Economic bailout bill fails

[regina]

Hi All,


The 700 billion dollar economic bailout package was not passed in the house of representatives. It failed by a vote of 228 to 205 to reject the bill. The Dow just tanked 700 points!

Were you for or against the bailout plan? What do you think will happen next in our economy? Why do you think the bailout plan failed?


Regina

 

[Jennifit]

The pundits are saying that the Republicans didn't want all of the regulations the bill had and that the "Maverick" couldn't get his party together...
I also heard that Nancy Pelosi gave a partisan speech at the very end...I haven't heard it yet, though. Everyone will blame everyone...
The democrats voted for the bill on the majority, the Republicans were split.
Ahhhhhh...politics....

 

[andtckrtoo]

I know the number is wrong, but I had to chuckle when I saw this:

http://punditkitchen.files.wordpres...res-news-500-billion-bailout-reaches-hell.jpg

 

[regina]

That is funny!!!!! Was hell rejoicing or sad???

 

[buffettgirl]

It was freezing over....

 

[janiejoey]

It's a shame it didn't pass. We needed the bail out.

I wonder what will happen now? Better get ready for some hard times.

Janie

 

[horseshowmom]

I don't know what comes next or why it failed. I'm sure there will be fingers pointing. I do know these are scary times.

I just got off the phone with my bank (Wachovia) which was just bought by Citigroup. Apparently b/c it was a buyout only the name will change???

Becky

 

[wrkoutqueen]

bail out

I am actually glad it didn't pass. There were too many problems that would end up causing tax payers to have to pay for years to come. I have confidence that they will continue to work to find a reasonable resolution that won't involve so much of the tax payers' money!

 

[regina]

Not to make light of the situation, but I have been in both situations- times when I have had plenty and times when economically things were tough. I have survived both. I do think that economic hard times are ahead, but frankly Americans need to learn to save more money and to use less credit. We are a instant gratification society. How many things that you have purchased on credit do you honestly truly need? Also the government needs to learn the same lesson and not have our children and grandchildren and great grandchildren paying off our debt!

 

[autumn]

I was watching the cable news channels last night; some of the members of Congress opposing the bailout were interviewed. Based on those interviews, they will continue to work on a plan.

I also heard that Nancy Pelosi gave a partisan speech at the very end

Found this online:

Several Republican aides said House Speaker Nancy Pelosi, D-Calif., had torpedoed any spirit of bipartisanship that surrounded the bill with her scathing speech near the close of the debate that blamed Bush's policies for the economic turmoil.
Without mentioning her by name, Rep. Adam Putnam, R-Fla., No. 3 Republican, said: "The partisan tone at the end of the debate today I think did impact the votes on our side."


...In her speech, Pelosi had assailed Bush and his administration for reckless economic policies.

"They claim to be free market advocates when it's really an anything-goes mentality: No regulation, no supervision, no discipline. And if you fail, you will have a golden parachute and the taxpayer will bail you out. Those days are over. The party is over," Pelosi said. "Democrats believe in a free market," she said. "But in this case, in its unbridled form, as encouraged, supported, by the Republicans — some in the Republican Party, not all — it has created not jobs, not capital. It has created chaos."

 

[regina]

Bank Buyouts

I wondered how these bank buyouts affect the average depositor?

I don't know what comes next or why it failed. I'm sure there will be fingers pointing. I do know these are scary times.

I just got off the phone with my bank (Wachovia) which was just bought by Citigroup. Apparently b/c it was a buyout only the name will change???

Becky

 

[hottiescientist]

From Politico.com

Republicans said Pelosi may have lost votes with a floor speech they considered too partisan. "We could have gotten it if it were not for this partisan speech that Speaker Pelosi gave,” Boehner said.

Added Rep. Chris Shays, a Connecticut Republican who also voted for the bill: “Nancy blew it.”

"That is an absurd accusation at a time when our country is in deep economic distress," a Pelosi spokesman fired back.

"You don't vote on a speech, you vote on a bill."

 

[regina]

Sometimes I think that instead of the Congress voting on any economic bailout, they should author a bailout plan and then put that plan before the American people as an emergency referendum vote! Let us decide! How many of our congressmen are really voting the will of the people that they are suppose to represent? Of course they do not think that we are smart enough to really understand the issues at hand. I have heard this sentiment repeated many time on news shows. One news anchor said that we are not even smart enough to spell the word economic, let alone decide on an issue of this complexity

 

[hiitdogs]

This is Nancy Pelosi's speech for those of you who haven't seen/heard it.

http://news-cycle.blogspot.com/2008/09/did-pelosis-speech-sink-bailout-plan.html

I think she was right in what she said, but that this what not the time or place to say it!

