Straight from the House's mouth: Why the bailout bill failed

[japan4racing]

i try not to get into these debates too much since im limited on knowlege. i think this could perhaps cause a few good debates so:

http://www.cnn.com/2008/POLITICS/09/...eax/index.html

discuss

[BanginJimmy]

said Rep. Sheila Jackson-Lee, a Democrat from Texas. "There was no mark in the bill for specifically helping Americans -- Mr. and Mrs. Main Street -- get out of their mortgage foreclosure crisis."

Why should the govt bail out people that were too stupid to to get a house and mortgage they could afford?

Jackson-Lee also cited bankruptcy provisions left out of the bill that would have allowed homeowners to restructure their loans.

That is something between the idiot that bought too much hosue and the mortgage company. It is in the mortgage company's best intrest to do so, and I have heard of people getting 40 year mortgages with only slightly higher intrest to account for the fact that they bought too much house.

(Rep. Joe Baca, a Democrat from California) "There's nothing in here that guarantees new jobs, nothing that guarantees salary increases," he told The Hill newspaper. "And that's a huge problem."

What does a spending bill have to do with new jobs and raising wages? Sounds like someone wanted to sneak in something completely unrelated thinking it would pass quickly without anyone noticing.

Rep. Jeff Flake, a Republican from Arizona, echoed the sentiment during a speech on the House floor Monday afternoon. "The premise of this unprecedented government intervention is that the free market has failed and that government must come to its rescue," he said. "In reality, the crisis we now face is a result of government intervention in the market."

I agree with this. The Govt needs to stay out of the business world.

[japan4racing]

its funny i almost feel like ppl blame the reps for this bill yet the reps are the ones that stopped it....for it being unfair taxation no doubt...

You must spread some Reputation around before giving it to BanginJimmy again.

[Alan®]

its funny i almost feel like ppl blame the reps for this bill yet the reps are the ones that stopped it....for it being unfair taxation no doubt...

You must spread some Reputation around before giving it to BanginJimmy again.

Yup and then Harry Reid and Barney Frank come out saying wee need to stop playing the blame game when before the vote even took place The Speaker of the House was pointing fingers