$700 Billion Bail-out fails

[CAPSmith]

The House of Representatives has rejected the proposed $700 billion dollar bail-out package. Nasdaq immediately dropped 7% and the Dow dropped 5%.

http://www.nytimes.com/2008/09/30/business/30bailout.html?hp

Senator Judd Gregg from NH said, "If we don't pass this we shouldn't be a Congress."

[Billyd]

But, what several of the news articles that I have perused have failed to state is that if 10 of the 90-some odd Dems had voted for the bill, it would have passed.

My representative voted against this bill and for that alone, I will vote for him in November. When the SEC chair and the SecTreas both state that they saw this coming and did nothing, that means they are incompetent baboons and both need to submit their resignations before the end of the day. And the President would be well advised to accept them.

Let the market fix itself.

[mtnsldr]

I'm glad. I can't take seriously a bunch of Congressmen who when asked what fallout will be, can't be more specific than "bad".

I've heard person after person say this will be devastating, but no one can explain how. I say until they can have a comprehensive plan that outlines exactly why this 700 bilion is needed and the specific goals it will accomplish, let these overreaching corporations drown in their own mistakes.

[SlightlyCatholic]

I'm glad. I can't take seriously a bunch of Congressmen who when asked what fallout will be, can't be more specific than "bad".

I've heard person after person say this will be devastating, but no one can explain how. I say until they can have a comprehensive plan that outlines exactly why this 700 bilion is needed and the specific goals it will accomplish, let these overreaching corporations drown in their own mistakes.


One point that was made by Chuck Todd last night was that two out of the six congressmen assigned to the oversight of the bill would already have full time posts in Congress. Why give these people more than they can chew when they're already choking? I'm glad this thing is going back to the drawing board. I also agree that the whole thing is much too vague, and $700 Billion is WAY too much money to forego specificity.

[DaveIn3D]

Thank god this failed!!!!!!!

Forbes.com is reporting that the $700bn figure was just made up to scare the people into action... http://www.forbes.com/businessinthebeltway/2008/09/23/bailout-paulson-congress-biz-beltway-cx_jz_bw_0923bailout.html

Pelosi screams some B.S. about Bush...http://michellemalkin.com/2008/09/29/nancy-pelosis-bailout-attack-speech-on-the-house-floor/


Welcome to socialism folks. Reward success, socialize losses. I pay for your failure. It is not the American way. Luckily the American people got a reprieve today. But we came close. Dangerously close to the liberal vision of America today. I am not ready to declare these the end times, but i am damn ready to call these scary times. Congress just needs to sit back, STFU, and let capitalism work. If you suck, you fail, get bought out, or get replaced by someone who doesnt suck. The economy will survive without congress's knee-jerk reactions.

I hate politicians with every bone in my body and the last couple weeks have re-enforced that feeling. They are beyond working for their country. They are purely working for themselves. The founding Father's are doing cartwheels in their graves right now.

-3D

[Machine]

All profits are private, all losses are public. Such is the world of bloated central government.

[HairyEyeball]

Not to put too fine a point on it, but has anyone noticed that the problem has its roots in Mr. Peanut's administration, and was solidified in wet willie's? That Butch Reno threatened to prosecute any lender that refused to make loans they knew could - not 'would', but could never be paid back - in 'red lined' areas? Or that both Presidents were (surprise!) liberals?

Has anyone mentioned that while the liberals scream about how the failure of the 'free market' caused the crisis, there was no 'free market' at all, it has been under the heavy hand of government regulation all along, and the market could not sustain that dead weight?

That the democrat Congress had the votes to pass the 'bailout' over a week ago, but knew that when it fails - and it will, the 'final cost' will be many times the $700 billion and is the equivalent of a Band-Aid® on a sucking chest wound - they would need Republicans 'on board' to blame, and even RINOs are smart enough not to go down that road?

The fact that the recession they've been putting off for years is coming has been obvious to anyone with a basic comprehension of economics for all those years, and the sooner it hits, the sooner we can regroup and get through it; the longer we put it off with wall after wall of sticks and straw, the worse it will be when it overwhelms us.

[PDudkowski]

I understand the problem, from a historical context. As Hairy pointed out, Carter and Clinton loved the idea of making funds available to people for motgages who had no way of ever paying the loans off. It was the big stick applied to our savings and loan institutions if they wanted part of the carrot. Can't dispute history. They even thought, especially Clinton, that if you gave the down and outers a hand, let them own a home, they would in turn become reliable, content and productive citizens. You can't run Washington on sentiment.

Now, after torturing mysellf to the whining of Sean Hannity the last several days I am struck by another piece of history. Every Republican from McCain on down says "we've been warning you about this for the last 4 years." (Some have said 6 years). I'm not gonna say the obvious. Oh hell, yes I am. The smarter than the rest of us Republicans had all the marbles, all the chips in the game 4 to 6 years ago and they did what with this vast knowledge and intellect. Not a damn thing. Was it political? God, I hope not. Once again, there is a greater truth out there but partisanship will do its best to ensure we never know what it is.