House Rejects $700B Bailout Plan

Bill Designed To Rescue Wall Street Is Shot Down, Sending Dow To Record Point Loss

(CBS/AP)  In a vote that shook the government, Wall Street and markets around the world, the House on Monday defeated a $700 billion emergency rescue for the nation's financial system, leaving both parties and the Bush administration struggling to pick up the pieces. The Dow Jones industrials plunged nearly 780 points, the most ever for a single day.

"We need to put something back together that works," a grim-faced Treasury Secretary Henry Paulson said after he and Federal Reserve Chairman Ben Bernanke joined in an emergency strategy session at the White House. On Capitol Hill, Democratic leaders said the House would reconvene Thursday in hopes of a quick vote on a reworked version.

All sides agreed the bill could not be abandoned.

On Monday, not enough lawmakers were willing to take the political risk - just five weeks before the elections - of backing a deeply unpopular measure that many voters see as an undeserved bailout for Wall Street.

The bill went down, 228-205, even though Paulson and congressional leaders proclaimed a day earlier that they had worked out an acceptable compromise in marathon weekend talks.

Lawmakers were caught in the middle. On one side were the dire predictions from Mr. Bush, his economic team, and their own party leaders of an all-out financial meltdown if they failed to approve the rescue. On the other side: a flood of protest calls and e-mails from voters threatening to punish them at the ballot box.

CBS Evening News Anchor Katie Couric interviewed House minority leader Rep. John Boehner, a Republican from Ohio and House majority leader Rep. Steny Hoyer, a Democrat from Maryland, about why congress failed to pass the bailout.

"Warren Buffett warned, if Congress doesn't act, 'there would be the biggest financial meltdown in American history.' What in the world are you people doing?" Couric asked Boehner.

The minority leader was quick to point out that many Americans are opposed to the bailout and that they are flooding congressional offices with phone calls warning their elected officials not to vote for the proposal.

"I was there on the floor today urging members to support this bill," Boehner said. "But you have to understand, you've got members on both sides of the aisle who are getting thousands of calls from their constituents saying, 'Don't ever vote for this.'"

On the other side of the aisle, Hoyer said Democratic leaders lived up to their end of the bargain and blamed partisan rhetoric for the Republicans' failure to hold up their end.

"Why weren't you able to deliver more Democrats so you could prevent this major failure of American government today?" Couric asked Hoyer.

"We delivered two-thirds of the Democrats for a proposal by the Republican President and the Republican Secretary of Treasury," Hoyer said. "So we think we did our job, and we worked very hard at making sure that we had that two-thirds vote."

Meanwhile, asked why conservative leaders couldn't muster enough votes to supplement liberal votes on the bill, Hoyer blamed "the Republican ideology" that "overcame their common sense"

"I think the Republican ideology overcame their common sense, overcame their sense of crisis and the request by their leaders to act so that this crisis could be, if not averted, at least diminished."

Republicans had won concessions to force banks and financial firms to pay their own fair share of any government bailout. And Democrats had held firm in demanding executive compensation caps and mortgage relief, reports CBS News correspondent Bob Orr. But, it all came undone.

The House Web site was overwhelmed as millions of people sought information about the measure.

The legislation the administration promoted would have allowed the government to buy bad mortgages and other sour assets held by troubled banks and other financial institutions. Getting those debts off their books should bolster those companies' balance sheets, making them more inclined to lend and easing one of the biggest choke points in a national credit crisis. If the plan worked, the thinking went, it would help lift a major weight off the national economy, which is already sputtering.

The House could take another crack at a bailout bill before the end of the week - but it won't be easy, reports CBS' Orr. Many conservatives insist they won't vote for any plan that uses taxpayer money to clean up Wall Street's mess.

Stocks started plummeting on Wall Street even before Monday's vote was over, as traders watched the rescue measure going down on television. Meanwhile, lawmakers were watching them back.

As a digital screen in the House chamber recorded a cascade of "no" votes against the bailout, Democratic Rep. Joe Crowley of New York shouted news of the falling Dow Jones industrials. "Six hundred points!" he yelled, jabbing his thumb downward.

The final stock carnage was 777 points, far surpassing the 684-point drop on the first trading day after the Sept. 11, 2001, terror attacks.

