campaign. "We are ready to continue to work on this," said Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee.
"The legislation may have failed; the crisis is still with us," said House Speaker Nancy Pelosi, D-Calif., in a news conference after the defeat.
"What happened today cannot stand," Pelosi said. "We must move forward, and I hope that the markets will take that message."
At the White House, Bush said, "I'm disappointed in the vote. ... We've put forth a plan that was big because we've got a big problem." He pledged to keep pressing for a measure that Congress would pass.
Republicans blamed Pelosi's scathing speech near the close of the debate — which attacked Bush's economic policies and a "right-wing ideology of anything goes, no supervision, no discipline, no regulation" of financial markets — for the vote's failure.
"We could have gotten there today had it not been for the partisan speech that the speaker gave on the floor of the House," Minority Leader John Boehner said. Pelosi's words, the Ohio Republican said, "poisoned our conference, caused a number of members that we thought we could get, to go south."
Rep. Roy Blunt, R-Mo., the whip, estimated that Pelosi's speech changed the minds of a dozen Republicans who might otherwise have supported the plan.
Frank said that was a remarkable accusation by Republicans against Republicans: "Because somebody hurt their feelings, they decided to punish the country."
The presidential candidates kept close track — from afar.
In Colorado, Democrat Barack Obama said, "Democrats, Republicans, step up to the plate, get it done."
Republican John McCain spoke with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke before leaving Ohio for a campaign stop in Iowa, a spokeswoman said.
Monday's action had been preceded by unusually aggressive White House lobbying, and Fratto said that Bush had been making calls to lawmakers until shortly before the vote.
Bush and his economic advisers, as well as congressional leaders in both parties had argued the plan was vital to insulating ordinary Americans from the effects of Wall Street's bad bets. The version that was up for vote Monday was the product of marathon closed-door negotiations on Capitol Hill over the weekend.
"We're all worried about losing our jobs," Rep. Paul Ryan, R-Wis., declared in an impassioned speech in support of the bill before the vote. "Most of us say, 'I want this thing to pass, but I want you to vote for it — not me.' "
With their dire warnings of impending economic doom and their sweeping request for unprecedented sums of money and authority to bail out cash-starved financial firms, Bush and his economic chiefs have focused the attention of world markets on Congress, Ryan added.
"We're in this moment, and if we fail to do the right thing, Heaven help us," he said.
The legislation the administration promoted would have allowed the government to buy bad mortgages and other rotten assets held by troubled banks and financial institutions. Getting those debts off their books should bolster those companies' balance sheets, making them more inclined to lend and easing one of the biggest choke points in the credit crisis. If the plan worked, the thinking went, it would help lift a major weight off the national economy that is already sputtering.
More than a repudiation of Democrats, Frank said, Republicans' refusal to vote for the bailout was a rejection of their own president.
© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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 | Bush warns of 'long and painful recession' | The Washington Post | Wed Sep 24 | 1 |
| Lawmakers: Financial bailout agreement reached | breitbart.com | Thu Sep 25 | 0 |
| Bush scrambles to save $700B bailout plan | Yahoo! News | Fri Sep 26 | 1 |
 | A political meltdown followed the financial one | Associated Press | Fri Sep 26 | 0 |
 | Breakthrough seen on bailout | Associated Press | Sun Sep 28 | 1627 |
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4.2
{"commentId":3207989,"authorDomain":"Dave-564579"}
Oh! Mr Bush is disappointed???????? We have been disappointed for the ""PAST 8 YEARS""!!!!!!!!!!!!!!
LIVE WITH IT!!!!!!!!!!
{"commentId":3207989,"threadId":"367056","contentId":"1908236","authorDomain":"Dave-564579"}
- 1 vote
#26 - Mon Sep 29, 2008 3:47 PM EDT{"commentId":3208531,"authorDomain":"charphillips"}
LOL! Good one!
{"commentId":3208531,"threadId":"367056","contentId":"1908236","authorDomain":"charphillips"}
{"commentId":3208025,"authorDomain":"theiccemann"}
So, ... they say that the world economy could implode. They say that this is a serious situation. They say, that our future depends on it....
Then why would you base your decision to decline on the bill, on a speech given by Nancy Pelosi, that didn't amount to anything but her opinion and pointing a finger? To me, this indicates that we have a lot of rich, snobbish, emotionally driven, illogical, and immature human beings in Washington, who treat these decision making processes as if they were a side event to what their major reason is for being in congress, ... which is to have some fun.
How can you say, with a straight face, that you voted no, because Pelosi said Bush was part of the problem? HE IS PART OF THE PROBLEM! What? You didn't want to come to terms with that? You don't like to think that a republican president messed up BIG TIME? Well, it is not for you to decide on THAT one. Ask the people.
We put you all in your positions, and we can vote ya out.... except for Bush, of whom was placed into his position by the Supreme Court, and not by popular vote.
