Financial Rescue Package Fails in the House

[tommieharris91]

http://www.cnbc.com/id/26944410

So as this happens, the DJIA goes from down 300 to down 675 in about 10 minutes, and it will likely only fall further.

EDIT: Trading will likely be very volatile. As I typed that it went from -675 to -500.

[swardboy]

94 democrats voted against it ....surprising.

[swardboy]

Methinks congressmen and women received some VERY strong feedback from constituents this last weekend.

Dow -394 as I write

[badger]

Well, is it too late to move to Canada? Hell, even Mexico looks good now :(

[Blue]

uh oh. I can't believe this.

[pergdaddy]

2:00 pm : The current Emergency Economic Stabilization Act vote tally comes at 207 for the plan, 226 against, with one vote remaining. A total of 218 votes were needed to pass the vote. House members can still change their vote, and as a result the number of yes votes did tick a few points higher.

Democrats voted 141 for, 94 against. Republicans voted 66 for, 132 against.



That's from briefing.com. House members can change their vote????? I did not know that you could change it after you voted.

[Frozen Sooner]

You can change your vote so long as the Speaker keeps the vote open.

[swardboy]

That's from briefing.com. House members can change their vote????? I did not know that you could change it after you voted.

Yeah, the evil Republicans allowed for extended voting time to reconsider when they were in charge, and the demos screamed bloody murder. Today the Dems think it's a wonderful idea.

But this is doa.

[pergdaddy]

Didn't know that Mike. Learn something new every day.

So, in theory, we could find out who the real "flip-floppers" are?

[badger]

Ok, here's my thoughts on the Democratic-authored bailout plan:

1- Democrats would take full credit if it had passed and not referred to it as a House package or a bi-partisan package. It would have been a "Democrat package."

2- Having the presidential nominees approve it is NOT good enough, especially when neither are in the House and the House is the one voting.

3- Having support from all sides is of utmost importance, because bailing out rich corporations that have fallen from their greed, as perceived by the public, is not popular in the voting public's eyes, and it's an election year.

4- The situation is not bad enough currently to constitute an "emergency" in many people's eyes.

[swardboy]

The Dow is down about 3% on VERY LIGHT volume....a lot of hands are standing on the sideline just waiting it out.

And the 1987 crash was -25% for some perspective.

The market is having its hissy fit today.

[tommieharris91]

A silver lining: crude oil is down about 10% and RBOB gasoline hit limit down.

[Sooner02]

Can we find how each member votes to see how the Oklahoma delegation voted?

[badger]

Can we find how each member votes to see how the Oklahoma delegation voted?

I'm sure our state media will have reaction and comments from all those involved later this afternoon.

How sure? Very sure :)

[Taxman71]

Shocking that the Republican House won't approve a bailout that uses taxpayer funds exclusively, yet gives 20% of the profits from the bailout to ACORN, essentially a radical Democratic PAC which Obama has a long history of participation and guidance.

[TheHumanAlphabet]

Pelosi is toast. She can't deliver her own to pass this.

Oh and BTW, it will be the Repubs failure regardless.

[Veritas]

Good. All the bailout would have done was absolve mortgage holders of responsibility and artificially prop up inflated real estate values.

[Boomer.....]

A silver lining: crude oil is down about 10% and RBOB gasoline hit limit down.

Fill me in on why oil plummets with the market and vise versa. How do they relate to each other? Obviously not in searching for oil, transporting oil, refining oil, etc.

[badger]

According they Aaaaa Peee...

OKLAHOMA

Democrats — Boren, Y.

Republicans — Cole, N; Fallin, N; Lucas, N; Sullivan, N.

link here (http://ap.google.com/article/ALeqM5h5tbX8Cz_49-BqO_UafvdTOx67ngD93EN1N00).

[TheHumanAlphabet]

What I don't get is since when did this country abolish personal responsibility and people having to account for their actions or money. People should lose their job over this and if you fraudulently got a housing mortgage or overextended yourself, then you took the risk and shouldn't be bailed out.