In the House, "no" votes came from both the Democratic and Republican sides of the aisle. More than two-thirds of Republicans and 40 percent of Democrats opposed the bill. Several Democrats in close election fights waited until the last moment, then went against the bill as it became clear the vast majority of Republicans were opposing it. Most vulnerable Republicans refused to back the bill.

In all, 65 Republicans joined 140 Democrats in voting "yes," while 133 Republicans and 95 Democrats voted "no."

The overriding question was what to do next.

"The legislation may have failed; the crisis is still with us," said House Speaker Nancy Pelosi, D-Calif., in a news conference after the defeat. "What happened today cannot stand."

Republican leader John Boehner, R-Ohio, said he and other Republicans were pained to vote for such measure, but he agreed that in light of the potential consequences for the economy and all Americans, "I think that we need to renew our efforts to find a solution that Congress can support."

Those positive comments aside, a brutal round of partisan finger-pointing followed the vote.

Republicans blamed Pelosi's scathing speech near the close of the debate - which assailed Mr. Bush's economic policies and a "right-wing ideology of anything goes, no supervision, no discipline, no regulation" of financial markets - for the defeat.

"We could have gotten there today had it not been for the partisan speech that the speaker gave on the floor of the House," Boehner said.

Rep. Roy Blunt, R-Mo., the whip, estimated that Pelosi's speech changed the minds of a dozen Republicans who might otherwise have supported the plan.

That amounted to an appalling accusation by Republicans against Republicans, said Rep. Barney Frank, D-Mass., chairman of the Financial Services Committee: "Because somebody hurt their feelings, they decide to punish the country."

More than a repudiation of Democrats, Frank said, Republicans' refusal to vote for the bailout was a rejection of their own president.

The two men campaigning to replace Mr. Bush watched the situation closely - from afar - and demanded action.

In Iowa, Republican John McCain declared, "Now is not the time to fix the blame; it's time to fix the problem."

In Colorado, Democrat Barack Obama said, "Democrats, Republicans, step up to the plate, get it done."

"We're all worried about losing our jobs," Rep. Paul Ryan, R-Wis., declared in an impassioned speech in support of the bill before the vote. "Most of us say, 'I want this thing to pass, but I want you to vote for it - not me.' "

With their dire warnings of impending economic doom and their sweeping request for unprecedented sums of money and authority to bail out cash-starved financial firms, Mr. Bush and his economic chiefs had focused the attention of world markets on Congress, Ryan added.

"We're in this moment, and if we fail to do the right thing, Heaven help us," he said.

[u-r-right]

This should be open to public vote. It''s our money and I don''t trust that a few representatives really have a clue as to what the majority of U.S. citizens want and/or need.

No bailouts! It won''t work. One way or another, it will end up in the hands of the rich bank executives, even though our reps. tell us of a "no golden parachute" clause.

[aeasus]

I will vote against any politician I can that approves this bill!!!!

Throw the bums out!!!

[wbwilhite]

The House Republicans should reject the bailout (rescue). Government interference is the cause, not the cure, of this financial crisis. Interference with the banking system, in the form of the Community Reinvestmet Act, has led to this current situation and will lead into ever more uncertainty with the threat of increasing danger to our society. More intervention will have ever greater unintended consequences, usually worse. STOP IT NOW. Wait for the collapse. Fire all the leaders of government and and business. Then start over. Consider it to be a system reset.

We MUST pass this bill.
I understand why people don''t want to pass the bill, but so many people don''t understand how many jobs would be lost and how many banks would go down AND how much money would be lost if this doesn''t get passed. I think we would be better off holding back funds that go to help other countries for now!

[dkauld]

"Free market economy" - Weak institutions should be allowed to fail. Stronger financial sector will result.
Steeling from the poor to give to the wealthy.
Vote against anyone who supports this travesty!

[notfooled]

This entire situation has been brought about by the actions of the criminals who are supposed to be our leaders, namely George Bush and dozens of Senators and Congressman who''ve taken payoffs from the failing institutions and banks.

Here''s the list and the bribes they were paid:

http://www.usatoday.com/news/politics/election2008/2008-09-24-lobbying_N.htm

On election day vote every single one of them out.