No wonder this country is so messed up. You GOP people have not a clue of what to do, and what's going on, outside of your swimming pools and your BMWs.
{"commentId":3208025,"threadId":"367056","contentId":"1908236","authorDomain":"theiccemann"}
- 4 votes
#27 - Mon Sep 29, 2008 3:48 PM EDT{"commentId":3210048,"authorDomain":"theiccemann"}
YOU ARE SUPPOSED TO BE VOTING ON THE ECONOMIC BILL, AND NOT WHETHER OR NOT YOU LIKED PELOSI'S SPEECH.
{"commentId":3210048,"threadId":"367056","contentId":"1908236","authorDomain":"theiccemann"}
- 2 votes
{"commentId":3216528,"authorDomain":"baby-bear-wv"}
Very well said.
{"commentId":3216528,"threadId":"367056","contentId":"1908236","authorDomain":"baby-bear-wv"}
- 1 vote
{"commentId":3229669,"authorDomain":"naftel"}
How can you say, with a straight face, that you voted no, because Pelosi said Bush was part of the problem?
By excluding any democrats in her assment of the blame, she implied that Bush and the Republican party were 100% to blame for the problem, not just part of the problem. She also portrayed herself, Barney "The Dinasaur" Frank (he is more annoying than the dinasaur) and company a knights in shining armor riding on their pure-white and very-very-high horses to save the day for average Americans. If I was a reluctant Republican ready to sign on, I would likely have changed my mind too. It was rediculous, unnecessary and self-serving political posturing.
When all is said and done, some very prominant backers of both political parties will be heavily sanctioned and/or thrown in jail.
{"commentId":3229669,"threadId":"367056","contentId":"1908236","authorDomain":"naftel"}
- 1 vote
{"commentId":3229719,"authorDomain":"naftel"}
I have a question... why is Nancy Pelosi blaming Bush and siding with him at the same time? She says it is all his fault and she also supports his solution? Logically that makes no sense. She should be calling for a delay until after the election when Barack Obama can fix it like he is going to fix everything else. It doesn't matter how bad things get, Barack Obama will bring the hope and change necessary to tackle any problem of the "last eight".
{"commentId":3229719,"threadId":"367056","contentId":"1908236","authorDomain":"naftel"}
- 1 vote
{"commentId":3208077,"authorDomain":"john-dewey"}
Vote out all these @!$%#s!!!!
{"commentId":3208077,"threadId":"367056","contentId":"1908236","authorDomain":"john-dewey"}
- 1 vote
#28 - Mon Sep 29, 2008 3:49 PM EDT{"commentId":3208353,"authorDomain":"storm-chaser600"}
Rep. Paul Ryan (R-WI) is afraid of losing his job in 5 weeks if he votes for the bailout, even though he feels it's necessary. Remember Mr. Ryan, you have to have a valid address to register to vote in this state. How many votes are you going to lose because people have lost their homes due to this financial crisis?
{"commentId":3208353,"threadId":"367056","contentId":"1908236","authorDomain":"storm-chaser600"}
- 1 vote
#29 - Mon Sep 29, 2008 3:57 PM EDT{"commentId":3215566,"authorDomain":"vmithgurther"}
Sara, frankly? We were ALREADY going to see a depression due to all of this bailout or no. The question is how bad is it going to get? Our only hope to get out of this mess is to do what was done before: but certain quarters think that those ideas are just a little too "commie pinko" or whatever word it is they're using these days and that made it nearly impossible for anyone to do what needed to be done properly.
This bill was bad news towards all of that so we can only hope now they'll go back to the drawing board and write the bill they SHOULD have in the FIRST place!
{"commentId":3215566,"threadId":"367056","contentId":"1908236","authorDomain":"vmithgurther"}
{"commentId":3208866,"authorDomain":"rgw13"}
Just finished listening to the Democratic news conference on CNBC. Its amazing that all the blame is being placed on the GOP for the failure to pass this bill. The GOP leadership "failed" in its agreement to deliver the votes. WHAT ABOUT THE 98 DEMOCRATS WHO VOTED AGAINST THE BILL!!! The Dem's have control the legislature and don't have to worry about a veto, so if all the Dems had voted yes it would have passed. Pelosi and her stooges are a joke! JUST AMAZING THE SPIN THAT THE DEM'S PUT ON EVERYTHING. The idea of putting everyone in a house was started by Carter and enhanced in 1995 by Clinton (who acknowledges it may have been a mistake). Both parties have screwed up! The people know it and that why the legislature is being bombarded by messages not to vote for the bill. Have you heard of one politician that says that we can pay for this financial mess by reducing spending! Novel thought!!
