RSSHouse Votes on Bail Out Deal … NO DEAL!!! Bail Out Package fails 228 – 205 … Stock Market Down 778
NO DEAL! Today the House voted on the financial bail out bill and it failed. As Hot Ait stated, in the end the vote was not especially close. The final tally was 228-205 against, with Democrats supporting it 140-95, while Republicans opposed it 66-132.
The Dow Jones Industrial Average fell 778 points, or 6.98 percent to 10,365, the biggest point drop ever.
Watch the video below where Nancy Pelosi played partisan politics while the point of the talks between Democrats and Republicans was to come together and actually do the work of the people and stop the political rhetoric and BS. Before Pelosi blames Republicans for the bill failing, she may want to explain why 94 or her fellow Democrats voted against the bail out package.
Worst. Speaker. Ever… Pelosi Loses AT LEAST 12 Votes on Partisan Speech!!
One really needs to question Speaker of the House, Nancy Pelosi’s judgment as to why so close to a vote where every vote would be needed for a bail out package that was supposed to be non-partisan.
“This is not a partisan crisis, this is an economic crisis,” said Deputy Minority Whip Rep. Eric Cantor, who said that 94 Democrats also refused to go along with the bill. He described the vote as the result of “Speaker Pelosi’s failure to listen and failure to lead.”
Lawmakers Blame Partisanship for Failed House Bill
A brutal round of partisan finger-pointing followed the vote.
Republicans blamed Pelosi’s scathing speech near the close of the debate — which assailed Bush’s economic policies and a “right-wing ideology of anything goes, no supervision, no discipline, no regulation” of financial markets — for the defeat. It was not much different from her usual tough words against the president and his party.
“We could have gotten there today had it not been for the partisan speech that the speaker gave on the floor of the House,” Boehner said.
Michelle Malkin with a great recap of events.
Posted September 29, 2008 by Scared Monkeys Bizarre, Economy, Government, Nancy Pelosi, Politics, Polls, Presidential Election 2008, You Tube - VIDEO | 32 comments |
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32 Responses to “House Votes on Bail Out Deal … NO DEAL!!! Bail Out Package fails 228 – 205 … Stock Market Down 778”
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ALRIGHT!
Way to go…
Think about the PEOPLE!
Your constituents…
.
The market shall go up and down… and we will give Wall Street a chance to correct its’ own problems.
.
We have an ELECTION to think about…
and
I think the BUSH Administration
has done enough damage.
.
We have time…
.
Sorry, but I can’t listen to her give one more of her speeches.
Was on a South Bend News site.You can see how mad people are by reading the comments on the site! This was a few of the Congressmen talking afterwards.
“It is now imperative that Congress come together and develop a response to the crisis facing our financial markets that reflects the American people’s belief in personal responsibility and fiscal discipline.” — Rep. Mike Pence, Republican.
“We are now in the golden age of thieves. And where I come from we put thieves in jail, we don’t bail them out.” — Rep. Pete Visclosky, Democrat.
You think NANCY PELOSI tells their hearts how to vote?
Get REAL!
.
I don’t think there’s going to be an election buy out THIS year…
Sorry.
.
Obama ’08!
.
If he is our choice,
HE will decide who gets that money.
And he will never forget the poverty…
he’s seen along the way.
America needs to think about America…
Not Bank of Washington,
or anyother Bank.
.
You play…
You pay!
.
That’s how the real world works, really, truly.
.
Do I hear some whining?
.
Nancy Pelosi had an opportunuty to be a LEADER and care about AMERICA.
Instead she not only failed as a leader, she failed as an American!
Pelosi has to be the biggest idiot is have ever had the displeasure of knowing. While Rpublublicans & Democrats on both sides came together to put a bill to vote … Pelosi threw gas on the fire.
R
Hey Patti, do you even know what Pelosi’s job is as speaker?
R
Is it Obama in ’08 or is it Socialism in ’08.
Want to see what an Obama tax increase does in the face of the present US economy? Vote him in America and the rest of you will be out of a job and a home.
what a bunch of whiners these Republicans.
so they blame Pelosi now that they themselves didn’t gather enough votes for this bill?
how pathetic…
spoiler-alert:
thursday they will suddenly vote for the bill.
as always, GOP: party politics first, country last.
and McCain suspended his campaign and tried to unite the party get an agreement?
he failed miserably.
but i am sure he will blame it on someone else.
I am not quite sure why GWB, Pelosi, Barney Frank or other leaders in DC are shocked at the way the House voted. A majority of Americans are not in favor of the bail out. House Reps phones and emails were inundated.
The House followed the will of the people.
I am sure there is another method to provide assistance to this problem w/o the American tax payer taking the brunt of the blow.
We do not need socialism in this country … bureaucrats do not need to be in charge of $700 billion more of our money,
R
As I posted on an earlier thread, the market plunged in reaction to this news.