For God''s sake, wake up America - these crooks will continue to bleed us dry until we put a stop to it.

VOTE THEM ALL OUT !

VOTE YES!
COUNTRY FIRST!
SAVE OUR JOBS!
KEEP US FROM GOING INTO DEPRESSION!
SAVE THE INNOCENT BANKS FROM CLOSING!
COUNTRY FIRST!
VOTE YES

WHETHER THIS PASSES OR NOT, WE SHOULD VOTE EVERYONE THAT IS CURRENTLY IN OFFICE, OUT OF OFFICE.
SO THEY MIGHT AS WELL VOTE YES ON THIS BILL AND THEY CAN SAY THEY SAVED THE COUNTRY BEFORE THEY LEAVE OFFICE. THE ONES THAT VOTE KNOW CAN BE SHAMED THAT THEY DIDN''T HAVE THE FORSIGHT TO KNOW HOW BAD THIS IS AND THEY ARE ONLY VOTING KNOW BECAUSE OF THE PEOPLE THAT VOICED THEIR OPINIONS AGAINST THIS. EVERYONE IN MY MANUFACTURING FACILITY WANTS THIS PASSED SO THEY DON''T LOSE THE LITTLE MONEY THEY HAVE IN THE BANKS. IF THIS DOESN''T PASS, THEY ARE GOING TO TAKE THEIR MONEY OUT OF THEIR BANKS. THAT WOULD BE REAL BAD.

[acebailey]

The Gramm-Leach-Bliley Financial Services Modernization Act -- A REPUBLICAN BILL --repealed the Glass-Steagall Act, a DEMOCRATIC BILL.

In other words, the Republicans under Phil Gramm trashed the DEMOCRATIC regulations that would have prevented this Wall Street looting in the FIRST PLACE.

Guess who Phil "nation of whiners" Gramm advises today?

Long Gone John.

My friend.


WHY DON''T YOU GIVE ALL THE FACTS !!!Glass-Steagall Act WAS PUT IN PLACE IN 1933.
It was repealed in 1999 by a MAJORITY vote of Both Dems and Republicans and signed into law by none other than Bill Clinton.
Biden voted for it and McCain was a no show.
I advise all to google both bills.
Everyone of these guys Dem or Republican are THE SAME!
They all are taking your money and freedom.
Stop with the finger pointing at eachparty and realize they all do it.

[patriot2381]

This is Clinton''s much touted "service" economy (which is like no ecnomoy at all, it means we don''t manufacture, we just consume). America has to start manufacturing again, I say start 100 nuclear power plants, 100% Amercian manufactured. They will be safe, and provide energy. Windmills are part of the green haze foistered by Democrats. We need work and production, and less BS.

[cttech42258]

give the bailout money to the people instead of the banks and the banks would get their money, too. 700 billion would get all of the people''s loans paid off.

[dredre2k]

This bailout was a sham and does nothing to help the population that''s paying for it, but it shelters the
very institutions that caused this crisis.

Now that this bill is passing, banks are free to resume stuffing my mailbox with junkmail CREDIT Card applications! The CREDIT beast must be fed... Thanks congress! :-)

[moctod-2009]

Give me a break! Do you really think that the federal government bailout is going to help the average citizen? The clowns in Washington are neck deep in special interest money, graft and corruption. The only ones they are looking out for is themselves. Obama is a self serving opportunistic reprobate and McCain is a disillusioned and senile has been. Palin is the only fresh face of hope on the horizon. Bailing out wallstreet at this time is like giving dope to a drug addict. They''re not solving the problem they''re just postponing the pain. Let the bad banks and businesses fail, the good ones will survive and prosper. Vote every existing senator and congressman out of office. It''s way past time for a whole new bunch up there.

[cttech42258]

give the bailout money to the people who have the loans and the banks would still get their money and people would still keep their homes. 700 billion would get rid of most of the debt of the people. GIVE THE MONEY TO THE PEOPLE!