{"commentId":3208866,"threadId":"367056","contentId":"1908236","authorDomain":"rgw13"}
#30 - Mon Sep 29, 2008 4:12 PM EDT{"commentId":3209080,"authorDomain":"kbd"}
WHAT ABOUT THE 98 DEMOCRATS WHO VOTED AGAINST THE BILL
What about them? It was a republican president asking for this it is up to the republicans in the house to support it at least somewhat. Second, the 98 were probably given passes based on the Minority Whips pre vote count, then the Republicans backed out at the last minute.
{"commentId":3209080,"threadId":"367056","contentId":"1908236","authorDomain":"kbd"}
- 2 votes
{"commentId":3209335,"authorDomain":"naftel"}
The Dem's have control the legislature and don't have to worry about a veto, so if all the Dems had voted yes it would have passed.
Absolutely right. So many in her own party are against this plan and all she can do is point her finger across the isle. Maybe the non-partisan opposition are on to something.
Have you heard of one politician that says that we can pay for this financial mess by reducing spending!
Yes, John McCain said it during the debate and he was ridiculed for it on Liberal radio and TV, even though he is right. Cutting spending is the ONLY way out of this in the long term, but that is not something Liberal Democrats will ever endorse, because it will alienate their voting base.
{"commentId":3209335,"threadId":"367056","contentId":"1908236","authorDomain":"naftel"}
{"commentId":3209493,"authorDomain":"kbd"}
Cutting spending is the ONLY way out of this in the long term
Ok lets see your spending cuts. What are they and for how much?
I will lead off. We can cut 100billion a year from the DOD budget. We can cut 120B a year by withdrawing from Iraq. We can cut 18B a year by not allowing private insurance companies to administer Medicaid (like Obama said). Ok I have just delivered 238B/yr. What cuts do you propose?
BTW, at this particular moment, cutting spending would not be a good idea. We need to stimulate the economy, not retard it.
{"commentId":3209493,"threadId":"367056","contentId":"1908236","authorDomain":"kbd"}
- 2 votes
{"commentId":3210883,"authorDomain":"naftel"}
BTW, at this particular moment, cutting spending would not be a good idea. We need to stimulate the economy, not retard it.
This is true if you believe Government spending stimulates the economy better than private sector spending. But it is a fact that in order to balance the budget we must raise revenue and/or cut spending. In reality, we will have to do both. Is there another option I'm missing? I do not believe that increasing business taxes in order to fund more government spending is the proper recipe for economic growth and, thereby, revenue growth. If it is, then the best solution is to nationalize every US business and make them all part of the federal government, resulting in a 100% tax rate and creating more government employees flush with money to stimulate the economy.
I think the cuts you propose should be considered, as long as they do not compromise national security. The 18B for private insurance to administed medicaid for sure. Off the top of my head, I would also propose cutting ALL funding for the NEA, NEH, Planned Parenthood, much of the DEA's budget (let's face it, drugs are everywhere anyway and those who want drugs will get drugs no matter how much the government spends trying to stop them... legalize and tax would be my solution, which would increase revenue and cut spending) and certain education programs that have proven not to have any effect on results. Obviously, each program would have to be considered individually and I amnot an expert onthe federal budget, but I know when I spend more than I make, there is trouble brewing. I can't see why it would be different for my Government.
{"commentId":3210883,"threadId":"367056","contentId":"1908236","authorDomain":"naftel"}
- 1 vote
{"commentId":3215632,"authorDomain":"vmithgurther"}
Naftel,
"This is true if you believe Government spending stimulates the economy better than private sector spending."
Not in the least but if the private sector isn't doing it then the government has to step up and toe the line or we all starve dearheart because let's face facts, if no one has any money, then no one has any money and money isn't getting spent. Not on you and your job not on me and mine- not on anyone's. You can make the cheapest shoes in creation sweetie but if no one's got the money to pay- we're ALL going barefoot!
{"commentId":3215632,"threadId":"367056","contentId":"1908236","authorDomain":"vmithgurther"}
- 2 votes
{"commentId":3218357,"authorDomain":"kbd"}
"This is true if you believe Government spending stimulates the economy better than private sector spending."
Exactly, and it certainly stimulates it more than not spending.
{"commentId":3218357,"threadId":"367056","contentId":"1908236","authorDomain":"kbd"}
- 1 vote
{"commentId":3209148,"authorDomain":"davidadowell"}
I am disgusted with every DEMOCRAT and REPUBLICAN who voted against this bill! There will be time to debate who got us into this mess and how to prevent a similar crisis in the future, but NOW is the time for ACTION not stalemate. Something memebers on congress on both sides of the aisle seem to have forgotten. How is it possible that the most fiscally irresponsible congress in the history of the US, suddenly on the eve of the most important vote on the largest financial crisis since the great depression SUDDENLY gets religion. Everyone agrees this is a horrible bill. BUT IT'S BETTER THAN NOTHING. The resulting shotgun wound to the economy of NOT passing this bill will cost the overall taxpayer FAR in excess of $700B, and individual citizens their jobs and livelihoods. Its like the economy is drowning in the middle of the ocean in a hurricane, and we are quibbling over whether or not we should be rescued in a life boat. Is a lifeboat the best vehicle to be stuck in during the hurricane? Clearly not, but it's better than swimming!!! For those congressman who say their constituents are all against this bill (but who secretly hope it will pass, so long as they don't have to vote for it), I say this… you need to explain to your district's voters why not passing this bill will hurt them. You asked for great responsibility when you ran for congress and have spent years voting for funds to study the mating habits of bald ostriches and other absurd earmarks (democrats and republicans). Its time to man (or woman) up, pinch your nose and vote for this bill for the good of your COUNTRY!
