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Loading ...Bailout bill defeated, stocks plunge
09.29.2008 2:34pm EDT
(Washington) The House on Monday defeated a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry.
Stocks plummeted on Wall Street even before the 228-205 vote to reject the bill was announced on the House floor.When the critical vote was tallied, too few members of the House were willing to support the unpopular measure with elections just five weeks away. Ample no votes came from both the Democratic and Republican sides of the aisle.
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.
The vote had been preceded by unusually aggressive White House lobbying, and spokesman Tony Fratto said that Bush had used a “call list” of people he wanted to persuade to vote yes as late as just a short time before the vote.
Lawmakers shouted news of the plummeting Dow Jones average as lawmakers crowded on the House floor during the drawn-out and tense call of the roll, which dragged on for roughly 40 minutes as leaders on both sides scrambled to corral enough of their rank-and-file members to support the deeply unpopular measure.
They found only two.
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.
Excuse me Censoredagain.
The mortgage companies not the people who lost their homes are at fault here along with the “big business” politicans.
How can you have an opinion about something you’ve never been through?
That’s like saying I like grapefruit dipped in chocalate without ever having tasted it.
I’ve lost 1 our of 2 homes due to the increasing of the mortgage payment inspite of the declining market value.
Censoredagain Said: September 29th, 2008 at 7:07 pm
Bud it is unfair and pure intellectual dishonesty to blame any one political party for this. The eponymous of this problem is the Amendment to the Community Redevelopment act which made lenders give high risk loans. Also, you have to blame those individuals that acted irresponsibly by offering loans to those that cannot afford to repay them and those individuals that agreed to accept said loans. The blame is squarely on the shoulders of the irresponsible people involved including those loosing their homes.
Kari, I could care less what you think. You are obviously narrow minded and a bigot yourself.
And yes, these things do connect,Kari, I could care less what you think. You are obviously narrow minded and a relatively uneducated bigot yourself. And from your rant, I am sure you have never had to deal with the politics in Washington.
And yes, these things do connect, and currently affect the existing financial situation, and I do understand politics. I spent nearly ten years in Washington dealing with and being affected by politics. I prepared and published the financial statements for the federal government for over 5 years, under the direction of the Secretary of the Treasury. I read them and saw them before even the Secretary and the President. I also was the first to create and publish them electronically.
And the rest of my essay is something you probably never understand. If you read it, and did not understand it, then you also are not a student of history.
I predicted all of this stuff at about 10 years before it happened, and it is happening exactly as I expected. I am sorry about it all, but being enlightend does not mean one can stop the inevitable. One single person cannot stop the onslaught, even when they can predict it. Go back in history and ask Cassandra.
Nonetheless, please be very affraid of what is coming, and it is all planned by and will be executed by the Republicans, particularly if they retain power after this election. Rememeber, Daddy Bush wanted a new world order.
currently affect the existing situation, and I do understand politics. I spent nearly ten years in Washington dealing with and being affected by politics. I prepared and published the financial statements for the federal government for over 5 years, under the direction of the Secretary of the Treasury. I read them and saw them before even the Secretary and the President.
And the rest of my essay is something you probably never understand.
Nonetheless, please be very affraid of what is coming, and it is all planned bay and will be executed by the Republicans.
My last post was somehow mutilated by the posting software here. Here is is as I intended:
Kari, I could care less what you think. You are obviously narrow minded and a relatively uneducated bigot yourself. And from your rant, I am sure you have never had to deal with the politics in Washington.
And yes, these things do connect, and currently affect the existing financial situation, and I do understand politics. I spent nearly ten years in Washington dealing with and being affected by politics. I prepared and published the financial statements for the federal government for over 5 years, under the direction of the Secretary of the Treasury. I read them and saw them before even the Secretary and the President. I also was the first to create and publish them electronically.
And the rest of my essay is something you probably will never understand. If you read it, and did not understand it, then you also are not a student of history.
I predicted all of this stuff about 10 years before it happened, and it is happening exactly as I expected. I am sorry about it all, but being enlightened does not mean one can stop the inevitable. One single person cannot stop the onslaught, even when they can predict it. Go back in history and ask Cassandra.
Nonetheless, please be very afraid of what is coming, and it is all planned by and will be executed by the Republicans, particularly if they retain power after this election. Remember, Daddy Bush wanted a new world order.