[acebailey]

Why don''y you guys do a bit of research andThe Glass-Steagall Act of 1933 established the Federal Deposit Insurance Corporation (FDIC) in the United States and included banking reforms, some of which were designed to control speculation.[citation needed] Some provisions such as Regulation Q that allowed the Federal Reserve to regulate interest rates in savings accounts were repealed by the Depository Institutions Deregulation and Monetary Control Act of 1980. Provisions that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999 by the Gramm-Leach-Bliley Act signed by President Bill Clinton.[1][2]

The %u2018big Democrat%u2019 Biden votes in favor of the corporate greed of Banks, and McCain didn%u2019t even bother to show up for the vote.

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/16/AR2008091602877.html?wpisrc=newsletter&wpisrc=newsletter&wpisrc=newsletter

[flagship-usa]

If I remember? Four years ago, we were worrying about - The gay''s getting equal rights under our constitutional system, and fundamental Christian rights..etc. Almost no one was paying attention about - The State of The Union. Well here we are: no one is talking about [The Gay''s] or Christian rights anymore. Has America lost all moral value? Lets all go back in time and fire-up the old standby - fear.

[citizenusa-2009]

Excuse me, we are spendings BILLIONS OF DOLLARS per month in IRAQ X 5 YEARS? HELLO? There is our MONEY AND OUR BLOOD!!!

[harp1963]

Bush''s entire career all the way back to Harken has been one of bankrupting whatever organization he was put in charge of destroying. Let''s hope for most Americans he doesn''t become the CEO of McDonalds and destroys the "Dollar Menu."

[summerrunner]

Bad deal for Middle America - Good deal for greedy bankers. My party has devolved into a bunch of sniveling cowards. How could any Democrat allow a $700B bailout without changing the bankruptcy laws? This bailout allows bankers to resell foreclosed homes to slum lords and other disgusting people. Thank you, for nothing! We need Hillary back!

[shastar3]

Why should the people pay. We have been charged huge interest rates, and when we let them use our money we have recieved very little. Why not freeze and sieze the assets of the people who have caused this? Their pockets are over flowing with big money. JAIL THEM NOT BAIL THEM!!!!! I want to see arrest made, even if that means arresting politicians who knew this was happening. If you know of a crime and not do something to stop it you are guilty too! I know that a law was passed so that politicians can not be arrested. I say throw it out. Lets show them that they are NOT above the law. We are the people and this is our country and the time has come for us to shout ENOUGH! I do not want a depression but if that is what it takes to clean house, let''s do it!!!!

[biomegaly]

Hasnt anyone heard of the old saying "The hurrier I go the behinder I get" ? Well, we had better pull back the reigns on these wild horses. How can you decide how to spend $700,000 million dollars in a week??? It is just ridiculous. I hope these idiots can see the loopholes being created. But how can they when theyve only spent a week or so on this? I think the American public is having the wool pulled over their eyes on this one. I HOPE, I HOPE, I HOPE this is rejected. I hope the men and women responsible are held accountable for their greed. Yah, like thats gonna happen.

[gop_will_win]

A bunch of Bush''''s Saudi buddies bought these bad mortgages and now Bush wants to use American tax payers'''' money to buy them.



--------------------------------------------------------------------------------

Posted by george2221
=====================
So what liberal! Not like there is anything you can do about it. Now shut up an pay!

[flagship-usa]

John Travolta said: "What is worst than rape...betrayal".

from the movie - The General''s Daughter (1999)

[republic1776]

NO Bailout!
The Poorest Politician in DC makes 200,000.00 plus perks.
McCain and Obama are out of touch.
Crogress is out of touch.

Write in your ballet on Nov. 4 or vote for Bob Barr

Can''t you see we are just slaves?
It''s been decided that Obama will be the next President!
This is the payout, so he can raise taxes on the "rich" a penny or two.

The Rich will get thier money upfront.
America is lost to a bumch of evil pimps!
Guess what we are?

[observantx]

President Bush this morning called the legislation a bold bill "that will help keep the crisis in our financial system from spreading throughout our economy."

Stop right there! There is NO financial crisis in this country. Plenty of loans are being made. I still keep getting credit card offers in the mail. There IS an attempt to stampede the public and Congress.

The only %u201Ccrisis%u201D is that some of GW%u2019s buds and major contributors got various pieces of their anatomy in the wringer. What is worse is that they intentionally put them there, by throwing away all the rules and now want you and me and our children to remove their bits of anatomy and replace theirs with ours.