[swardboy]

Good. All the bailout would have done was absolve mortgage holders of responsibility and artificially prop up inflated real estate values.

I agree wholeheartedly.

Apparently Pelosi's comments right before the vote were filled with bitter partisan barbs, and changed many Republican minds.....she is full of fail.

[NormanPride]

What a mess. These idiots out there got elected because they liked the power of taking money and delegating it to "programs" and the like, and now that they're faced with something serious not one has a damn idea what to do, or the leadership skills to get it done. What failures.

[tbl]

Good. All the bailout would have done was absolve mortgage holders of responsibility and artificially prop up inflated real estate values.

Exactly. I know this is going to hurt in the short term, but long term this is DEFINITELY better than the government passing this crap. Good job house, on both sides of the aisle. You listened to your constituency and made the right decision. Hopefully it's dead and won't rear it's ugly head again.

[tommieharris91]

Pelosi is toast. She can't deliver her own to pass this.

Oh and BTW, it will be the Repubs failure regardless.

So much for bipartisanship. It's all fingerpointing now, and the Repubs have no one to blame but themselves. They said they had more people voting for the bill than actually voted for it. This is absolutely sad, and I will not be voting for any House incumbents this cycle.

[Partial Qualifier]

Shocking that the Republican House won't approve a bailout that uses taxpayer funds exclusively, yet gives 20% of the profits from the bailout to ACORN, essentially a radical Democratic PAC which Obama has a long history of participation and guidance.

Acorn has been at the heart of this for days, hasn't it?

I wonder if the two sides would've come to a mutually agreeable position if it weren't an election year.

[tommieharris91]

Fill me in on why oil plummets with the market and vise versa. How do they relate to each other? Obviously not in searching for oil, transporting oil, refining oil, etc.

For the past few months, crude oil has moved with the equity markets because the bad economic news brings about oil demand destruction. Those of you with even a basic idea of economics know that when demand falls for a good either the price needs to fall or supply needs to fall to keep equilibrium.

[Sooner02]

Oklahoma delegation splits on failed bailout plan


WASHINGTON — The Oklahoma congressional delegation split today on the financial bailout plan pushed by the Bush administration. The bill failed on a vote of 205-228.

Voting for the bill were Reps. Dan Boren, D-Muskogee, and Tom Cole, R-Moore.

Voting against were Reps. Mary Fallin, R-Oklahoma City; Frank Lucas, R-Cheyenne; and John Sullivan, R-Tulsa.

[Taxman71]

Acorn has been at the heart of this for days, hasn't it?

I wonder if the two sides would've come to a mutually agreeable position if it weren't an election year.

Yeah, same old story. One party pushes a bill to create a catch-22 for the other....either it is rejected and other party takes the blame or it is approved and pushing party gets credit both publicly and for taking care of their buddies. This is not party-specific, but all too common.

[badger]

So much for bipartisanship. It's all fingerpointing now, and the Repubs have no one to blame but themselves. They said they had more people voting for the bill than actually voted for it. This is absolutely sad, and I will not be voting for any House incumbents this cycle.

There were large numbers of Democrats against it too. How large? Large enough to get it passed if they changed their vote. This is as much on the Republicans as the Democrats for both (1) Not getting a package passed, and (2) Not creating a package that would have full support of both sides.

Boo to everyone involved. Nobody did their jobs today. It's unpopular, yeah -- SO MAKE IT POPULAR! :mad: Your job is not to porkbarrel your constituents, it's to take care of a national crisis like this!

[badger]

Oklahoma delegation splits on failed bailout plan

What the deuce... did Cole change his vote? I have a report from AP that said he voted no and that Boren was the only one from Oklahoma to vote "yes."

