House Passes $700 Billion Bailout
WASHINGTON (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 for his certain signature.
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.
Bush was poised to make a statement on the historic vote.
The markets seem to like the move…:
NEW YORK (AP) — Stocks are advancing but trading off their highs now that the House has approved the government’s $700 billion financial rescue plan.
Investors have been anxious for resolution on the government’s plan to buy up bad assets from banks and other institutions to shore up the financial industry and help resuscitate credit markets.
William ‘Money In The Freezer’ Jefferson (D)
John Conyers (D)
Dennis Kucinich (D)
Duncan Hunter (R)
Marsha Blackburn (R)
Ron Paul (R)
2:50 PM EST Update: The markets are now back in negative territory.
Here’s the vote breakdown:
3:09 PM EST Update: The markets are now back in positive territory.
Updates and Flashbacks...
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Why not call it what it is now? $850 Bn Bailout, not $700Bn.
Reply to Jack FrewThat’s 700$ billion PER INSTANCE. There could be several instances per day, all with no oversight or review.
PLUS the banks are now AGENTS of the federal gubermint, and have no requirement to have reserves at all, thus cannot fail; they’ll just be out of cash that day, maybe get some tomorrow. It goes ion from there:
http://www.tickerforum.org/cgi-ticker/akcs-www?post=65106&page=1
So maybe it’s all a distraction, like the irrelevant election with all globalist figurehead candidates and rigged machines, and the real story is what Fulford is saying:
http://www.rense.com/general83/grab.htm
Reply to BuckleyShame on you congress for supporting this Bogus, tax payer raping, bailout bill. Note that the market went into free fall after its passing. Washington politics as usual, fill it with pork and pork you all did. Are there any golden parachutes in there for the senators or Mr Obama? These Washington types think the common tax payer is stupid and we deserve all that they can dish out. Don’t forget congress, we vote.
This is the worst scandal since the Plumbers broke into Daniel Ellsburg’s office. The October surprise and you smart people in congress fell right into it. That plus you loaded it up with pork. Will there ever be a bill in Washington that is ever passed without other monies for the pockets of the congressmen passing it? It is obvious that because of the hurry up we must pass this bill that you have no idea of everything else that was loaded in it. Carbon Tax for Al gore to fix the banking system? Wooden Arrows? Where are your brains? I wonder if this bailout bill also includes amnesty for illegal immigrants? It had funds for ACORN the voting fraud community organizer organization. Where are their brains?
Congress does not support the people in their states. The very people that created this mess were used to help write the bail out bill when they should have been removed from their responsibilities and be under investigation. They were lining their pockets in payoffs, how about you? One has to wonder how the leading candidate for president, Mr Obama, comes up as second on the list for payoffs and campaign contributions from the failing banks Fanny and Freddy. Why is it that Republicans are the Sheep in Washington? We need more barracudas. Hopefully through God’s help maybe we will have one after November.
This may have been the worst congress of this century. The one positive thing is there are 92 years left to find another one worse than this one.
Reply to Raymond VoigtI think I’ll go out and buy some Rum tonight and celebrate.
Reply to America LoverThen I’ll go and shoot some toy arrows.
Then I’ll go find a judge to drop my interest rates and my house payment.
Our congressmen/women think spending more money will get us out of the mess that overspending got us into. Must be lawyer ease, I just don’t understand it. Is this the “voodoo economics” I have heard of? Or is it DOO DOO economics?
I think DOO DOO!!!! Just like what drools out of our elected officials mouths when they talk.
Comrade, socialism is here welcome to the USSA The United Socialist States of America. Thank you congressmen/women.
Where’s mine you owe me!!!!
HMMM I wonder if I quit my job and divorce my wife, will the government give me a house, money, health insurance, retirement benefits, and keep me in the style I am accustomed to living? I wonder if they will pay for hookers? Naw probably just a tax credit. I can get Spitzer to pay for the hookers, his wife doesn’t mind.
You’re Going To Guarantee Another Great Depression…
Full Text of Ron Pauls speech to the House of Representatives today:
“Madam Speaker, I rise in strong opposition to this bill, because it won’t solve our problem. It is said that we’re in a liquidity crisis and a credit crunch, and all we need i…
I think its A SHAME,what is happing.I wish EVERY ONE of THEM & their FAMILYS members,would be put in A family houseing,take all their MONEY way ,and let them THE FAT CATS ,see how it is in the real world.Dont put them away.Turn them loose WITH NOTHING.
Reply to tootsie mc connell