House ignores Bush, rejects $700B bailout bill

AP on Yahoo ^ | 9/29/08 | Julie Hirschfeld Davis - ap

[NormsRevenge]

WASHINGTON - In a stunning vote that shocked the capital and worldwide markets, the House on Monday defeated a $700 billion emergency rescue for the nation's financial system, ignoring urgent warnings from President Bush and congressional leaders of both parties that the economy could nosedive without it.

Stocks plummeted on Wall Street, beginning their plunge even before the 228-205 vote to reject the bill was officially announced on the House floor. The Dow Jones industrials sank nearly 700 points for the day.

Democratic and Republican leaders alike said they were committed to trying again, though the Democrats said GOP lawmakers needed to provide more votes. Bush huddled with his economic advisers about a next step.

[NormsRevenge]

Pelosi's petty partisan speech before the vote didn't help either..

U.S. Speaker of the House Nancy Pelosi (D-CA) (L) walks past House Majority Leader Rep. Steny Hoyer (D-MD) at a news conference in Washington, September 29, 2008. The U.S. House of Representatives on Monday rejected a Wall Street bailout bill that would have authorized the Treasury Department to spend up to $700 billion to purchase soured mortgage-backed assets from banks with the goal of jump-starting stalled capital markets. REUTERS/Jim Young (UNITED STATES)

[TomGuy]

CNBC analyst just called the GOP votes as a 'vote of no-confidence' on Bush and his TreasSec.

INDU still falling -- down 777.78.

[ProudFossil]

Democrats said GOP lawmakers needed to provide more votes

Me thinks they need a lot of Republican votes to offset the Democrats who voted against it.

[ari-freedom]

ignoring urgent warnings from President Bush and congressional leaders of both parties that the economy could nosedive without it.

so ‘urgent’ they didn’t even bother to consult economists

[NormsRevenge]

House Financial Services Committee Chairman Barney Frank (D-MA) (R) speaks about the failure of a bill to provide a bailout for the current financial and banking crisis on Capitol Hill as U.S. Speaker of the House Nancy Pelosi (D-CA)(C) and House Majority Leader Rep. Steny Hoyer (D-MD) listen during a news conference in Washington, September 29, 2008. (Jim Young/Reuters)

[agere_contra]

The House members will continue to reject taxpayer-funded boondoggles or else they’ll lose their seats. The bill will have to be rewritten in a non-crazy way.

I’m down 14K in shares today, and I have a big smile on my face.

[BarbM]

And Mrs. Pelosi has more experience leading than BHO.

I'm sure barak would have done better.

[counterpunch]

Minority Leader Boner pleaded on the House floor for the passage of the Bailout.
He was practically in tears.
But only a third of Republicans followed his “leadership.”
Boner is impotent.

A super-majority of Republicans followed the leadership of Mike Pence.
It is time for Boner to step aside and Mike Pence to take his place as GOP Leader in the House.

[subterfuge]

In the background of this pic it sure looks like George Washington is giving that cadre the finger...hmmm.

[midwyf]

Too many goodies and too little oversight. better to cut the dead wood at once. I bought a $60,000 house because that was what I could afford, now I am supposed to have my taxes go up to bail out $200,000 and up house loans for those that over extended themselves? What is the benefit of catching up house loans for those that bought too much house for their income? The same problem will continue to exist, that they do not have the income for the amount of obligation.

[bonnieblue4me]

"Oh, Socialist Housing Investment Trust!"

[gedeon3]

The media is saying the market ‘plunged’ 700 points; there is ‘panic’. Does it have to always go up? And if so, when will it stop going up? Was is always this high? 700 points is less than 10 percent. Why are people acting as if it plunged 80%? Yes, there is reason for concern; but why act as if it died?

[Soul Seeker]

I’d agree with that. But also a vote of No-Confidence in this plan and both heads of each House caucus.

[Cedric]

CNBC analyst just called the GOP votes as a 'vote of no-confidence' on Bush and his TreasSec.

W said about a month ago that he'd do whatever he could to help get Republicans elected.

The guy is a political genius!