[Sooner02]

What the deuce... did Cole change his vote? I have a report from AP that said he voted no and that Boren was the only one from Oklahoma to vote "yes."
I got that from newsok.com

http://newsok.com/oklahoma-delegation-splits-on-failed-bailout-plan/article/3304617/?tm=1222713266

[TheHumanAlphabet]

Regardless, congress is not doing the job they were sent to do. you are not voted in to see how much pork you can send home, you were elected to lead and think of the national interests.

[badger]

Perhaps that tally was from a different vote - I'm sure your link is correct as opposed to random wire one. Hmm...

Here's another take on it from Andrew Rice, who's running against Inhofe:


"This bill gives too much away to the people who created these problems without guaranteeing that it won't happen again."

Link (http://thehill.com/leading-the-news/challengers-offer-symbolic-no-votes-on-bailout-2008-09-29.html)

[soonerscuba]

Shocking that the Republican House won't approve a bailout that uses taxpayer funds exclusively, yet gives 20% of the profits from the bailout to ACORN, essentially a radical Democratic PAC which Obama has a long history of participation and guidance.
You didn't actually read the bill, did you? If 100% of all state and local officials were Dems and followed the advice of the bill, then yes 20% might choose ACORN to dole out money into the community as a civic organization (of sorts). When reading a blog about something, always check out a primary source before believing what you read.

A $700b bailout was destined to fail given that it's $700b to invest in failed business. However, the provision for local funds to be distributed shouldn't be a sticking point for Dems. If Republicans want to make a sticking point of the ACORN mention and the Dems are serious about passing it they will drop it and get the money distributed under a similar public group without the sullied name.

[Sooner02]

Andrew Rice, Democratic U.S. Senate candidate, was against the bill.

http://andrewforoklahoma.com/newsroom_details.asp?id=1233

[Position Limit]

how did pelosi attain a personal net worth of over $25 mil working in public office being so useless? but they are all pretty useless for that matter. i wish a giant hole would open up underneath captiol hill and suck them all in. zero leadership on both sides. very little talent.

later market. hello vix.

[tommieharris91]

Exactly. I know this is going to hurt in the short term, but long term this is DEFINITELY better than the government passing this crap. Good job house, on both sides of the aisle. You listened to your constituency and made the right decision. Hopefully it's dead and won't rear it's ugly head again.

Congratulations, you got what you wanted here. I can't wait to see large cuts in GDP, price deflation (yes, deflation, and it's much worse than inflation), unemployment at 15%, another 10%-15% loss in the stock markets, and Fed monetary policy that becomes completely ineffective because of this.

People on CNBC are talking about companies being unable to pay workers because of frozen credit markets. Wall Street gurus are brought to tears over this.

[Partial Qualifier]

ugh

[Taxman71]

If anything positive comes from this crisis and the fallout, it shoudl be that all Americans should stop and revisit how their elected officials (at all levels) are representing their interests. 90% don't care what they are doing as long as they can afford HDTV, an SUV and an iPhone.

[OUthunder]

94 democrats voted against it ....surprising.

I am proud of those people today. I'm also proud of the Pubs who told W. to go **** himself as well.

[tommieharris91]

Looks like Boren and Cole have my vote, and Fallin, Lucas, and Sullivan have lost it.

I'll have to see Inhofe's stance on this bill. I can't vote for Rice now.

[OUthunder]

Looks like Boren and Cole have my vote, and Fallin, Lucas, and Sullivan have lost it.

I'll have to see Inhofe's stance on this bill. I can't vote for Rice now.

I feel just the opposite.

[Sooner02]

Looks like Boren and Cole have my vote, and Fallin, Lucas, and Sullivan have lost it.

I'll have to see Inhofe's stance on this bill. I can't vote for Rice now.
I honestly thought this was too important to vote against. I think it's ridiculous to start blaming the other party for it's failure. I'm for doing something than nothing, since doing nothing is what has gotten to this point.