The Dow Jones industrial average had, in absolute points, its biggest one-day drop EVER … more than following 9/11.
The Japanese stock market is plunging in early trading.
Are we all going to be flushed down the toilet together? If so, just remember … congressmen, those sage solons, were aware (in the words of one of them) that the bill, or something like it, was an absolute necessity …
… but they didn’t want to be seen voting for it because it was unpopular.
And now they’re going to be creeping back home, asking for re-election.
God bless America … if He still wants to.
Patti,
Why do you turn every article into a soapbox for presidential politics? This article is about our congress which is unable to get legislation passed – and their partisan antics. There is a lot more to government than the president and the campaign!
“America needs to think about America…
Not Bank of Washington,
or anyother Bank”
Do you or any of your family have retirement accounts? Chances are they have stock and or mutual funds which include stock from these banks you seem to think are the enemy. I don’t have any stock, but I’ll bet the hospital where my wife works has some in their retirement fund. This is going to affect everyone! That’s the America we need to think about.
Please spare us about the poverty Obama has seen. Columbia University and Harvard Law School aren’t for the financially challenged. The man is a millionaire, and he has about as much heart for the poor as the carpet bagger union bosses who make their living off of the average man’s sweat and dues.
The media are already talking about the next likely step … small businesses being unable to get loans or money to meet payrolls, so good-bye to more jobs (small businesses, by the way, have been the biggest job creators in this country for some time) ….
Meanwhile, mortgage rates have been going up, repossessions have been going up, and home sales have been going down …. Not much chance of a quick change in this situation.
And why didn’t congressmen support the bill? As one of them said, yes, it was necessary … but it was controversial, and our constituents might not have liked it.
Imagine what someone like Harry Truman would have said.
As Warren Buffett said, the bill isn’t a perfect solution; no bill pushed through so quickly would be.
But (in his words) if Congress won’t help us, then God help us. Looks like we might need it.
Steve Holloway … if you read this, I have something to send to you. Could you please contact me through moderator Klaasen? Thanks!
Red #6:
Why would you call it ‘socialism’ ?
I don’t get it?
I agree that Nancy is an idiot, that was my point!
I got it in your article:)
.
Red,
It’s not socialism when you take care of your people because you have no choice. Think about the families that are living in cramped apartments because a storm just came through and blew their house away after flooding it and taking it apart piece by piece.
We ARE living in a state of emergency, but it won’t take THAT much money to fix it. The houses will get sold and, personally, I don’t mind living next door to a hurricane survivor, do you?
… And free-enterprise will continue on.
George Bush was right…
There IS alot of building that needs to go on…
So why wouldn’t you want to stretch your money?
.
But to answer you question…
No… I’d rather NOT see what a tax increase
does to the economy, right now…
and I doubt that Obama wants to tax the people
at this point, either.
We’ll make money for you,
just like, soon to be, Mr. Bush…
Fresh off the press!:)
Is that what would make you happy?
.
You seem sad…
or maybe it’s just me.
#7 you really have no clue and are actually irrelevant what ever the discussion is.
Did I like the bill, no. Would I like to see something that better protects the tax payer, of course.
However, I could have understood how the bill could have passed.
What I do not understand is an A$$ like Pelosi throwing bombs prior to the vote. Its almost as if she wanted to provoke so the bill would fail.
I think that Congress needs to get a clue and not pass a bill quickly, but instead come up with one that makes sense, the American people are angry.
Pigs for Palin:
The stock market has these adjustments
during EVERY party change.
As soon as Wall Street knows which way we’re heading, there will be a correction… Besides, it’s your retirement. It can ride over a dip in the road.
.
But, if it makes you happy, I’ll not post my preference at the end of my comment. It’s just that I’ve been worried about this all day… that’s all.
I’m sorry…
[...] many members of his House Financial Services Committee voted against the bill ensuring its defeat. In the end 95 Democrats voted against the bail out package. Franks may soon look to his own party before throwing [...]
[...] many members of his House Financial Services Committee voted against the bill ensuring its defeat. In the end 95 Democrats voted against the bail out package. Franks may soon look to his own party before throwing [...]
#6: “Want to see what an Obama tax increase does in the face of the present US economy? Vote him in America and the rest of you will be out of a job and a home.”
Everyone in the US will lose their job and home?……..ok…….hardly the case.
On this bailout – I’m not interested in my tax dollars being used to prop up a financial system that is banking on my willingness to bail it out whenever it screws up.
Patti,
We’re all worried.
I don’t like McCain, but I fear Obama will take us down even faster. So I guess we are all looking at that same glass of water that is half full, oh, I mean half empty…
I’m a bit cynical in that I don’t think it will make much difference who is in control of the economy. They are all going to do what they want and tax us regardless of what we do. They all make megabucks, and then play partisan games like today, while you and I go out and work to pay our bills.