{"commentId":3209148,"threadId":"367056","contentId":"1908236","authorDomain":"davidadowell"}
- 2 votes
#31 - Mon Sep 29, 2008 4:21 PM EDT{"commentId":3209295,"authorDomain":"kbd"}
I am disgusted with every DEMOCRAT and REPUBLICAN who voted against this bill!
Unfortunately Dave, you and I are in the minority. However, our leaders are supposed to do the right thing even if it is unpopular. They have failed the country once again.
However, I bet this thing still gets done.
{"commentId":3209295,"threadId":"367056","contentId":"1908236","authorDomain":"kbd"}
- 2 votes
{"commentId":3212610,"authorDomain":"kathy0012"}
Finally, someone who speaks with common sense. Lets drop who got us where and fix it. Then we can go back to politics as usual.
{"commentId":3212610,"threadId":"367056","contentId":"1908236","authorDomain":"kathy0012"}
- 1 vote
{"commentId":3209166,"authorDomain":"jimmyman12001"}
gopetitioncom/petitions/vote-against-bail-out-supporters-in-congress.html. Here you can find who voted for the bill. Lets vote them out put a dot in front of com. This site won't let you put links in.
{"commentId":3209166,"threadId":"367056","contentId":"1908236","authorDomain":"jimmyman12001"}
#32 - Mon Sep 29, 2008 4:22 PM EDT{"commentId":3209308,"authorDomain":"rahumble4"}
Bush is not trusted and now McCain can join him. Dinner was more important on Saturday night than working on the bailout.
At least Bush was an unskilled politician whose mistakes were as clear as the nose on his face.
McCain is all politician. He is evil, tricky and clearly NOT A LEADER even to his own party. PLEASE PLEASE PLEASE do NOT ELECT him.
We need leadership. OBAMA for CHANGE!
{"commentId":3209308,"threadId":"367056","contentId":"1908236","authorDomain":"rahumble4"}
- 2 votes
#33 - Mon Sep 29, 2008 4:26 PM EDT{"commentId":3210037,"authorDomain":"oilman26"}
Does Obama represent change? What change? Has he ever changed anything? What suggest he will make a change in the White House? Anyone who had to resort to getting lawyers to throw all other opponents off the ballot to win by default in Chicago most likely represents a change contrary to American Ideology. In fact, his record as a Senator shows that he follows the direction of the Democratic Party very closely, a real party puppet, not much change there, just politics as usual... McCain on the other hand follows what he believes is right regardless of the political norms of his party.
One could make a very good case that the ONLY change Obama would represent is a Black Man in the White House! I guess he's a novelty of the guilty minded white man, what other merits dose he have? Community Organization? Reading from a teleprompter? Just let it stop working and you'll be amazed at the empty head! I say, with no record of change or experience at all, Obama is dangerously under qualified! He would be strictly a Party surrogate. To vote for Obama, while touting "change", being such an under qualified candidate, in light of his lack of economic, military or foreign experience, is to vote based solely on his race. That makes you a racist if you vote for Obama! Making decisions based only on race. Shame on you.
{"commentId":3210037,"threadId":"367056","contentId":"1908236","authorDomain":"oilman26"}
{"commentId":3212641,"authorDomain":"daligonzo-1"}
What does race have to do with it?The GOP had 6 years with COMPLETE control.LOOK WHAT HAPPENED! McCaine was part of the GOP wasn't he?Who said"if it walks like a duck and talks like a duck..."?
{"commentId":3212641,"threadId":"367056","contentId":"1908236","authorDomain":"daligonzo-1"}
- 1 vote
{"commentId":3209334,"authorDomain":"kbd"}
By the way who seeded this? there are 130 images that download everytime you load the page. It isn't like the pcitures add any value whatsoever!
{"commentId":3209334,"threadId":"367056","contentId":"1908236","authorDomain":"kbd"}
- 1 vote
#34 - Mon Sep 29, 2008 4:27 PM EDT{"commentId":3209740,"authorDomain":"jchoffman01"}
The Taxpayer is going to buy back from the bank some 700 billion Bad mortgage back securities from the banks which in the first place should have done there due diligent but instead of doing that they were greedy and made the fast buck and turn around and sold the paper before the ink dried.
