the bailout went through

B00STED4V · 10-03-2008, 12:03 PM

Quote:

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.

The final vote, 263-171 in the House, a comfortable margin that was 58 more votes than it garnered on Monday. The vote 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."
Stocks were up on Wall Street, where there was a lot of anticipation of the vote but where investors also were buffeted by a bad report on the job market. The Labor Department said employers slashed 159,000 jobs in September, the largest cut in five years and further evidence of a sinking economy.

Even before the measure cleared Congress, the White House sought to dampen optimism of its immediate impact on the economy. "This legislation is to fix a problem in our financial markets," said spokesman Tony Fratto. "It's not sold as giving a boost to the economy, but rather preventing a crisis in our economy... If it works as we hope it will, credit will be able to begin flowing again."
The House vote marked a sharp change from Monday, when an earlier measure was sent down to defeat, largely at the hands of angry conservative Republicans.

Senate leaders quickly took custody of the measure, adding on $110 billion in tax and spending provisions designed to attract additional support, then grafting on legislation mandating broader mental health coverage in the insurance industry. The revised measure won Senate approval Wednesday night, 74-25, setting up a furious round of lobbying in the House as the administration, congressional leaders, the major party presidential candidates and outside groups joined forces behind the measure.
It worked — augmented by a sudden switch in public opinion that occurred after the stock market took its largest-ever one-day dive on Monday.

"No matter what we do or what we pass, there are still tough times out there. People are mad — I'm mad," said Republican Rep. J. Gresham Barrett of South Carolina, who opposed the measure the first time it came to a vote. Now, he said, "We have to act. We have to act now."
Rep. John Lewis, D-Ga., another convert, said, "I have decided that the cost of doing nothing is greater than the cost of doing something."
Critics were unrelenting.

"How can we have capitalism on the way up and socialism on the way down," said Rep. Jeb Hensarling of Texas, a leader among conservative Republicans who oppose the central thrust of the legislation — an unprecedented federal intervention into the private capital markets.
It was little more than two weeks ago that Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke concluded that the economy was in such danger that a massive government intervention in the private markets was essential.

The core of the plan remains little changed from its inception — the Treasury Department would have $700 billion at its disposal to purchase bad mortage-related securities that are weighing down the balance sheets of institutions that hold them. The flow of credit has slowed, in some cases drying up, threatening the ability of businesses to conduct routine operations or expand.

At the same time, lawmakers have dramatically changed the measure, insisting on greater congressional supervision over the $700 billion, taking measures to protect taxpayers, and insisting on steps to crack down on so-called "golden parachutes" that go to corporate executives whose companies fail.

Earlier in the week, the legislation was altered to expand the federal insurance program for individual bank deposits, and the Securities and Exchange Commission took steps to ease the impact of the questionable mortgage-backed securities on financial institutions.
In the moments before the vote, Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, pledged "serious surgery" next year to address the underlying causes of the crisis.

If anything, the economic news added to the sense of urgency.
The Labor Department said initial claims for jobless benefits had increased last week to the highest level since the gloomy days after the 2001 terror attacks. The news of the payroll cuts came on top of Thursday's Commerce Department report that factory orders in August plunged by 4 percent.

Typifying arguments the problem no longer is just a Wall Street issue but also one for Main Street, lawmakers from California and Florida said their state governments were beginning to experience trouble borrowing funds for their own operations.

Pelosi said, "We must win it for Mr. and Mrs. Jones on Main Street."
One month before election day, the drama unfolded in an intensely political atmosphere.
Democratic presidential candidate Barack Obama, a supporter of the bill, made calls to members of the Congressional Black Caucus, who publicly credited him with changing their minds.

Rep. Elijah Cummings and Donna Edwards, both Maryland Democrats, were among them. They said Obama had pledged if he wins the White House that he would help homeowners facing foreclosure on their mortgages. He also pledged to support changes in the bankruptcy law to make it less burdensome on consumers.
"It's not too often you get the future president telling you that his priority matches your priority," said Cummings.

Obama's rival, Sen. John McCain, who announced a brief suspension in his campaign more than a week ago to try and help solve the financial crisis, made calls to Republicans. His impact was not immediately clear.
Republican Rep. Sue Myrick of North Carolina, who said she was switching her vote to favor the measure, said of McCain: "They told me he was going to call me. He didn't."

