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House defeats $700B financial markets bailout

September 29th, 2008 . by TexasFred

House defeats $700B financial markets bailout

WASHINGTON (AP) – The House on Monday defeated a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry.

Stocks plummeted on Wall Street even before the 228-205 vote to reject the bill was announced on the House floor.

When the critical vote was tallied, too few members of the House were willing to support the unpopular measure with elections just five weeks away. Ample no votes came from both the Democratic and Republican sides of the aisle.

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.

Full Story Here:
House defeats $700B financial markets bailout

At the risk of saying “I told ya so�, well, I told ya so…

The words Bush and confidence are just not compatible, an oxymoron in it’s most exact definition. When Bush projects confidence, BOHICA, Bend Over, Here It Comes Again!

Bush doesn’t give a damn about what the American people want, he does NOT listen to the people that put him in office, it’s ALL about HIM, “I am the decider�, and that moron, along with the Congresscritters that just love to give YOUR money away, on BOTH sides of the aisle, are going to wreck this nation before they leave office if they can…

The Bush legacy is being set in stone as I write this, ‘Mr. Bush presided over the most destructive phase of U.S. government to date, earning Mr. Bush the title WORST President in U.S. history.’

Bush does have one thing in his favor, our Congress is even worse, their approval numbers are dismal, and the American people are taking the brunt of this BS.

Both sides are pointing fingers, you did this, and you said that, and here’s the bottom line folks, we, the American people, are being seriously penalized for bad business decisions made by Wall Street, and we’re going to pay for those bad decisions, one way or another, with our TAX dollars in a Wall Street bailout, or in a loss of ALL the economy if Wall Street fails.

Any way it goes, WE lose…

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8 Responses to “House defeats $700B financial markets bailout”

  1. comment number 1 by: Kate

    So the Dems are blaming the Repubs…the Repubs are blaming the Dhimmis. I blame ‘em all, and Bush is on top of the heap!

    I think people spoke up, and let it be known that only socialists liked this crap bill. Lord knows, I sure made the effort. Even the phones were busy. :?

  2. comment number 2 by: Basti

    The ‘fat lady’ ain’t sung yet. Before its all said and done the pol’s will capitulate to the largest blackmail scheme in history.

    You might say I don’t trust pol’s and I damn sure don’t!

  3. comment number 3 by: Kate

    Well, this fat lady is gonna continue to bug anyone I can to keep this socialistic piece of crap dead and buried! More than half of investors don’t want this nonsense. The media is buying into the fear mongering, and will end up causing more damage than if they just let it be!

  4. comment number 4 by: ablur

    It just amazes me that congress created this mess and now thanks to their ability to reach into our pockets they are going to fix it. They (the democrats) forced Freddie and Fannie to make loans to unqualified buyers. Obama even made money suing loan companies who didn’t.
    Now the bad loans are collapsing as they knew they would and we have to fix their stupidity.

    I’m no Bush fan but he (thanks to his advisor’s) warned congress back in 03. They didn’t want to do anything. McCain introduced legislation in 05 and 07 that the democratic congress wouldn’t even give a hearing too. The bill was about bad loan policies with Freddie and Fannie. We had three chances to fix this and our sorry bunch of leaders failed.

    Now we can sit back and watch the world markets collapse.

    Our collective genius in DC at work.

  5. comment number 5 by: Katie

    The bailout was a bad idea. Every economist in the nation said so. To solve this problem we need to think calmly and rationally. Not to do a quick fix. We need to step back, look at the whole problem and then find a good solution.

  6. comment number 6 by: Bloviating Zeppelin

    The source comes from the Demorats in terms of their insistence on “equalizing” home buyers. Everybody “deserves” a home, in their world. But the blame doesn’t end with the politicians; many borrowers, if they speak English, are every bit as guilty in terms of both greed and irnorance. There’s enough blame to go around for all. The question is: how do you “force” confidence back in a market when, in truth, it’s all about emotions and feelings? Already the sheeple are talking about a “run” on banks. How incredibly stupid is that?

    BZ

  7. comment number 7 by: Kate

    We never learn a dadburn thing, do we. Jiminy Crickets!

  8. comment number 8 by: Pat Houseworth

    Domestic Turkeys were never meant to fly, but you can bet they will continue to try with this bloated one.