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Bailout Fails House on the first go

By Philip Anselmo

The $700 billion "bailout" has failed to pass the House of Representatives. This from the New York Times:

The vote against the measure was 228 to 205. Supporters vowed to try to bring the rescue package up for consideration against as soon as possible.

Stock markets plunged sharply at midday as it appeared that the measure was go down.

House leaders pushing for the package kept the voting period open for some 40 minutes past the allotted time, trying to convert “no” votes by pointing to damage being done to the markets, but to no avail.

Should the measure somehow clear the House on a second try, the Senate is expected to vote later in the week. The Jewish holidays and potential procedural obstacles made a vote before Wednesday virtually impossible, but Senate vote-counters predicted that there was enough support in the chamber for the measure to pass. President Bush has urged passage and spent much of the morning telephoning wavering Republicans to plead for their support.

[...]

The Dow, which had been trading down about 300 points for most of the afternoon, fell to a 600-point deficit before recovering slightly. The index was down more than 550 points as lawmakers scrambled, but failed, to round up votes to pass the package.

The Standard & Poor’s 500-stock index was down 6.5 percent after dropping as far as 7 percent.

(UPDATE) This from Reuters:

The White House, expressing disappointment on Monday with the House of Representatives' rejection of a financial bailout plan, said President George W. Bush would meet his economic team to determine further steps and contact congressional leaders.

"There's no question the economy is facing a difficult crisis that needs to be addressed," White House spokesman Tony Fratto told reporters.

DOUGLAS MCCLURG

THIS BILL SHOULD NEVER PASS
WHO'S GETTING BAILED OUT.IT SURE ISN'T THE WORKING POOR PEOPLE.
THIS PIECE OF LEGISLATION IS FOR MILLION-BILLION DOLLAR ORGANIZATIONS.
WHO IS THIS GOVERNMENT TRYING TO KID.
OH YEA SALLY AND FREDDIE MACAMAY GET BAILED OUT AND THE CEO'S STILL TAKE HOME MILLIONS OF DOLLARS OF BONUS AND PAY.
WHO THE !@#$% is running this disaster of a country we live in.
you reading the words of one pissed of american
PLEASE-PLEASE PLEASE DO SOMETHING FOR THE WORKING POOR
HELLO GEORGY IN THE BIG HOUSE.I'M SPEAKING AT YOU.

Sep 29, 2008, 4:07pm Permalink
DOUGLAS MCCLURG

IF YOUR IN THE MARKETS -YOU HAVE XTRA MONEY-I'M LOOKING FOR A BAILOUT OF THE PEOPLE THAT HAVE JUST WHAT THEY WORK FOR ON A WEEKLY-MONTHLY-YEARLY BASIS

HELLO-HELLO-HELLO-
ANYONE READY FOR ANOTHER BOSTON TEA PARTY
THAT HELPED OVERTHROW THE LAST GOVERNMENT WE HAD.
ANYONE READY TO HELP MAKE HISTORY AND LIFE BETTER FOR FUTURE GENERATIONS.
I CAN'T BE SILENT ABOUT THIS ANYMORE.
PEOPLE AFRAID OF THE GOVERNMENT IS CALLED TYRANNY
GOVERNMENT AFRAID OF THE PEOPLE IS CALL DEMOCRACY
WHERE ARE MY FELLOW AMERICANS LIVING
LOOKING FORWARD TO COMMENTS
TILL THEN I'M GONNA GO OUT AND KICK SOMETHING AROUNG THE YARD THAT LOOKS LIKE A BUSH.

Sep 29, 2008, 4:15pm Permalink
DOUGLAS MCCLURG

THANKS HOWARD-TOO BAD THE MEDIA HAD TO CAST RON OUT
Did anyone else see how A Cooper left RON out at the debates we had earlier this year.yes he had lots to say,but they just seemed to move past him and on to the next canidate.
I WATCHED
I SAW IT

Sep 29, 2008, 8:38pm Permalink
Gabor Deutsch

I learned my lesson in 1987. Last time I ever had a real 401k plan.
The government is misleading you.
The media is misleading you.
Your own GREED is misleading you.

This country has been running on credit for over 8 years now.
Until recently people havent been complaining because they were living like fat cats on credit and money tucked away in the stock market.
TOO BAD.
Eventually the government will pull some kinda billions out there butt (and ours) to help Wall Street out (because they are controlled by big business and have more money than everyone involved in the batavian combined).
The economy will not change dramatically and it doesnt matter who gets in office at this point it will still take over four years to get the economy back to an upswing,
If you dont believe this then try listening to non government officials or non political advisors better yet get your news from third party sources.

How can you vote for a bail out ?
So you can go deeper into debt and your kids will end up paying 22.00 U.S. dollars for a loaf of bread, produced of course in china.
GET REAL.
Most of the stuff you political "anal-ists" post here is speculation with your this and that.
Well, guess what look at the economy.
Lets see how big you talk when you cant afford certain things.

Sep 30, 2008, 12:08am Permalink

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