Historic Financial Rescue Bill Approved

President Bush Signs Complex And Highly Criticized $700B Package After It Clears Congress

(CBS/AP)  With the economy on the brink and elections looming, Congress approved an unprecedented $700 billion government bailout of the battered financial industry on Friday and sent it to President Bush who quickly signed it.

"We have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country," Bush said shortly after the vote, although he conceded, "our economy continues to face serious challenges."

Underscoring that somber warning, the Dow Jones industrials, up more than 200 points at the time of the House vote, ended the day down 157.

The final vote, 263-171 in the House, capped two weeks of tumult in Congress and on Wall Street, punctuated by daily warnings that the country confronted the gravest economic crisis since the Great Depression if lawmakers failed to act. There were 58 more votes for the measure than an earlier version that failed on Monday.

"We all know that we are in the midst of a financial crisis," House Republican leader John Boehner of Ohio said shortly before casting his vote for a massive government intervention in private capital markets that was unthinkable only a month ago.

"And we know that if we do nothing, this crisis is likely to worsen and to put us into an economic slump like most of us have never seen," he said.

House Speaker Nancy Pelosi, D-Calif., said the bill was needed to "begin to shape the financial stability of our country and the economic security of our people."

Treasury Secretary Henry Paulson pledged to begin using his new authority quickly, and Federal Reserve Chairman Ben Bernanke said the central bank would work closely with the administration.

Wall Street welcomed the action, but investors also were buffeted by a bad report on the job market. The Labor Department said employers slashed 159,000 jobs in September, the largest cut in five years and further evidence of a sinking economy.

"The consensus of economists that I've talked to are saying we are now at the beginning of what is probably going to be a deep recession for the next six months," said CBS News correspondent Anthony Mason. "This bill had to pass to put a tourniquet on that - to hold it from getting worse - but the economy is going to go through a really rough ride."

At its core, the bill gives the Treasury Department $700 billion to purchase bad mortgage-related securities that are weighing down the balance sheets of institutions that hold them. The flow of credit in the U.S. economy has slowed, in some cases drying up, threatening the ability of businesses to conduct routine operations or expand, and adversely affecting consumers seeking financing for mortgages, cars and student loans. Some state governments have also experienced difficulty borrowing money.

The House vote marked a sharp change from Monday, when an earlier measure was sent down to defeat, largely at the hands of angry conservative Republicans.

On Friday, 91 Republicans joined 172 Democrats to support the bill, while 108 Republicans and 68 Democrats opposed it. Tenn. Rep. Zach Wamp was one of 25 Republicans who switched from "no" to "yes" votes; Democrats had 33 converts, including Elijah Cummings of Maryland, reports CBS News correspondent Bob Orr.

"Sometimes you just have to do what is necessary at that moment," he said.

One Democrat who supported Monday's version, Rep. Jim McDermott of Washington, opposed the bill Friday. One Republican who didn't vote Monday, Rep. Jerry Weller of Illinois, voted "yes" on Friday.

Several of the Democrats who switched were members of the Congressional Black Caucus who said presidential candidate Barack Obama had pledged to support legislation easing the burden on consumers if he wins the White House.

Republican presidential candidate John McCain also lobbied for the measure, according to aides who declined to release a list of lawmakers he called.

Following Monday's vote, Senate leaders quickly took custody of the measure, adding on $110 billion in tax and spending provisions designed to attract additional support, then grafting on legislation mandating broader mental health coverage in the insurance industry. The revised measure won Senate approval Wednesday night, 74-25, setting up a furious round of lobbying in the House as the administration, congressional leaders, the major party presidential candidates and outside groups joined forces behind the measure.

In addition, the measure was changed to broaden the federal government's deposit insurance program, and the Securities and Exchange Commission loosened a regulation to ease the impact of the distressed assets on the balance sheet of financial institutions.

Despite occasionally strong criticism of the added spending and tax measures, the maneuvers worked - augmented by a sudden switch in public opinion that occurred after the stock market took its largest-ever one-day dive on Monday.

"No matter what we do or what we pass, there are still tough times out there. People are mad - I'm mad," said Republican Rep. J. Gresham Barrett of South Carolina, who opposed the measure the first time it came to a vote. Now, he said, "We have to act. We have to act now."

Rep. John Lewis, D-Ga., another convert, said, "I have decided that the cost of doing nothing is greater than the cost of doing something."

