This Just In! The Bailout Doesn't Pass!
Filed under: PolitikThe Bush-pushed bailout has failed to get enough votes in the House to approve it.
Lawmakers in Washington now have to start from scratch and attempt to re-do it.
Expecting a defeat, the Dow fell 700 points in anticipation on Monday.
Discuss.
Posted: September 29, 2008 at 2:15 pm
ONCE AGAIN, THE REPUBLICANS FUCK OVER AMERICA.
this is not at all surprising
Dammit! :@
Lovely… let's get Michael Phelps to DC, surely if anyone can fix it he can!!!!
i don't want my tax dollars bailing out CEO's on Wall Street….and I work on Wall Street!
this is scary.
the last time the gov't bailed out Wall St. we had a depression….let's not let history repeat itself.
awesome…
im scared for my job i work in the financial sector for a CMBS lender
fuck u republicans….. mccain chances of winning white house is now officially over
going out for a bit.
be back later beotches.
First
GET YOUR FACTS STRAIGHT BUSH AND THE DEMOCRATS WANTED THIS BLANK CHECK PLAN….thank god for the house republican blocking it
What would you do with 700 billion Perez?
Re: Rieco – no.
stop it.
first! fuck bush
Maybe John McCain could go and fix everything again!
Thank god! Republican pricks.
I'm moving to the UK
i don't even know what to think about this. on one hand it is their own fault they got into the mess, but on the other hand if nothing is done there could be major consequences…
back to the drawing board idiots!!!!
I still don't understand all of this!!!!
Well, then we are fucked. Anyone who knows about economics knows that this was the best thing we could do to help turn the economy. In fact, the "Great Depression" was caused by the same sort of bail out being denied. Let us all hope history doesn't repeat itself.
I don't think there should be a bailout. Let Capitalism do its work. It will be tough, but letting this work its way through is the only way to fix it.
i dont have anything to say
This country is a complete mess, hopefully The maverics DON'T take over the White House in January…it is time for a change! Obama and Biden 2008!
Thank God it got denied. This is not a place for the government to get involved. The banks made bad investments, investments fail….that is the point of an investment, some pay you big and some fail and you lose money. They made a bad choice and they need to figure it out. If the government is going to bail anyone out it needs to be the hard working people, not the banks and then pay the CEOs 10 million to walk away…..
This is getting REALLY bad.
Good!! This news makes me happy. I am in the banking industry and I still think it is a stupid idea!!! Why the hell are poor people paying for rich peoples problems? Go to hell BUSH and MCCAIN!
oh damn!
Honestly, they will pass another bill like this one, but they need to realize that they need to bail out the American home owner and not the rich CEO of the American banks.. Republicans suck..
DID PEOPLE GROW SOME BALLS OVER NIGHT
well….looks like i will never be able to retire.
Re: mama of 2 –
go take care of your 2 kids and get your fat ass of perezhilton.com
TY!
Perez… what are we going to do? the stock market is crashing. something needs to happen. i am absolutely shocked this didn't pass. I was never crazy about the government bailout, but it seemed to be the only way we could salvage whats left of our economy right now.
Shitty Shitty Shitty! I just graduated from college and now I can't find a job b/c there are no jobs. Everyone is getting laid off! How Shitty is this?! We, the American people need to stand up to the president and protest in Washington (just like in the 70's)…Who's with me? Either that, or I need a Sugar Daddy to pay my tuition bill. Any takers?? lol
CONGRESS KNOWS THE AMERICAN PEOPLE AREN'T FALLING FOR IT!!!
With the help of the President and irresponsible speding alll around our country has turned into a complete mess….a joke. It is very sad and we CAN'T afford another 4 years of this. John McCain and Sarah Palin won't cut it! Obama abd Biden 2008!
Oh well!
I didn't expect it to pass, honestly. And I don't think it will. Too many repubs want the market to fail. Little do they realize that the worse the market gets, the fewer jobs that will be available, which means that their precious war for oil doesn't have enough funding.
Fuck those greedy bastards on Wall Street. I bet if the gov't gave a QUARTER of the proposed bailout money to help average Americans, THAT would be a hell of an economic stimulus. Anyone with half a brain should know that "Trickle-Down Economics" does not work. It's only advantageous to Wall St.
worried as this damn mess Bush has created is reaching far and wide!
Couldn't Sarah Palin see this from her kitchen window?
we are so fucked. im considering not paying my taxes. if wall street isnt held accountable, why should i be? i want to help my fellow americans, but if this gets any worse, it will be every man(woman) for themselves. how there is anyone left out there supporting mccain(w's second coming) is beyond me.
Re: e-rock – Actually history is the exact opposite of what you just said. It was the inability of the government to enact policy that caused the depression. The first thing that Roosevelt did when he got into office was to enact The New Deal which came too late to give immediate help. It took 10 years before there was any real change.