Whoever in Congress votes for this may just as well start packing up their little mementos and plaques on the wall and cleaning out their desks. They are SO voted out.

If this bailout passes it will prove that there are no Republicans and there are no Democrats. There are only Incumbents.

And they HAVE TO GO!

[raggadyphone]

I do not want those greedy crooket people to get one dime. I eat chicken necks and turkey wings almost every day. I work hard and I can hardly walk. I manage to pay my bills because I have no one but me to count on. I can''t retire because I do not want to loose every thing including my house even though I have been working for more than 30 years. I do not want the wall street people to get the taxes that I work hard for. If I have to suffer they should suffer too. Give the money to the local banks then people can still get loans but not to those sorry loosers.

[txgrouch2006]

Financial experts will point out that earlier bailouts (including the 1980''s S&l bailout) eventually MADE money for the gov''t when the bailout was paid back PLUS INTEREST. They say the gov''t PROFITED from past bailouts.

When these mortgages are repaid, the gov''t might profit from this bailout.

BUT THE FACT REMAINS that the hundreds of billions of dollars COULD HAVE BEEN USED FOR OTHER PURPOSES.

But then, it''s only IMAGINARY MONEY FROM THE FED anyway. The Fed never would have written such a large IOU otherwise.

The whole thing is a mess.

[biomegaly]

Why do we let those in congress make so much *** money? That is our money! We can not pass this bill into law. Not is such a short period of time. Laws of physics apply here ''For every action there is an equal and sometimes greater reaction'' (Newton). How can we do this? What sense does it make? I want a bailout too, where do I sign up?

[txgrouch2006]

How come my little company didn''''t get bailed out 4 yrs ago when things were bad? Don''''t I pay enough taxes? am I to small for them to worry about (the tax man sure doesn''''t mind me paying taxes..at a % higher then the Big Fish out there)
Posted by FREEDOMBIKER at 09:35 AM : Sep 29, 2008

Here''s the COLD HARD TRUTH.

Congress doesn''t give a RAT''S A$$ about your business or any other business or anybody''s job or the entire economy.

The ONLY reason this bailout is happening is THE MEMBERS OF CONGRESS THEMSELVES ARE PERSONALLY INVESTED IN SUBPRIME LOANS. And it''s THEIR OWN MONEY at risk, to the tune of MILLIONS OF DOLLARS EACH. They are BAILING THEMSELVES OUT.

This is called a CONFLICT OF INTEREST. If the economy happens to avoid total paralysis due to conflict of interst, they''ll bail themselves out in spite of it.

But then, HAS ANYONE HERE been denied credit due to this alleged crisis? Has ANYONE''s credit card stopped working because of subprime lending?

It''s entirely possible that CONFLICT OF INTEREST is the ONLY reason they''re doing this bailout. They saw the banks fail, and they got scared about their own investments.

THIS IS A RUN ON THE TREASURY by Congress.

[nolalou]

How can we do this? What sense does it make? I want a bailout too, where do I sign up?
Posted by Biomegaly

First, you need to start a multi-billion dollar company, a bank or mortgage company for example, then mismanage the hell out of it , by giving millions in loans to people who can''t afford to pay them, use predatory tactics to convince people they really can afford those loans if necessary!
Then when your company is on the ropes, before going to treasury secretary to ask for a bailout, be sure you have your golden parachute check in hand! (just make sure not to deposit it in a bank that''s about to fail!!

[txgrouch2006]

Buy gold and ammunition.
Posted by Nancy_Naive at 09:37 AM : Sep 29, 2008

Last time this happened, FDR confiscated all privately owned gold and made it illegal for private citizens to own gold.

Pelosi and her cohorts want to take your guns away. And do you think the Democrats will gain any power in Washington DC after this? What will happen to your gun rights then?

TERM LIMITS by EXECUTIVE ORDER OF THE NEXT PRESIDENT. That''s the only answer.

[peyton3000]

Even though I''m not too happy with bailing out these idiots that basically gave away loans, this makes the most sense to help our banks recover.

[txgrouch2006]

I''d hope for TERM LIMITS FOR ALL MEMBERS OF CONGRESS by EXECUTIVE ORDER of the PRESIDENT WE HAVE NOW.

