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Steve Foss

Bailout bill defeated . . . now what?

182 posts in this topic

The House just defeated the $700 million bailout bill 228-205.

While House Republicans, many of them, were vocally against the bill, plenty of Democrats voted no, too.

With elections coming up so fast, they didn't want to chance not being re-elected. They'd gotten lots and lots of outraged communications from constituents about the bill.

The best minds in government and Wall Street (yeah, call that an oxymoron if you will) are saying the bailout, unpopular on main street because it bails out the very institutions upon which main street depends, is necessary to put the economy back on track. Congress knows of the necessity.

This morning was a time for leadership, a case when people really in the know and with our best interests in mind should have voted what was necessary for our good. Instead they voted for their own good, enough CYA from both parties to kill the bill.

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wow, STF!! you beat me to this post! lol

Republicans weren't gona whip their team and then Democrats wouldn't either.

Leadership huh?

I quote River_Dan " what a concept"

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Well I hope no one here plans to retire in the next 15 years. This thing is gonna hit hard. Dow 8000 here we come!!!

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It deserved to be defeated.

Like paying off one credit card with another.

(And many other reasons)

That's not leadership. crazy

I for one asked my Congressman and Women to vote it down.

If I shot myself in the foot, time will tell.

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Yep, STF is quick grin

Quote:
NEW: Dow dives as house defeats $700 B bailout bill

WASHINGTON (AP) — 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.

Now what? Is a very good question crazy

Hold on and see what happens I guess????

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Pretty much derailed my plans of being done working within the next year. After seeing what my 401 has dropped and what my pension fund probably has/will, I'll be working till I die.... sick

Thanks Congress!!!

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All I see is more election year politics. I'm a bit amazed at how much power Wall Street has. The direction of the market indicators is the 4th wheel of our government. Sadly our government is a three wheeler, and Wall Street is the steering wheel.

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If I shot myself in the foot, time will tell.

Time will tell, indeed. The issue, of course, is much bigger than one man's foot, isn't it?

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Dow went down 700 points when WSC found out they were gona go down on bill. Went back up 300 during the 10 minute arm twsiting. Now its back down 500...yikes

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Originally Posted By: Uncle Bill
If I shot myself in the foot, time will tell.

Time will tell, indeed. The issue, of course, is much bigger than one man's foot, isn't it?

Wonder if Bill shot my foot too...im sure he wants to :P

On the bright side...I might get the boat I want cheaper now laugh

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132320.jpg

Ladies and gentlemen, I'll be brief. The issue here is not whether we broke a few rules, or took a few liberties with our constituents wallets - we did. But you can't hold a whole country for the behavior of a few, sick twisted individuals on Wall Street and in this room. For if you do, then shouldn't we blame the whole mortgage lending system? And if the whole mortgage lending system is guilty, then isn't this an indictment of Wall Street and financial institutions in general? I put it to you, Barney Frank - isn't this an indictment of our entire American society? Well, you can do whatever you want, but we're not going to sit here and listen to you badmouth the United States of America. Gentlemen!

/shamelessly stolen

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Maybe it was a "bail out" for these companies, but our economy is tied to these banks. If the banking system goes down we all go with it. Right or wrong I don't care, its how it is. We don't need another great depression. Talk to someone who has been through it. It will cost us all one way or another. Congress knows this bill needs to pass to save the economy but they're more worried about keeping their jobs than doing the right thing. The media, the president and the congress failed to explain to the American public why this was needed. Ask the average person on the street and most will tell you (if they even know there is a "bailout" vote today) that congress was going to simply write a check for $700B to wall street. That's not the case. The gov't would hold these bad loans and would be able to sell them later. There is a good possibility that the gov't could break even or even make $$. I'm not voting for anyone that voted against this thing. They are all cowards and horrible leaders.

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Quote:
Like paying off one credit card with another.

