Free Republic

Sen. Barack Obama blasted Congress for not passing a financial rescue package Monday, while Sen. John McCain's campaign accused Obama and Democrats of putting "politics ahead of country." The House of Representatives rejected a $700 billion plan to bail out the financial system, putting a roadblock in front of the largest government intervention in the market since the Great Depression. The bill failed by a vote of 205 to 228, with 140 Democrats and 65 Republicans voting in favor and 95 Democrats joining 133 Republicans against. "This is a moment of national crisis, and today's inaction in Congress as well...

I told you so. Happy? Think you saved anybody lots of money? Think you reduced the role of government? On saving money, US markets dropped $1.2 trillion today, and worldwide it was more like $3.5 trillion. On the role of government, the Fed announced $630 billion in new central bank credits today, half of it to central banks abroad. And oh, the FDIC guaranteed to Citigroup all losses beyond the first 13% on Wachovia's mortgage book, which is around $300 billion. And it won't be remotely enough, and will probably need to be doubled tomorrow. When are you going to...

House to Reconvene Thursday After Bailout Bill FailsStock Market Drops Nearly 800 Points Last Edited: Monday, 29 Sep 2008, 3:49 PM MDT By The Associated Press 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. The Dow Jones industrials plunged nearly 800 points, the most ever for a single day. Democratic and Republican leaders alike pledged to try again, though the Democrats...

President Bush will speak in a few minutes. Get to a TV and watch it, if you have the stomach for it.

Wall Street looked set to plunge on Monday, taking its cue from Asian and European stocks markets, as Congress is expected to vote on a bailout package but fears engulf world markets. Doubts about the health of the world financial sector are increasing as two European banks were nationalized in two days and central banks threw money at banks trying to persuade them to lend to each other. Bookmarks for the Investor: * Track the Dow 30 Stocks * Current Commodities Prices * Futures and Premarket Data In Britain, mortgage lender Bradford & Bingley became the second British bank to...

Nancy Pelosi has a draft financial rescue plan this Sunday morning, according to Fox News . It's scarier than anything else you'll see this Halloween season. Here is one statement from that plan: If the government loses money, the financial industry will pay back the taxpayers.Only one of two things can happen here. If the government loses money because the financial industry goes broke, then there is no financial industry to pay us back. If the financial industry does not go broke, it means those companies that ran their firms well will bail out the government who bailed out the...

I listened in on a phone conference this evening with anti-bailout conservatives, congressional staffers, and other Hill insiders. With only one exception, the groups and individuals on the call all opposed the bailout in its current form. They also concurred that this deal is worse than the one Paulson proposed — on constitutional, policy, and fiscal grounds. Phone calls to congressional offices continue to show overwhelming public opposition to the massive, unprecedented government giveaway. Nevertheless, GOP House Minority Leader John Boehner and the House Republican leadership have thrown in the towel. Make room for them on the couch with Gingrich...