House ignores Bush, rejects $700B bailout bill

[kaydee457 13]

I've emailed my congressman to implore him to get this thing done....I hope they make those responsible for killing this bill pay with their jobs, both dems and republicans...

I'm fcuking pissed- Was -18% down, now....who the ** knows!

In a stunning vote that shocked the capital and worldwide markets, 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 without it. The Dow Jones industrials plunged nearly 800 points, the most ever for a single day.

Democratic and Republican leaders alike pledged to try again, though the Democrats said GOP lawmakers needed to provide more votes. Bush huddled with his economic advisers about a next step. The House was to reconvene on Thursday instead of adjourning for the year as planned.

The stock plunge began even before the 228-205 vote to reject the bill was officially announced on the House floor. The decline for the day surpassed the 721-point previous record, on the day after the Sept. 11, 2001, terror attacks, though in percentage terms it was well short of the drops on Black Monday of October 1987 and at the start of the Depression.

In the House chamber, as a digital screen recorded a cascade of "no" votes against the bailout, Democratic Rep. Joe Crowley of New York shouted news of the falling stocks. "Six hundred points!" he yelled, jabbing his thumb downward.

Bush and a host of leading congressional figures had implored the lawmakers to pass the legislation despite howls of protest from their constituents back home. Not enough members were willing to take the political risk just five weeks before an election.

"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.

The overriding question for congressional leaders was what to do next. Congress has been trying to adjourn so that its members can go out and campaign. "We are ready to continue to work on this," said Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee.

"The legislation may have failed; the crisis is still with us," said House Speaker Nancy Pelosi, D-Calif., in a news conference after the defeat.

"What happened today cannot stand," Pelosi said. "We must move forward, and I hope that the markets will take that message."

At the White House, Bush said, "I'm disappointed in the vote. ... We've put forth a plan that was big because we've got a big problem." He pledged to keep pressing for a measure that Congress would pass.

Republicans blamed Pelosi's scathing speech near the close of the debate — which attacked Bush's economic policies and a "right-wing ideology of anything goes, no supervision, no discipline, no regulation" of financial markets — for the vote's failure.

"We could have gotten there today had it not been for the partisan speech that the speaker gave on the floor of the House," Minority Leader John Boehner said. Pelosi's words, the Ohio Republican said, "poisoned our conference, caused a number of members that we thought we could get, to go south."

Rep. Roy Blunt, R-Mo., the whip, estimated that Pelosi's speech changed the minds of a dozen Republicans who might otherwise have supported the plan.

Frank said that was a remarkable accusation by Republicans against Republicans: "Because somebody hurt their feelings, they decided to punish the country."

The presidential candidates kept close track — from afar.

In Colorado, Democrat Barack Obama said, "Democrats, Republicans, step up to the plate, get it done."

Republican John McCain spoke with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke before leaving Ohio for a campaign stop in Iowa, a spokeswoman said.

Monday's action had been preceded by unusually aggressive White House lobbying, and Fratto said that Bush had been making calls to lawmakers until shortly before the vote.

Bush and his economic advisers, as well as congressional leaders in both parties had argued the plan was vital to insulating ordinary Americans from the effects of Wall Street's bad bets. The version that was up for vote Monday was the product of marathon closed-door negotiations on Capitol Hill over the weekend.

"We're all worried about losing our jobs," Rep. Paul Ryan, R-Wis., declared in an impassioned speech in support of the bill before the vote. "Most of us say, 'I want this thing to pass, but I want you to vote for it — not me.' "

With their dire warnings of impending economic doom and their sweeping request for unprecedented sums of money and authority to bail out cash-starved financial firms, Bush and his economic chiefs have focused the attention of world markets on Congress, Ryan added.

"We're in this moment, and if we fail to do the right thing, Heaven help us," he said.

The legislation the administration promoted would have allowed the government to buy bad mortgages and other rotten assets held by troubled banks and financial institutions. Getting those debts off their books should bolster those companies' balance sheets, making them more inclined to lend and easing one of the biggest choke points in the credit crisis. If the plan worked, the thinking went, it would help lift a major weight off the national economy that is already sputtering.

More than a repudiation of Democrats, Frank said, Republicans' refusal to vote for the bailout was a rejection of their own president.

source

Edited September 29, 2008 by kaydee457

[IAMX 3,055]

Already a topic on this:

http://www.visajourney.com/forums/index.php?showtopic=153884

[Trumplestiltskin 5,791]

you can't blame how you react to a scathing speech for voting down legislation you would otherwise support. How thin-skinned are these people?