[badger]

Forget the blame game - GO BACK TO THE TABLE, figure out what changes need to be made it order for it to pass, find out why people didn't vote for it and make changes so that it can happen, and GET THE VOTE GOING AGAIN.

[OUthunder]

The outcome of this vote gives me hope for our politcal system. It's time for this country to suffer a little bit and to quit letting our mouths overload our butts.

[swardboy]

I'm listening to Pelosi now, and she's basically saying the Republicans don't get it, while totally ignoring the 94 Dem's who voted against the bill. Way to build consensus nance.

[tommieharris91]

I honestly thought this was too important to vote against. I think it's ridiculous to start blaming the other party for it's failure. I'm for doing something than nothing, since doing nothing is what has gotten to this point.

I am actually for doing something in this because I understand what is much more likely to happen without this bill than with it. If this bailout was for something like the auto industry, I would be against it.

[OUthunder]

I'm listening to Pelosi now, and she's basically saying the Republicans don't get it, while totally ignoring the 94 Dem's who voted against the bill. Way to build consensus nance.

She is a total ****ing joke.

[tommieharris91]

OK I think Nancy Pelosi is much more interested in advancing her own party than advancing the USA. She should be voted out too.

[Sooner02]

Why couldn't the president get his own party to support something that is supposed to HELP the credit industry? Apparently republicans see no pending collapse and do not think that this bailout is all that important.

No one wants it, but what would they rather do instead? I don't hear that from them, only they didn't like Speaker Pelosi's speech? What kind of excuse is that? They didn't have any opposition what the Democrats added to the bill. They opposed something that was going to HELP the country get out of this mess. And all they can do is say the Speaker's speech was too partisan??? This is well beyond a party opposition thing. Either you support bailing out of the mess the economy is in to try to stabilize the credit markets, or you don't.

[Position Limit]

market getting it's tits torn off

[Position Limit]

how much are we going to go down when panic sets in?

[badger]

OK I think Nancy Pelosi is much more interested in advancing her own party than advancing the USA. She should be voted out too.

Yeah! VOTE FOR THAT LADY WHO CAMPED OUT AT BUSH'S HOUSE FOREVER!!!

[Taxman71]

The old saying in negotiations is that the fairest deal is when both sides walk away feeling a bit unsatisfied. I think we will get to that point, but, obviously, this bailout package swung too far in one direction.

Then again, politicians usually react aggressively when people march on DC over social issues. Is the economy too abstract for most Americans to get worked up enough to march on Capitol Hill and demand action?

[tommieharris91]

Yeah! VOTE FOR THAT LADY WHO CAMPED OUT AT BUSH'S HOUSE FOREVER!!!

Watching her press conference made me believe the Repubs. It's really sad.

The Republicans were apparently put in a rough place. Agree with Bush and a liberal, or watch everybody's money disappear. :rolleyes:

[Sooner02]

how much are we going to go down when panic sets in?
What has to happen in the market to get those members in Congress to see this was something that was going to HELP get this crisis under control? How bad does it have to get to get past ideology? If your house is burning and on fire from a lightening strike, do you continue to say "No, let it burn, it will be better for the house in the long-run to suffer the damage as long as it doesn't go against our belief to not put out fires that occur from natural causes."?

[Position Limit]

What has to happen in the market to get those members in Congress to see this was something that was going to HELP get this crisis under control? How bad does it have to get to get past ideology? If your house is burning and on fire from a lightening strike, do you continue to say "No, let it burn, it will be better for the house in the long-run to suffer the damage as long as it doesn't go against our belief to not put out fires that occur from natural causes."?

market was headed down with or without this bill. with all indication 12 hrs ago that this thing was going to pass, asia and europe got smoked. and WB equity holders got wiped out. how many is that this month now? i cant even keep track. i've seen alot of crazy things in my 12 years in this business, but i would have never believed what i've seen the last 10 days.