Looking ahead to election day, she added, "I may lose this race over this vote, but that's OK with me. This is the right vote for the country."
The White House issued the latest in a series of grim warnings of the risks of defeat. "If the financial markets fail to function, American families will face great difficulty in getting loans to purchase a home, buy a family car or finance a child's education," it said in a written statement.
The vote on Monday staggered the congressional leadership and contributed to the largest one-day stock market drop in history, 778 points as measured by the Dow Jones Industrial Average.

Across the Capitol, Senate leaders reacted quickly, deciding to sweeten the bill with a series of popular tax breaks as well as spending on rural schools and disaster aid. They also grafted on a bill to expand mental health coverage under private insurance plans.
At the same time, the change in federal deposit insurance and the action by the SEC on an obscure accounting rule helped produce a steady trickle of converts.

ohwell

Stinky · 10-03-2008, 12:04 PM

Fuck the bailout.

**ReyRey** · 10-03-2008, 12:06 PM

Can't we just have a bake sale?

B00STED4V · 10-03-2008, 12:07 PM

bake sale sounds good, or a bikini carwash

**madmatt** · 10-03-2008, 12:12 PM

epic financial fail...

B00STED4V · 10-03-2008, 12:16 PM

i guess i should just go an blow the rest of my money.

hookers, blow, cars, weed, guns, etc

nEighter · 10-03-2008, 12:21 PM

there goes life as we know it.

Yamao · 10-03-2008, 12:34 PM

Well, it still needs Bush's signature, which requires him to remember and write his name, so, it could be delayed for a couple of weeks

Flash! · 10-03-2008, 12:35 PM

**timeless2** · 10-03-2008, 12:48 PM

Sweet. I was wondering what every American taxpayer was going to do with the Economic Stimulus Package proceeds. We can bail out ignorant lending institutions that failed to have a logical and respectable business model that, oh, was solvent. True capitalism and the free hand would have let the weak die long ago before it came to this. Nice socialist step, America.

Neat.

**madmatt** · 10-03-2008, 12:53 PM

Quote:

Originally Posted by timeless2

Sweet. I was wondering what every American taxpayer what going to do with the Economic Stimulus Package proceeds. We can bail out ignorant lending institutions that failed to have a logical and respectable business model that, oh, was solvent. True capitalism and the free hand would have let the weak die long ago before it came to this. Nice socialist step, America.

Neat.

fucking serious
what a joke
We should class action lawsuit AIG and all the other dumbass, knuckledragging, good for nothing, lying stupid sons of bitches...why the hell do THEY get a bailout when so many others are allowed to fail.

Let the shit FAIL, other institutions will buy the mortages, the economy WILL recover, just like it always has. Dumb sons of BITCHES

btw, coming it up for president 2012...

B00STED4V · 10-03-2008, 01:02 PM

fascism sounds good about now

Stinky · 10-03-2008, 01:04 PM

Quote:

Originally Posted by timeless2

Sweet. I was wondering what every American taxpayer was going to do with the Economic Stimulus Package proceeds. We can bail out ignorant lending institutions that failed to have a logical and respectable business model that, oh, was solvent. True capitalism and the free hand would have let the weak die long ago before it came to this. Nice socialist step, America.

Neat.

+1 Total bullshit.

**madmatt** · 10-03-2008, 01:05 PM

Id also LOVE to hear what changed the 58 house members minds in 4 days...

campaign $$$ anyone?

**timeless2** · 10-03-2008, 01:09 PM

Quote:

Originally Posted by madmatt

Quote:

Originally Posted by B00STED4V

fascism sounds good about now

Mhmm. Just leave racism and genocide apart from it.

Quote:

Originally Posted by madmatt

Id also LOVE to hear what changed the 58 house members minds in 4 days...

campaign $$$ anyone?

I would not put it past the administration.

**madmatt** · 10-03-2008, 01:11 PM

Thats the sad thing. The politicians were voting based on re-election, not what is best for the country...fucking politicians...

B00STED4V · 10-03-2008, 01:12 PM

Quote:

Originally Posted by timeless2

Mhmm. Just leave racism and genocide apart from it.

we have racism now... genocide would be fine if it's only on the mexicans

B00STED4V · 10-03-2008, 01:17 PM

well he just signed it.

that was fast

Congress OKs historic bailout bill; Bush signs it - Yahoo! News

Quote:

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. There were 58 more votes for the measure than an earlier version that failed on Monday.

"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 a massive 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," he said.

House 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."

Treasury Secretary Henry Paulson pledged to begin using his new authority quickly, and Federal Reserve Chairman Ben Bernanke said the central bank would work closely with the administration.