Who fault is it....Big Business...Government..Greedy upper management of the banks... Realtors/Brokers who after this bailout will get paid millions on making the bad loans which this mess happen.... and the leading of recession and credit crunch....
The bailout should be aim towards the people who had the bad mortgage..instead of them going to foreclosure and bank will not neogiate with them..because they don't care...because they problem is going to transfer to the taxpayers expense.....and thanks for the millions of dollars parachute.... Paulson who made millions himself comes from this mentality...........the little guy suffers again at the sake of big money and interest....
Bailout the people who this is really effecting ...and make the banks neogiate with them or even write some off so they can afford the mortgage due to the over inflated housing prices.... subprime loaning.... so from the realtor agent all the way up to the Bank CEO ..PROFITS.. on the backs of the poor working stiff...living in America is great...long live the capitalism..
If they just Don't rubber stamp Bush/Paulson recommendations... God Bless them...Question it and re-examine it....instead of pushing thru quickly a bailout which may or may not help us in the long run....
{"commentId":3209740,"threadId":"367056","contentId":"1908236","authorDomain":"jchoffman01"}
- 2 votes
#35 - Mon Sep 29, 2008 4:41 PM EDT{"commentId":3218403,"authorDomain":"kbd"}
Fault and greed have nothing to do with it at this point. Now we need to deal with straightening out the mess. I don't care if the execs of every bank in the country walk away with 20 million dollar golden parachute, all I care about is stabilizing the markets and getting the banks making loans again so that the world's economy doesn't go any further down the crapper. Even when the banks go bankrupt the execs still get their packages.
Furthermore, in your list of blame you forgot to mention all the people that took on mortgages that they couldn't afford. They were just as greedy. They were just as speculative, betting that their house would go up in value enough so that they could refinance before interest rates reset or betting that interest rates would remain low.
{"commentId":3218403,"threadId":"367056","contentId":"1908236","authorDomain":"kbd"}
- 2 votes
{"commentId":3209847,"authorDomain":"oilman26"}
Look at this mess the Democrats have got us in! That sub-prime loan program Jimmy Carter started and Clinton enforced has proved it's worth! The Bush Administration attempted to curtail it's devastating effects but the Congressional Democrats block the attempt. Economic hard times makes the Democrats look good in the ballot to ignorant people. And all the while they stand smiling in front of cameras putting their blame on President Bush!
It's just so hard to believe people are so gullible in this day and time! The truth is there for you if you care to see it.
Search YouTube for "Burning Down The House: What Caused Our Economic Crisis? V2"
{"commentId":3209847,"threadId":"367056","contentId":"1908236","authorDomain":"oilman26"}
#36 - Mon Sep 29, 2008 4:45 PM EDT{"commentId":3234059,"authorDomain":"kedwards1948"}
The Bush Administration attempted to curtail it's devastating effects but the Congressional Democrats block the attempt.
So even with a veto proof Republican congress, Bush couldn't reverse the "devastation" caused by the Democrats?
Yes, it is hard to believe people are so gullible.
{"commentId":3234059,"threadId":"367056","contentId":"1908236","authorDomain":"kedwards1948"}
{"commentId":3244835,"authorDomain":"naftel"}
So even with a veto proof Republican congress, Bush couldn't reverse the "devastation" caused by the Democrats?
The home for everyone in America mentality was a vote generating machine. If the Government wants me to have a house, then damit, I'm getting one. Ultimately, Bush just bought into it because it got him votes too.
{"commentId":3244835,"threadId":"367056","contentId":"1908236","authorDomain":"naftel"}
- 1 vote
{"commentId":3209863,"authorDomain":"marys082"}
I am so angry!!...I know that this is not our fault, it's the greedy A$$holes on wall streets fault..but i was hoping for this bill to pass...I am a struggling homeowner..but I make the sacrifices that i can to pay my house...with the foreclose rate high in my neighborhood the value of my house has fallin..and now and paying more then what my house is worth....i was hoping to refinance with the new FHA plan..but now i guess that's shot to hell now that their isn't a bank out their that i can finance with now that they are all going to go out of buseiness...which in turn will in a month or so have me lose my job and then my house!
thanks republicans for putting political interest 1st before American interest!!
{"commentId":3209863,"threadId":"367056","contentId":"1908236","authorDomain":"marys082"}
- 2 votes
#37 - Mon Sep 29, 2008 4:45 PM EDT{"commentId":3210172,"authorDomain":"oilman26"}
You need to thank Pelosi and her partisan attack at the closing of the vote! She wanted this, so you got it!
View YouTube "Burning Down The House: What Caused Our Economic Crisis? V2"
{"commentId":3210172,"threadId":"367056","contentId":"1908236","authorDomain":"oilman26"}
{"commentId":3210874,"authorDomain":"stevendebbie"}
Time to come out of the 80's and look at the truth.