[kaydee457 13]

you can't blame how you react to a scathing speech for voting down legislation you would otherwise support. How thin-skinned are these people?

I must confess I'm baffled at this behavior myself. I'm not blaming Pelosi directly but surely, this is a woman that can't keep her mouth shut!

Berating and provoking those that you're trying to bring on board to your point of view is, well, plain stupidity.......

[kaydee457 13]

Already a topic on this:

http://www.visajourney.com/forums/index.php?showtopic=153884

The topic of thread says the Bailout's in Jeopardy....It's not, it's dead!

[alienlovechild 75]

Berating and provoking those that you're trying to bring on board to your point of view is, well, plain stupidity.......

Nobody on VJOT follows this advice.

[IAMX 3,055]

you can't blame how you react to a scathing speech for voting down legislation you would otherwise support. How thin-skinned are these people?

I must confess I'm baffled at this behavior myself. I'm not blaming Pelosi directly but surely, this is a woman that can't keep her mouth shut!

Berating and provoking those that you're trying to bring on board to your point of view is, well, plain stupidity.......

Thanks for playing broken record to what John Bonehead's response was. However, if you really think Pelosi convinced a bunch of Republicans to vote a certain way, especially given their party-line idealism that has shaped the Congress in the last 8 years alone (regardless of majority/minority), you've brilliantly taken the bait. It would be nice to think that Pelosi could control over 100 Republicans, but that's wishful thinking for Democrats.

[kaydee457 13]

you can't blame how you react to a scathing speech for voting down legislation you would otherwise support. How thin-skinned are these people?

I must confess I'm baffled at this behavior myself. I'm not blaming Pelosi directly but surely, this is a woman that can't keep her mouth shut!

Berating and provoking those that you're trying to bring on board to your point of view is, well, plain stupidity.......

Thanks for playing broken record to what John Bonehead's response was. However, if you really think Pelosi convinced a bunch of Republicans to vote a certain way, especially given their party-line idealism that has shaped the Congress in the last 8 years alone (regardless of majority/minority), you've brilliantly taken the bait. It would be nice to think that Pelosi could control over 100 Republicans, but that's wishful thinking for Democrats.

Hey, I can only tell you what they say.........I've not taken any bait, as you say...They had their votes lined up until Nancy gave her partisan speech at which time a dozen or more bailed............

The bill was supposed to be bipartisan and Nancy made it a partisan issue, right before the fcuking vote! Typical Nancy and her penchant to showboat.....

Edited September 29, 2008 by kaydee457

[IAMX 3,055]

you can't blame how you react to a scathing speech for voting down legislation you would otherwise support. How thin-skinned are these people?

I must confess I'm baffled at this behavior myself. I'm not blaming Pelosi directly but surely, this is a woman that can't keep her mouth shut!

Berating and provoking those that you're trying to bring on board to your point of view is, well, plain stupidity.......

Thanks for playing broken record to what John Bonehead's response was. However, if you really think Pelosi convinced a bunch of Republicans to vote a certain way, especially given their party-line idealism that has shaped the Congress in the last 8 years alone (regardless of majority/minority), you've brilliantly taken the bait. It would be nice to think that Pelosi could control over 100 Republicans, but that's wishful thinking for Democrats.

Hey, I can only tell you what they say.........I've not taken any bait, as you say...They had their votes lined up until Nancy gave her partisan speech at which time a dozen or more bailed............

The bill was supposed to be bipartisan and Nancy made it a partisan issue, right before the fcuking vote! Typical Nancy and her penchant to showboat.....

In your tutu-wearing Republican cheerleading, you missed the obvious part of this vote. FAR more Republicans voted against it than for it, it seems to me ####### is on the Democrats side. So if Democrats are mostly voting for this bill, how the hell can Pelosi convince over 100 Republicans to vote against it? Figure that one out.

[lucyrich 20]

you can't blame how you react to a scathing speech for voting down legislation you would otherwise support. How thin-skinned are these people?

I must confess I'm baffled at this behavior myself. I'm not blaming Pelosi directly but surely, this is a woman that can't keep her mouth shut!

Berating and provoking those that you're trying to bring on board to your point of view is, well, plain stupidity.......

Thanks for playing broken record to what John Bonehead's response was. However, if you really think Pelosi convinced a bunch of Republicans to vote a certain way, especially given their party-line idealism that has shaped the Congress in the last 8 years alone (regardless of majority/minority), you've brilliantly taken the bait. It would be nice to think that Pelosi could control over 100 Republicans, but that's wishful thinking for Democrats.