Wall Street welcomed the action, but investors also were buffeted by a bad report on the job market. The Labor Department said employers slashed 159,000 jobs in September, the largest cut in five years and further evidence of a sinking economy.

At its core, the bill gives the Treasury Department $700 billion to purchase bad mortage-related securities that are weighing down the balance sheets of institutions that hold them. The flow of credit in the U.S. economy has slowed, in some cases drying up, threatening the ability of businesses to conduct routine operations or expand, and adversely affecting consumers seeking financing for mortgages, cars and student loans. Some state governments have also experienced difficulty borrowing money.

The House vote marked a sharp change from Monday, when an earlier measure was sent down to defeat, largely at the hands of angry conservative Republicans.

On Friday, 91 Republicans joined 172 Democrats to support the bill, while 108 Republicans and 68 Democrats opposed it. Twenty-five Republicans and 33 Democrats switched their votes from "no" to "yes." One Democrat who supported Monday's version, Rep. Jim McDermott of Washington, opposed the bill Friday. One Republican who didn't vote Monday, Rep. Jerry Weller of Illinois, voted "yes" on Friday.

Several of the Democrats who switched were members of the Congressional Black Caucus who said presidential candidate Barack Obama had pledged to support legislation easing the burden on consumers if he wins the White House.

Republican presidential candidate John McCain also lobbied for the measure, according to aides who declined to release a list of lawmakers he called.

Following Monday's vote, Senate leaders quickly took custody of the measure, adding on $110 billion in tax and spending provisions designed to attract additional support, then grafting on legislation mandating broader mental health coverage in the insurance industry. The revised measure won Senate approval Wednesday night, 74-25, setting up a furious round of lobbying in the House as the administration, congressional leaders, the major party presidential candidates and outside groups joined forces behind the measure.

In addition, the measure was changed to broaden the federal government's deposit insurance program, and the Securities and Exchange Commission loosened a regulation to ease the impact of the distressed assets on the balance sheet of financial institutions.

Despite occasionally strong criticism of the added spending and tax measures, the maneuvers worked — augmented by a sudden switch in public opinion that occurred after the stock market took its largest-ever one-day dive on Monday.

"No matter what we do or what we pass, there are still tough times out there. People are mad — I'm mad," said Republican Rep. J. Gresham Barrett of South Carolina, who opposed the measure the first time it came to a vote. Now, he said, "We have to act. We have to act now."

Rep. John Lewis, D-Ga., another convert, said, "I have decided that the cost of doing nothing is greater than the cost of doing something."

Critics were unrelenting.

"How can we have capitalism on the way up and socialism on the way down," said Rep. Jeb Hensarling of Texas, a leader among conservative Republicans who oppose the central thrust of the legislation — an unprecedented federal intervention into the private capital markets.

It was little more than two weeks ago that Paulson and Bernanke concluded that the economy was in such danger that a massive government intervention in the private markets was essential.

White the main thrust of their initial proposal was unchanged, lawmakers insisting on greater congressional supervision over the $700 billion, measures to protect taxpayers and steps to crack down on so-called "golden parachutes" that go to corporate executives whose companies fail.

Earlier in the week, the legislation was altered to expand the federal insurance program for individual bank deposits, and the Securities and Exchange Commission took steps to ease the impact of the questionable mortgage-backed securities on financial institutions.

In the moments before the vote, Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, pledged "serious surgery" next year to address the underlying causes of the crisis.

If anything, the economic news added to the sense of urgency.

The Labor Department said initial claims for jobless benefits had increased last week to the highest level since the gloomy days after the 2001 terror attacks. The news of the payroll cuts came on top of Thursday's Commerce Department report that factory orders in August plunged by 4 percent.

Typifying arguments the problem no longer is just a Wall Street issue but also one for Main Street, lawmakers from California and Florida said their state governments were beginning to experience trouble borrowing funds for their own operations.

Pelosi said, "We must win it for Mr. and Mrs. Jones on Main Street."

One month before Election Day, the drama unfolded in an intensely political atmosphere.

Members of the Congressional Black Caucus credited Obama with changing their minds.

Reps. Elijah Cummings and Donna Edwards, both Maryland Democrats, were among them. They said Obama had pledged if he wins the White House that he would help homeowners facing foreclosure on their mortgages. He also pledged to support changes in the bankruptcy law to make it less burdensome on consumers.

Obama's rival, Republican Sen. McCain, announced a brief suspension in his campaign more than a week ago to try and help solve the financial crisis.