{"commentId":3210874,"threadId":"367056","contentId":"1908236","authorDomain":"stevendebbie"}
{"commentId":3211581,"authorDomain":"marys082"}
You need to thank Pelosi and her partisan attack at the closing of the vote! She wanted this, so you got it!
sorry but if the republicans feelings got in the way of American interest then boo hoo!! you shouldn't be in office is you can't take the heat!!
{"commentId":3211581,"threadId":"367056","contentId":"1908236","authorDomain":"marys082"}
{"commentId":3212714,"authorDomain":"daligonzo-1"}
It's hard to believe that faced with the reality of losing your home you have time to give props to the GOP...Better send them more campaign money to show your support.
{"commentId":3212714,"threadId":"367056","contentId":"1908236","authorDomain":"daligonzo-1"}
{"commentId":3245356,"authorDomain":"oilman26"}
It's hard to help people who can stare facts in the face and still believe a lie!
Our current state of economy is a direct result of the Democratic Party's social engineering efforts! To not acknowledge that is proof of your choice to take the country down with a dying Party! History will make it clear, it's just too bad that the narrow minded drones the Democratic Party attracts can't force their selves to take responsibility and say enough is enough sooner than later!
Stop social engineering, it wont work in our society! Save that for the Nazis, Communist and Socialist around the world!
If you can't afford a house, improve your education, job and income until you can! That is how it works! This housing fiasco the Democrats have forced upon us is proof of the fact that even if you force lending institutions to give under qualified people loans, it still won't work, that is not the solution.
A better economy, a better education, a better job is the way to the American Dream. We get there by encouraging business investment, grow the economy! Vote Republican, it is the only hope at this point!
And for God's sake, do not vote for Obama! He has social engineering plans that dwarf the cause of our current problems!
NoBama, NoBama, NoBama!
{"commentId":3245356,"threadId":"367056","contentId":"1908236","authorDomain":"oilman26"}
{"commentId":3312288,"authorDomain":"blerten"}
Ah yes, give business money and tax breaks, eventually it'll make it's way to the working class.
Maybe. Sorta. Some of em, anyway.
And fill the GOP sheep's ears with fears of 'social engineering'!
Nah, really, what I'd prefer is we blame both parties and MOVE ON FROM BLAME. and find some real answers. It's much easier to finger-point and foment fear, though, isn't it?
{"commentId":3312288,"threadId":"367056","contentId":"1908236","authorDomain":"blerten"}
{"commentId":3209978,"authorDomain":"jimmyman12001"}
How can we vote for either of these Bozos. They both said it doesn't matter what the people want we need to vote for this bailout. This is not how our representitives should act. Wake up people neither of these idiots will help our country. Vote third party before its too late.
{"commentId":3209978,"threadId":"367056","contentId":"1908236","authorDomain":"jimmyman12001"}
- 1 vote
#38 - Mon Sep 29, 2008 4:49 PM EDT{"commentId":3210122,"authorDomain":"bill40"}
Hey Dawn, here are the facts 60% of the DEMS voted for it 33% of the Republicans did not; Bush is such a lame duck even his own party won't stick up for him. As far as going back 30 years to blame Carter; now you sound like McCain living in the past.
{"commentId":3210122,"threadId":"367056","contentId":"1908236","authorDomain":"bill40"}
- 1 vote
#39 - Mon Sep 29, 2008 4:54 PM EDT{"commentId":3210267,"authorDomain":"oilman26"}
The vote occurred today on the failed programs of the Democrats! That's pretty current.
View YouTube "Burning Down The House: What Caused Our Economic Crisis? V2"
{"commentId":3210267,"threadId":"367056","contentId":"1908236","authorDomain":"oilman26"}
{"commentId":3210462,"authorDomain":"twocspirt2"}
Nancy, it may be along time before most people understand what you have done. You played their hand, and kept all those dead President stacked between the pages in the good book where most of us keep our little stash. You put on your best dress, looked pretty, and turned around and told Bush, it is going to cost you if you want to touch this.....thank you as an American for doing that for all of us. No one can say the Dem's turned this down, you went over the fifty-yard line for us.....we can now cheer up the Neo-Con's by looking at this clip of their own girl up for V.P. until Thursday.....they can debate how many homeless Veteran's she can kill when Alaska is succeeded for the U.S.: http://www.funnyordie.com/videos/7f0711d7fb
{"commentId":3210462,"threadId":"367056","contentId":"1908236","authorDomain":"twocspirt2"}
#40 - Mon Sep 29, 2008 5:06 PM EDT{"commentId":3211113,"authorDomain":"oilman26"}
Pelosi would be proud of you, keeping your head planted firmly in the sand where she wants it.
