Bailout bill fails

[Bestwifeever]

IMO she should have left her partisanship at the door. She would have been golden if the bill had passed....

As reported at Politico (I have no idea what sites are for what party, so apologize if this one is pro/con either party): http://www.politico.com/news/stories/0908/14089.html:

Even as the wreckage of the Wall Street bailout bill was still smoldering on the House floor Monday, Republicans held a news conference in which they blamed "partisan" remarks by the House Speaker Nancy Pelosi (D-Calif.) for scuttling the bill.

But anyone who looked at the transcript of Pelosi’s speech released by her office might have been puzzled by the complaints.

The transcript seemed relatively tame – with only relatively mild shots at the Republicans in the text.

But a review of the video of Pelosi’s comments shows the speaker deviated substantially from her prepared remarks when she stepped into the well of the House at about 12:20 p.m. Monday afternoon – delivering a series of ad-libbed jabs at President Bush and his party.

Pelosi’s office continued to distribute the as-prepared version of her remarks as late as 1:24 p.m. – an hour after she had delivered the more incendiary version of her speech on the House floor.

 

[Dawg52]

Dawg,
It appears you are in favor of the bill. Therefore you might rethink your 'not going to vote R'
Your Republican congressman was the only Mississippi congressman to voter for the bill

JACKSON, Miss. (AP) - Three Mississippi congressmen voted against the $700 billion financial bailout that failed in the House.

Republican Chip Pickering was the lone Mississippi congressman to vote for the package.

Democrats Travis Childers, Bennie Thompson and Gene Taylor voted against it.

Yes, I saw that. I'm glad he did. But it doesn't change my opinion of republicans as a whole. I don't trust either party for that matter.

 

[REWahoo]

Number 3 is also possible...........

It would appear with the financial downturn you've decided to branch out into another career field....

 

[FinanceDude]

It would appear with the financial downturn you've decided to branch out into another career field....

That looks like my Halloween costume........

 

[riskadverse]

Wall Street is craping bricks . . . maybe Main Street will be too, but it does look like Main Street still has some power in making the politicians pay attention to them. I think the no vote was due to posturing - everyone thought it would pass, so they covered their ass by voting no. A no vote meant they would not have to answer to their constituents, either now or when wall street asks for more.

 

[lazygood4nothinbum]

the official early retirement security scale: 963 views in 269 minutes

I wish the markets would close for the next 2 days. BTW, just heard Donald Trump say he thinks oil will drop to the $20-30/bl range. And that is the silver lining to all the mess. Hard to believe.

just in time for my autumn roadtrip through the blueridge and up to nj/ny this november. i hope the southeastern states have gas supplies by then.

Happy New Year, Lazy and everyone! I didn't know that. We feds don't get it as a holiday.

thank you and back at ya. tough to celebrate the new year as it will always be a sad day for me because mom died during sunset of rosh hashanah.

 

[Sue J]

My representative voted against it, so did nearby representative Dennis Kucinich.

L'shana tova tika tavu to Lazy and anyone else who is part of the tribe.

I don't celebrate Rosh Hashanah anymore but watching the news make me think that an apple dipped in honey can't hurt.

 

[Razor]

It really is different this time, isn't it?

 

[audreyh1]

100s of bank failures during the S&L crisis - but that was also because in some states (like TX) each branch was a separate bank. So in some cases one name brand bank failure translated to 20, 50 or more individual failures.

Now we got the really BIG banks failing instead.

Audrey

 

[Texas Proud]

That we don't know what will happen is the problem. To oversimplify, if we'd have passed the bailout bill our downside would have been $700,000,000,000. But since we didn't pass it our downside could be potentially unlimited. WaMu went splat last week, Wachovia went splat today. I hate to think about what is next. Now is not the time to roll the dice.

I looked at the bailout as a kind of insurance. Flood insurance may cost alot, and you might use it once every hundred years, but it can be the difference between financial survival and spending the rest of your days as a Wal-Mart greeter when a big flood hits.

But both WAMU and Wachovia were bought and the 'main street' did not suffer... yes, the investors lost, but if you have a checking account with either, you lost nothing...

I am confident that money will choose the winners and the losers quickly... and it will get sorted out...

 

[lazygood4nothinbum]

thanx suej. but i'm not really much into the practices of any tribe that considers me an abomination.

curious question brought up by a call-in to cspan: is there some way of knowing what representatives dumped stock before the vote?

local news just announced the votes of all our representatives were across the board in south florida democrats aye, republicans nay.

 

[Milton]

Joe Mainstreet doesn't understand it, complains to congressman, congressman gets scared, votes no.

Sad but true.

As Bugs Bunny would have said, what a bunch of maroons.

