205 v 228. Don't really know what say here. Obviously, 77.4 percent of us did not see this coming. Representative Jerry Weller (R - IL) did not vote. They've moved on to voting about minting commemorative coins now. For serious. According to the Times House leadership is planning a second attempt to pass the bill, though Steve Liesman is saying that there's no possibility it will happen today.
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Posted by guest , Sep 29, 2008 2:14PM
Too long, didn't read.
Posted by guest , Sep 29, 2008 2:14PM
Too long, didn't read.
Posted by guest , Sep 29, 2008 2:15PM
There are 235 democrats in the house. They don't need a single republican vote to pass the b. They should have passed the three page version, rather than bloat the bill with so many extras and carve outs that nobody was happy.
Posted by guest , Sep 29, 2008 2:15PM
Too long, didn't read.
Posted by guest , Sep 29, 2008 2:18PM
MILFs will soon be giving humjobs to save their McMansions
This is awesome
Posted by guest , Sep 29, 2008 2:18PM
The house passed the bailout bill by a wide margin. The first vote was on concurring with a Senate amendment, all the news organizations are wrong and should watch Cspan once in a while.
Posted by guest , Sep 29, 2008 2:18PM
why is the Dow rebounding so much?
Posted by guest , Sep 29, 2008 2:18PM
The three page version would have provided extra-legal powers to the Treasury Secretary. There was no way 235 Democrats would have voted for it.
Posted by guest , Sep 29, 2008 2:19PM
The house passed the bailout bill by a wide margin. The first vote was on concurring with a Senate amendment, all the news organizations are wrong and should watch Cspan once in a while.
Posted by guest , Sep 29, 2008 2:19PM
When Reid and Pelosi came out and immediately began trying to make political hay Stevie Wonder saw that the Republicans were going to let them choke on it. Too bad we are in such a polarized political environment and neither party can seem to put the good of the people over the good of their parties. Great work Congress. Thanks for nothing!!!!
Posted by guest , Sep 29, 2008 2:21PM
Since when did repubs get to be such men of the people? Opposing flag burning and gay marriage and abortion was one thing - goofy, but essentially a symbolic bone to the faithful. This though is serious. All of you who are thinking about pulling that R lever should pull yr chain instead.
Posted by Henry Ryecroft , Sep 29, 2008 2:21PM
http://www.youtube.com/watch?v=wcW_Ygs6hm0
Posted by mj , Sep 29, 2008 2:22PM
@3 go back and read the liveblog of last nites call. There's nothing in the bill to constrain the Treasury. This was all abt political cover not the content of the bill. And who says porridge anymore anyway?!
Posted by guest , Sep 29, 2008 2:22PM
she deserves to eat nothing but peas and porridge if she supports the bill.
Posted by guest , Sep 29, 2008 2:23PM
Now this money can be used to guarantee banks AFTER the declare BK... Move the bad assets off and keep operating the good stuff. Hey, just like Wamu and Lehman, etc... Shame for the bond/equities holders BUT EXACTLY HOW IT SHOULD BE!
Posted by guest , Sep 29, 2008 2:23PM
@7 Even Jaws took a breath before finishing off its victims.
Posted by guest , Sep 29, 2008 2:24PM
The dow is rebounding a bit because some traders realize that the bill could come up again anytime. The house is still in session, and the leaders won't allow for an adjournment after just one attempt, I don't think.
As it stands, they need to switch 12 votes. Now we'll either see:
(1) back to the drawing board, and an attempt to get a bill that will draw broad support.
(2) the emergence of a "gang of 12" or some other number greater than 12 house members who voted nay, but will switch in exchange for certain additional provisions
(3) either McCain or Obama, if they're smart, in public, convincing 12+ members of their own party to switch their vote, and be able to claim credit.
Posted by guest , Sep 29, 2008 2:25PM
sing along people...
http://www.youtube.com/watch?v=HK4idNFNX3w
Posted by guest , Sep 29, 2008 2:25PM
Peas and porridge? Not together I hope.