It isn’t going to change, but what I do see changing is how disfunctional our government has become, if you compare it to, perhaps, 20 or 30 years ago. We’ve had good presidents and bad, and good times and bad, but we never have had a government that had such difficulty acomplishing ANYTHING! Sorry, didn’t mean to yell. I beleive this is a true sign of the times, and I fear for our country. I fear there may be no country for my retirement.
One thing is clear … overseas markets are plunging, at least initially, in response to the debacle on Wall Street.
Here’s an interesting article that Yahoo took from U.S. News & World Report on the topic that we all should be thinking about: what next?
Lots of alternatives here, none of them appealing.
OK, so that didn’t work.
After a bunch of all-nighters in Washington and some premature back-slapping, we’re right back where we were a couple of weeks ago, after Lehman Brothers declared bankruptcy and the government lent AIG $85 billion. There’s no one-size-fits-all bailout plan, after all. That $700 billion in taxpayer money remains under lock and key. Glum investors are now the ones bailing out, fleeing stocks and bonds and seeking safer ground.
But there are still some levers the government can pull. Working through the mess just won’t be as orderly or predictable as it would if there were a single plan and a big pot of money. Here’s what’s likely to happen next:
Another try at a big bailout plan. A lot of those constituents who have been calling Congress to complain about rescuing fat cats are going to rethink their indignation as they watch the stock markets–and their own portfolios–sink.
Lawmakers who voted against the bailout plan are going to have to explain why they’re letting the markets collapse. The more uncomfortable voters get, the more likely Congress will be to pass some kind of sweeping relief plan. This is far from over.
More piecemeal bailouts. Before the big $700 billion bailout plan even existed, the Fed and the Treasury Department were already patching leaks in the financial system–one trouble spot at a time. The idea behind an umbrella bailout plan was to overhaul the whole system, establishing public standards and treating every ailing company more or less the same, before a bunch of leaks became a gusher. That would have eliminated the guesswork over whether a struggling company meets the criteria for a rescue–like AIG–or falls short, like Lehman Brothers.
Now we’re back to guessing. The feds still have the wherewithal to lend money, buy bad assets, or take other measures to keep ailing companies afloat. What they don’t have is a single plan that applies to all companies and the authority to soak up vast amounts of bad assets. So those weekend meetings at the New York Fed, with supplicant CEOs pleading for help, are likely to continue.
More failed companies. Duke University finance Prof. Campbell Harvey predicts there could be 750 to 1,000 bank failures over the next six months because of billions in bad assets stemming from the housing meltdown. Scarce credit also threatens other types of companies that are already struggling and desperately need capital, such as the Detroit automakers and some of the airlines. The government will be able to deal with some of those companies one at a time, but without a comprehensive plan, others will fall through the cracks.
Manic markets. Investors were hoping that a big bailout plan would offer some predictability about how the government will deal with struggling companies. Their crystal ball is once again very dark. That means wild swings in stock prices as big investors try to get out of the market ahead of bad news, and get back in if it looks like the feds will ride to the rescue. One of the most volatile sectors is likely to be regional bank stocks as investors worry that banks like Sovereign Bancorp and National City might be the next to fail.
Patchwork regulation. There’s already a system in place for dealing with failed banks–led by the FDIC–but that may not be enough to handle the damage that’s unfolding. Even without a big bailout bill, Congress may have to set up a new agency to deal with dozens or hundreds of bank failures, one similar to the Resolution Trust Corp. formed in the late 1980s. We could see a whole slew of lesser regulations, too, like restrictions on certain lending practices and higher federal coverage limits on bank deposits.
Continued government intervention. The Federal Reserve continues to pump huge sums of money into the global banking system in a desperate effort to prompt banks to loosen their grip on loans to companies, consumers, and one another. For now, that seems to be having little effect as banks absorb the startling news from Washington and hunker down. That may lead the Fed to pump out even more money and take other important steps, like cutting interest rates. Sooner or later, that will probably help loosen things up.
Until then, however, it’s apparently up to the markets to fix themselves. Plan accordingly.
#12Richard. An email I use sometimes at msn
lookingfornatalee@hotmail.com
Trickle-down economics does not work.
I agree with you there.
I can’t help but to feel that we are the victim of a scam, a bad joke, or blackmail. We have ‘economists’ on T.V. saying that we’re going to be sorry, because the bill didn’t pass today. They think we’re a bunch of idiots that live day to day on credit… and, now, our credit lines are going to be reduced!
What kind of idiots do they think we are?
And one thing that really bothers me is that in the last reporting period, there weren’t any indications of problems that would have made it necessary to make a drastic valuation correction. In fact, just, last week the CEO of Washington Mutual went on T.V. saying that everything was fine… they had plenty of money!