[Position Limit]

it's a good thing there's a ban on those nasty short sellers, otherwise we might be down big today.

[SoonerProphet]

Maybe politicians are getting the idea, the American people do not want to see a bailout and have let their reps know about it.

[Big Red Ron]

You can change your vote so long as the Speaker keeps the vote open.Which she didn't do. The day before a Jewish Holliday (congress is closed) and she knew she didn't have the votes and put it up for a vote and closed debate. She's playing games.

I'm glad it didn't pass as is.

[Big Red Ron]

Maybe politicians are getting the idea, the American people do not want to see a bailout and have let their reps know about it.
EXACTLY!!
BIpartisan rebuff of the stupid bail out.

Yay! 700 bil could give every Americansome sweet cash.

[OUthunder]

Maybe this is the start of a new beginning politically.
























BAWABAWABAWA:D

[SoonerProphet]

Maybe this is the start of a new beginning politically.
























BAWABAWABAWA:D

I think it is laughable too, but maybe, just maybe we are starting to see citizens stand up and make their voices heard.

[tommieharris91]

EXACTLY!!
BIpartisan rebuff of the stupid bail out.

Yay! 700 bil could give every Americansome sweet cash.

$415 is sweet cash?

[Big Red Ron]

$415 is sweet cash?You're not doing the math right. Depends on if you give it everyone or, just tax payer or adults or just people with mortgages.

[swardboy]

$415 is sweet cash?

Thanks for doing the math, I was too lazy:D

Meanwhile, oil goes down baby....$96. Trump thinks it is in freefall for another $25.

[Big Red Ron]

Oil will go down to about $60. OPEC can suck it!

[Big Red Ron]

Thanks for doing the math, I was too lazy:D

The math is wrong. Unless you're just dividing 300,000 people, which is just dumb.

I should have said, "Every tax paying American."

It's our money. If you leach off the system then you get nothing.

[swardboy]

The math is wrong. Unless you're just dividing 300,000 people, which is just dumb.

I should have said, "Every tax paying American."

It's our money. If you leach off the system then you get nothing.

Well help me out here! My calculator doesn't do $700,000,000,000 divided by 300,000,000!!!!!!! (or how ever many tax payers there are)

[SoonerInKCMO]

$2,333.33.

[Big Red Ron]

Well help me out here! My calculator doesn't do $700,000,000,000 divided by 300,000,000!!!!!!!
See, you can't do it that way. We shouldn't give money to people that don't pay taxes. So, I would say yhe number is closer to a hundred and fifty million.

[DBrown]

And in the midst of it all.......why not call upon J.G Wentworth...?
"It's MY MONEY AND I WANT IT NOW"!

[DBrown]

Or....here's a better way to look at it from the movie "It's a mad,mad,mad,mad
world"........quoting Johnathan Winters...."now wait a minute,there's enough
money out there for every one of us.....there's enough for you...and....you..
and for me and.......(tires heard squealing as the hunt is on)!

[S008NER]

BLACK MONDAY !

[KRYPTON]

Good! I need those two thousand singles to burn in my fireplace for heat.

[JohnnyMack]

Oil will go down to about $60. OPEC can suck it!

**** it, I'm going to go buy two Yukons.

I wonder if anyone has any money to loan. :D

[tommieharris91]

See, you can't do it that way. We shouldn't give money to people that don't pay taxes. So, I would say yhe number is closer to a hundred and fifty million.

50% of US Citizens don't pay taxes? Umm... we just gave out $150B to taxpayers as a economic stimulus. We gotta pay that back sometime...

[Big Red Ron]

50% of US Citizens don't pay taxes? Umm... we just gave out $150B to taxpayers as a economic stimulus. We gotta pay that back sometime...
As a matter of fact, roughly 90% of all federal taxes are paid by about 10% of the people in America.

[Frozen Sooner]

Which she didn't do. The day before a Jewish Holliday (congress is closed) and she knew she didn't have the votes and put it up for a vote and closed debate. She's playing games.

