US Congress Voting on Financial Bail Out

#1
Here in the US it's playing live on TV in the House of Representatives at the moment concerning the $700b bail out. The bill must first pass the House (435 members) and then go to the Senate (100 members) for a vote.

The votes are 207 Yea-support/226 Nay-against at the moment [11:05 AM Pacific Time/UTC/GMT -7 hours]

They've freezed the vote as party leaders are trying to convince Nays to change their vote.
 
#3
Want a pension that is worth anything? Ain't going to have one .......
 
#5
carlbcfc said:
What would that mean for the average man if they didnt let it happen?
It could be very bad or who knows.

The bill has officially failed as of two minutes ago (11:11 PST).

It's now being re-configured and will be put back up for a vote while party leaders twist arms on both sides.

I hate interesting times.
 
#6
What was the vote count?

If this isn't overturned, all I can see is the markets going S in a major way. The 5% of today is but a taste of what will happen tomorrow
 
#7
in_the_cheapseats said:
What was the vote count?

If this isn't overturned, all I can see is the markets going S in a major way. The 5% of today is but a taste of what will happen tomorrow
207 Yea-support/226 Nay-against

The arm twisting has apparently begun. Party leaders on both sides are trying to get their members onboard.

There may be some changes in the bill as per discussion being heard. Not sure what.
 
#9
parapauk said:
Can only hope this is a protest vote so those who voted against it can say they did but were later forced to vote for.
More like some sort of horse trading for favours in future events. I f******* hate politicians :evil:
 
#10
I was bitching to a friend a few weeks ago about not getting my once-every-two-years adrenalin dose from the Euro/World Cup via England. I hate this...
 

chimera

LE
Moderator
#12
Holy Sh*t. We're doomed.
 
#13
The bill is scheduled to be voted on again by Thursday. The solution is right there and ignored; these idiots hold the fate of millions in the world in their hands.

F' me.
 
#14
I think it was the US political philosopher (and humourist) P.J. O'Rourke who one proposed throwing out the entire membership of congress and replacing the members with the first 435 hookers and pimps the DC Police could find on the streets of Washington. O'Rourke said you would have a legislature with a better understanding of the value of the dollar and with better moral values.

Maybe O'Rourke was right.
 
#15
Virgil said:
The bill is scheduled to be voted on again by Thursday. The solution is right there and ignored; these idiots hold the fate of millions in the world in their hands.

F' me.
The bill was shit and only half as much better then the crap they cobbled together last week and the smug dems pronounced they had a tenative deal on. It didn't help that loud mouth Nancy; 1) couldn't get her own party behind it 2) started running off at the mouth blaming all this on Bush and his failed policies.

This is good news for the average joe, the majority of those out there are against this bailout and they let the House Reps know it, why the fuck you think Nancy couldn't rally more dem support, hell they hold the majority in the House and Senate should be a easy thing getting it through the House.

Now that jumped up cunt is flapping her gums that it's all the Republicans fault? The audacity. What is clear here is there are more in the know about how this happened and they are not ready to let the fox guard the hen house anymore.

Now the assclowns can go back to work and figure out how to trim the fat get the non-sense in the bill out and come up with a more reasonable solution...oh and Bush should be kicked in the head for listening to Paulson, and acting like chicken little.

Look we're headed for a recession if we do nothing, if we do this idiotic bailout of $700B that recession will turn to depression.

What I wonder and continue to wonder is where are the financial sector CEOs? Have any been summoned to the Hill to testify? Like the Dems did with the Oil CEOs as the price per barrel rose....no and you won't see hearings; the dems are trying to cover their collective asses right now, this is their doing and they know it. Hell even Bill Clinton said as much today:

http://atlasshrugs2000.typepad.com/atlas_shrugs/2008/09/bill-clinton-bl.html
 
#16
ctauch said:
What I wonder and continue to wonder is where are the financial sector CEOs?
I think you will find much like over here they will be sat at home, enjoying there assets which are safe as houses, while every other smoo picks up the tab.

I have no doubt that either your Gubiment or ours will ever bring the real pirates too book...

:x
 
#17
Well the market lost $1.2 trillion in value today.Probably will drop more tomorrow. I think Pelosi intentionally caused the bill to tank. Expect a bill loaded with goodies for Acorn and to keep the CRA[community reinvestment act] - all the things that they gave up to get republican support. Of course getting the Senate to approve would be another battle entirely.

The folks who were against a bailout got their wish today. Of course seeing their stock portfolio's tank today may turn the public in favor of the bailout. We are in uncharted territory. Will the economy implode or will it stabilize on its own ? Its a gamble. The side that guesses right wins the election in November in a landslide.Events will show which side truely won today.The old adage "be careful for what you wish for...."
 
#18
ctauch said:
Virgil said:
The bill is scheduled to be voted on again by Thursday. The solution is right there and ignored; these idiots hold the fate of millions in the world in their hands.

F' me.
The bill was shit and only half as much better then the crap they cobbled together last week and the smug dems pronounced they had a tenative deal on. It didn't help that loud mouth Nancy; 1) couldn't get her own party behind it 2) started running off at the mouth blaming all this on Bush and his failed policies.

This is good news for the average joe, the majority of those out there are against this bailout and they let the House Reps know it, why the fuck you think Nancy couldn't rally more dem support, hell the
This particular bill was better than no bill.

The average Joe is an idiot; uneducated and easily manipulated by simple-minded arguments. This is a disaster looming. Credit needs to flow; if it doesn't everything goes to s**t; jobs, investments, retirement funds, etc.

It's an easy fix and idiots like "average Joe" are so f'ing stupid and emotional they can't first put the fire out first then sort out who's to blame.

There are several models and real world scenarios that show the bailout has worked and will work--and that the gov't/taxpayer can get their money back--but 'average Joe' is too stupid to understand it.
 
#19
tomahawk6 said:
Well the market lost $1.2 trillion in value today.Probably will drop more tomorrow. I think Pelosi intentionally caused the bill to tank.
I don't think so, she looked f'ing shaken and shell shocked afterwards. Keep her mouth shut next time.

Expect a bill loaded with goodies for Acorn and to keep the CRA[community reinvestment act] - all the things that they gave up to get republican support. Of course getting the Senate to approve would be another battle entirely.
Doubtful since it's Republican votes that are needed not Dem.

Of course seeing their stock portfolio's tank today may turn the public in favor of the bailout. We are in uncharted territory. Will the economy implode or will it stabilize on its own ?
I think you're right about that; every 401K and other retirement fund took a hit. Constituents will be on the phones and emails tomorrow.
 
#20
By the way here is a summary of the Act:

Economic Stabilization Act of 2008 - SUMMARY

Time magazine SUMMARY
 

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