This whole thing started back in 1995 when Clinton signed into legislation the "bad" loans that we see today…like 100% financing and 0 down…the banks created these loan because the Dem's wanted EVERY American to be able to own a home even if they had NO MONEY to buy one or pay for a monthly mortgage…you didn't even need a job to get a loan from these banks. DO YOUR research before spouting lies…it falls on the backs of the Democrats not the Republicans…the Republicans are trying to fix the problem created by Clinton back in '95…google this, "sub-prime loans," where did it come from????
Re: The Warden – then don't read his website..
Re: e-rock – it is not just about that at all, it is about not letting the economy get from a recession to a depression.
Everybody better styart checking their 401K's and making sure they paid their bills this mmonth because the shit just hit the fan….
THIS IS UNBELIEVABLE THAT REPUBLICAN'S IN THE HOUSE WOULD ALLOW THE NATION TO SINK INTO THE ABYSS.
RUN FOR YOUR LIVES!
Re: WHORE1 – hey this just in…..Democrates own BOTH houses…..AND have the 2/3 vote to get anything pass!!!! yes, republicans may have voted against it, but that means enough democrats voted against it as well
Good. I hope it doesn't go thru. What are the pros and cons of this bailout? This: 1) If we bail them out, we will go into a mild to moderate recession for about ten years. The government doesn't have the money, so we will just print it out which will, in turn, have a major effect on inflation. 2) If we don't bail them out, our economy will go into a mild to moderate depression (not recession) for about 3 years with massive jobs losses, but no impact on inflation, and the economy will recover, eventually. I will take the depression, not the recession.
Re: shelbz115 – Actually, if you study economics, you would know that Wall Street has almost nothing to do with this crisis. The people to blame are the ones locally who gave loans to bad risks and then sold those bad loans to a bigger bank in a package with other loans, who then packaged those with other loans and sold to a bigger bank, etc. So your local mortgage broker or loan rep at the bank is more to blame than anyone on Wall Street.
Thank Godness!!! do u guys relieze if this were to pass it would be on us the tax payers to pay an addition $7800 or so in taxes!!!
Re: adrockamd – you need to google "sub-prime loans," it was signed into law under Clinton to allow ALL AMERICANS can own a home even if they have no money and no job…the Republicans warned against it but the Dem's said it would all be ok….I guess they were wrong!
Here's the problem though … disagree or agree with the bailout, no-one is going to do one damn thing until January at the earliest. Bush will let it ride once again as he usually does … of course with all the lip flapping he can do. Where's alternate plans … don't hear them !
i want money…
Re: musthavegossip – LOL!!
Re: StacyMacyPacy – tell me someone, why would people knowingly then ask for a mortgage with a job that pays minimal, and on top of the ask for more than the house is worth? That's like saying 2 + 2 = 6
CAPITALISM IS OFFICIALLY DEAD.
PLEASE VOTE FOR OBAMA, FOR EVERYONE'S SAKE, THE WORLD NEEDS OBAMA, HE IS AN INSPIRATION TO ALL, NOT JUST AMERICANS.
Re: KevsaWcuboy – i got this suga daddy hook up here in cali! this guy is a freak but he pays the bills!
Re: Osakhomen_Arete – IT'S JUST AS BAD HERE, OK MAYBE NOT AS BAD BUT IT'S NOT GREAT.
……damn bush administration……
We are all screwed….
I hope the lawmakers in DC come up with something better. While I'm relieved the tax payers haven't been saddled with this bailout but I don't know what the solution is either. We need some genius level thinking here and I hope they rise to the occasion.
We be fucked!!!
Re: Rieco – are you like 12 years old?! stop yelling first! and back off my mama!
Re: HOT4COOK – LOL
The Republicans are LOOKING OUT FOR US!
No more bullshit pushed down our throats from Pelosi and Company!
Sure lets pass a 700 billion bill and give it to the people who f'd us in the first place! No Way! Hold your ground Republicans and Conservative Democrats!!
We be really f*&%$d
Good. Bush can suck it. I don't see how excusing corporate negligence by printing 700 billion dollars out of thin air helps anything. Just creates an even bigger hole for the next generation to pull ourselves out of. Thanks guys!
i just don't want a recession. i live in the uk, and everything is riding on america no going into depression
It has been the plan of the rich families (Rockefellers, Gettys, etc.) for a very long time to put this country into a deep depression. It has to do with the New World Order. The rich get richer and the middle class become poor. Hope you all have lots of food on hand to feed your families over the next 6 months or so, cause it is going to get rough.
I blame everyone who voted for Bush these past two elections. Our economy was thriving when Bill Clinton left the White House, he created hundred's of thousands of new jobs and just with in a period of 8 years everything went to shit. Hate to say it but to everyone who voted for Bush, TOLD YOU SO.