Hey, I can only tell you what they say.........I've not taken any bait, as you say...They had their votes lined up until Nancy gave her partisan speech at which time a dozen or more bailed............

The bill was supposed to be bipartisan and Nancy made it a partisan issue, right before the fcuking vote! Typical Nancy and her penchant to showboat.....

You're not making sense. Nancy voted for the bill, and she'll take a HUGE beating in her home district for having done so.

So you're saying that she's such an effective communicator that she convinced 132 Republicans to vote no? I didn't realize the Republicans were so easily swayed by Nancy. I suspect she'll be applying her new-found reverse psychology a lot more in the future, now that she's figured out how well it works.

If you were a Republican in favor the bill, and want to punish those who voted no, get the log out of your own eye before complaining about the speck in your neighbor's eye. Complain about the 132 Republicans who voted no before you complain about the 94 Democrats who voted no, and the one Democrat who voted "Yes", but who you think convinced all those sheep-like Republicans to vote against the interests of the country.

[IAMX 3,055]

you can't blame how you react to a scathing speech for voting down legislation you would otherwise support. How thin-skinned are these people?

I must confess I'm baffled at this behavior myself. I'm not blaming Pelosi directly but surely, this is a woman that can't keep her mouth shut!

Berating and provoking those that you're trying to bring on board to your point of view is, well, plain stupidity.......

Thanks for playing broken record to what John Bonehead's response was. However, if you really think Pelosi convinced a bunch of Republicans to vote a certain way, especially given their party-line idealism that has shaped the Congress in the last 8 years alone (regardless of majority/minority), you've brilliantly taken the bait. It would be nice to think that Pelosi could control over 100 Republicans, but that's wishful thinking for Democrats.

Hey, I can only tell you what they say.........I've not taken any bait, as you say...They had their votes lined up until Nancy gave her partisan speech at which time a dozen or more bailed............

The bill was supposed to be bipartisan and Nancy made it a partisan issue, right before the fcuking vote! Typical Nancy and her penchant to showboat.....

You're not making sense. Nancy voted for the bill, and she'll take a HUGE beating in her home district for having done so.

So you're saying that she's such an effective communicator that she convinced 132 Republicans to vote no? I didn't realize the Republicans were so easily swayed by Nancy. I suspect she'll be applying her new-found reverse psychology a lot more in the future, now that she's figured out how well it works.

If you were a Republican in favor the bill, and want to punish those who voted no, get the log out of your own eye before complaining about the speck in your neighbor's eye. Complain about the 132 Republicans who voted no before you complain about the 94 Democrats who voted no, and the one Democrat who voted "Yes", but who you think convinced all those sheep-like Republicans to vote against the interests of the country.

It's very obvious what kaydee did here.

He read the quote from #######, read that ####### is a Republican, and immediately just mimicked what ####### said.

Of course, everyone already knew kaydee what a bit of a conservative spoon-feeder, given his sig, but this thread really has him taking the bait.

[kaydee457 13]

you can't blame how you react to a scathing speech for voting down legislation you would otherwise support. How thin-skinned are these people?

I must confess I'm baffled at this behavior myself. I'm not blaming Pelosi directly but surely, this is a woman that can't keep her mouth shut!

Berating and provoking those that you're trying to bring on board to your point of view is, well, plain stupidity.......

Thanks for playing broken record to what John Bonehead's response was. However, if you really think Pelosi convinced a bunch of Republicans to vote a certain way, especially given their party-line idealism that has shaped the Congress in the last 8 years alone (regardless of majority/minority), you've brilliantly taken the bait. It would be nice to think that Pelosi could control over 100 Republicans, but that's wishful thinking for Democrats.

Hey, I can only tell you what they say.........I've not taken any bait, as you say...They had their votes lined up until Nancy gave her partisan speech at which time a dozen or more bailed............

The bill was supposed to be bipartisan and Nancy made it a partisan issue, right before the fcuking vote! Typical Nancy and her penchant to showboat.....

In your tutu-wearing Republican cheerleading, you missed the obvious part of this vote. FAR more Republicans voted against it than for it, it seems to me ####### is on the Democrats side. So if Democrats are mostly voting for this bill, how the hell can Pelosi convince over 100 Republicans to vote against it? Figure that one out.

Pelosi convince them to vote for the bill? She can't.....But she can convince them to vote against by doing exactly what she did.

Most of these guys have an election coming up in 5 weeks and voting for this bill, given Nancy's speech, is an admission that they agree with what she said.

They're not going to admit to her assertions that the republicans have run rough-shod over the economy for 8 years, particularly when their local opponents will use that against them.

She killed this legislation by injecting partisan politics into the issue.