Posted by guest , Sep 29, 2008 2:26PM
minting commemorative coins is all those idiots should be responsible for voting on
Posted by guest , Sep 29, 2008 2:26PM
I like porridge. Yummy!
Posted by mj , Sep 29, 2008 2:27PM
@3 go back and read the liveblog of last nites call. There's nothing in the bill to constrain the Treasury. This was all abt political cover not the content of the bill. And who says porridge anymore anyway?!
Posted by guest , Sep 29, 2008 2:27PM
17 Good point. Votes get allocated - if someone really needs to vote NO the party will forgive them. Next round they're gonna sharpen their pencils and reallocate the nos, so that the bill happens but with minimal pain to incumbents fighting for thier seats. What a shitty game.
Posted by guest , Sep 29, 2008 2:28PM
@9,...wrong c-smoker.
Posted by guest , Sep 29, 2008 2:29PM
Maybe they can get a bill together to mint 700B in commemorative coins? These can then be given to companies as they need them.
Posted by guest , Sep 29, 2008 2:30PM
Peas and porridge? Not together I hope.
Posted by guest , Sep 29, 2008 2:30PM
bah, this will get done by day's end.. 12 votes.. piece of cake.
Posted by guest , Sep 29, 2008 2:31PM
what are they saying about the Elvis commemorative plate collection?
Posted by guest , Sep 29, 2008 2:31PM
At least I predicted no on this one.
Good thing the short ban is in effect.
Posted by guest , Sep 29, 2008 2:31PM
Your tears of desperate Agony sustain me... I will buy your house for 1 american food stamp and evict your family..I will then set it on fire just to watch you cry...
I will sieze your 401ks and invest them in highly illiquid velvet paintings of Elvis Presley and Anna nicole smith..
You will all now work for me your new overlord..
Genuflect NOW!!!
-O The Messiah
Posted by mj , Sep 29, 2008 2:32PM
Wait another half an hour. It seems definative that there won't be another vote today meaning the bailout's in doubt through qtr end.
Posted by guest , Sep 29, 2008 2:32PM
too right, didn't pass
Posted by guest , Sep 29, 2008 2:37PM
If the bill doesnt pass I am moving to Bulgaria, I got a condo there
Posted by guest , Sep 29, 2008 2:38PM
What they need to do is take this whole thing before Judge Judy. She'd get this whole mess fixed right away.
Posted by Novice , Sep 29, 2008 2:38PM
I recommend Nas:
If the bill should die before I wake
I'll put an extended clip inside of my AK
Roll to every district, murder the nay vote
Roll to every district, murder the nay vote
The bill just died this mornin'
And she's dead, she's dead
Posted by guest , Sep 29, 2008 2:38PM
Passing this bill would have allowed the Treasury and all major U.S. (and international banks) to operate as a Hanseatic League of sorts. Kind of against the letter and the spirit of the Constitution, just the kind of thing Bush and Co. love.
Posted by guest , Sep 29, 2008 2:39PM
25 - funny. let's put the franklin mint to work solving this!
Posted by guest , Sep 29, 2008 2:39PM
No vote again today. Doubt that is going to change.
Good going Main Street. Enjoy learning how things you don't understand can really sting.
Posted by guest , Sep 29, 2008 2:40PM
http://www.youtube.com/watch?v=edaJP3Lp0Gg
Posted by MarshallStack , Sep 29, 2008 2:40PM
Peas porridge hot
peas porridge cold
I wanna short Amex
Til it folds
Posted by guest , Sep 29, 2008 2:40PM
Trying to palm it off on Pelosi is so pathetic, so irresponsible. They've obviously lost control of their own party members.
Posted by guest , Sep 29, 2008 2:41PM
After the treatment that McCain has been through, I doubt anyone with future ambitions will want to be part of any 'gang.'