Critics were unrelenting.

"How can we have capitalism on the way up and socialism on the way down," said Rep. Jeb Hensarling of Texas, a leader among conservative Republicans who oppose the central thrust of the legislation - an unprecedented federal intervention into the private capital markets.

It was little more than two weeks ago that Paulson and Bernanke concluded that the economy was in such danger that a massive government intervention in the private markets was essential.

White the main thrust of their initial proposal was unchanged, lawmakers insisting on greater congressional supervision over the $700 billion, measures to protect taxpayers and steps to crack down on so-called "golden parachutes" that go to corporate executives whose companies fail.

Earlier in the week, the legislation was altered to expand the federal insurance program for individual bank deposits, and the Securities and Exchange Commission took steps to ease the impact of the questionable mortgage-backed securities on financial institutions.

In the moments before the vote, Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, pledged "serious surgery" next year to address the underlying causes of the crisis.

If anything, the economic news added to the sense of urgency.

The Labor Department said initial claims for jobless benefits had increased last week to the highest level since the gloomy days after the 2001 terror attacks. The news of the payroll cuts came on top of Thursday's Commerce Department report that factory orders in August plunged by 4 percent.

Typifying arguments the problem no longer is just a Wall Street issue but also one for Main Street, lawmakers from California and Florida said their state governments were beginning to experience trouble borrowing funds for their own operations.

Pelosi said, "We must win it for Mr. and Mrs. Jones on Main Street."

One month before Election Day, the drama unfolded in an intensely political atmosphere.

Members of the Congressional Black Caucus credited Obama with changing their minds.

Reps. Elijah Cummings and Donna Edwards, both Maryland Democrats, were among them. They said Obama had pledged if he wins the White House that he would help homeowners facing foreclosure on their mortgages. He also pledged to support changes in the bankruptcy law to make it less burdensome on consumers.

Obama's rival, Republican Sen. McCain, announced a brief suspension in his campaign more than a week ago to try and help solve the financial crisis.

Republican Rep. Sue Myrick of North Carolina, who switched her vote to favor the measure, said, "I may lose this race over this vote, but that's OK with me. This is the right vote for the country."

Myrick said she hadn't heard from McCain as she made up her mind about how to vote. "They told me he was going to call me. He didn't," she said.

The vote on Monday had staggered the congressional leadership and contributed to the largest one-day stock market drop in history, 778 points as measured by the Dow Jones Industrials.

[presjfk]

It just figures that the party that destroyed the economy the Republicans, are the people fighting the rescue plan.

I would have thought Hoover politics died after the depression but I guess not.

[vivekgee]

It is foregone conclusion that the bill will be passed and you will again see oil risig through the roof. Get ready to pay more for oil.

[txgrouch2006]

I would have thought Hoover politics died after the depression but I guess not.
Posted by presjfk at 09:03 AM : Oct 03, 2008

I would have thought partisan garbage like your post would have died out now that our nation is on the brink of catastrophe.

But I guess some individuals are STILL so immature that all they want to do is wag their faces and taunt their political rivals, even in the face of disaster.

So much for "UNITED WE STAND..."

[txgrouch2006]

Food Riots Coming to America?
Posted by Hacker11001 at 09:23 AM : Oct 03, 2008

Why do you think a platoon of the U.S. Army has been deployed for "Homeland Security???"

BTW, one platoon won''t be enough. But it''s a start.

[simplemind2]

Just say "No" to bailout.
And "No means No"!

[txgrouch2006]

why aren''''t all the executives that caused this being held accountable?
just make the middle class pay and let the rich get richer.
Posted by GrabAndGo at 10:06 AM : Oct 03, 2008

Exactly. That''s why I say NO BAILOUT.

Let''s let the wealthy fat cats feel the pinch like THE REST OF US WILL with or without the bailout.

All the bailout will do is shield the MEMBERS OF CONGRESS from their own recklessness.

NO BAILOUT! Just say NO to this conflict of interest for Congress.

[downtowner97]

I read a report from the FDIC last spring that said 151 institutions were in imminent danger of collapse. I am sure the number is much higher. The first seven of those institutions have collapsed, and we''re throwing this abscene amount of money at them. What about the other 100+ institutions? Will they get bailed out too? At what expense?