The democratic leader killed this issue. I think it's time for Nancy to take another trip to Syria and conduct her own parallel foriegn policy as she's less dangerous to all of us that way.

[IAMX 3,055]

you can't blame how you react to a scathing speech for voting down legislation you would otherwise support. How thin-skinned are these people?

I must confess I'm baffled at this behavior myself. I'm not blaming Pelosi directly but surely, this is a woman that can't keep her mouth shut!

Berating and provoking those that you're trying to bring on board to your point of view is, well, plain stupidity.......

Thanks for playing broken record to what John Bonehead's response was. However, if you really think Pelosi convinced a bunch of Republicans to vote a certain way, especially given their party-line idealism that has shaped the Congress in the last 8 years alone (regardless of majority/minority), you've brilliantly taken the bait. It would be nice to think that Pelosi could control over 100 Republicans, but that's wishful thinking for Democrats.

Hey, I can only tell you what they say.........I've not taken any bait, as you say...They had their votes lined up until Nancy gave her partisan speech at which time a dozen or more bailed............

The bill was supposed to be bipartisan and Nancy made it a partisan issue, right before the fcuking vote! Typical Nancy and her penchant to showboat.....

In your tutu-wearing Republican cheerleading, you missed the obvious part of this vote. FAR more Republicans voted against it than for it, it seems to me ####### is on the Democrats side. So if Democrats are mostly voting for this bill, how the hell can Pelosi convince over 100 Republicans to vote against it? Figure that one out.

Pelosi convince them to vote for the bill? She can't.....But she can convince them to vote against by doing exactly what she did.

Most of these guys have an election coming up in 5 weeks and voting for this bill, given Nancy's speech, is an admission that they agree with what she said.

They're not going to admit to her assertions that the republicans have run rough-shod over the economy for 8 years, particularly when their local opponents will use that against them.

She killed this legislation by injecting partisan politics into the issue.

The democratic leader killed this issue. I think it's time for Nancy to take another trip to Syria and conduct her own parallel foriegn policy as she's less dangerous to all of us that way.

What sense does it make for her to purposely kill a bill that she wants passed?

It must be some conspiracy theory to oust the Republicans!

So does that explain why almost half of the Democrats voted against it?

[kaydee457 13]

you can't blame how you react to a scathing speech for voting down legislation you would otherwise support. How thin-skinned are these people?

I must confess I'm baffled at this behavior myself. I'm not blaming Pelosi directly but surely, this is a woman that can't keep her mouth shut!

Berating and provoking those that you're trying to bring on board to your point of view is, well, plain stupidity.......

Thanks for playing broken record to what John Bonehead's response was. However, if you really think Pelosi convinced a bunch of Republicans to vote a certain way, especially given their party-line idealism that has shaped the Congress in the last 8 years alone (regardless of majority/minority), you've brilliantly taken the bait. It would be nice to think that Pelosi could control over 100 Republicans, but that's wishful thinking for Democrats.

Hey, I can only tell you what they say.........I've not taken any bait, as you say...They had their votes lined up until Nancy gave her partisan speech at which time a dozen or more bailed............

The bill was supposed to be bipartisan and Nancy made it a partisan issue, right before the fcuking vote! Typical Nancy and her penchant to showboat.....

In your tutu-wearing Republican cheerleading, you missed the obvious part of this vote. FAR more Republicans voted against it than for it, it seems to me ####### is on the Democrats side. So if Democrats are mostly voting for this bill, how the hell can Pelosi convince over 100 Republicans to vote against it? Figure that one out.

Pelosi convince them to vote for the bill? She can't.....But she can convince them to vote against by doing exactly what she did.

Most of these guys have an election coming up in 5 weeks and voting for this bill, given Nancy's speech, is an admission that they agree with what she said.

They're not going to admit to her assertions that the republicans have run rough-shod over the economy for 8 years, particularly when their local opponents will use that against them.

She killed this legislation by injecting partisan politics into the issue.

The democratic leader killed this issue. I think it's time for Nancy to take another trip to Syria and conduct her own parallel foriegn policy as she's less dangerous to all of us that way.

What sense does it make for her to purposely kill a bill that she wants passed?

It must be some conspiracy theory to oust the Republicans!

So does that explain why almost half of the Democrats voted against it?

Oh come on now, you're just being silly again.

You assume that she knows the consequences of her actions...She doesn't. She's can't resist showboating and this was just another instance of her shooting her mouth off at the wrong time (which is almost all the time).......

[Niels Bohr 72]

One bad decision, one after another. All we need is another bad decision to go into oblivion!