BAILOUT PASSES HOUSE

[Vteckidd]

WASHINGTON - With the economy on the brink and elections looming, Congress approved an unprecedented $700 billion government bailout of the battered financial industry on Friday and sent it to President Bush for his certain signature.
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The final vote, 263-171 in the House, capped two weeks of tumult in Congress and on Wall Street, punctuated by daily warnings that the country confronted the gravest economic crisis since the Great Depression if lawmakers failed to act.

Bush was poised to make a statement on the historic vote.

"We all know that we are in the midst of a financial crisis," House Republican Leader John Boehner of Ohio, said shortly before casting his vote for government intervention in private capital markets that was unthinkable only a month ago.

"And we know that if we do nothing, this crisis is likely to worsen and to put us into an economic slump like most of us have never seen."

Speaker Nancy Pelosi, D-Calif., said the bill was needed to "Begin to shape the financial stability of our country and the economic security of our people."

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

WASHINGTON (AP) — Congress has passed complex and highly criticized legislation authorizing $700 billion in government money to shore up the nation's stressed financial industry.

The 263-171 vote by the House sends the Senate-passed version to the White House for President Bush's signature. Among many features, the measure would allow the Treasury Department to buy up bad debt from various lending institutions.

Many members of the House voted for the bill even though some said it was not very attractive to them and to their constituents back home. The measure had been defeated in the same chamber on Monday, sending stocks on Wall Street into a record slide.

[BanginJimmy]

and I have seen my stocks dropping all day becuse of this. the amrket was up 215, we will see how much it drops from here.

[jwrape]

hmmm, I don't know if this was the right thing to do or not. It's just to complicated....Time will tell.

[Alan®]

Wow the Democrats are giving themselves a big pat on the back now. LOL at all these idiots thanking Obama for his help. Did I miss something cause as I remember he said to just call if they needed anything.

[The Ninja]

I told you it would pass. Now we wait for the fail to come. Hopefully its a good 5 years down the road.

[BanginJimmy]

The Senate should be happy about purchasing the requisite number of votes to pass this. I'm not going to pretend that this is a good idea though.


For those of you smarter than me, doesnt a spending bill have to be passed in the house before it can be passed by the Senate, or am I just losing my mind?

[Alan®]

The Senate should be happy about purchasing the requisite number of votes to pass this. I'm not going to pretend that this is a good idea though.


For those of you smarter than me, doesnt a spending bill have to be passed in the house before it can be passed by the Senate, or am I just losing my mind?

Good question.

[Vteckidd]

For those of you smarter than me, doesnt a spending bill have to be passed in the house before it can be passed by the Senate, or am I just losing my mind?

thats true but there is a way around it.

They propose a "ghost amendment" which in reality is nothing , then they put something in that amendment and vote on it.

They voted on the DODD AMENDMENT in the senate .

They explained it on Fox news

[BanginJimmy]

thats true but there is a way around it.

They propose a "ghost amendment" which in reality is nothing , then they put something in that amendment and vote on it.

They voted on the DODD AMENDMENT in the senate .

They explained it on Fox news

Figures they would find a loophole in their own rules to further their own agenda.

[The Ninja]

Figures they would find a loophole in their own rules to further their own agenda.

That alone should tell you something of value.

[BanginJimmy]

That alone should tell you something of value.

Trust me when i say I didnt need any more clues.

Maybe we should go back to the old style of selecting Senators. Make them a political appointment of the state Govenor again. 1 Republican or Independant and 1 Democrat or Independant.

[BanginJimmy]

Well the gains have halved since the bailout was approved.

[BanginJimmy]

2:44 and the Dow is down 15 points now.

I guess this bailout has been a HUGE boost to the economy.

[Vteckidd]

i dont think you are going to see any boost for a few more days.

They are undecided in what they are going to use the money for, and Bush still has to sign it.

[BanginJimmy]

i dont think you are going to see any boost for a few more days.

They are undecided in what they are going to use the money for, and Bush still has to sign it.

But to lose 330 points in 3 hours starting immediately after the bill passed has to make you think.

[BanginJimmy]

well the bailout has made a great difference in the economy. We were going strong at over 235 points up, then the bialout passed adn we fell to 157 points down. Another great job done in Washington to help the people of the US.

[David88vert]

Vote all that voted for it out of office.

[blaknoize]

FUK!!!!!

Just let them borrow $700billion so they can borrow $700 billion again. BULLSH!T

[OhMyGodfather]

People are so quick to judge about this ****, but those companies are a huge part of our economy, if they would have gone down it would have been disastrous. The bill was a catch-22 for our country, let the people who make decisions make decisions, they are there for a reason, the same reason why you aren't.

[Z28]

The bill was a catch-22 for our country, let the people who make decisions make decisions, they are there for a reason, the same reason why you aren't.

While I get what you mean, I don't think this is the case these days as much as it used to be.

[josh green]

Its just postponing more fail until the next election term comes around and they have something to debate about.
What would actually happen if those businesses that are such a part of our economy went under? Jobs lost and then someone else steps up to the plate and starts growing and supplying jobs?

[willum14pb]

yay for me. i own gold. the more money we spend we don't ahve, the more gold goes up...

[BTEC]

People are so quick to judge about this ****, but those companies are a huge part of our economy, if they would have gone down it would have been disastrous. The bill was a catch-22 for our country, let the people who make decisions make decisions, they are there for a reason, the same reason why you aren't.

i see ur point as well but arent the one who "make the decisions" the ones that made the bad decisions which is why we are thhis position in the first place. i dnt understand how u ask somebody who really fuked something up how to fix the fuk up. from what ive been hearing the heads pretty much set everything up so they got rich, sunk the company, now they say we borrow this money to get the company out of this whole which gives them double digit millions as well. particular acorn or however you spell it.

if i take out a loan to build a car and it blows up should i get 3 times as much from a charity or something for coming up with a plan to redo it so it dnt blow up?

i could be seeing this all wrong but thats how its been interpretated to me.

[blaknoize]

i could be seeing this all wrong but thats how its been interpretated to me.

Thats how I think of it as well. Its stupid. Lets give them extra money so they can mess up. Thats like me asking u BTEC for a loan in because I forgot I had to pay back my old loan. U know... just incase I do it again, I 'll have some money I spend anyway.

[BanginJimmy]

Baiscly right, but not completely right on the causes.

The subprime mortgage mess started with the FM's guranteeing loans to under qualified people. Then, through the Community Reinvestment Act, the FM's and local community activist organizations pressured banks into providing these loans. With so many loans being made, and amount of houses selling, the price of homes started to skyrocket. We now have the housing bubble. What happened next? The bubble burst. People couldnt refinance their adjustable rate mortgages, then they couldnt sell their house so it went into foreclosure. Banks that invested tons of cash into these mortgages stopped getting paid so they started having cash and credit issues. This caused them to borrow more, which in turn, cause the alrger banks to have cash and credit issues.

The issues in the housing and lending markets, coupled with Katrina, Iraq, 9/11, and dozens of other issues caused a slump in new jobs. No new jobs meant that people that could no longer find work within the housing market couldnt find other jobs. This expanded the foreclosures. And on and on into pretty much every sector of or economy.