[txgrouch2006]

The U.S. economic outlook darkened further last month as companies shed workers at the fastest pace in more than five years.
Posted by Hacker11001 at 09:20 AM : Oct 03, 2008

And it''s just starting. When businesses can''t get credit, more business will shrink or shut down. That means CONTINUING JOB LOSSES for the INDEFINITE FUTURE.

[txgrouch2006]

TERM LIMITS FOR ALL MEMBERS OF CONGRESS.

Enforced by VOTERS AT THE VOTING BOOTH, if necessary.

Can we write a petition TO OURSELVES????

Wow, the people taking their government into their own hands instead of expecting the government to do it for them. WHAT A CONCEPT!!!

[txgrouch2006]

THE PEOPLE''S DECLARATION OF INDEPENDENCE from OUR OWN GOVERNMENT.

Congress - Mr. President - YOU''RE ALL FIRED!!!!

To be enforced AT THE VOTING BOOTH in just a few weeks.

DECLARE YOUR OWN INDEPENDENCE - it''s now or NEVER!!!

[txgrouch2006]

TERM LIMITS ON THE PRESIDENT IS UNCONSTITUTIONAL.

The constitutional amendment imposing term limits on the President is unconstitutional because it is unequal treatment.

Term limits must apply to ALL elected members of the federal government.

The Supreme Court should rule that the term limits amendment must apply to ALL MEMBERS OF CONGRESS, in addition to the President.

[t_barr]

http://market-ticker.denninger.net/archives/596-The-TRUTH-About-The-Bailout.html

From an interview with Rep Sherman D-Cal on CNBC
''Hundreds of billions of dollars are going to bail out FOREIGN INVESTORS. They know it, they demanded it, and the bill has been carefully written to make sure that can happen.''

''Notice that conspicuously missing from the definition is the requirement that the asset''s underlying thing (The property that was mortgaged, etc) lies within the US. Also note that Treasury must tell Congress if they add ''new types'' of debt, but that Congress has no right of review or censure.

It is perfectly legitimate under the bill for a foreign bank to sell or swap any c r a p sandwich it may hold (irrespective of how or where it originated, so long as a mortgage is the basis for it somewhere) with a bank domiciled in the US, and said bank may then ''PUT'' it into the TARP.

Note also that Rep Sherman said on Kudlow last night that when this was raised with Sec Paulson he was told that if Congress tried to restrict the ability of the Sec to purchase assets laundered in this fashion from foreigners, that the bill would be vetoed.''

This is pure Bulls h i t. Carefully crafted BS, sold to We the People by Bush, Paulson, etc. repeatedly saying that this bill is about a ''rescue'' of Main Street, not Wall Street. It is neither about Main Street or even about Wall Street. It''s designed to bail out foreign investors.

Watch the Video at the link, it explains it much better.

[txgrouch2006]

BOTH of my state Senators said they would vote against the bailout, or they would require changes.

BOTH VOTED FOR IT.

They''re both OUT on my ballot in November.

[Renegade.Rivers]

It just figures that the party that destroyed the economy the Republicans, are the people fighting the rescue plan.

I would have thought Hoover politics died after the depression but I guess not.

Posted by presjfk

prezjfk,

Your comment using the name your are using is disconcerting, because having lived through the JFK years, and his tragic death; I am sure were this his administration, he would have had Robert investigating Wall Street''s with a fine tooth comb over this debacle instead of expecting the American taxpayers to bail them out. I don''t believer that he would have ever ask for a bailout package of a comparable proportions under any circumstances, and expected the American taxpayer to foot the bill.

Secondly you blame the Republicans for this debacle, but in truth their is plenty of blame to be heaped on both parties. Your attempt at partisan politics sounds painfully like the comments that Pelosi made before the last vote in the house. While I have voted at one time or another for a Democrat, I am an Independent and appalled that the Democrats have become the party of "no blame," when in fact they are as deep into this debacle the Republicans are. When will the Democrats ever be willing to accept their part in this debacle, and strive for real solutions instead of pork and arrows politics.

[txgrouch2006]

Of course, HILLARY CLINTON and JOHN KERRY joined Boxer, Feinstein, and Dodd to vote FOR the bailout in the Senate.

So did Obama, Biden, and JOHN MCCAIN.

The WHOLE HEE HAW GANG is in on it (sorry, Hee Haw).

