Congress Rejects Bail Out Bill - Fails to Pass House of Representatives

House Rejects Paulson's Bail Out

Onto the Senate, not. Believe this or not, while Democrats have been the primary negotiators on this bill, other Democrats are sending out emails calling this Lipstick on Paulson's Pig, and is the fault of Republicans.

This time....I do not think so!   Proof?

The vote tally was:

  • Democrats   Yea: 141
  • Democrats   Nay: 94
  • Republican  Yea:  64
  • Republican   Nay:  134

Total:   Yea: 205  Nay: 228

A simple majority was needed, which was 218.

Clerk has bill title wrong but how Congress voted is here.

I really wish the distortions and lies would quit. It's bad enough corporate lobbyists are running this country but then to play misinformation games on what is going on in such a critical issue only confuses the public more.

Global financial markets are not exactly summed up in a sound byte. Americans, get over your blasting selves and start learning about the issues so you can make a clear judgment on what is going on! Get over your damn partisan marshmallow misinformation mission!

The bill was H.R. 3997 - Financial Markets Bill

Update: Stock Markets now doing a nose dive in reaction. Looks like a straight vertical drop.

Update2: What we need is a real plan developed from real economists who specialize in these topics. A few are listed here, here and here. What are they? Some version of HOLC, some sort of better pricing on buying toxic assets and modeling from what Sweden did on Nationalization. They must do something. Now Populists who read this, demand they do something right.

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Pelosi Plays the Blame Game

This is pathetic. I'm sorry, now she is on TV blaming the Republicans. No, Nancy, the bill was not the right approach!

I'm sorry but I suspect strongly there will be hell to pay by trying to turn this into political football instead of using Clinton's plan and putting together a plan that will actually work is what I would call a real out of bounds play.

These people will stop at nothing for power, their plan sucks, what does it take?

(disclosure I am a registered Democrat)

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Hopefully this bailout is dead until January

We are getting very close to the election, so the chances of a huge bailout passing now is diminished. We are also getting very close to October, the traditional crash month.

In the end, the Republicans just saved the Democrats from making a huge political mistake. If the economy is going to crash, best it happen before January instead of after.

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out in full force

on every news show (except Lou Dobbs who just had a completely inaccurate story on Acorn, that was not in the final bill, was though earlier)

anyway, they are screaming, ranting, raving, YOU MUST PASS THIS BILL or the GLOBAL ECONOMY WILL COLLAPSE!

Well, they fail to notice that it was expected to pass and the market was already down over 300 pts and that was in reaction to the current bank failures here and in Europe.

I think they are scaring people so badly they are creating their own Wall Street sell off panic.

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Well Said.

Ron said it the best. The bailout is only a temporary fix for a much bigger problem. How long can you stick your finger in a damn, before either you get tired, or the dam continues cracking? He need a permanent solution. And consulting the same people responsible for the current state of our economy is ridiculous to say the least. Have we also forgotten that we are in a trade deficit nearing 6.9Trillion

We also need to address this issue. We need a bird's eye view of the market and understand the relationship between the key drivers of this problem, and further analyze how each affects another. I agree with you bring out the economists! Give Paulson a vacation.

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