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  1. #1 House Passes Rescue Plan in Second Vote 
    House Passes Rescue Plan in Second Vote
    Friday, October 03, 2008

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    WASHINGTON — In a nail-biter, the House Friday approved the Bush administration's $700 billion financial markets rescue package, a measure promoted as a means to prevent a U.S. economic collapse.

    Lawmakers voted 263-171 to pass the bill. It was the second time this week the House voted. On Monday, it rejected an earlier version, but accepted changes after the Senate added sweeteners and supported it on Wednesday.

    President Bush will now sign the bill into law.

    Before the vote, member after member went to the well of the chamber to voice discomfort and displeasure with many aspects of the bailout legislation. But they also said they would vote for it anyway. And nearly 30 members who voted against it on Monday said beforehand that they had changed their minds.

    House Speaker Nancy Pelosi delivered a decidedly less partisan speech stressing the importance of passing the measure. She called it a vote for "Mr. and Mrs. Jones on Main Street."

    Some Republicans blamed Pelosi for the bill failing Monday because she gave what they viewed as partisan speech before the vote.

    Hanging over Friday's vote was a gloomy unemployment report that revealed the economy lost 159,000 jobs in September, the most jobs cut during one month in the past five years.

    Most lawmakers who switched to a 'yes' vote this time said it's a bitter pill, but changes by the Senate to the rescue plan made it easier to swallow. Among the incentives cited were the federal deposit insurance limit being raised from $100,000 to $250,000, the addition of alternative minimum tax relief for middle-income Americans and several tax breaks for businesses. The Senate passed the bill 74-25.

    Newfound supporters say they also started receiving more calls from constituents in favor of the bailout package, which many described as a lesser evil than doing nothing.

    "I voted against a bad bailout bill on Monday, and will now vote for a better rescue plan, not because I like it or want to, but because we fought as hard as we could for more reforms," said Tennessee Rep. Zach Wamp, one of the 133 House Republicans who joined 95 Democrats in rejecting the measure Monday, sending the stock market plummeting.

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  2. #2  
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    God help us all. This bill is terrible for the Republic and terrible for the American people. It's borrowing that got us into this mess in the first place, so of course, we need to throw $700 billion at the problem to open the credit markets back up so the American people can dig themselves deeper into the hole. Maybe we need a little credit tightening in this country.

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    Super Moderator BadCat's Avatar
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    Very, very disappointing.
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    :eek: Wow. Nancy caused 108 Republicans to vote "nay"?
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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  5. #5  
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    : “Grow your own dope. Plant a liberal.”
    ” Obummercare, 20 percent of the time it works everytime.
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  7. #7  
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    "Paulson and Bernanke Refuse to say what they did with our money !"

    Officials Refuse to Provide Details on Secret Previous Bailout


    "And the same will be true when they get their paws on the seven Hundred billion !"

    Fed Made $30 Billion Deal to Manage Assets of the Collapsed Bear Sterns

    SHARE Top government officials are refusing to provide details on a secretive deal it made to manage billions in assets from an earlier bailout.

    Sen. Charles Grassley, R-Iowa, has been pressing top officials for months to provide details on a deal the Federal Reserve made for a private firm to manage $30 billion in financial assets from the collapsed investment bank Bear Stearns, as part of an arrangement to facilitate J.P. Morgan Chase's purchase of the bank in March.

    The Federal Reserve announced at the time that it had contracted with BlackRock Financial Management Inc. to manage the assets. Since then, it has declined to share any further details on the arrangement with anyone – not reporters, not the public, and not Sen. Grassley.

    Related
    Wall Street Titans Blasted on Capitol HillCongress Has 43,457,362 Reasons to Help Goldman SachsMore from Brian Ross and the Investigative Team"When will I receive answers to the rest of my questions posed two-and-half months ago?" Grassley wrote to Fed chairman Ben Bernanke and Treasury Secretary Henry Paulson Sept. 23, asking for an update on the value of the assets and other details of the deal.

    In his letter, Grassley pointedly noted his need for timely answers in light of "the continuing financial crisis where more transparency is being promised," and the urgent press from the administration for lawmakers to approve a massive bailout program.


    Grassley's office confirmed to ABC News Wednesday afternoon it had not received any new information on the deal.

    A spokesman for the Federal Reserve said he did not know the status of any congressional request. The spokesman, Andrew Williams, declined to share any information on the arrangement with BlackRock, saying, "Our general principle is we don't disclose contracts we make with outside contractors."
    http://abcnews.go.com/Blotter/story?id=5930875&page=1
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  8. #8  
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    Gas prices here dropped when the Senate passed it. Then they dropped again when the House passed it. And they dropped one last time when Bush signed it.
    OPEACHMENT NOW!!!

    Stinger:
    "I was... ordered to drop my pants, bend over and spread my cheeks."
    --RagingInMiami achieving the DUmp's highest level of nirvana
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  9. #9  
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    Quote Originally Posted by jinxmchue View Post
    Gas prices here dropped when the Senate passed it. Then they dropped again when the House passed it. And they dropped one last time when Bush signed it.
    We're saved!
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  10. #10  
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    Quote Originally Posted by jinxmchue View Post
    Gas prices here dropped when the Senate passed it. Then they dropped again when the House passed it. And they dropped one last time when Bush signed it.
    The stock market was UP 300 points when the House began to vote. It ended the day DOWN 157.
    www.klingtocash.com - my blog, helping you save more of your money.
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