[txgrouch2006]

Txgrouch, your post on universal term limits is interesting, but seems to avoid addressing a REALLY SCARY unintended consequence: the ONLY powerful members of the govt with lifetime positions would then be the Supreme Court. Dear God, the public has needed protection from that gang of nutcases more than once!!
Posted by jaydee102 at 10:40 AM : Oct 03, 2008

That may be, but limiting Congress won''t make things WORSE on the Supreme Court. Will it?

[easeup-2009]

And it''''s just starting. When businesses can''''t get credit, more business will shrink or shut down. That means CONTINUING JOB LOSSES for the INDEFINITE FUTURE.

Posted by txgrouch2006 at 10:23 AM : Oct 03, 2008


BOTH of my state Senators said they would vote against the bailout, or they would require changes.

BOTH VOTED FOR IT.

They''''re both OUT on my ballot in November.

Posted by txgrouch2006 at 10:40 AM : Oct 03, 2008

How could you be concerned about shrinking commercial credit & be against the bailout?

Seems highly contradictory....

[txgrouch2006]

I am an Independent and appalled that the Democrats have become the party of "no blame," when in fact they are as deep into this debacle the Republicans are. When will the Democrats ever be willing to accept their part in this debacle, and strive for real solutions instead of pork and arrows politics.
Posted by renrivers at 10:42 AM : Oct 03, 2008

Well said! The continued taunting of the Democrats is just them showing their TRUE COLORS in a time of national emergency.

So much for UNITED WE STAND...?

Just five years ago, Barney Frank was opposing stronger regulation of Fannie Mae and Freddie Mac. He didn''t want to interfere with providing "affordable housing."

Well, now we can call this the "affordable housing bailout." This is where the affordable housing agenda has brought us.

[txgrouch2006]

How could you be concerned about shrinking commercial credit & be against the bailout?
Seems highly contradictory....
Posted by easeup at 10:49 AM : Oct 03, 2008

Don''t be a sheep. The bailout will do NOTHING to help the rest of us.

The entire economy is in the toilet, even if the bailout passes. The bailout only helps the fat cats, INCLUDING MANY MEMBERS OF CONGRESS, who got caught in the crack of these "affordable housing" loans.

THE FAT CATS ARE BAILING THEMSELVES OUT, and the rest of us are up the creek no matter what happens.

THE BAILOUT WILL NOT HELP US. It will help only the wealthy.

[easeup-2009]

THE BAILOUT WILL NOT HELP US. It will help only the wealthy.

Posted by txgrouch2006 at 10:54 AM : Oct 03, 2008

That''s not true. ALL of the regional banks in my area saw their stock drop by over 50% when the house voted down the bill. If Wall Street banks go under, ALL the banks will get hurt--BAD. The first thing they will do is start cutting back on available credit and then businesses will start cutting back & start laying people off. This affects BOTH Wall Street & Main Street.

[Renegade.Rivers]

We are again at the brink of disaster, and many members of congress and the Senate are the creators of a "perfect storm." Many of you are complaining that your 401s and IRAs are tanking, yet posters with some common sense, like myself, not to mention many major economist have been warning that this crash was on its way for well over a year. yet you doubted all of us, and steered straight ahead like a blind man. Now that what we were all warning you was going to happen, is happening you want to cry like babies with diapers, and expect us to bail you out. This is totally ludicrous, for you as grown adults to expect my grandchildren who are not even of working age yet, to bail you out. I cannot believe that you can all be so inapt, selfish, and self-centered, when you had the warnings, and could have made changes to protect yourselves, yet you done nothing. I feel no sympathy for you, and for you to believe that tis bailout will save you is totally illogical.

[txgrouch2006]

THE SHORT LIST of Senators who voted AGAINST the affordable housing disaster bailout:

Session, Shelby, Allard, Nelson, Crapo, Brownback, Roberts, Bunning, Landireu, Vitter, Stabenow, Cochran, Wicker, Tester, Dole, Dorgan, Inofe, Wyden, DeMint, Johnson, Sanders, Cantwell, Feingold, Barrasso, and Enzi.

Except for Elizabeth Dole, have you heard of ANY of these (not counting the ones from your home state)???

Apparently these didn''t get their arms twisted hard enough because NOBODY CARED how they voted.

[zavier01]

I am tired of my money bailing out bad business.

