MayhemStreetRiders
Open to the public => Open to the Public => : pdogg September 29, 2008, 06:57:32 PM
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NEW YORK (CNNMoney.com) -- The fate of the government's $700 billion financial bailout plan was thrown into doubt Monday as the House rejected the controversial measure.
The next steps were unclear. The abrupt defeat left the Bush administration and congressional leaders scrambling to figure out whether to renegotiate the bill and introduce it again as soon as Thursday or to try other options.
Stock markets reacted violently. Investors who had been counting on the rescue plan's passage sent the Dow Jones industrial average down well over 700 points. The stock gauge closed 778 points lower - nearly 7%. (Full coverage)
The measure, which is designed to get battered lending markets working normally again, needed 218 votes for passage. But it came up 13 votes short of that target, with a final vote of 228 to 205 against. Two-thirds of Democrats and one-third of Republicans voted for the measure.
President Bush, who earlier in the day said he was confident the bill would pass, said he was "very disappointed" by the House vote. Treasury Secretary Henry Paulson, speaking at the White House, said he will continue to "use all the tools available to protect" the economy.
Republican leaders, who had pushed their reluctant members to vote for the bill, pointed the finger for the failure at a speech given Monday by Speaker Nancy Pelosi, D-Calif.
Pelosi, speaking on the House floor, had blamed the nation's economic problems on "failed Bush economic policies."
House minority leader John Boehner, R-Ohio, said after the vote that passage would have been possible if it had not been for Pelosi's "partisan speech."
Rep. Barney Frank, D-Mass., one of the main congressional negotiators, dismissed the GOP claim that Pelosi's speech was responsible for Republicans voting against the bill. "Because somebody hurt their feelings, they decided to hurt the country," Frank said. "That's not plausible."
'Our time has run out'
The four-hour debate that preceded Monday's vote included impassioned pleas for and against the measure from Democrats and Republicans alike. Party leaders told members that the only way to protect the economy from a spreading credit crunch was to vote for the difficult-to-swallow measure.
"Our time has run out," said Rep. Spencer Bachus, R-Ala., the ranking Republican on the House Financial Services Committee. "We're going make a decision. There are no other choices, no other alternatives."
Added Frank: "Today is the decision day. If we defeat this bill today, it will be a very bad day for the financial sector of the American economy."
Boehner told his members, many of whom objected to the measure, that they had to accept something he and many of them found distasteful.
"If I didn't think we were on the brink of an economic disaster, it would be the easiest thing to say no to this," Boehner said. But he said lawmakers needed to do what was in the best interest of the country.
One lawmaker who voted against the bill, Rep. John Culberson, R-Texas, said the measure would leave a huge burden on taxpayers. "This legislation is giving us a choice between bankrupting our children and bankrupting a few of these big financial institutions on Wall Street that made bad decisions," he said. Culberson voted against the bill.
Other conservative Republicans who voted "no" argued the bill would be a blow against economic freedom.
Thaddeus McCotter, R-Mich., said the bill posed a choice between the loss of prosperity in the short term or economic freedom in the long term. He said once the federal government enters the financial marketplace, it will not leave. "The choice is stark," he said.
Some Democrats voted against the bill for not doing enough to help taxpayers facing foreclosure or unemployment and accused proponents of moving too fast.
"Like the Iraq war and Patriot Act, this bill is fueled by fear and haste," said Lloyd Doggett, D-Texas.
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Rejected.....LOL whats refected? LOL
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lol i just saw that my bad lol
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lol i just saw that my bad lol
You sure your in school fool! :P
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why is there political propaganda on this web site? Who give's a fuck......when you's wuz born you's wuz broke.....you's gonna be brokagain........LOLWE GONNA BE SOME BROKE ASS RIDERS.....Wait a minute...I already am......LMBAO......HAHAHA :lol: :lol: :lol:
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lol sarry i dident taype de correct leter en de messesh
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lol at LMBAO lol laughing my broke ass off here also haha
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Whatcha talken about foo... I was born with a silver spoon...LOL
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in your culo! lol
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Can someone explain to me why we're giving BILLIONS of dollars to the people who fugged up and got into the situation that they're in?? Throw a couple of those billions MY way or even a couple million. Fuck that give me 100,000 and I PROMISE I'll stimulate the shit out of the economy.
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Get some Bullets.
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Oki, this is the reasoning, right now the credit markets are freezing up, meaning banks are now becoming reluctant to lend money to each other, and less to corporations, which some need to borrow money just to pay for the daily expenses, like payroll.... short term money is becoming expensive as well due to the fact that there is more risk of default... 3 month LIBOR rate is skyrocketing, meaning companies are having to pay more to borrow short term money....
To me, the fact that a company has to borrow money to pay payroll is a company that is in bad shape in my opinion, when a company has great credit but no reserves will fail if the bailout bill doesnt pass, and there are many companies who finance themselves in that manner, they just borrow and borrow more, if this bill doesnt pass, only the strong companies who have reserves will survive, which most likely are few... lending money to anyone for a little profit has come to a halt.... thats why rates are increasing.... the years of cheap money, (low interest rates) will soon be gone unless this bill passes....
INTEREST RATES MUST GO UP, it will be painfull, but the whole entire financial system cannot keep going in this manner. I say we take our chances, and let the strong survive and the weak get chewed up by the strong, it will be much better in the end....BTW, yes, the bailout helps those on top so that it may trickle down to us... that philosophy obviously doesnt fukkn work, FUKK BUSH/MCCAIN.... and the democrats that voted for the bill.... I applaud those house Republicans who opposed the Bill..... they held their ground, I just hope they dont give in.
NO BAILOUT!!!!!!!!!!
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Like I said..... Get some bullets. LOL.
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this is why I only keep $1000 in the bank and the rest of my $$ is located next to Mr. 45 ! !
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this is why I only keep $1000 in the bank and the rest of my $$ is located next to Mr. 45 ! !
You're covered for up to $100,000 under FDIC I thought.
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this is why I only keep $1000 in the bank and the rest of my $$ is located next to Mr. 45 ! !
You're covered for up to $100,000 under FDIC I thought.
yes you are....but if the banks lock up....shut their doors....or something else happens I only loose $1000 until they get back up and running and I have my cash on hand....
those who have all their $$ in the banks could be without $$$ for days or weeks...
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I dunno about having all my money except 1k in the bank, but yes, having enough cash at home for emergency is almost as important as having the shotty or the 45 near your bed....
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$700 Billion passed today. :shock:
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Welcome to inflation, and this bailout wont change a thing in my or your life... period.