 

[haha]

Even though I am getting my a$$ thoroughly kicked, it could be worse. Look at what some conservative investors had handed to them.

http://www.bloomberg.com/apps/news?pid=20601109&sid=aPQXoCH.fIa0&refer=home

Lehman "100% principle protected" structured notes worth at best pennies on the dollar.

Ha

 

[Bestwifeever]

At least see how they voted. Mine voted in favor of the plan.

My Republican rep voted against it (and her e-mail is not functioning, gee, I wonder why)--my senators would vote for it (Obama and Durbin) if it got to them.

But I've decided my vote against all incumbents from now on will be my imaginary term limits--one term in office only, to keep our elected officials from focusing on reelection and appearances and worrying about what their constituents will think about their votes.

 

[socca]

With the failure of the Paulson bailout bill, at least two great crimes have been avoided with 100% certainty:
(1) the theft of money from prudent savers like me to cover the bad debts of imprudent speculators on Wall Street and Main Street
(2) the theft of money from the future in order to create an artificial prosperity today.

Have we committed another great crime by not passing the bill? Maybe, maybe not. It depends how much innocents will suffer as the future unfolds. For now, I'm delighted that the two great crimes have been avoided (especially since I was going to be one of the victims).

Republicans, stick to your guns! Don't give in to the Kleptocracy! The Paulson bailout in any way, shape, or form must stay dead! Other less expensive, more carefully managed, more carefully analyzed, more highly targeted, and ultimately (possibly) more effective approaches can be devised in the future if the situation warrants.

Note to Obama: your proposed 'Great Society' spending programs might be acceptable if the U.S. were solvent, but we're effectively bankrupt. It's time to stop hiding our serious problems behind a sea of deficit spending. The recognition that we have a problem is the first step to solving it.

I'm a lifelong Democrat. But for today, at least, I'm a Republican.

 

[Milton]

to keep our elected officials from focusing on reelection and appearances and worrying about what their constituents will think about their votes.

 

[youbet]

IMO she should have left her partisanship at the door. She would have been golden if the bill had passed....

:

It was the timing..... She could have simply announced the bill was ready for vote and asked for bipartisan support. Then, after it passed, gave the speech demonizing the Republicans, etc. etc.

A head up her butt move to say the least. She acted/sounded like she didn't want it to pass. And she's the leader....... soooo......

 

[youbet]

Bestwifeever:

You're local to me..... Were you also surprised to see that Jesse Jackson voted NO? I was.

 

[lazygood4nothinbum]

the official early retirement security scale: 1701 views in 323 minutes

Have we committed another great crime by not passing the bill? Maybe, maybe not. It depends how much innocents will suffer as the future unfolds. For now, I'm delighted that the two great crimes have been avoided (especially since I was going to be one of the victims).

to poorly paraphrase one talking tv head i heard recently: when our economy goes south, people here suffer. but when our economy goes south, third world people die.

 

[youbet]

to poorly paraphrase one talking tv head i heard recently: when our economy goes south, people here suffer. but when our economy goes south, third world people die.

Expanding on lazy's post......

I wonder if other countries who might have benefited from the bailout passing feel we "owe them" some solution to the problem since we created it but they're sharing the pain?

Any comments from our Canadian freinds on how things are going up there?

 

[Bestwifeever]

Youbet:

Interestingly the Chicago Tribune forgot to include Jesse Jr. on their breakdown of the Illinois delegation (I could read a lot into that omission ): Illinois delegation split on bailout vote - Chicago Breaking News

But that is amazing that he broke party lines.

 

[lawman]

She has looked pretty good all through this. Actually, she looks good period!

Ha

How many bottles of Absolute and little blue pills did you take?

 

[Dawg52]

Even though I am getting my a$$ thoroughly kicked, it could be worse. Look at what some conservative investors had handed to them.

Bloomberg.com: Exclusive

Lehman "100% principle protected" structured notes worth at best pennies on the dollar.

Ha

Well well.......something I didn't buy. Every other move I've made in the last 12 months has been wrong.

 

[unclemick]

This is a good day to spend with a bottle of Absolute, a little blue pill and 3 horny girls. I know where I can get the 1st 2.

ha

In the sixties it was a Chinese restaurant around 7th and Jackson - but I couldn't afford the Absolute let alone the girls. The blue pill hadn't been invented yet - but I was young.

The Chinese food wasn't that bad nor expensive.



heh heh heh - at least Mr Market and Congress are giving us something to talk about. This too shall pass - Right?

 

[Gotadimple]

heh heh heh - at least Mr Market and Congress are giving us something to talk about. This too shall pass - Right?

Absolutely -- it always does, doesn't it?

-- Rita