But something tells me he''ll just fiddle with his tie instead. LIKE HE''S BEEN DOING FOR THE PAST 8 YEARS.

Well, except for that war against WMD''s that WEREN''T THERE. Just like this "economic paralysis" THAT HASN''T ACTUALLY HAPPENED TO ANYONE HERE yet.

HOW DO WE KNOW THE ECONOMY WAS REALLY SHUTTING DOWN?

I mean, any more than it already was in June...

[peyton3000]

Last time this happened, FDR confiscated all privately owned gold and made it illegal for private citizens to own gold.
That''s because FDR is an idiot, him and Clinton caused this crisis with thier get a house eazy program.

[tonysp2]

The bailout is doomed because the world has lost confidence in the Bush administration. No amount of money will restore that.

[upto1947]

If they, CONGRESS, votes for this, they should all loss there jobs. NO TO BAILOUT. NO TO THE THE NUT BUSH. NO TO ALL BAILOUTS AND FREE LOADS TO ANYONE. Let the Auto companies go down. They are no good, look at what they make, JUCK

[gop_will_win]

Last time this happened, FDR confiscated all privately owned gold and made it illegal for private citizens to own gold.

Pelosi and her cohorts want to take your guns away. And do you think the Democrats will gain any power in Washington DC after this? What will happen to your gun rights then?

TERM LIMITS by EXECUTIVE ORDER OF THE NEXT PRESIDENT. That''''s the only answer.



--------------------------------------------------------------------------------

Posted by txgrouch2006
============================
Thats why I own silver, they wont take that. Haha. And your term limits would just mean a new corporate sell out every four years, they will never understand what they are doing and just do what they are told by their boss who put them in office.

[tbuckl]

Thomas Jefferson was so right when he said the following, I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by all future generations, under the name of funding, is but swindling the state of being yet to come on a large scale. Now the American banking system and its Barbaric CEOs have taken the American people to the clearers. Thomas Jefferson correctly used the word SWINDLING when writing his thoughts about banks and aristocratic tyrants that would infect our soceity. He knew these aristocratic tyrants would infest our soceity just like they did so many centuries ago. I wish he had been wrong, because I am starting to think something else he said may also be true. "The tree of liberty must from time to time be refreshed with the blood of patriots and tyrants. It is its natural manure."

[spiritwalk]

"Last time this happened, FDR confiscated all privately owned gold and made it illegal for private citizens to own gold."

The last time this happened the American dollar was backed by gold. Now it is backed by nothing but the American Dream which was never more than an illusion.

Let''s all fall back on the tried and true American method of dealing with a crisis...wave the flag, shout "we''re #1" and light candles to religious icons of Ronald Reagan.

Then we can get back to the real issues of whether Obama is a muslim and whether Palin is afraid of witches. The politicians can do so much more for us when we are distracted.

[txgrouch2006]

Clinton caused this crisis with thier get a house eazy program.
Posted by peyton3000 at 09:59 AM : Sep 29, 2008

In retrospect, shouldn''t that be called "Buy now, don''t pay later, and let the economy crash on THE NEXT PRESIDENT''S WATCH" program?

BUSH IS TO BLAME
AND CLINTON IS TO BLAME
AND BUSH IS TO BLAME
AND CLINTON IS TO BLAME
AND BUSH IS TO BLAME
AND CLINTON IS TO BLAME
AND BUSH IS TO BLAME

Five years ago, Barney Frank resisted increased regaulation of Fannie Mae and Freddie Mac because he said it would hurt their ability to provide "affordable housing."

The Clinton guard was STILL HARD AT WORK continuing the Clinton agenda.

BUSH IS TO BLAME
AND CLINTON IS TO BLAME
AND BUSH IS TO BLAME
AND CLINTON IS TO BLAME
AND BUSH IS TO BLAME
AND CLINTON IS TO BLAME
AND BUSH IS TO BLAME

[biomegaly]

How can we do this? What sense does it make? I want a bailout too, where do I sign up?
Posted by Biomegaly

First, you need to start a multi-billion dollar company, a bank or mortgage company for example, then mismanage the hell out of it , by giving millions in loans to people who can''''t afford to pay them, use predatory tactics to convince people they really can afford those loans if necessary!
Then when your company is on the ropes, before going to treasury secretary to ask for a bailout, be sure you have your golden parachute check in hand! (just make sure not to deposit it in a bank that''''s about to fail!!