I'm glad it didn't pass as is.

As I understand it, she held the voting open for a couple of hours until it was evident that not enough were going to switch.

[Big Red Ron]

As I understand it, she held the voting open for a couple of hours until it was evident that not enough were going to switch.
I was watching cspan and she put it up and closed debate. She's a fool and should be removed by the Democrats.

If she wanted the deal, why would she blame Republicans before this "bipartisan" bill went up for a vote? She is completely incompetent. 94 Democrats voted against it and it failed by 17 votes.

Stup!d B!itch!

I think we shouldn't bail these guys out, just take the medicine and let the market adjust.

[badger]

Ok, so when the Congress is phail, and the economy is phail and the country is phail-ing, who do you blame, the minions or the leaders?

I blame the leaders - FIRE PELOSI.

(I would also say "fire bush," but his contract is already not being extended, so it would be moot at this point)

[S008NER]

I think we shouldn't bail these guys out, just take the medicine and let the market adjust.

That medicine might end up being Potassium chloride. AKA 1929 revisited.

[lexsooner]

If the stock market tanks a few thousand points this week, will the anti-bailout folks see things differently? Principles vs. panic/pocketbook. We will see. . . .

[Chuck Bao]

Honestly, I’m pleased the bill didn’t pass the House and I’m proud of the Republicans and Democrats who voted their conscience and against this “throwing-good-after-bad” bailout scheme.

As I mentioned in a previous post, I don’t trust Paulson and Bernanke and the Bush administration. I don’t believe the scare tactics being used.

I don’t like taxpayers’ money being used to buy out the worst of the bad debt and I am especially against buying it at some completely arbitrary premium above market value. Who is talking about profits? What profits? Nobody should be worried about where the profits supposedly should be applied.

I don’t like CNBC commentators this evening talking about only five financial institutions being in the “club”. I do not like the thought of the US financial industry being in the hands of only JP Morgan Chase, Bank of America, Citibank, Morgan Stanley and Goldman Sachs. I don’t like the thought of the American financial system being controlled by foreigners either.

I agree with Veritas let the property market correct. It seems a bit ludicrous to me that the intent is waste so much taxpayer money to prop up the way over-inflated property markets in California, Nevada and Florida for the sake of bailing out a few select financial institutions.


Good. All the bailout would have done was absolve mortgage holders of responsibility and artificially prop up inflated real estate values.

I say let the mismanaged banks’ shareholders get wiped out first. Then, step in and protect depositors. Take over the bad debt and slowly deal with it. Do it one bank at a time. It will be much more cost effective and a much greater chance of long-term success than throwing a lot of money at the bad loans in one go.

THE $700bn IS NOT ENOUGH. On top of that, the US taxpayer is already committed to bailingout Fannie Mae and Freddie Mac which could actually top that.

And, don’t worry too much about Wall Street, which is now down about 7%. I have repeatedly told my clients not to trust the daily knee-jerk reaction of Wall Street. It is so short-term oriented and it can’t really agree on anything beyond the next week, let alone what is good for the US and US taxpayers in the next 3-10 years.

Yeah, yeah, yeah. I understand about the current credit squeeze, the lost in confidence in the interbank market and the huge commercial paper and derivative product markets that could and probably will collapse. These products got so far ahead of the underlying assets that it was part of the “house of cards”.

So, should we start trying to build back up the house of cards as they are falling down around our heads, or should we let them fall and start back with a strong base?

You choose and I hope you all vote your conscience in November.

[tommieharris91]

Well, today the Dow closed down 777.68. Worst point loss ever.

BRR, the last time the US Gov't decided not to intervene was 1929. The market may not correct for a few years in this case.

[swardboy]

The BIG problem as I understand it, is that banks aren't lending money to banks in order to get loans. And we need to get that bearing in the economy greased.