View the truth and be set free from your sand trap! http://www.youtube.com/watch?v=NU6fuFrdCJY
{"commentId":3211113,"threadId":"367056","contentId":"1908236","authorDomain":"oilman26"}
{"commentId":3210780,"authorDomain":"stevendebbie"}
This economic failure is the flowering of Reaganomics. Greed for greed's sake with a complete lack of concern for the good of the nation. Moving your products to the communists for a few extra bucks. And we call it patriotic????? What a farce the leaders of this country have perpetrated on the public. What a shame that moral citizens fall prey to a wolf in sheep's clothing. The right wing "morality" is a mask for personal greed. Do we really want a member of the Keating 5 to lead us out of a banking crisis????? WAKE UP America! What should happen with the banking crisis is that the poorly defined loans should be re-evaluated and re-financed on a long term basis with the interest going to the govt. I hate the thought of the govt being in the banking business, but, obviously the bankers don't know how to do it. Only those loans that are in the process of collapse should be re-negotiated. The CEOs of these banks should pay back every penny they have been compensated in the last 8 years. Let's return the golden parachutes to the investors. These friends of the politically powerful need poverty to cleanse their greedy souls. Join the rest of the people you have now put out of work.
{"commentId":3210780,"threadId":"367056","contentId":"1908236","authorDomain":"stevendebbie"}
- 1 vote
#41 - Mon Sep 29, 2008 5:20 PM EDT{"commentId":3211201,"authorDomain":"oilman26"}
If you study political economics you'll find that it normally takes about 10 years for a President's economic policies to be fully felt on the economy. This means Clinton enjoyed the fruit of Reaganomics and G.W. Bush is suffering the effects of Clinton's failed policy.
{"commentId":3211201,"threadId":"367056","contentId":"1908236","authorDomain":"oilman26"}
{"commentId":3211385,"authorDomain":"oilman26"}
I am glad to see you do realize the root of the problem being these failed sub-prime loans Carter started and Clinton forced. The market can only consume so much of these before any change makes it crash (rising home valuation, slowing economy, weak dollar...).
As noble as it was to offer the American Dream (home ownership) to everyone, it has proven to be short sighted. There is a reason these people could not get a loan before, and now we see why. This whole program needs to be scrapped.
{"commentId":3211385,"threadId":"367056","contentId":"1908236","authorDomain":"oilman26"}
{"commentId":3211395,"authorDomain":"computersandmore"}
Can someone tell me how I can get the vote –exactly who voted for this and who voted against it. I am very upset with the speaker, while trying to get this volatile bill passed that she is supporting, getting up right before it comes to vote and alienating the republican members of congress. But more than that I am upset with the republican members who allowed this disrespect to change their votes. Whether it is the speaker or the republicans, no member of congress should ever put their feelings above the good of the country. For anyone that voted against this measure because they did not believe the "bailout" was a good thing, I believe they are wrong and might not vote them back in office again. For all them that voted against this or created an environment that led to others not voting for this measure just because of wanting to get a few shots in or not being able to take those shots, I call for their immediate removal. We can impeach a president for less why can't we remove a congress man or woman for being incompetent. We as American citizens need to stand up to the children that are in charge of Washington and tell them to either get something done or get out of town.
{"commentId":3211395,"threadId":"367056","contentId":"1908236","authorDomain":"computersandmore"}
#42 - Mon Sep 29, 2008 5:47 PM EDT{"commentId":3214065,"authorDomain":"kbd"}
{"commentId":3214065,"threadId":"367056","contentId":"1908236","authorDomain":"kbd"}
- 1 vote
{"commentId":3211738,"authorDomain":"andrena1"}
Sometimes you just have to prune the tree of its corrupted branches before the good fruit will grow. Prune the corrupt branches of our economy and the whole tree will be healthier in the long run. Write your congressmen and tell them it's still NO ON THE BAILOUT! Don't let them sneak it by on Thursday!
{"commentId":3211738,"threadId":"367056","contentId":"1908236","authorDomain":"andrena1"}
- 2 votes
#43 - Mon Sep 29, 2008 6:03 PM EDT{"commentId":3217802,"authorDomain":"nmgrandma"}
You'd better hope that there is still an economy to be saved by Thursday. Looks to me like the economy is on life support.
{"commentId":3217802,"threadId":"367056","contentId":"1908236","authorDomain":"nmgrandma"}
{"commentId":3211840,"authorDomain":"andrena1"}
Vivent la résistance!!!! Write your congressmen and let them know who's boss in this country!
{"commentId":3211840,"threadId":"367056","contentId":"1908236","authorDomain":"andrena1"}
- 1 vote
#44 - Mon Sep 29, 2008 6:08 PM EDT{"commentId":3213025,"authorDomain":"daligonzo-1"}
What happened to free market capitalism?Did the Fed step in when Wall Mart was killing entire towns?If you can't keep up get out of the way.Thats what they used to say before it was their ass in the fire.Now it's the end of the world if we don't bail out a failing system.How is this bail out going to do anything but prolong the inevitable?What about the huge amount of inflation this will cause?How will we pay for the bailout when we can't afford to eat?You think the cost of living is high now?Just wait until the bailout kicks in and your dollar bill is worth about 25 cents.
