House votes to reject bailout { Anger, Disarray In Congress }

San Francisco Chronicle ^ | 9/30/8 | Carolyn Lochhead

[SmithL]

Washington - -- House Speaker Nancy Pelosi looked ashen as she faced reporters Monday afternoon, the stock markets plunging on news that the House had defeated, 228-205, a $700 billion bailout of the U.S. financial system.

"What happened today cannot stand," Pelosi said. "We must move forward, and I hope that the markets will take that message."

The markets did not. They plummeted as two-thirds of Republicans and more than a third of Democrats voted no.

Senate leaders quickly stepped forward to project an aura of calm. The two leading Senate negotiators, Banking Committee Chairman Chris Dodd, D-Conn., and Judd Gregg, R-N.H., promised that while no votes would happen over the Jewish holiday today, even as markets remain open, Congress will not leave without taking action.

"We're going to stay here until we get it fixed," Senate GOP leader Mitch McConnell promised. "It is inappropriate to fix blame. What we want to do is fix the problem."

But no one could outline a path forward. "I can't give you an answer at this point," McConnell said. "It's simply unknown."

Pelosi could call the House back into session at any time to reconsider its vote. The Senate could vote on it as originally planned on Wednesday.

But no plan was put forth after things collapsed Monday. Dodd called the vote "a failure of will" . . .

[SmithL]

House Speaker Nancy Pelosi (left), Majority Whip James Clyburn, D-S.C. (center), and Majority Leader Steny Hoyer, D-Md. (second from right), head for a news conference after the bailout was voted down.

[brytlea]

I kind of like anger and disarray in Congress.
susie

[djsherin]

The less Congress legislates, the better. I forget who it was that said this, but Congress tends to do more good when they are NOT in session than when they are.

[donnab]

disgraceful bunch...the lot of them.

[SmithL]

Nancy Pelosi is deeply disturbed.

[djsherin]

ping

[ChetNavVet]

God Bless those who keep your commandments. Even politicians.

In this case, about “Thou shall not steal”.

All concerned taxpayers pray you do not give in to the Socialistic tyrany that is “The Bailout”

[Armando Guerra]

Has it been said before? Pelosi. Worst. Speaker. Ever.

[Unam Sanctam]

Creepy photograph

[subterfuge]

Can they write a bill that doesn’t have NEW entitlements and bailouts attached?

Can they leave out provisions for ACORN?

Can they leave out provisions for La RAZA?

Can they leave out the bailout for bad student loans?

[ckilmer]

I go for Newt’s ideas:

“Gingrich’s four-point plan includes:
(1) suspending immediately mark to market provisions (the accounting practice of valuing a financial position in an investment at its current market price) in the hopes of stopping the downward spiral in asset values and eventually replacing it with a three year rolling average;
(2) repealing immediately Sarbanes-Oxley, the 2002 accounting law Gingrich described as “an enormous drag on small business”;
(3) setting the capital gains tax rate at zero “matching the Chinese and Singapore” (to encourage private capital to flood into the market picking up properties without the taxpayers being at risk); and
(4) passing an “extraordinarily powerful” energy bill (”to return $500 billion a year to the American economy that are currently going overseas”).”
http://www.npr.org/templates/story/story.php?storyId=94900671

[BAW]

I am soooooo looking forward to this election. 34 days from now. Vote them out of office. Pul - leaze!

[STE=Q]

“I kind of like anger and disarray in Congress.”

Me too!

Keeps them from messing things up anymore than they already have.

STE=Q

[bestrongbpositive]

The sky is falling according to these b@$t@rd$ and they take off for a Jewish holiday !! I have no problem with Jews but let them take off and make the other SOB’s stay there and work. What next, a Muslim holiday, an Indian Holiday, etc, etc, etc ?? They don't work as it is, but then, on second thought, that may be good because they only know how to screw up the working people of this country. Its time to kick all of them out and start over.

[Huck]

I have to admit, when I heard Pelosi's floor speech, my jaw dropped. Literally. Mouth agape.

Sure, I'm aware of Pelosi. I know what she's like. But wow, that was just a vicious speech at a moment where she needed votes and the whole project was supposedly a bipartisan, patriotic moment.

The Democrats set the tone Sunday night, when they came out first, by themselves, and spent some time congratulating themselves and trying to score ideological points. They were really slapping the GOP around at the same time they supposedly needed their help.

I thought the bill would pass. I was pleasantly surprised, and watched the vote live. Hard times may be a-comin', but I don't think this bailout would be a wise idea.

[brytlea]

I once heard someone say you should pray for the confusion of those who work against you. I thought that was the best prayer!
susie

[STE=Q]

“disgraceful bunch...the lot of them.”

To think they hold the reins of government... Oh, I forgot, Bush is to blame for their incompetence.

STE=Q

[donnab]

Now they are moving the Bush is to blame to McCain is to blame.

Go figure.

[STE=Q]

The less Congress legislates, the better.

“The more corrupt the state, the more it legislates” -- Tacitus

http://en.wikipedia.org/wiki/Tacitus

STE=Q

[STE=Q]

“Now they are moving the Bush is to blame to McCain is to blame.”

They are trying to tie Bush and McCain together. (probably a focus group thing)

In some ways McCain has as much in common with Ted Kennedy as with Bush.

So much for ‘reaching across the aisle.’

STE=Q