[SoonerJack]

Regardless, congress is not doing the job they were sent to do. you are not voted in to see how much pork you can send home, you were elected to lead and think of the national interests.

much wisdom ^
props to THA

[Condescending Sooner]

Why the hell would Pelosi think it would be a good idea to make a speech bashing Bush right before the vote? It only pisses off the republicans, who she needs. Also Bush is wanting it passed, so if she wants it passed as well, why go on a diatribe about his failed economic policies?

Her hatred towards the other side is blinding her decision making (like some on this board) or she is an idiot, which is it?

[Gandalf_The_Grey]

The government totally sucks
You mother****er
The government totally sucks

Ben Franklin was a rebel indeed
He liked to get naked while he smoked on the weed
He was a genius but if he was here today
The government would **** him up his righteous A!

Now let me tell you something about the government (uh huh)
They're ****ing up the environment (say what?)
They're taking all the ****ing beautiful animals (yeah?)
And making them ****ing extinct (oh no!)

The government totally sucks
You mother****er
The government totally sucks
The government totally sucks

Cos the land of love and freedom,
Is just a baby's breath away
And if we hold hands together
We can bring back the USA

The USAAAAAA, yeah!
Bring back the USAAAA, yeah!
The ****ing USAAAA yeah!
Bring back the US!

Government totally sucks!
[Lee] That was amazing, you changed people's lives tonight!
[JB] yeah it was awesome, compared to bull****!

[swardboy]

I blame it on Venables....

[Gandalf_The_Grey]

Mike Stoops would have never let this happen...

Our Economy was never this out of position when he was here...

:(

[badger]

Mike Stoops would have never let this happen...

Our Economy was never this out of position when he was here...

:(

These defenders of our economy need to stop missing their assignments :D

[Gandalf_The_Grey]

You have to realize those people are only like 50, 60, or 70 years old, they aren't always going to be the best at fundamentals

[CrimsonandCreamForever]

I think their strength and conditioning has been a little lax in the off-season.

[Frozen Sooner]

You have to realize those people are only like 50, 60, or 70 years old, they aren't always going to be the best at fundamentals

The fundamentals are strong.

It's that Chuck Long keeps calling dive plays.

[Gandalf_The_Grey]

Well if Chuck is involved..it must be 3rd and Long

[Jerk]

Hahahaha!

That's all I've got to say!

[Blue]

Worst case scenario: The market crashes and football season is cancelled. THE HORROR!!!!

don't even think about it.

[Gandalf_The_Grey]

If football got cancelled...2 questions

Can Alabama claim their 105th National Title?

Where are torches and pitch forks going to be handed out? (Can't afford my own)

[Veritas]

Why the hell would Pelosi think it would be a good idea to make a speech bashing Bush right before the vote? It only pisses off the republicans, who she needs. Also Bush is wanting it passed, so if she wants it passed as well, why go on a diatribe about his failed economic policies?

Her hatred towards the other side is blinding her decision making (like some on this board) or she is an idiot, which is it?
Wow, yeah. If I was a Democrat I'd be livid with her absolute and complete failure as SML. Good lord, she couldn't even get her own party behind her and then she takes a dump on opposing party a few hours before the vote.

[Jerk]

Short term pain will equal long term gain.

The end of fannie and freddy being ran as democrat social experiments will be a great thing.

[Frozen Sooner]

Wow, yeah. If I was a Democrat I'd be livid with her absolute and complete failure as SML. Good lord, she couldn't even get her own party behind her and then she takes a dump on opposing party a few hours before the vote.

Nancy Pelosi, as a member of the House of Representatives, is not the Senate Majority Leader.

Just saying.

[Veritas]

Nancy Pelosi, as a member of the House of Representatives, is not the Senate Majority Leader.

Just saying.
Jeebus. I meant Speaker. My bad.

[Jerk]

Bwahahahahahaahhaha!

Sorry, couldn't help myself.