Im so happy it wasnt approved if we think it's bad now, things will only get worse with this bailout. Either way you put it our countries Financial's district is screwed. Start looking to see the Wachovia and Citi-group merge, they're gonna be next. Whether Mccain or Obama thake office we're screwed…. VOTE INDEPENDENT!!!!!! WE NEED TO SPEAK UP AS AMERICANS AND SHOW THEM THEY CAN'T DO ANYTHING THEY WANT, LAND OF THE FREE!!!!!!!
Well…..no one really seems to know what will happen if we dont bail them out…..but I do no this…….I would rather my tax dollars go and pay the mortgages of these people losing their homes…..oh yea……and dont try to tell me thats what they were gonna do…..cause I dont believe a damned word they say….politicians are shady as shit………….you have to vote against the lesser of two evils…..its been like that for fuckin years!
Re: Uker –
you believe obama will restore capitalism….or are you just officially giving up on it?
Re: obsess_much – yeah because people not paying their loans didn't get us here so we should all stop paying taxes…don't say such foolish things.
Re: Jiggy Mctittels –
nobody does……..that's the problem
NINETY FOUR democrats voted NO. This is to hide Barney Frank, who opposed McCain's regulation proposals, and Chris Dodd and Obama who took huge donations from Freddie/Fannie. They are afraid to let it fail because if the economy fails, the FBI will investigate and find out how many of those DEMOCRATS (as well as Republicans probably but I can't find any and they are the self-righteous saviour on this anyway) TOOK MONEY and refused to regulate Freddie and Fannie. AS taxpayers, the democrats who love to take cash from the citizens have proposed something to save an economy that NEEDS to fail a bit- like it or not. This is the bank lending money to STUPID people because BARNEY FRANK insisted the "poor" get loans they couldn't pay back. There has to be a much better plan than this one. SHAME on the senate finance committee (democrat) for blaming ANYONE. If this bill is so good, how COME THOSE DEMOCRATS refused to take responsibility for their own bill and VOTE for it??
Good! Capitalism is not dead yet.
we got ourselves in this mess and we need to get ourselves out of it.
stop discussing and turn off your computers and SAVE YOUR MONEY!!!! but they were right to reject. why should the public pay for the big wig's mess up
Time for the republicans to put the country before politics.
I am a republican and I am pissed. Can't get much worse than this….
The friggen person that said it was the Republicans fault is stupid. THE DEMS ARE THE MAJORITY AND THEY COULD'NT EVEN GET THEIR OWN PARTY TO VOTE YES. No wonder congresses favorability is even lower then Bushes.
Re: WHORE1 – OH REALLY? Barney FRANK fucked over America. We may not NEED to bail this out- we shouldn't bail it out until it HAPPENS. You want to send the government your money- well, go ahead. WHERE were those 94 democrats who voted against this bill??? Ask Obama and DODD to give BACK the money they took from freddie and fanny. ASK THEM. This bill was a piece of CRAP. It was a BAD BILL from the start designed to make democrats look smart. Bet YOU didn't even read it online to see what it would do.
Re: SparklingBerry – It happens every single day. It's the entitlement issue that people have nowadays. They think they are entitled to a nice house, nice car, nice things. They borrow more than they can afford and the banks are letting them do it.
To those that are blaming the Republicans, it's obvious that you have not done research ont he issue and are just being typical liberal sheep. Follow the herd. Maybe start thinking for yourself and actually research the issue instead of repeating whatever Perez says. Who is in control of Congress?? Who is at fault for the housing issue?? Who wants less personal responsibility and more government control? The Dems. Open your eyes and stop following the idiots.
ugh. they better fix something soon or we'll have another great depression on our hands.
register to vote! most deadlines are coming up soon!
Re: Cybele – oh Jeez, Thanks. I work on Wall and it's nuts here right now, my brain is backwards.
REPUBLICANS ADAM PUTNAM & JOHN BOEHNER, MAKE NO MISTAKE, ARE NOT CONCERNED WITH "WE" THE AMERICAN TAX PAYER. THEY VOTED AGAINST THIS BILL BECAUSE THE ARE UPSET AT A SPEECH THAT SPEAKER NANCY PELOSI MADE BEFORE THE VOTE! THAT IS RIDICULOUS. AND REPUBLICAN ERIC C. WENT ON THIS "PARTISAN" RANT ABOUT HOW THE HOUSE SPEAKERS SPEECH. THIS IS PETTY ON THE PART OF THE REPUBLICAN PARTY, AND THEY ARE USING "US", THE AMERICAN TAX PAYER, AS A PLOY TO CONTINUE A CHILDISH FIGHT AGAINST HOUSE DEMOCRATS. **PEOPLE*WAKE UP!!! JUST BECAUSE OF THIS NEWS OF THIS "RESCUE" BILL NOT PASSING.. THE MARKET HAS DROPPED TO A "GREAT DEPRESSION" LOW OF OVER -700 POINTS! PEOPLE THIS IS A "CRISIS" OF MAJOR PROPORTIONS, AT THIS POINT THE MARKET WILL "NOT" RECOVER WITH OUT OUR HELP. JOHN McCAIN'S CAMP IS ALREADY TRY'N TO SPIN THIS AS SEN. OBAMA'S FAULT. WHICH IS BEYOND "CRAZY" ON THEIR PART. PEOPLE OUR NATION IS IS IN DANGER OF GOING STR8 TO HELL. AND ALL REPUBLICAN'S WANT TO DO IS "POINT FINGERS", INSTEAD OF COMING TOGETHER WITH THE DEMOCRATIC & INDEPENDENT PARTIES TO GET SOME SORT OF RELEIF FOR THE MARKETS.
