Well – it seems that Congress has actually listened to the people for once. A majority of us has been against this bailout from the beginning! It failed with a narrow vote of 228-205.
House Fails to Pass Huge Bailout Deal
WASHINGTON (Sept. 29) – 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 plummeted on Wall Street even before the 228-205 vote to reject the bill was announced on the House floor.
When the critical vote was tallied, too few members of the House were willing to support the unpopular measure with elections just five weeks away. Ample no votes came from both the Democratic and Republican sides of the aisle.
Bush and a host of leading congressional figures had implored the lawmakers to pass the legislation despite howls of protest from their constituents back home.
The overriding question for congressional leaders was what to do next. Congress has been trying to adjourn so that its members can go out and campaign. And with only five weeks left until Election Day, there was no clear indication of whether the leadership would keep them in Washington. Leaders were huddling after the vote to figure out their next steps.
Monday’s mind-numbing vote had been preceded by unusually aggressive White House lobbying, and spokesman Tony Fratto said that Bush had used a “call list” of people he wanted to persuade to vote yes as late as just a short time before the vote.
Lawmakers shouted news of the plummeting Dow Jones average as lawmakers crowded on the House floor during the drawn-out and tense call of the roll, which dragged on for roughly 40 minutes as leaders on both sides scrambled to corral enough of their rank-and-file members to support the deeply unpopular measure.
They found only two.
Bush and his economic advisers, as well as congressional leaders in both parties had argued the plan was vital to insulating ordinary Americans from the effects of Wall Street’s bad bets. The version that was up for vote Monday was the product of marathon closed-door negotiations on Capitol Hill over the weekend.
“We’re all worried about losing our jobs,” Rep. Paul Ryan, R-Wis., declared in an impassioned speech in support of the bill before the vote. “Most of us say, ‘I want this thing to pass, but I want you to vote for it — not me.’ “
That’s the truth of it isn’t it? Those up there in D.C. want to keep their jobs – so – they listened to the people.
With their dire warnings of impending economic doom and their sweeping request for unprecedented sums of money and authority to bail out cash-starved financial firms, Bush and his economic chiefs have focused the attention of world markets on Congress, Ryan added.
“We’re in this moment, and if we fail to do the right thing, Heaven help us,” he said.
The legislation the administration is promoting would allow the government to buy bad mortgages and other rotten assets held by troubled banks and financial institutions. Getting those debts off their books should bolster those companies’ balance sheets, making them more inclined to lend and easing one of the biggest choke points in the credit crisis. If the plan works, it should help lift a major weight off the national economy that is already sputtering.
The fear in the financial markets send the Dow Jones industrials cascading down by as over 700 points at one juncture. As the vote was shown on TV, stocks plunged and investors fled to the safety of the credit markets.
So, what does this mean for WE the people and our economy? Personally, I still think it was a good idea to shoot this thing down and let the chips fall where they may. Maybe now those corporations will start pushing back at Congress when they start trying to pass stupid socialist bills forcing private businesses to take on high risk loans.
Personally, I think this could have been done properly by allowing capitalism and the free-market to have a bigger influence on the bailout. But, I know why it failed – because it would have led us one step closer to socialism. This bill in its present state (full text of the bill) would have lead to a nationalized banking and financial system. It including a bailout for homeowners who shouldn’t have had those homes in the first place. It included payoffs to liberal special interests (ACORN). There were just as many Dems and Repubs who voted against it.
Here’s the tally:
| Party |
YEA |
NAY |
NO VOTE |
| Democrat |
140 |
95 |
0 |
| Republican |
65 |
133 |
1 |
| Independent |
0 |
0 |
0 |
You can go here to see who voted and how they voted so that you know how to vote come November! You know, if Pelosi hadn’t pissed off all the Republicans by blaming this mess entirely on Bush and his administration before the vote – there might have been more Yea’s from the Republican side! Oh well, go figure – the Dems will never own up to their mistakes of trying to incorporate social policies in to private businesses.
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