[Old North State]

The Republicans need to provide more votes? What a stupid comment from the unnamed Democrats in this story. This is a mess that the democrats and Barney Frank created, they have the votes to pass whatever they want in the house. If they want republican votes they should meet some republican demands starting with Barney Frank and Dodd removed from the negotiations. Those two are most responsible for the mess and have proved they cannot be trusted. They tried the ‘bipartisan’ route and got it shoved down their throats, now they should go for the jugular and put the blame for the crisis where it belongs.

[dragnet2]

CNBC analyst just called the GOP votes as a 'vote of no-confidence' on Bush and his TreasSec. Where they been? I lost confidence in this administration years ago.

[what's up]

Does it have to always go up?

Of course not. It never does.

BUT it was ALREADY down 20% or so for the year as the economy has been struggling. Today it dropped ANOTHER 6-7%.

And since there's not much light on the horizon for future growth since this bill failed it will continue its drop unless something is done.

[Raycpa]

I think there is a good chance that the markets will continue to drop tomorrow. Mom and Pop had no time to react to this today. By tomorrow, the mutual funds will be selling to cover a mass exodus from the retirement accounts of individuals.

[Arm_Bears]

Bush needs to go back to Crawford, now.

[stuartcr]

Does anyone know how the Virginia congress people voted on this?

[stuartcr]

Does anyone know how the Virginia congress people voted on this?

[Evil Slayer]

I thought Wall Street shut down the trading when the stock numbers dropped a certain amount. Wasn’t it 500 or something. I know they did in the past. Called it a cooling off period or something. They would shut it down when it reached a point and wouldn’t open until the next day for trading. Anyone know about this?

[bonnieblue4me]

Barney: "Now you all know what it is like to get screwed in the a$$. Next time, grab hold like this and then bend over."

Hoyer/Peloser: "I'm going to blame it all on the fag."

[sam_paine]

You have to go 'all the way' back to 10/1/2003 to see these "depression" levels in the market.

[qman]

I e-mailed the minority leader and said Mike Pence is in fact the defacto leader now and that he should step down!!!

[ex-snook]

Why bailout Wall Street? If the reset of interest rates was the cause, why not freeze the rate and not reset it. People stay in their homes, pay their mortgages and mortgages holders can adjust.

The bailout is overkill unless the interest reset is just a scapegoat.

[untrained skeptic]

The hype from Bush, Paulson, and everyone else saying the market will crash if this isn't addressed immediately are self fulfilling prophesies.

The more they warn about the markets crashing, the more people sell stocks to move their money into safer investments.

Our leaders are fanning the flames of hysteria to push this through. Congress is resisting, and not just the Republicans, but a large percentage of Democrats.

That sounds like a pretty good indication that this is a very, very bad bill.

Congress should settle down, and make sure any bailout, if a bailout is needed is done right, and provides minimal interference by the government.

Some banks may collapse while this is worked out. That's the unfortunate result of bad business practices, and the proper place to address it is in bankruptcy court.

We already have a system by which people are protected from the worst results of their bad decisions. We shouldn't make this a huge exception from how things are usually handled just because those that made big mistakes are rich and powerful.

[Raycpa]

Stock Market Circuit breakers
September 15th, 2008 · No Comments

Thinking about the equity market, the retail sector is only today clueing in that something is “going on.” Following are the circuit-breakers if the non-professionals decide to get out:

In the event of a 1,200 point decline in the DJIA (10%)
Before 2 pm - 1 hour halt
2-2:30 pm - 30-min. halt
After 2:30 pm - no halt

In the event of a 2,400 point decline in the DJIA (20%)
Before 2 pm - 2-hour halt
1-2 pm - 1-hour halt
After 2 pm - Market CLOSES

In the event of a 3,600 point decline in the DJIA (30%)
Regardless of the time of day, the MARKET CLOSES for the day.

Tags: stock market

http://www.mrforex.org/2008/09/15/stock-market-circuit-breakers/

[WOBBLY BOB]

LOL...

[WOBBLY BOB]

“As a rule of thumb, Congressional legislation that is bipartisan is usually twice as bad as legislation that is partisan.”
-Thomas Sowell

[GaltMeister]

Sam, take a look at that DJIA max chart in linear mode.

I can see it dropping back to 1995 levels before the capitulation is complete.

[Right Wing Assault]

House Ignores Pelosi.