McCain took heat from his own party but never got any love from the liberals. On the other hand, Obama - who was part of no gang - is claiming 'bipartisanship.'
Posted by Joseph di Jersey City , Sep 29, 2008 2:41PM
32: Too long, didn't pass.
Posted by guest , Sep 29, 2008 2:42PM
Congrats, President Obama.
Posted by guest , Sep 29, 2008 2:46PM
C'mon Nancy - put some lipstick on that pig
Posted by guest , Sep 29, 2008 2:46PM
@44 - my thoughts exactly.
Posted by guest , Sep 29, 2008 2:48PM
25 - funny. let's put the franklin mint to work solving this!
Posted by guest , Sep 29, 2008 2:48PM
42 Actually he got a lot of love from the liberals (this one included) until he took on that looser weathergirl Palin. That was his Hail Mary moment and it sent me to the exit.
Posted by guest , Sep 29, 2008 2:50PM
@44 agreed Obama sealed it today
nice work house repubs
Posted by guest , Sep 29, 2008 2:50PM
6/9 - The House and Senate must pass identical versions of a Bill in order for it to become law. Thus, if the House votes down a Senate amendment, the Bill fails.
Posted by guest , Sep 29, 2008 2:52PM
C'mon Nancy- put some lipstick on that pig
Posted by guest , Sep 29, 2008 2:53PM
if the dems wanted this to pass they could have voted along party lines and won easily. this is not all on the repubs
Posted by guest , Sep 29, 2008 2:53PM
25 - funny. let's put the franklin mint to work solving this!
Posted by guest , Sep 29, 2008 2:55PM
Speaking of Palin. What's going on with her daughter's nuptuals? Or did poor Levi take his johnson and run across the border to Canada. Or use it to poll vault across the water to Russia - you can see it from Alaska, you know.
Posted by guest , Sep 29, 2008 2:57PM
This is tough medicine for most Americans to take. Our system has been hooked on credit for way too long.
If the bailout never happens, our system will be in for a rough time, but we'll get past it just like we got past the Great Depression. And we'll all be better off in the long term for it.
People we have to learn to forget about immediate gratification of their consumer desires, and do like they did in the old days - save up for what you want to buy. Strange concept in these times, right?
Just look at this as a sort of "reset" of our system.
Posted by guest , Sep 29, 2008 2:57PM
52 - You assume that far-left Democrats are hearing anything different from the Republicans.
Lots of Main Street idiots that don't even know what a credit market is have been screaming their lungs out to not vote for this.
A couple weeks of no lending should convince them this was a bad idea.
Posted by guest , Sep 29, 2008 2:58PM
Does anyone else think that McCain my swing some of his no votes to yes votes and come out the hero in this? Or is that just over thinking and giving him too much credit?
Posted by guest , Sep 29, 2008 2:59PM
45 - well played
Posted by guest , Sep 29, 2008 2:59PM
25 - funny. let's put the franklin mint to work solving this!
Posted by guest , Sep 29, 2008 3:00PM
56 Bravo. I can't wait to see the holiday sales numbers at Wal-mart, Cabbela's and wherever else "real americans" shop.
Posted by guest , Sep 29, 2008 3:01PM
"Bush plans to meet with members of his team later in the day "to determine next steps."
Is there where Bush declares martial law and either postpones or cancels the national elections due to the "crisis"
Posted by guest , Sep 29, 2008 3:04PM
on the button, 55
this is long overdue, and printing 700BB of funny money would just have prolonged the hurt.
Posted by guest , Sep 29, 2008 3:04PM
the economy-
http://img362.imageshack.us/my.php?image=theeconomyrr2.jpg
Posted by guest , Sep 29, 2008 3:05PM
43: Too late, read it on ClusterStock.
@48 What's a looser weathergirl?