[txgrouch2006]

The first thing they will do is start cutting back on available credit and then businesses will start cutting back & start laying people off.
Posted by easeup at 10:59 AM : Oct 03, 2008

GUESS WHAT? Even with the bailout, the days of easy credit are OVER.

Even after the bailout, the lenders got burned BAD. From now on, they will be MUCH more selective about what money they lend to whom.

No more "affordable housing." That will have ripple effects through the entire economy. Businesses will have a tougher time getting credit.

There will be stiff job cuts with the bailout or without it.

Face it, our economy is toast. Pop it up, it''s done.

[txgrouch2006]

I cannot believe that you can all be so inapt, selfish, and self-centered, when you had the warnings, and could have made changes to protect yourselves, yet you done nothing. I feel no sympathy for you, and for you to believe that tis bailout will save you is totally illogical.
Posted by renrivers at 11:00 AM : Oct 03, 2008

FIVE years ago, Barney Frank was quoted in a New York Times interview as opposing stronger regulation of Fannie Mae and Freddie Mac because he didn''t want to interfere with "affordable housing."

Other trolls are blaming Frank''s recklessness on "GOP sleaze." UP YOURS, TROLLS!

This problem was coming in 1999, with the Gramm-Leach-Bliley banking dereguation act. You didn''t need to be a financial genius to see the dangers of such recklessness.

[observantx]

Posted by txgrouch2006 at 11:01 AM

Feingold is MY Senator. He voted against this misguided bailout just as he cast the sole opposing vote against the misguided war in Iraq.

He''s one of the few in the Senate with real stones when it comes to actually representing his constituents and looking out for their interests.

I hope he keeps turning down this pail of swill.

[easeup-2009]

And if local banks go under, so that credit dries up .. impacting local areas .... how does that apply to someone like ME who uses NO CREDIT, at all, to accomplish tings in life? Like a true, REAL conservative (we''''re nearly extinct in the US now) I believe in a cash-and-carry lifestyle: you earn it before you spend it. PERIOD. For God''''s sake, it''''s the whole idea of credit and a credit-based economy that has CAUSED this mess, and everybody wants a "credit solution" for our "credit problems". Well, I haven''''t invested in stocks, I don''''t use banks, I don''''t support that idiotic mess in any way - why should the credit junkies be helped to STEAL FROM ME to cover their stupid, immoral butts?

Posted by jaydee102 at 11:05 AM : Oct 03, 2008

I''ll bet 90% of businesses rely on credit. If you have a job, this affects you. The greed & stupidity in the individual consumer credit area is going to affect commercial credit too.

[credibility2]

The Senate should have never passed the goody embellished bailout plan. The House shouldn''t either. There is still much we don''t know about the specifics of this grandiose plan that supposedly will right the problems and greed on both Wall St and Main St. The embellished bailout plan isn''t going to right the wrongs with the economy or the contributing causes from the greedy Wall St and Main St grabbers. Let that which needs to fail and collapse do so and then start all over. Those of us who have done everything right and were moral, ethical and honest shouldn''t have to be forced to pay for the stupidity and sins of the greedy on both of the streets.

[gwjackie]

READ MY LIPS NO BAILOUT NOT NOW NOT EVER!!!!!!!!!

[rdupuy11]

We all have our moments when we realize the two party system doesn''t work. Wags in these major parties will tell you a third party would be great, but it will only be even worse.

No, actually it would be much better. It''s time to take a stand against these manipulators who take your vote and your money for granted.

Bob Barr 2008 bobbarr08.com

[txgrouch2006]

I don''''t use banks, I don''''t support that idiotic mess in any way - why should the credit junkies be helped to STEAL FROM ME to cover their stupid, immoral butts?
Posted by jaydee102 at 11:05 AM : Oct 03, 2008

So why are you defending the "affordble housing" agenda that CAUSED THIS CRISIS? The agenda to loan money to poor credit risk borrowers, as supported by BARNEY FRANK and others. Not just with votes, but with public statements.

Sorry, a vote is a vote. The GOP has no monopoly on sleaze in Washington DC.

[rdupuy11]

I''m sorry to see the back and forth blame game going on here today.

This is how ridiculous things have become. Democrats and Republicans want to see if the other party can shoulder, just a slightly larger amount of the blame, because they know, if they can get into the position of the ''lessor evil'' they will gain in the next election.

How insane is that. How about this, stop voting for evil completely.