LMAO, true, so true. I wish I had millions to start a company. I would call it ''By the people for the people'' and we would make everything the American people love to devour...oops, I guess I need to be in China for that.

--------------------------------------------------------------------------------

Posted by nolalou at 09:54 AM : Sep 29, 2008

[txgrouch2006]

If they, CONGRESS, votes for this, they should all loss there jobs.
Posted by Upto1947 at 10:04 AM : Sep 29, 2008

TERM LIMITS FOR ALL MEMBERS OF CONGRESS

Then the scoundrels can''t buy votes to keep their jobs.

[txgrouch2006]

term limits would just mean a new corporate sell out every four years
Posted by gop_will_win at 10:06 AM : Sep 29, 2008

But it would sure SEND THE MESSAGE:

Congress - YOU''RE FIRED!!!

[spiritwalk]

term limits would just mean a new corporate sell out every four years
Posted by gop_will_win at 10:06 AM : Sep 29, 2008

But it would sure SEND THE MESSAGE:

Congress - YOU''''RE FIRED!!!
.................

We already have term limits. It''s called the ballot box. Let''s get rid of this attitude of blaming Congress but voting "your guy" back into office.
On November 4 don''t relelect for "your guy". Vote for whoever is running against him. What is the worst that can happen? Are you afraid that you will get some idiot who doesn''t know what they are doing? You already have that, how much worse can it get?

[tomar0317]

The Dems and Repubs are together on this because they both allowed this to happen!. This is the second time taxpayers have had to bail out terrible management on Wall Street and big corporations. The 401K was forced on us because Wall Street needed a boost and big business wanted out of retiremnts. This is two strikes. What happens next time? Our elected offiiclals should all resign.

[biomegaly]

We already have term limits. It''''s called the ballot box. Let''''s get rid of this attitude of blaming Congress but voting "your guy" back into office.
On November 4 don''''t relelect for "your guy". Vote for whoever is running against him. What is the worst that can happen? Are you afraid that you will get some idiot who doesn''''t know what they are doing? You already have that, how much worse can it get?


--------------------------------------------------------------------------------

Posted by spiritwalk at 10:21 AM : Sep 29, 2008

Spiritwalk--I think you missed the point (if I may). If there are term limits, then the guy or gal who has, in the past, bribed you wont line your pocket anymore because they cant buy your vote since there term-limit has expired. Expired, I like that word. They cant all be bad, can they? Hmm? I wonder.

[tail_honcho]

Any bank that receives money from the government bail-out (taxpayer money) should be required to agree to with-hold any compensation to the company executives till they turn the company around. These executives have been pulling in multi-million dollar a year salaries/bonuses, reaping huge profits, while running their companies "blindly" into the ground --- or not so "blindly", I am sure they could see this coming from a mile away, specially since every bubble bursts and it has been forecasted in the news for over a year! We will see how important the bail-out is to the executives (these great leaders!) by their willingness to suffer financial hardship, the same way the people they overextended loans to have been, in order to save their companies. I have a feeling most of these executives/leaders would rather run-away, than put their money where their mouth is.

[alien_view]

Why are we bailing out the Auto Industry with this. Heck, if everyone is going to jump on the bailout, I want bailed out as well. Why are we bailing out ACORN, what the heck have they got to do with this? How much of this ACORN money is going back to Obama? This is starting to smell like a rotten fish.

[random_radar]

You pay your bills.

Now you get to pay the bills for the fool next door with a nicer house than yours.

Plus you get to pay the bills for the bankers with the mansions you only dream of.

It''s a great country, isn''t it?

[biomegaly]

I''d like to know exactly how much money the US Government has. I mean, I know how much I have to spend, how much do they have? Does the president even know? Or are all the taxpayers in ''the red''? Perhaps Congress should just be eliminated all together. Do we really need it? They waste so much time USUALLY. But the ink wont even be dry when this money hits wallstreet. Screw wallstreet, let it fail. They made their bed, now lay in it.