Posted by IA , Sep 29, 2008 3:07PM
@60 - Walmart is going to put up awesome numbers . Did you take Econ 1? Walmart sells inferior goods. We're in a recession. You do the math.
And in case you didn't take Econ 1, let's just say WMT is up 25% YTD (vs. -22% YTD for the S&P) and leave it at that.
Posted by guest , Sep 29, 2008 3:12PM
Barney Frank = Elmer Fudd
Posted by guest , Sep 29, 2008 3:12PM
@65
Ha. nice try. back to yahoo.
Posted by guest , Sep 29, 2008 3:13PM
We're reinstating the Monarchy in the White House and Bob Diamond is going to take over as Treasury Secretary. You septics can't be fucking trusted with anything.
Posted by guest , Sep 29, 2008 3:16PM
We're reinstating the Monarchy in the White House and Bob Diamond is going to take over as Treasury Secretary. You septics can't be f**king trusted with anything.
Posted by guest , Sep 29, 2008 3:18PM
65 I'm aware that WMT has been cooking lately. I'm thinking though that there's not going to be money for even inferior goods.
Posted by guest , Sep 29, 2008 3:46PM
There wouldn't have been any more money for those on Main Street anyway. Yes it would have increased liquidity, yes it would have helped spreads and lending would have eased, but not for the average Joe (although, yes, small businesses would have done better). The average Joe is having, and will continue to have, his credit card limit reduced or frozen without notice, his mortgage (unless he is a prime God without blemish looking for a small loan) unobtainable, and will be driving that gas guzzling 4X4 for 20 years because he can't get a loan for a new one.
If and when the banks get their money and liquidity, they're not going to be giving to to the little guy. They've still got way too much shit on their books to cover, and $350B just wouldn't come close.
Posted by NotNasser , Sep 29, 2008 3:51PM
I didn't think they had it in them. I thought this would go through, and with it we would have seen the death of anything that anyone who believes in the precise use of words could call capitalism.
Capitalism survives another day.
And yes, something "does need to be done."
Here's an idea as to what:
Massive debt-for-equity swap. The equity holders in the affected investment banks are holding worthless paper. Write it off as such by law. In effect, turn Congress into a one-shot bankruptcy court for this purpose.
Then give the bond holders the equity in those banks.
Equity holders are the ones that get to vote for the board, after all. They have the right to the profits, and the obligation to take the loss.
When the equity holders drive themselves into a mountain, the bond owners both must and should step up to the risks and the obligations of ownership.
http://watch.bnn.ca/#clip96432
Posted by guest , Sep 29, 2008 4:00PM
I miss Carney, not sure about these "blogs" nowadays.
Posted by guest , Sep 29, 2008 4:02PM
Sarah Palin, is she related to the guy from Monty Python? Tina Fey on SNL sounds like Marge from the movie Fargo when she mocks SP.
Very Minnesota accent there...
Posted by guest , Sep 29, 2008 4:04PM
start stockpiling bottled water and assault weapons now.
Posted by guest , Sep 29, 2008 5:58PM
Congrats, President Obama.
Posted by guest , Sep 29, 2008 8:59PM
It's weird, but in reality, Sarah Palin has an accent that sounds like a Minnesota accent. I'm not familiar with the linguistic oddities of Alaskans.
I don't know why the Republicans are wailing on Pelosi. It's clear that they as a group didn't want the bail-out. And what's up with blaming Obama? He has had virtually nothing to do with any of this. If anything, he may come in handy rounding up the necessary votes. There were a lot of liberal Democrats who voted against this.
Anyone who thinks that another Depression would be a bracing curative for what ails Americans is an absolute moron. People out of work, kids who don't get to go to college, normal pastimes becoming unaffordable luxuries, people unable to pay for doctors or medicine, research into medicine, alternative energy, technology going unfunded ... Where's the benefit in any of this?
Posted by guest , Sep 29, 2008 9:06PM
@73- no one cares. and you know you can read him at his new site, right?