Bailout in jeopardy

[spookyturtle 9,466]

Latest update at msnbc.com.

http://www.msnbc.msn.com/id/26884523/

[Dan J 277]

Latest update at msnbc.com.

http://www.msnbc.msn.com/id/26884523/

Its dead, but life still goes on.

Markets are going to react negatively, as it had already built in some value on the assumption that it would pass.

I think the crisis that politicians claimed is not as much of a real crisis as a manufactured one. Sure there are banks failing, but most of them have either been bought out by stronger banks, or the sale of the bank was engineered by the government.

[Trumplestiltskin 5,791]

I guess that's all we can hope for. Ride out what could very well be a global recession, if not a depression.

[AlHayatZween 2]

Sorry, i'm at work, so i can't watch the video...

It didn't pass, did it?

[dalegg 143]

Sorry, i'm at work, so i can't watch the video...

It didn't pass, did it?

No, it did not.

[IAMX 3,055]

This is WHY YOU DON'T TRUST THE ###### MEDIA. Dumbasses.

This is the media today, saying House ignores Bush, while below is an article where Obama is saying the same thing as Bush.

http://news.yahoo.com/s/ap/20080929/ap_on_...ancial_meltdown

House ignores Bush, rejects $700B bailout bill

WASHINGTON - 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.

Stocks plummeted on Wall Street even before the 228-205 vote to reject the bill was officially announced on the House floor.

As a digital screen in the House chamber recorded a cascade of "no" votes against the bailout, Democratic Rep. Joe Crowley of New York shouted news of the falling Dow Jones industrials. "Six hundred points!" he yelled, jabbing his thumb downward. The decline was about 530 points shortly before the close of the trading day.

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 by the United Sates Congress on the economic recovery plan."

The president was to meet with members of his economic team later in the day "to determine next steps," said spokesman Tony Fratto.

Republicans blamed Pelosi's scathing speech near the close of the debate â۠which attacked Bush's economic policies and a "right-wing ideology of anything goes, no supervision, no discipline, no regulation" of financial markets â۠for 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."

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 â۠not 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.

http://news.yahoo.com/s/ap/obama

Obama says Congress will produce bailout bill

WESTMINSTER, Colo. - Democrat Barack Obama called on Congress to stay in Washington and pass a bailout for the hobbled financial industry, minutes after the House rejected the latest plan.

"One of the message I have for Congress: Get it done," Obama said.

The Democratic presidential candidate said he's confident Congress will eventually work out something, however. "I'm confident we're going to get there, but it's going to be rocky," the Illinois senator said.

Obama had planned to return to Washington for a Senate vote. Before the defeat in the House, that vote had been anticipated for Wednesday. The candidate has been keeping in touch with the negotiators by telephone.

The House voted down the $700 billion bailout bill Monday, and panicked investors sent the stock market plunging as they realized no immediate help was coming from Washington.

Obama said he talked with Treasury Secretary Henry Paulson, House Speaker Nancy Pelosi and other leaders, who were trying to figure out the next step.

Obama said he knew the vote "was a hard thing to do for Congress."

But "today, Democrats and Republicans in Washington have the responsibility to put make sure that the emergency rescue package is put forward that can at least stop the immediate problem we have," Obama said.

Firstly, this is a clear indication that the media is doing a lot of spin. I don't care who you think is a good or unbiased source. This is horsesh!t.

Barney Frank looks like a complete and utter moron. And so does John Boehner.

It is VERY clear both sides of Congress have a vested interest in bailing out corporations, and while there were enough running scared to stifle this bailout from passing, it merely touches the surface as to how much vested interest in the rich both have over the hardest working class which is only being stretched thin more and more.

Edited September 29, 2008 by SRVT

[IAMX 3,055]

Does anyone have the roll call for this? House.gov has taken a ####### and one of the other major sites that has the roll call results says it's overwhelmed with traffic.

[lucyrich 20]

Does anyone have the roll call for this? House.gov has taken a ####### and one of the other major sites that has the roll call results says it's overwhelmed with traffic.