I suggest that Washington spend less time begging from us and more time doing an investigation into these companies AND their CEO’s before they come to the American people asking for a bail out!
American’s are angry and rightfully so.
Everytime they come to us for more money, they give it to some big wig who couldn’t care less about the problems we’re having, economically, in our personal lives; or create some regulatory system that costs not only the bail out money, but hundreds of billions for years to come; just to fix ONE little problem.
If WE are in a crisis, then maybe WE need the money instead of getting a pat on the back, being told we should be happy we have a job while they put a band-aid on the problem in Washington, give themselves a bonus, but NEVER even stop the bleeding.
Trickle down doesn’t work. By the time that dollar trickles down to the ones that really need it, there’s nothing left. We live in a world of greedy horders that would rather line their pockets with money ear-marked for the poor and then feed everyone a bunch of hash about government waste, than to see any poor, down on their luck, little guy get it. Just like the crooked bankers, they’d kick him to the curb.
What do they expect of us, anyway… to give every dollar we earn to run a machine in Washington that hasn’t worked in years? In my opinion, that would be a TERRIBLE investment. Especially, not knowing the real numbers, not seeing the complete correction and not without an extensive investigation. If we do it now, we’ll never know how much we could have saved ourselves and there would always be a question in the back of our minds about whether this wasn’t another one of George W. Bush, Jr.s tricks.
.
America is going to be here for a long time… but not if we bail out every criminal from Wall Street, everytime they break the law.
.
Stay Tough…
What goes up, must come down and what goes around comes around.
IMHO
The community reinvestment act is about to crash our BANKING SYSTEM. You cannot loan money to people who will not pay . Even an idiot would know better,but the govt forced the BANKS TO MAKE BAD LOANS.
___________-
SM: You would be correct.
The same could be said about student loans as well. Giving them to people who really have no business being in college. The idea that people should get loans just because its the nice thing has completely screwed up everything. Why does everyone thing the cost of college as increased so dramatically? They know there is a willing and complicit govt ready to give out student loans to all.
R
[...] Bail Out Plan Rejected . Watch the video below where Nancy Pelosi played partisan politics while the point of the talks between Democrats and Republicans was to come together and actually do the work of the people and stop the political …[Continue Reading] [...]
25 Ray,
Somewhere along the way we have decided that everyone deserves to own a house, as opposed to renting from someone else. Life, liberty and the persuit of happiness does not include a house, but rather the chance to persue ownership if that is what I want.
The same can be said about success – it is not guaranteed. The question in my mind is whether free market correction or a bailout will right the situation (over time) with the least collateral damage. And if we bail out this group of businesses, what will be next, saving GM or WalMart?
“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves money from the public treasury.”
— attributed to Alexander Tytler, Scottish historian.
Why do we have to bail out the billionaires and let the rest of us suffer…they have lied, stolen and cheated…got rich and caused drastic damage to retirement accounts and the American economy…mass destruction ….!!!!
Steve Holloway … thanks for posting that e-mail address. Given that there are so many lunatics on the internet these days, you might consider asking moderator Klaasen to remove it.
I’ll be sending you something today.
Some posters are commenting about bailing out criminals and/or incompetents on Wall Street.
I would agree with this, and think that if any company receives federal assistance of the kind envisioned, its senior management should resign or be fired. After all, they (in theory) work for the stockholders, and if the company goes bankrupt or needs federal assistance they have failed. Whether they are totally responsible is irrelevant … they have failed and should go.
But this is only a minor part of the whole issue.
If we assume that there is indeed a crisis (the Federal Reserve has more knowledge of the state of the economy than I do), then what is the alternative? Doing nothing, Herbert Hoover style, and watching us go down the tube?
I’m not capable to say what should be done … but if the choice is between a flawed plan and total inaction, I say half a loaf is better than none.
In his note to post #25, Red makes a salient point.
We all agree that education … true education … is a good thing. But a good ideal often translates into bad reality, and this is the case with the educational system.
Back in the days when much of our economy was industrial, college was considered as an ‘elite’ educational experience. Now it seems to be regarded as what a high-school diploma was.
What I’m trying to say is … the educational bureaucracy has brainwashed society into thinking that education is equivalent to degrees. Pursuing degrees … in astrology, pop music, what have you … has become the objective.
So we have more money being poured into education, even as the basic education has gone to hell along with society. More spending, spending, spending … and the politicians keep the gravy train going in return for votes, because we “all want the best for our children.”
What we are actually getting, I think, is simply an inferior educational system that perpetuates the money cycle even as quality declines.
Maybe we can restore some sanity in the days ahead.
The Democrats have done such a good job of selling class envy that when they tell people that WALL STREET AND MAIN STREET ARE connected no one believes them.