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)
Me thinks they need a lot of Republican votes to offset the Democrats who voted against it.
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
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.
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.
"Oh, Socialist Housing Investment Trust!"
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.
Bush needs to go back to Crawford, now.
Does anyone know how the Virginia congress people voted on this?
Does anyone know how the Virginia congress people voted on this?
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.
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.
House Ignores Pelosi.