Skip to comments.House to Vote on Historic $700B Market Bailout
Posted on 09/29/2008 4:00:47 AM PDT by NCDragon
WASHINGTON With the House slated to vote Monday on a deeply unpopular $700 billion rescue plan for beleaguered financial companies, President Bush and congressional leaders were scrambling to corral support.
Bush called the election-year vote a difficult one for lawmakers but said he is confident Congress will pass a measure his top economic officials have argued is vital to averting a broader economic meltdown.
"Without this rescue plan, the costs to the American economy could be disastrous," Bush said in a written statement Sunday.
Convincing their colleagues to back the plan despite thousands of angry phone calls, e-mails and letters pouring in from angry constituents proved a tall order for leaders in both parties.
"Now we have to get the votes," said Sen. Harry Reid, D-Nev., the majority leader. He said the measure could pass the Senate as early as Wednesday.
(Excerpt) Read more at foxnews.com ...
Riiight. All those Wall Street guys are descendants of slaves. Sure thing.
but the DJ is not the market. there is no question that big banks will suffer for offering too many bad loans.
Who was it that received those mortgages they couldn't repay?
Who forced the banks to give loads to those ne'er do wells?
Yeah ... Wall Street guys.
SAY NO!!! and reap the rewards in November. Please!!!!
...the bailout is really working(eyes rolling)
Note the headline adjective too (”Historic”). Kinda puts a positive spin on this, like the signing of the Declaration of Independence was historic. This is just shameful.
Vile on the inside and on the outside!
I do not understand why conservative republicans would support this bill! It is the largest tax increase in all history that will burden every American citizen, male and female and young and old, with a tax that can never be paid at all and will actually create the goverment controlled system of communism the left and the godless want that will destroy our nation with economic downfall.
And the house democrats can pass this bill even if all the republicans vote it down as they should, so it makes no sense at all to vote for it as the pubs know it is a disaster for all of us. The republicans have truly lost their way and forgotten who they are.
[Get a BETTER...CLEANER BILL!! You will be DESTROYED by this!]
Actually, all of America will be destroyed by this and we will be just another socialist to communist nation.
In that case, give the $700 billion directly to the mortagees, and let them pay their mortages.
95% of lenders are paying their mortgages. So they should be forced fork over their hard earned money to bail out those others?
I guess we could debate this for days.
One of the sad aspects of this is, that the Democrats are responsible for this. Were there any Republicans involved, they would have been hauled immediately before a Congressional tribunal for interrogation.
The other is the overkill on CEO's salaries.
Are they too high? Ask those corporate shareholders that vote.
One thing is certain. CEO salaries did not cause this, and are but a drop in the proverbial bucket, as far as this collapse goes. CEO's salaries is nothing more than a smokescreen.
One thing I would like to see is an SEC rule that does not allow BODs to take “proxy” votes from non-voters.
Many companies will send out proxy notices and include terms which say that if the proxy is not returned, the BOD gets to use that vote.
If corporations were responsible to their shareholders rather than manipulated by BODs who are getting kickbacks on their votes, problems like over-compensation of CEOs, etc would go away.
Also, we would not see corporate sponsorship of political issues like gay marriage that we currently do. PG&E is putting a ton of money into California’s Prop 8 (opposing the protection of marriage) with a total disregard for their shareholders’ opinion on the issue.
Most shareholders would likely not support spending money on that initiative one way or the other.
Excellent points, all.
Just vote NO!
Yes they will. The issue is whether we want, or can afford, to allow a panic to set in while purging the “bad actors.”
I would imagine that all the retiring GOP House members except maybe Tancredo and Hunter will be voting YES for sure.
everyone is panicking...against the bailout.
taxes won’t technically be increased but there will be lots of inflation if this is passed