Republican Rep. Sue Myrick of North Carolina, who switched her vote to favor the measure, said, "I may lose this race over this vote, but that's OK with me. This is the right vote for the country."

Myrick said she hadn't heard from McCain as she made up her mind about how to vote. "They told me he was going to call me. He didn't," she said.

The vote on Monday had staggered the congressional leadership and contributed to the largest one-day stock market drop in history, 778 points as measured by the Dow Jones Industrials.

"We have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country," Bush said shortly after the vote, although he conceded, "our economy continues to face serious challenges."

Underscoring that somber warning, the Dow Jones industrials, up more than 200 points at the time of the House vote, had fallen into negative territory an hour later. They fluctuated as the afternoon wore on.

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 who quickly signed it.

**timeless2** · 10-03-2008, 01:23 PM

I wonder how much he'll get paid after he leaves office.

Stinky · 10-03-2008, 01:24 PM

And we went from 300 up to negative.

*trombone way out of tune sound*

**madmatt** · 10-03-2008, 01:26 PM

Quote:

Originally Posted by Stinky

10-03-2008, 12:06 PM	#3 (permalink)
ReyRey The Giver of Blue Balls Join Date: Jan 2005 Location: Kansas City, MO Posts: 13,135	Can't we just have a bake sale? __________________ Rey² ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ A bitch might dress like a power ranger, but I need HELLP! ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ IrishPrincessRey: Why am i so fucked up AllYorBase138: I'm fucked up too. AllYorBase138: Welcome to DarkMesaaaaaaaaa

10-03-2008, 12:12 PM	#5 (permalink)
madmatt suffers from cracking due to shrinkage Join Date: Jun 2004 Location: Riding shotgun with Stig Posts: 24,788	epic financial fail... __________________ Matt

10-03-2008, 12:21 PM	#7 (permalink)
nEighter i <3 whalepenis Join Date: Feb 2006 Location: TwiLight zOne!! Posts: 11,311 Blog Entries: 1	there goes life as we know it. __________________

10-03-2008, 12:34 PM	#8 (permalink)
Yamao loves a nice round head Join Date: Aug 2006 Posts: 2,454	Well, it still needs Bush's signature, which requires him to remember and write his name, so, it could be delayed for a couple of weeks __________________

10-03-2008, 12:35 PM	#9 (permalink)
Flash! I <3 Cox Join Date: Feb 2004 Location: MY OWN FUCKING HOUSE in a tourist infested swampland aka Orlando Posts: 18,006	__________________ teh brian

10-03-2008, 12:04 PM	#2 (permalink)
Stinky searching for teh OxMox like mine Join Date: Aug 2005 Location: Loo-kenk for des Oxy. Posts: 13,995	Fuck the bailout.

10-03-2008, 12:48 PM	#10 (permalink)
timeless2 I <3 Asian dishes. Join Date: Sep 2005 Location: Iowa Posts: 30,802	Sweet. I was wondering what every American taxpayer was going to do with the Economic Stimulus Package proceeds. We can bail out ignorant lending institutions that failed to have a logical and respectable business model that, oh, was solvent. True capitalism and the free hand would have let the weak die long ago before it came to this. Nice socialist step, America. Neat. __________________ Tim 2010 Ford Mustang \| MagnaFlow Exhaust \| Toy Reviews & Recalls She's back and she's bad...or is she good?

10-03-2008, 01:05 PM	#14 (permalink)
madmatt suffers from cracking due to shrinkage Join Date: Jun 2004 Location: Riding shotgun with Stig Posts: 24,788	Id also LOVE to hear what changed the 58 house members minds in 4 days... campaign $$$ anyone? __________________ Matt

10-03-2008, 01:11 PM	#16 (permalink)
madmatt suffers from cracking due to shrinkage Join Date: Jun 2004 Location: Riding shotgun with Stig Posts: 24,788	Thats the sad thing. The politicians were voting based on re-election, not what is best for the country...fucking politicians... __________________ Matt

10-03-2008, 01:23 PM	#19 (permalink)
timeless2 I <3 Asian dishes. Join Date: Sep 2005 Location: Iowa Posts: 30,802	I wonder how much he'll get paid after he leaves office. __________________ Tim 2010 Ford Mustang \| MagnaFlow Exhaust \| Toy Reviews & Recalls She's back and she's bad...or is she good?

10-03-2008, 01:24 PM	#20 (permalink)
Stinky searching for teh OxMox like mine Join Date: Aug 2005 Location: Loo-kenk for des Oxy. Posts: 13,995	And we went from 300 up to negative. trombone way out of tune sound