HOUSE DEFEATS BAILOUT BILL

cspan ^ | September 19,2008

[Recovering_Democrat]

Sweet.

I wish Drudge would use my words on his headline.

BTW, Drudge did use my post once for a headline...remember Kanye West’s lunacy post-Katrina? I was watching and FREEPing at the same time....my post about Kanye’s tirade went up and a few minutes later it was at the top of Drudge’s page. :)

[MHGinTN]

"However, imagine if McCain had exposed 40 million people on Friday night to the CRA, to ACORN and to Obama's "community organizing" for ACORN which consisted of suing banks to make subprime loans." Have you ever heard the phase 'eyes glazed over'? Do you actually think a one or two minute explanation of what's behind this capitalization crisis would have convinced any average undecided voter? The reality is, democrats play upon the lack of education in the vast majority of the voting population. Sound byte education is waht voters are accustomed to. The best and briefest way to express a fact is what has to be presented. And Friday night was not the moment to attempt an adlib, after spending his energies trying to encompass a very dangerous demcorat socialization of our economy and lend gravitas to resisting the ACORN funding, etc. of the democrat plan Obama was ready to sign onto (perhaps he thought he could phone in his vote?).

There need be NO taxpayer bailout, if the sane ways to work our way out of an under capitalization will be instituted. The democrats don't want those afctors brought up because Paulson and the dems had a plan to indenture the taxpayer's economy to an astronomical depth!

[Islander7]

“....remember Kanye West’s lunacy post-Katrina? I was watching and FREEPing at the same time...”

No, I was in the middle of Katrina. I didn’t have power for three weeks.

[novemberslady]

Thanks for posting the votes.
Very happy my Congressman voted no.

[Myynnxx]

"“Could it be because of the ‘mark to market’ aspect and by ending that accounting method the failing assets could be held in limbo long enought to recover market capitalization and grow the economy?”

THIS BILL HAD MARK TO MARKET SUSPENSION IN IT! Section 132.

It’s sad when we say “do X instead of this bill” and it turns out to be in the bill already.

I fear that too many freepers JUST DONT GET IT. The political ramifications anyway. They think the political vote is ‘no’ since the bill is not popular. Well, guess what, medicine never is, but if you are hired to be a doctor and you let the patient die instead of giving him medecine, you’d be fired and worse. That is what the Dems will tag on the Republicans. If the economic crisis worsens or dominates the news until the election, it will be a GOP wipeout that will make 2006 look like a picnic. It’s the ultimate folly and the Democrats and MSM will make today’s GOP out to be Hoover II whether fair or not.

This is JMHO. The markets are clearly in shock on"

Very well said indeed.

If you have money, buy GOLD or Euros.

I only wish it was as simple as "letting these banks/businesses/stupid borrowers/ fail, and they'll learn their lesson." That's tuff talk, but we're waaaaaaaaaay past that point unfortunately.

Sure, I wish these a-hole CEOs, derivative brokers, and crooked mortgage brokers would all be arrested for financial/bank/securities fraud and embezzlement etc.... we could pay for this "bail out/shoreup/whatever the frak you want to call it" with their money/assets. (Did you know that most people who qualified for an ARM loan also qualified for a nice, traditional, fixed 30-yr mortgage as well, but were not TOLD because the brokers made WAY MORE MONEY on the ARM loans???) But my little dream of those fraks sitting in prison is never going to happen because Washington is largely full of cowards, most of whom know very little about global economics, or he fact Wall Street has been turned into a giant Casino/Ponsi-scheme.

However, SOMETHING MUST be done. So you had better know exactly WHAT you're cheering for, i.e. exact wording of the bill that was voted on, what is plan B, is there a plan B? C? D? Because doing NOTHING will be the worst thing EVER I'm afraid.

The problem is we can't wait much longer to figure it out because it's not just the US economy that's involved. If the dollar is devalued and China, the Middle East, Russia, Europe, and most of the rest of the universe all decide to switch to trading in the petro Euro instead of the Petro USD - then we'll be worse than Argentina was when everyone woke up and there money was worthless in their own country.

The good news is: China owns most of our debt, and it's in USDs not Euros - at least for now. However, since China is the largest "shareholder" in proverbial USA "stock" (debt) they could, like Steve Jobs, as the largest shareholder of Disney, could waltz in and say "As the largest shareholder of the company, I am going to run things now..." not that they ever would... or how they would do that I have to idea, so I'm just talking out of my own proverbial a$$ because this is such a clu$terFRAK.

[maica]

Speaking of photos, it was quite jarring to open the Washington Post website today to find the highlighted photo was one of Code Pink freaks protesting this Bill. I am very uneasy when I am supposed to be on the same side as Code Pink.