Re: HOT4COOK – LMAO!
Re: mamajud – I DESPISE GREEDY CAPITALISM.
I'M NOT AGAINST THE FREE MARKET BUT I AM AGAINST GREED AND SELFISHNESS, I AM AGAINST PEOPLE TAKING MILLIONS OF DOLLARS IN BONUSES WHEN MOST PPL ARE LIVING ON THE BREAD LINE.
PPL ARE LOSING THEIR HOMES AND JOBS ANS THE WORKING CLASSES DON'T EVEN HAVE ENOUGH TO FEED THEIR KIDS.
THIS IS NEITHER FAIR NOR IS IT RIGHT.
EQUALITY FOR ALL.
We're all screwed! If this was passed the banks would be bailed out for a while and we'd be screwed because interest rates would be crazy as hell and they'd learn their lesson so it would b impossible to borrow money… and if it isnt passed the banks go bankrupt and we're screwed anyways!!!
I still don't like the bailout, I think Republicans are just as sick to death as Dems, but I don't believe in Obama. I think he's full of it and I don't buy it.
Re: caseytraverse – get you facts staright…Re: caseytraverse – google "subprime loans" created buy the Dem and signed into legislation by Billary in 1995 which the Repub said will not be good but the Dem's said of course it will…why wouldn't giving loans to American's with no job and no money down be good they should be able to own a home…well here we are today…it doesn't happen over night, the downfall, it takes time. The Bush administration tried to fix it many times and every time the Dem's voted it down and said their was no problem…now here we are today with a major problem all due to Bill and the left. DO YOUR HOMEWORK before you make accusations you know nothing about.
I think this is very sad, regardless of what parties fault everyone may think it is. I dont think one party is too blame, the govt as a whole is to blame. It is a sad depressing time for many and it is just going to get sadder. How much more can we take before we comepletely crack?!
I don't blame the government, Wall Street, or mortgage bankers for this complete mess. Afterall, mortgage bankers are for profits companies that want to get their sticky, greedy fingers on as much money as they can, just like any other business. I blame the dumb ass, stupid people for buying houses they can't afford and not having enough brains to read their paperwork and ask lots of questions before signing their notes so they would know what they are buying and that their mortgage payments were going to balloon after X number of years. DUMBASSES! Thanks a lot all of you stupid people who bought $300,00 houses on a $60,000 a year income. That's who to blame. Pure and simple. The mindless, stupid, ignorant assholes who don't have enough brain cells to rub together to make a plan on what is a reasonable amount of money to spend based on your income, and properly reading over your mortgage papers before signing and understanding what you are commiting to. That's who is to blame.
Re: mamajud – HEY WHATS UP… WELL ON THIS SITUATION I BELIEVE THAT THINGS ARE GOING SO FAR DOWN THE TUBES THAT NEITHER CANDIDATE SEN. OBAMA OR SEN. McCAIN WILL BE ABLE TO SAVE OUR NATION FROM AN "ECONOMIC MELT-DOWN". THE MARKETS ARE ALREADY DOWN BY -561.43 POINTS AT THIS SECOND.
Re: JERMAINE – the house is controlled by the Dem's…so obviously they voted against it as well…both party's did…DO YOUR RESEARCH before spouting NONSENSE you know nothing about
Thank God ,The bail out has been denied. This was only going to help the rich get richer. The plan was would of allowed banks to give more lines of credit. This would of not helped those who have lost their jobs, they can't receive a loan with out proof of income. The ones who have forclosed ,they won't be able to get a loan for another ten years. This bailout would once again just help the rich get richer. " lets give the banks more money for loans to the rich, to buy our houses at 1/4 of the price we paid. Then they will rent them out to everyone who lost their homes at an outragous price."Back to the drawing board BITCHES! and figure out a real answer.
Re: Cybele – thats so true! but i have a feeling we'd be screwed if it was passed anyway, taxes would rise and the banks would prob fuck up again trying to prevent more loss and making sure they dont go under.