Bob Barr doesn''t support the bailouts. Period. Bobbarr08.com Stop supporting the two party system, vote for a real change.

[o2brich]

The solutions offered by the sitting president and legislature and both candidates all fall short of what is needed at this point in this financial mess. The best thing that could happen is to let the troubled lenders fail. It is the natural consequence of their actions. This mess was made possible by republican deregulation and fostered by democratic encouragement to make housing affordable to those who can%u2019t afford it. Affordable housing and easy credit is nice but we%u2019re now seeing what happens when natural market forces are tampered with to bring in individuals that would not otherwise be in the market. And now neither candidate had the courage to do the right thing and vote against the bailout. I guess they%u2019re afraid it would cost them the election. But the majority of voters do not want the burden of the bailout; that will make matters worse. Letting these lenders fail would be painful for a year or so but it is the best long term solution.

[gwjackie]

Why if this is the real deal do they add on another hundred billion dollars this is the biggest bunch of bullshi! the world has ever seen. but just maby we can end this *** with a lot of these people come nov 4 they can look for a job.

[jayfl11]

Before anyone blames one party or the other, you need to do some homework, look at the 1999 Law, 1977 CRA, 2003 Proposal to tighten up regs, 2004 Proposed Law to tighten Regs and remarks by lawmakers from both parties. You will see there are those on both sides that seem to be very beholden to FNMA, FDMC, GNMA, Goldman Sachs and Lehman Bros.. It''s not one party or the other, it''s the incumbents trading our financial security for campaign contributions so they can keep their jobs. They don''t care much about us, I don''t care if they are an elephant or a donkey, they only look out for themselves and their cohorts. I''m talking about Gramm, Leach, Franks and Dodd mainly but there are many many more involved to a lesser degree.

[rcsully65]

A vote for the bail out is a vote for your not being re-elected. Enough is enough already we, your people, do not want this.

[rdupuy11]

When the Libertarian party was founded in 1971, it was over dissatisfaction with Richard Nixon, and the realization, that the major parties, don''t hold any real values.

If you thought that Reagan was for smaller government, that Bill Clinton was going to restore integrity to government, that George Bush was a defender of the american way... whatever moment it was... many have come to realize the two party system doesn''t work.

Real change comes when people stop doing the same things.

Bob Barr - Libertarian candidate for president. bobbarr08.com

[docpeter1953]

Let''s postpone the vote on this bill, the stock markets are rebounding this morning. No need to hurry.

[Renegade.Rivers]

The devil was REALLY "in the details" of those bills.

Posted by jaydee102

Just as I stated earlier, the Democrats are the party of "no blame," or at least they would have us believe that. The truth of the matter is that we don''t even have to go back in history to find plenty of blame to heap on the Democrats. We need look no further than the past two years that the Democrats have controlled both houses of Congress to find it. In those two years, economist and other well educated people have been saying that there was a firestorm on the horizon, yet Congress sit on their hands and offered up no real solutions to the coming firestorm. This has become a characteristic exemplified by the Democrats for over a decade. It seems that they cannot, or will not develop a sustainable platform or plan of action on any of the real issues. As this meltdown has garnered speed, not once has the leaders of congress, i.e. Democrats made even one sustainable effort to slow the onslaught or turn back the tide of the approaching crisis we are now facing. Instead they bowed to every Bush demand like he was the almighty one. So tell me where were the Democrat''s leadership when it was needed?

[t_barr]

Congress is being THREATENED to pass this BS Bailout Bill or face a 3-4,000 pt Market crash and Martial Law in America! Anyone ever heard of the Plunge Protection Team (PPT)?
Working Group on Financial Markets
http://en.wikipedia.org/wiki/Working_Group_on_Financial_Markets

Well, it CAN be used in the opposite mode to CAUSE a Crash. And Martial Law? ***! This is Total BULL!

Watch Rep Sherman D-Cal explaining this BS ON THE HOUSE FLOOR!;
www.c-spanarchives.org/flash/player-time.html?start=2008-10-02%252020:06:57&stop=2008-10-02%252020:21:57&net=1

I''m from the Government... I''m here to help....

Mail This To EVERYONE!

[greeneyes222]

A vote for the bailout is grounds for treason.

The Senate should have taken the time to write in safeguards and substance; instead they frittered their time adding pork and listening to lobbyists.