I am absolutely appauled by both parties that they were not able to rise to the occasion and put partisan politics aside for good of all Americans. $ 700 billion is a staggering amount but the remnifications of not passing this bill will be disasterous and each and every one of us will be effected by this.

 

[elliemom]

Do you remember when Kennedy was shot??? I have heard that all my life from parents and grandparents. I was always surprised how they remembered what they were doing, what they were wearing etc.

Well, in 1989 I was working as an ER nurse when Peter Jennings announced the Operation Desert Storm ground war. I was terrified. It was not something I ever expected to see in my lifetime.

In 2001 I put my husband on a plane at 7:30 am for a flight to Boston. I had a 9 month old at the time. As I was driving home from the airport I heard "A plane TO Boston hit the World Trade Center in a suspected terrorist attack. Again something I thought I would ever see in my life time.

Today I learned that Wachovia bank as being bought by Citibank and I went online to move some money around when I saw the BREAKING NEWS. The $700 billion bailout did not pass. Warren Buffett, Alan Greenspan etc saying things like DEPRESSION, total economic collapse, Wall stree suspends trading etc. Nope, never thought I'd see this happen.

I don't profess to be an economist but how the hell did these idiots get us in these situations??? Greed, stupidity or lack of safeguards. I personally don't care if it's Republican or Democrat, I want the heads of these banks that were loaning lots of money to people who never would have qualified for it.

As a single woman I bought my 1st house in 1988. The interest rates were 18% Yep, 18 percent!!! And to get a mortgage you had to show every pay stub, every tax return, every nickel under your couch cushions. And remember, this was when credit cards and car loans etc were still tax deductible.

Now in my mid forties, I am shocked at the idiots that said sure, here take another large loan that you can't afford, and I'm just as disgusted at the people who took these loans knowing they were way over their heads.

Sorry for the rambling, but this whole mess is out of control and people are just getting by, and the CEO's are walking away with BILLIONS. Sounds like a big F U to us!!! Good luck everyone

elliemom

 

[hottiescientist]

Sometimes I think that instead of the Congress voting on any economic bailout, they should author a bailout plan and then put that plan before the American people as an emergency referendum vote! Let us decide! How many of our congressmen are really voting the will of the people that they are suppose to represent? Of course they do not think that we are smart enough to really understand the issues at hand. I have heard this sentiment repeated many time on news shows. One news anchor said that we are not even smart enough to spell the word economic, let alone decide on an issue of this complexity

Having a national emergency referendum would cost millions...and I'm not sure if I want the American people to vote in some popular fashion even if I'm not always OK with what Congress does. Most people don't understand the financial markets, are not privvy to information that some of the Congressmen have available to them, and frankly, that isn't the system the founding fathers created. Sometimes, unpopular decision are the ones best for the country.

 

[LauraMax]

Sometimes I think that instead of the Congress voting on any economic bailout, they should author a bailout plan and then put that plan before the American people as an emergency referendum vote! Let us decide! How many of our congressmen are really voting the will of the people that they are suppose to represent? Of course they do not think that we are smart enough to really understand the issues at hand. I have heard this sentiment repeated many time on news shows. One news anchor said that we are not even smart enough to spell the word economic, let alone decide on an issue of this complexity

Regina! LOL! We can't even get an election right! If we had a referendum on this it'd just end up going the way Diebold wants it to.

 

[hottiescientist]

This is Nancy Pelosi's speech for those of you who haven't seen/heard it.

http://news-cycle.blogspot.com/2008/09/did-pelosis-speech-sink-bailout-plan.html

I think she was right in what she said, but that this what not the time or place to say it!

I am absolutely appauled by both parties that they were not able to rise to the occasion and put partisan politics aside for good of all Americans. $ 700 billion is a staggering amount but the remnifications of not passing this bill will be disasterous and each and every one of us will be effected by this.

Yeah, I agree with you but at the same time, you vote a bill not a speech...because clearly if you do otherwise the Dow drops a couple hundred points.

 

[hiitdogs]

Yeah, I agree with you but at the same time, you vote a bill not a speech...because clearly if you do otherwise the Dow drops a couple hundred points.

I understand and I totally, totally agree. You vote for a bill, not a speech. I still wish she wouldn't have said it and given the Republicans the amunition. That being said, for the most part, I agree with what she has said, it was just not smart politics.

 

[andtckrtoo]

And of course McCain is already on record as blaming Obama (?) and the Democrats... And is not taking any responsibility for failing to rally the Republicans.

But I also agree that Pelosi's speech had no place in this. Who cares what caused it? Seriously. We're where we are and all of the finger pointing in the world is not going to change it.

I, for once, wish people could keep their mouths shut and their brains open. Surely there is a way to come to compromise... The only thing everyone seems to agree on is that we cannot NOT do something.