[Frozen Sooner]

Jeebus. I meant Speaker. My bad.

That's OK. I like to forget about Harry Reid myself sometimes.

[swardboy]

Wow, yeah. If I was a Democrat I'd be livid with her absolute and complete failure as SML. Good lord, she couldn't even get her own party behind her and then she takes a dump on opposing party a few hours before the vote.

Well it's pretty transparent to me that she thought she had republican cover as FIVE dem chairmen voted NO! Let alone a lot of other dems up for re-election. She had to know that going into the vote.

[SoonerKnight]

how did pelosi attain a personal net worth of over $25 mil working in public office being so useless? but they are all pretty useless for that matter. i wish a giant hole would open up underneath captiol hill and suck them all in. zero leadership on both sides. very little talent.

later market. hello vix.

Pelosi came from money!

[SoonerKnight]

EXACTLY!!
BIpartisan rebuff of the stupid bail out.

Yay! 700 bil could give every Americansome sweet cash.

700bil to tax payers!!!! We pay off our houses, cars etc..... economy keeps on running....how much would that be for over 200 million tax payers?

[SicEmBaylor]

I oppose.

[MrJimBeam]

Honestly, I’m pleased the bill didn’t pass the House and I’m proud of the Republicans and Democrats who voted their conscience and against this “throwing-good-after-bad” bailout scheme.

As I mentioned in a previous post, I don’t trust Paulson and Bernanke and the Bush administration. I don’t believe the scare tactics being used.

I don’t like taxpayers’ money being used to buy out the worst of the bad debt and I am especially against buying it at some completely arbitrary premium above market value. Who is talking about profits? What profits? Nobody should be worried about where the profits supposedly should be applied.

I don’t like CNBC commentators this evening talking about only five financial institutions being in the “club”. I do not like the thought of the US financial industry being in the hands of only JP Morgan Chase, Bank of America, Citibank, Morgan Stanley and Goldman Sachs. I don’t like the thought of the American financial system being controlled by foreigners either.

I agree with Veritas let the property market correct. It seems a bit ludicrous to me that the intent is waste so much taxpayer money to prop up the way over-inflated property markets in California, Nevada and Florida for the sake of bailing out a few select financial institutions.



I say let the mismanaged banks’ shareholders get wiped out first. Then, step in and protect depositors. Take over the bad debt and slowly deal with it. Do it one bank at a time. It will be much more cost effective and a much greater chance of long-term success than throwing a lot of money at the bad loans in one go.

THE $700bn IS NOT ENOUGH. On top of that, the US taxpayer is already committed to bailingout Fannie Mae and Freddie Mac which could actually top that.

And, don’t worry too much about Wall Street, which is now down about 7%. I have repeatedly told my clients not to trust the daily knee-jerk reaction of Wall Street. It is so short-term oriented and it can’t really agree on anything beyond the next week, let alone what is good for the US and US taxpayers in the next 3-10 years.

Yeah, yeah, yeah. I understand about the current credit squeeze, the lost in confidence in the interbank market and the huge commercial paper and derivative product markets that could and probably will collapse. These products got so far ahead of the underlying assets that it was part of the “house of cards”.

So, should we start trying to build back up the house of cards as they are falling down around our heads, or should we let them fall and start back with a strong base?

You choose and I hope you all vote your conscience in November.

I wish I was as smart as this guy.:texan: Cause I think he's right. :)

[Sooner in Tampa]

Well it's pretty transparent to me that she thought she had republican cover as FIVE dem chairmen voted NO! Let alone a lot of other dems up for re-election. She had to know that going into the vote.
Pelosi screwed this up from the start of the day...her speech was deplorable and uncalled for. She stands in front of the t.v. microphones and preaches about bipartisan politics AND then pulls a stunt like that. How did she think that was helping??? 40% of the donks voted NO...that is VERY telling.

She is a bitch of monumental proportions and is more of an hinderance than help in the process.