[Myynnxx]

adding on.......

If you are a responsible Congressperson, and your constituents INSIST on setting themselves on fire because they really don’t understand the physics of combustion, and that the fire will kill them, etc... do you let them have their way because that is the WILL OF THE PEOPLE, or do you do what’s best for them since they just don’t have all the information??

[plain talk]

I don’t just want her blamed for defeat of the plan I want her kind blamed for the mess in the first place.

[WOSG]

There is a hurricane over the horizon, the WLI is way down, the stock market is way down, but because local lenders in some places are okay, that means there is not a crisis. This is not a headache, this is a guy with a possible heart condition and he WILL have a heart attack, soon, if nothing is done.

Maybe the surgery is dangerous and expensive, but if untreated, big trouble.

It is unfortunate that Paulson over-reacted and created a sense of panic to get this done. However, doing nothing now is a dangerous sport.
$1 trillion in market value wiped out in one day because they were 10 congresscritters short of an ‘aye’ vote.

Saying you have to fix the CRA is silly. to use doctor analogy, that’s like refusing to do heart surgery because the guy eats fatty foods.

“Do you think Tip O’Neil would have handled this like she has?”
No, I am fully aware she is an incompetent partisan hack. She just HAD to be a partisan in the same speech she TELLS (not asks) Republicans to line up and vote for this... thats why my tagline is -
Change America needs: Dump the Pelosi Democrat Congress!!!

[beckysueb]

Maybe not but our ancestors got through it and when the government got involved in the great depression, it only extended it. Markets will correct themselves if left alone.

[EDINVA]

thanks!

I never knew what triggerd the order to stop trading.

[bert]

......It is unfortunate that Paulson over-reacted .....

I saw a man hit a mule in the head with a 2 x 4.

I asked him why he was abusing the animal?

He said he wanted to plow the field but before he could go to work he had to get the mule’s attention

[beckysueb]

If we do have a severe recession or even a depression, half of it will be media driven. That damn Major Garrett on FoxNews is totally in the tank for Obama and even after Obama insulted him on the campaign plane.

[beckysueb]

I heard they won’t. I guess they will work on something new and watch the market. If the market rallies, it will be harder for dems to push through their crap. What I am afraid is going to happen is the market is going to tumble, the media and dems are going to scream its the Republicans fault and the dems will go back to their original travesty and get it passed without the Republicans and the people will be afraid enough to welcome it and McCain winds up holding the bag. Then it will be president Obama. If our representives listened to us and voted this thing down then we need to have their backs and not turn on them when the going gets rough. But a bunch of people will totally forget their calls to vote it down when they start feeling the pinch or when the media propaganda gets to them.

[SE Mom]

When the hysteria started on FOX at 6 pm- I turned my tv to FOX business channel- where I spent an hour listening to Neil Cavuto- the last sane person on cable tv.

He had interview after interview, with people on both sides of the bailout- pro and con. They were sane, grounded and reasonable. No hysteria, no screeching, no blaming. It was the best 60 minutes on tv today.

Neil has kept me sane- he remains calm, rational and capable of asking sensible, substantive questions- not panic based.

This is a very rough day - politically and financially- for America. Part of me rejoices that this bill was rejected- it seemed to be a reactionary panic-induced solution- that wouldn’t solve the problem...and would change our country forever in really destructive ways. So- I am pleased it was defeated.

Meanwhile- there is a crisis- whatever the cause- it needs to be solved. I don’t believe this would have solved the problem.

I hope some grownups on both sides are in charge when this starts back up on Thursday.

[RepublitarianRoger2]

Saw the news on the big HDTV in the lobby where I work, and just about let out a vocal “whoop!” — until I saw the Dow down 730 points...ouch...

But seriously, this is great. I’ll ride the stock roller coaster in exchange for WHAT IS RIGHT. Good job, House members.

[beckysueb]

A temper tantrum is not as severe as a blood bath. Chin up everyone. America will get through this. We just can’t waver. I hope the Republicans don’t pull their usual stunt. Take a huge stand one day and lose their nerve and give in to something much worse a few days later.

[DeaconBenjamin]

It was Roosevelt’s meddling that prolonged the Depression, not Hoovers inaction.

Hoover's inaction is a myth.

[beckysueb]

Pelosi urged her dems who were in vulnerable areas to vote against it. She thought she had enough Republicans to pass it. If it passed and the economy tanked anyway, she was going to blame the Republicans. If it passed and worked even temporarily she was going to take credit. The Republicans said oh no you don’t. And I don’t believe for a minute this is going to hurt McCain.

[DeaconBenjamin]

The Road to Serfdom is paved with full employment.

The Hayek you say!