No, it is like an employer getting payroll funds on commercial-paper borrowing and then not having the funds when barrowing is halted. Something many major companies and small companies have been doing daily for ever. Commercial-paper lending came to a screeching halt last week, which pretty much says regular working Americans might see this hit home when they want to collect a pay check or their companies want to further business (like when they make a big sale) to put up the finance to get the job done before being paid for the sale. That sale might just not happen wink now, because of not having the funds to go forward.

I guess we will see what happens when arm chair economics and being reelected has more precedence than when most economics advisors say. The good thing is some major economic brain wizards that are not in Washington say it is better to let things work them selves out.

We will see what happens I guess. I hope it does not lead in to an economic shut down because of some reelection politics crazy.

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I'm not surprised it didn't pass. Even to their own detriment, the majority of the electorate is tired of a goverment for, by and for the benefit of the wealthy.

Congress also is not likely to act on the Alternative Minimum Tax either.

Where is the focus on getting the refineries in Houston back online. Gas lines are everywhere down south.

This nation's leadership is doing "a heck of a job".

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I don't believe the no votes are directly related to being re-elected. Actually many of no votes are by members that are not up for re-election or are in no grave danger of being un-seated!

It's just a tough situation/vote all the way around!

I know one thing McCain needs to immediately suspend his campaign "AGAIN" and get back to Washington. LOZL... grin

t1widemrktbailmon03ap10ch5.jpg

I know one think McCain needs to

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There comes a point where you have to forget about who or what caused the problem and get started on solving the problem.

Its clear that those people who wrote their representatives and told them not to vote for it don't understand the extent of the problem.

If your company has any tie to a financial institution it will be effected, which is pretty much every company in the nation. The only question is if or when will it trickle down to your job.

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Sometime later today, perhaps tomorrow, the news services will start delivering perspectives from economic experts on exactly how the bailout failure likely will affect us all.

Especially because I'm not by any stretch very knowledgeable on U.S. and world economies (yes, world, because it's already impacting other countries), I'm really interested to see those reports.

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Originally Posted By: Uncle Bill
If I shot myself in the foot, time will tell.

Time will tell, indeed. The issue, of course, is much bigger than one man's foot, isn't it?

I'm one man. One vote.

How bout you ?

Did you bother to call your Congressman ?

This was an extremely unpopular bill and IMO rightfully defeated.

I am sure another bill will come along that may make more sense.

Get Bush, Frank, Dodd, and Polosie out of there.

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Did you bother to call your Congressman?

No, I e-mailed.

My position was that, while I was starkly unhappy about bailing out giant corporations that don't care diddly about me, the ramifications of inaction go far beyond my personal philosophical distaste for the plan. This problem is so much bigger than me that I was willing to put aside my own feelings and ask him to vote for the bill.

I sincerely and fully hope all those government and economic advisers are wrong and that letting this work itself out is the best way.

I so far haven't been able to find the roll-call to see how Oberstar voted on this one.

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"it's a cow patty with a marshmellow on it. and I will not eat that cow patty."

awesome quote. Bah I can't for the life of me remeber who said that and it was only 10 minutes ago.

Well....Bill I agree with you carp is carp. I agree with that fact. We also do deserve better. How much confidence do you have in our government we'll get it?

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Originally Posted By: Uncle Bill

I so far haven't been able to find the roll-call to see how Oberstar voted on this one.

He must have listened to you.. he voted I."yes"

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Stock up on bullets and canned goods fellars. The experts tell us the end is near, so we'd best get ready.

I picked up my Mad Max clothing from the cleaners this morning on my way into work, so I'm ready for the coming apocalypse.

If any of you had the misfortune of hearing Speaker Pelosi this morning, it became abundantly clear to me why the voters are rising up in revolt, the the approval numbers for Congress are at record lows. She displayed no vision - no optimism - just more of the same tired old partisan bitterness.

Yep, we've got some real braintrusts running the show in DC...

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Rob, I took you for a survivalist long ago. Fess up, you were ALREADY stocked up on all those things, right? gringringrin

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