I don't know the full roll call, but the party breakdown is as follows:

Republicans: 66 yea, 132 nea

Democrats: 141 yea, 94 nea

Total: 207 yea, 226 nea

In the big picture, the democrats voted for it, and the republicans voted against it, but there were a lot of defections on both sides.

[IAMX 3,055]

In the big picture, the democrats voted for it, and the republicans voted against it, but there were a lot of defections on both sides.

Yeah, I think the defections were more related to how much vested money is being funneled between interest groups/companies and politicians.

I was trying to see how local politicians voted, and both house.gov and govtrack were being hammered with traffic.

[lucyrich 20]

In the big picture, the democrats voted for it, and the republicans voted against it, but there were a lot of defections on both sides.

Yeah, I think the defections were more related to how much vested money is being funneled between interest groups/companies and politicians.

I was trying to see how local politicians voted, and both house.gov and govtrack were being hammered with traffic.

Since I see you're from the Bay Area, you can see the Bay Area roll call here:

http://www.sfgate.com/cgi-bin/article.cgi?.../MNAL1387GL.DTL

[IAMX 3,055]

In the big picture, the democrats voted for it, and the republicans voted against it, but there were a lot of defections on both sides.

Yeah, I think the defections were more related to how much vested money is being funneled between interest groups/companies and politicians.

I was trying to see how local politicians voted, and both house.gov and govtrack were being hammered with traffic.

Since I see you're from the Bay Area, you can see the Bay Area roll call here:

http://www.sfgate.com/cgi-bin/article.cgi?.../MNAL1387GL.DTL

Only 33% (all Democrats in the Bay Area anyways) had the balls to say no.

Anyone wonder why I'm not voting Democrat?

[spookyturtle 9,466]

Anyone wonder why I'm not voting Democrat?

Or Republican.

[IAMX 3,055]

Anyone wonder why I'm not voting Democrat?

Or Republican.

That too.

[dalegg 143]

In the big picture, the democrats voted for it, and the republicans voted against it, but there were a lot of defections on both sides.

Yeah, I think the defections were more related to how much vested money is being funneled between interest groups/companies and politicians.

I was trying to see how local politicians voted, and both house.gov and govtrack were being hammered with traffic.

Since I see you're from the Bay Area, you can see the Bay Area roll call here:

http://www.sfgate.com/cgi-bin/article.cgi?.../MNAL1387GL.DTL

Only 33% (all Democrats in the Bay Area anyways) had the balls to say no.

Anyone wonder why I'm not voting Democrat?

40.4%

Tally

I guess according to Harry Reid, 40% of the Democrats in the House aren't putting their country first either.

"With the stock market recording its largest point drop ever in the aftermath of this vote, it has never been more clear how important it is to put politics aside and come together to stabilize our economy for all Americans," Reid said. "I hope House Republicans will reconsider their vote and decide to put country first."

CNN.com

[IAMX 3,055]

In the big picture, the democrats voted for it, and the republicans voted against it, but there were a lot of defections on both sides.

Yeah, I think the defections were more related to how much vested money is being funneled between interest groups/companies and politicians.

I was trying to see how local politicians voted, and both house.gov and govtrack were being hammered with traffic.

Since I see you're from the Bay Area, you can see the Bay Area roll call here:

http://www.sfgate.com/cgi-bin/article.cgi?.../MNAL1387GL.DTL

Only 33% (all Democrats in the Bay Area anyways) had the balls to say no.

Anyone wonder why I'm not voting Democrat?

40.4%

Ahem. *points to bold*

I guess according to Harry Reid, 40% of the Democrats in the House aren't putting their country first either.

"With the stock market recording its largest point drop ever in the aftermath of this vote, it has never been more clear how important it is to put politics aside and come together to stabilize our economy for all Americans," Reid said. "I hope House Republicans will reconsider their vote and decide to put country first."

CNN.com

Whoa! And all this time I had no idea I was living in the United States of Mortgage Lenders!

"America" must be some translation of that.

Country first, guys.

Edited September 29, 2008 by SRVT