Political News

House rejects financial bailout

Posted September 29, 2008

— 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.

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  • give me no quarter Sep 29, 2008

    When he signed the papers at closing he knew they were paying off his credit card debt, his vehicle loans, his hospital bills and anything else that was outstanding. Too good to be true right? A clean slate and a house to boot.

  • Kilroy Sep 29, 2008

    "Because he got a variable rate interest loan. I'm surprised the government didn't bail him out too."

    Like him and all the others did not know that was going to happen when he signed the loan papers at closing. DUH!!

  • RochesterRedWolf Sep 29, 2008

    Even if this bill went through, there wasn't gonna be a single cent of help for actual americans.

    just listen to the drivel: "we have to bail out the banks and the credit lenders because if we don't they can't lend any more money, and it ties up progress, and the wheels of capitalism"

    are you serious? these people really believe that we are all so stupid, and they are right, there is a system, a subsytem, subculture of peopole who run the show in Washington and NYC and there isn't any civics class, even college economics classes that can prepare you/us for what goes on there, all in our name with our money; hard-earned money.

    So we have to keep these same institutions solvent so they can keep the mess going, so they can keep doing the same shady, evil stuff they've been doing.

    This is what is so funny when i see all the Patriots stand shoulder to shoulder with a system they don't have the first clue about how it works. I don't either. I just know its underhanded and evil

  • PirateHeist Sep 29, 2008

    ""my mortgage went up $400 a month: Ouch!!"-enough..

    WHY??? "

    Because he got a variable rate interest loan. I'm surprised the government didn't bail him out too.

  • PirateHeist Sep 29, 2008

    tarheel_traveler....

    Thanks for the info, interesting to see the North Carolina reps that voted for this Bill. My vote will not be for them. This Bill makes no Economic sense (UNLESS YOU WERE BORN IN THE USSR).

  • WhatWereOnceVicesAreNowHabits Sep 29, 2008

    Burn Baby, Burn. The free ride is over and we are going to be back to square one. Now lets see how long the rich are going to be able to survive over the common man that knows how and is acustomed to surviving on nothing.

    I vote, let it tank!

    legaleagle0315
    September 29, 2008 3:29 p.m.

    I second that e-motion

  • Kilroy Sep 29, 2008

    "my mortgage went up $400 a month: Ouch!!"-enough..

    WHY???

  • Navy Vet Sep 29, 2008

    This was not a Bill.. It was a Ransom Note!
    We have your country, pay up or else!

  • bama211 Sep 29, 2008

    Well, all I can say is: I never thought I'd see the day when it didn't matter if you were the poo' or the fan, the windshield or bug... we're screwed eitherway.

  • two_cents_plus Sep 29, 2008

    Democrats and Republicans in Congress spent us into nearly $10 trillion debt, most of it owed to foreigners. It appears that Bush, Obama, and McCain are listening to economists who would try to scare Congress into spending another $700 billion essentially rewarding irresponsible conduct encouraged by the government. Presidential candidates Alan Keyes, Chuck Baldwin, and Bob Barr appear to be listening to other economists who think the proposed bailout would make matters worse. For comments against the bailout more erudite than I can give, see Star Parker's column at townhall.com, several columns at www.renewamerica.us, and Alan Keyes's commentary at www.americasrevival.com. Government intervention moving us in the direction of socialism contributed to the financial debacle, and now some propose moving further toward socialism to solve the problem that government helped create. To see how your representative voted on the bailout, see http://clerk.house.gov/evs/2008/roll674.xml.

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