This thing stinks to high heaven. Congress needs to take the time to do this thing right, not rush through a gift that will cripple us for decades and reward a greedy bunch of con men with no guarantee that they won''t be back in a month asking for more.

The Senate sold out; the House needs to stand up for the people.

[observantx]

This is not just a bailout. It''s a Golden Parachute for the jerks that have been trickling on us for the past eight years. I''m talking about the Wall Street trickers and the Repugnican and Demoncratic tricklers in Congress.

I don''t know about you, but I''m voting out my trickler.

What about you?

You like smelling like p*ss?

[rdupuy11]

One thing is clear, McCain is going to lose the next election. Personally I find both McCain and Obama to be reprehensible supporters of big government, as evidenced in their endorsement of this bailout package.

With Obama riding to victory, I guess people can take a break from determing who is the ''lessor evil'' to vote for this year.

I''m going to vote for Bob Barr bobbarr08.com He doesn''t support the bailouts, he is the only major candidate to stand firmly against them. Nader is against them in this form, but not firmly solidly against bailouts.

It will make a difference, when McCain loses, and the margin of his loss is the upswell of support for Bob Barr, because Bob Barr is against the bailouts.

It will be remembered that it was exactly this moment, McCains decision to waffle on the bailouts, that cost him the election.

Bobbarr08.com

[rdupuy11]

@sincityq

Noted, filed away. However, I will continue. Some people don''t know about the alternative, and this is the american way. If I lose your support, that is fine. Never had it anyway.

[easeup-2009]

Fall is here, and The Big Fall is not far off....

Scared yet? You will be.

Posted by Hacker11001 at 11:32 AM : Oct 03, 2008

"So Foxy Loxy led Chicken Little, Henny Penny, Ducky Lucky, Goosey Loosey, and Turkey Lurkey across a field and through the woods. He led them straight to his den, and they never saw the king to tell him that the sky is falling."

[Renegade.Rivers]

Just as I stated earlier, the Democrats are the party of "no blame," or at least they would have us believe that. The truth of the matter is that we don''''t even have to go back in history to find plenty of blame to heap on the Democrats. We need look no further than the past two years that the Democrats have controlled both houses of Congress to find it. In those two years, economist and other well educated people have been saying that there was a firestorm on the horizon, yet Congress sit on their hands and offered up no real solutions to the coming firestorm. This has become a characteristic exemplified by the Democrats for over a decade. It seems that they cannot, or will not develop a sustainable platform or plan of action on any of the real issues. As this meltdown has garnered speed, not once has the leaders of congress, i.e. Democrats made even one sustainable effort to slow the onslaught or turn back the tide of the approaching crisis we are now facing. Instead they bowed to every Bush demand like he was the almighty one. So tell me where were the Democrat''''s leadership when it was needed?

[gwjackie]

Do these people not understand this is the same dam game that got us in this mess. The banks loaned 120% of the value of a home that was only worth 80% of the asking price because the realestate people jacked the price up to make more money.The people that bought the house have enough money to take the vacation they have always wanted they come back all happy till they think o shi! i have to pay for this o well i do not have my money in this dam house let the have it back. and the bank gets it back worth 80% of they loaned. AND IF THE PEOPLE IN WASHINGTON DO NOT UNDERSTAND THAT THE TAX-PAYER HAS NOT HAD IT WITH THIS SHI! THEY ARE D-E-A-D WRONG.

[rdupuy11]

While I appreciate the nursery rhymes, the point in talking about Bob Barr, and the point in even posting the website address, is so that people can find a real solution to the problem. Nursery rhymes are funny and non offensive, but this bailout is a political problem...a problem with government out of control, and the solution, is going to come by implementing real change. The constant waffling between Republicans and Democrats is not real change. Looking for the party to blame more, is not real change. That is the way its always been.

[rdupuy11]

@sincityq

Yes, in your world, silence garners votes, and publicity ruins them.

Gotcha, filed away, in the round bin.

[rdupuy11]

real change is going to require toughness. Republicans are sophisticated in stifling opinions, so are democrats. They will inform you of when speech needs to end, when campaigning suddenly becomes inappropriate.

The reality is, we''ve had the front page headlines about Obama''s view and McCains view, and they''ve come in as nearly mirror twins of each other.

The reality is, the mainstream media doesn''t present to you, the stance by a presidential candidate that is firmly against the bailouts...to get that view one would have to go to bobbarr08.com