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After defeating an earlier version of the bill on Monday, the House of Representatives passed the $700 billion bailout package 263 votes to 171votes against (it needed 218 to pass), sending stocks up. The Senate already passed the bill on Wednesday and now just President Bush needs to sign off. Along party lines, the vote was: 172 yeas to 63 nays for Democrats; 91 yeas to 108 nays for Republicans. The NY Times reports that Rep. Zach Wamp (R-Tennessee) said, “Monday I cast a blue-collar vote for the American people. I am going to cast a red, white and blue-collar vote with my hand over my heart for this country, because things are really bad and we don’t have any choice. We’re out of choices and our backs are up against the wall." And CNBC has details on what's in the revised plan.
House Passes Modified Bailout Bill
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"Are you ready to be fucked, man?"
-Jesus, The Big Lebowski
Privatize the profits, socialize the losses!
my gut tells me this is a bad deal.
I'm already bent over.
Corporate Welfare
That is all this is
and the worse part is the people that do need help will still lose their homes
The bank just wont take it as a loss
Another drop in the bucket of our national debt
Welcome to the new Feudalism
Hows all my fellow serfs doing today in the fiefdom of NYC?
The American Way: spend money you don't have for a bit of instant gratification.
It's official: Goldman Sachs owns Washinton, both parties.
This is a very very black Friday.
I hope something good comes out of this, like banks stop loaning money to people who have no business taking out a loan or a mortgage. Then, maybe the price of homes will truly fall into a range that your average middle-class and lower-class families can afford.
When are we going to hear about arrests on wall street?
Stocks were up - for all of 5 minutes. That was a pretty expensive placebo we all just bought into.
Wow, they pass the bill and the market drops 400 points from it's day high.
Now Cali needs 7 Bil. Oops! Better bail them out too, right congressmen (and women!)?
Meanwhile, no bailouts for the peons. When are we gonna wake up.
I propose a huge new movement/protest called:
"NOBODY VOTE"
Everybody should stay home Nov. 4th to protest these crooks.
And yes that goes for Senator(s) McCain AND Obama
Some change, eh?
nycsniper - how about:
"NOBODY FILE TAXES NEXT YEAR" - send the only message wasteful government will understand.
Well it's over (the country is now doomed and over), the house passed the modified bailout bill.
Enjoy your coming depression world, it's going to be hellish soon. And enjoy your bondage over your feudal masters!
Drew --- I'm all for it, but can it be organized on a mass scale?
Thing is most suckers GET a check on April 15th.
Govt. already takes their cut straight outta their paychecks.
This is the bail out then buy out bill. Small bank stocks have been rising on speculation they will be acquired by larger banks. Honestly, the bill was not needed. But, it made a great avenue to give life to 310 pages of pork spending. Good job Congress. You drive a hard bargain.
Talk about more of the same - ravings for blood and revenge on the establishment by ill informed internet liberals. Gee, who would have thought?
Chances are most of the people on this site stand to gain more than they stand to lose. Think about it - Obama probably won the election this week because of this financial meltdown, giving you all what you really want. Taxes for the rich will go up, middle class taxes will go down, and people in regular neighborhoods won't lose their retirement nest eggs or their homes and you're upset because a handful of investment bankers will still be really really rich instead of just really rich? Give me a break.
C'mon, if you haven't seen it by now you can tell that not passing the bailout is just going to make Wall St. execs richer. Just look at what JP Morgan had to pay for Washington Mutual - practically nothing! Just today, Wells Fargo gets Wachovia for pennies on the dollar and all they had to do was issue a bunch of stock, so it didn't really cost them much of anything. If you guys would start reading the news you'd see the real robbery is coming from these huge banks swiping their competitors from the FDIC for no money at all, wiping out American shareholders in the process. Now what would have cost tens of billions for them last year is just a small bank run away from free. Hopefully this rescue plan will keep at least a little competition in the market.
Wow, did everyone see how well the market reacted to the vote! DOW changed by 157 points! Oops, thats negative. My bad. What a Fecking waste of money. At least wooden arrows and Puerto Rican rum will be saved.
thank you sir may i have another!
$810 billion with all the sweeteners. And the market priced in this bit of good news a while back...and then the earnings and employment figures began coming in. The real question was whether or not this package would even succeed at loosening the credit markets. With all the debt floating out there, much of it based on a runup of unrealistic values around the world, our moves to salvage the markets could be overshadowed by bad news elsewhere. Europe is in bigger trouble than they think and all they are doing is propping up one insolvent bank after another.The Fed's all out of cards to play and the ante just keeps growing...