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House Defeats $700B Financial Markets Bailout

KeplerView posted on Sep 29, 2008 | views: 211 | Tags: bailout, wall street, vote fails, Political and social commentary, social and political commentary, DOW, career politicians

UPDATE ON BAILOUT

 

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 into recession without it.

 

Stocks plummeted on Wall Street even before the 228-205 vote to reject the bill was announced on the House floor.

 

Ample 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.

link to the full story

 

 

 



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Comments

  • Zayda said on Sep 29, 2008....
    Kepler:
    I'm really curious to see specifically who voted how. I can't find a link to the breakdown of who voted how yet, but I'm sure it will be there at some point.
  • LottoMagic said on Sep 29, 2008....

    The DOW dropped 777.7 pts! Sounds like good luck to me! Let's all turn to the lottery to make our money! LOL!

     

  • GnawingDog said on Sep 30, 2008....
    Why was the bailout not passed? Hum....

    These people are all 'career politicians' and know the shit may just hit their fan. Paulson's bailout is a 'inside job' to be administered by an 'insider.' Would you vote for a plan that would forever place a black mark on your public service record?

    William Greider:

    The government can claim warrants or equity ownership from firms in exchange for the public aid. It can put a lid on bloated executive salaries at the rescued banks or brokerages. It can demand more up-close oversight of how the Treasury Secretary performs. The language for all of these measures suggests to me--I need to read the text again more carefully--that these are essentially discretionary suggestions.

    Paulson can do them if he chooses. Or, if he likes, he can wiggle around them in the fine print."

    [The] "Republicans... proposal for an insurance program that financial firms must pay for is ludicrous. It's like trying to buy hurricane insurance on your house after the storm has already blown it away."

    [The] "Democrats are still in recovery from twenty-five years of deferring impotently to the wise men of Wall Street and retreating tactically from conservative initiatives."

    Katrina vanden Heuvel & Eric Schlosser:

    President Franklin Delano Roosevelt outlined the problem clearly in his first fireside chat, a week after taking office. "We had a bad banking situation," Roosevelt said. "Some of our bankers had shown themselves either incompetent or dishonest in the handling of people's funds. They had used the money entrusted to them in speculations and unwise loans . . . It was the government's job to straighten out this situation and do it as quickly as possible."

    President Roosevelt's banking plan ended the panic. But it did much more than that. In Roosevelt's words, it "reorganized, simplified, and made more fair and just our monetary system."

    Compare those aims and that achievement with what the Bush administration proposed. Having championed the free market, small government and deregulation for years, the administration asked taxpayers to assume the costs of Wall Street's poor investments--while allowing Wall Street to hold on to the good ones.
  • GnawingDog said on Sep 30, 2008....
    U.S. House of Representatives Roll Call Votes, 110th Congress - 2nd Session (2008) as compiled through the electronic voting machine by the House Tally Clerks under the direction of the Clerk of the House (Result designators are P for Passed, F for Failed, and A for Agreed To)

    According to the House Majority Leader, H.R.3997 will be used as the vehicle for the Emergency Economic Stabilization Act of 2008.

    FINAL VOTE RESULTS FOR ROLL CALL 674, 29-Sept-2008, 2:07 PM

    [pdf version here]

  • KeplerView said on Oct 01, 2008....
    GnawingDog,
     
    Thanks or adding the link for Zayda!!
     
    Take Care!
     
    Daniel
  • GnawingDog said on Oct 02, 2008....
    Last but not least...

    In 1999 the Senate Passed Phil Gramm’s Banking Deregulation Bill.

    In 1999 [the Senate passed] a bill that would eliminate current barriers erected by the 1933 Glass-Steagall Act and other laws that impede affiliations between banking, securities, insurance and other firms. The bill also would exempt small, non-urban banks from the 1977 Community Reinvestment Act (CRA), revise the Federal Home Loan Bank system and...

    The bill passed 54-44. [S. 900, Vote #105, 5/6/99]

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How Wall Street is Making Its billions.

sheltercrow posted on Oct 25, 2009 | views: 33 | Tags: carry trade, wall street, banks
the big investment banks are able to borrow money from the U.S. government at 0 percent interest. Then they can turn around and buy short-term bonds that pay 2 or 3 percent annual interest.... read entire post 0 comments