{"commentId":3213025,"threadId":"367056","contentId":"1908236","authorDomain":"daligonzo-1"}
- 1 vote
#45 - Mon Sep 29, 2008 7:12 PM EDT{"commentId":3213899,"authorDomain":"baby-bear-wv"}
Yes, Wall Street is in dire straits, and yes, it's going to have an unprecedented negative effect on credit markets if this bailout doesn't pass. Most Americans don't understand the complicated mechanics of the bailout...but main street America is simply fed up. They can't imagine that anything good can come of this, no matter what the politicians say.
Bail out Wall Street at taxpayer expense? Sounds fishy to most people. Sounds downright stupid. Americans are tired of watching their prosperity go down the toilet under this arrogant administration. They are distrustful and hesitant to continue trusting (and electing) leaders who allowed such a horrendous mess to happen in the first place. Can anyone blame Americans for that?
This administration has been asking for a reaction like this for the past 7 years. I'm sorry people aren't as informed as they need to be, but at long last, voters are paying attention and demanding their representatives do what theyre elected to do...REPRESENT THE PEOPLE! Sorry congress, but you got too confident and comfortable. America is pissed and wants some explanations. What did you expect...that no one would notice?
{"commentId":3213899,"threadId":"367056","contentId":"1908236","authorDomain":"baby-bear-wv"}
#46 - Mon Sep 29, 2008 8:03 PM EDT{"commentId":3213917,"authorDomain":"bates1725"}
where were the financial experts when this was all starting out? i`ll bet they were first in line at big meetings saying We`ll make lots of money by doing this. now we got all kinds of financial experts telling us only this will work? i`m sick of financial experts.if these people knew how to actually work for a living and not come up with schemes and deals we would not be in this mess. we need to flush both parties right down the toilet! can`t even get together to figure something out to help the country. just point a finger and blame the other guy. politics(poly=many)(tics=small blood sucking insects)
{"commentId":3213917,"threadId":"367056","contentId":"1908236","authorDomain":"bates1725"}
#47 - Mon Sep 29, 2008 8:04 PM EDT{"commentId":3214239,"authorDomain":"stcoffee"}
I was thinking the exact same thing. This crisis didn't appear overnight. Hillary spoke during the primaries about a bailout and was ignored. Now, the mortgage crisis "suddenly" appears.
{"commentId":3214239,"threadId":"367056","contentId":"1908236","authorDomain":"stcoffee"}
{"commentId":3214203,"authorDomain":"stcoffee"}
None of the power players seemed concerned when houses in CA, FL and NV were selling for ridiculous amounts. I remember being utterly amazed that people were willing to pay 300K for glorified trailers in Las Vegas. The evening news had a stream of stories about the million dollar condos selling like hotcakes in Miamai. I knew the housing market would have to burst soon. In my ignorance, I had no idea that the fallout would threaten our entire economy. If I knew that those glorified trailers were waaaaay over-valued, why couldn't the financial experts see the same thing? Why didn't the banks tighten lending BEFORE the housing market collapsed?
As for the bill today....it wasn't good enough. I was shocked though that both sides were more worried about covering their azzes and finger pointing than at helping the country. Both Democratic and Republican lawmakers should be ashamed of themselves.
{"commentId":3214203,"threadId":"367056","contentId":"1908236","authorDomain":"stcoffee"}
- 2 votes
#48 - Mon Sep 29, 2008 8:22 PM EDT{"commentId":3215996,"authorDomain":"baby-bear-wv"}
Without a doubt they should...but they won't be, unless American voters continue to call their hand and demand better. It does my heart good to see that finally happening. It's about time.
{"commentId":3215996,"threadId":"367056","contentId":"1908236","authorDomain":"baby-bear-wv"}
{"commentId":3214439,"authorDomain":"Zenia"}
Someone gave the vote to the wrong people. Its not congress who should be voting on this matter, its the american people who should be voting. We should be writing the bill and voting on it and congress should just turn themselves into the FBI, confess their evil crimes against US citizens and go to jail (no get out of jail free card this time) and stay there until they pay their debts to america. Let them sell their houses and treasures bought with out money. That would probably be enough to bail the world out of the mess they got us into. Goodness, i feel sick. :(
{"commentId":3214439,"threadId":"367056","contentId":"1908236","authorDomain":"Zenia"}
- 2 votes
#49 - Mon Sep 29, 2008 8:36 PM EDT{"commentId":3217039,"authorDomain":"rpleu"}
To the gutless politicians who voted no to the bailout in order to get re-elected for their own political gain, I raise my middle finger with the only proper salute!
{"commentId":3217039,"threadId":"367056","contentId":"1908236","authorDomain":"rpleu"}
- 2 votes
#50 - Mon Sep 29, 2008 11:30 PM EDT{"canLink":false,"threadId":"367056","isPrivate":false}
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