House defeats bailout plan

Having spent the past week, I wasn't entired surprised by the defeat:

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 started plummeting on Wall Street even before 228-205 to reject the bill was announced on the House floor.  More than enough members of the House had cast votes to defeat the Bush administration-pushed bill, and the vote was being held open, apparently as efforts were under way to persuade people to change their vote.

None of the Houston area members of Congress I spoke to liked the bailout. NOBODY.  Politics? Perhaps.  But there seemed to be a universal disdain for bailing out Wall Street, especially considering locals are still bailing themselves out from the hurricane.

Comments

[Daniel Yount]

Looks like the Fed had other ideas. And did not want to see America go down.

"Fed to Congress: We’ll Just
Print 630 billion dollars K? Thx Bye."
http://firedoglake.com/2008/09/29/fed-to-congress-well-just-print-630-billion-dollars-k-thx-bye/

Looks like they can continue bickering now, without harm to the rest of us. Note this was done just before the vote. Bernanke was not holding his breath either.

I agree they should be held accountable , but this has been coming down the pipe for years. Alan Greenspan jumped ship long ago and left the mess with Bernake, I do feel sorry for him. As, do I the next President. But for now looks like the status quo will be held while they find out more, just way late

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[LisaW.]

Interestng to add all this mess.

http://www.youtube.com/watch?v=sIrzlFYaSks

[tracy mosley]

About the bill there are working on ,Who is working on the the back bone.? look at who makes less than 50 a year what is the bill doing to help us? what about a fix rate the big ball rate is what is killing us you start out with a small payment then in a few years it has grown way to big and that is why you have so many moving out of homes.the bankers are killing the little workers.and how many have that 250,00 in the back?it is like always the little man is in the dark and forgoten. the one with the money is the one that keeps it and working man is that one that always pay.things keep going up but is the pay no. fema is just a joke. after the big K came they said well next time we will do better yea right the ones that need it now do not get it. A lone from the bank,? with fema we just lossed everything and now you want us to take out another lone?with a 2% rate yea it is nice but in a frw weeks it will go from 2% to 50% rate like the new homes we can not live in. well thank you for letting me vent.

[Allan]

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