Congress clears hotly contested bailout bill

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

The final vote tally is shown on the floor of the House of Representatives  Associated Press
Associated Press
The final vote tally is shown on the floor of the House of Representatives

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 said it was 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.

Announcement of the vote was greeted by applause.

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GACopperhead
6
Points
GACopperhead 10/03/08 - 01:57 pm
0
0
I'll tell ya, we really need

I'll tell ya, we really need those tax breaks to go to the arrowmakers and rum manufacturers and especially NASCAR......there's never anyone at those races, they're really hurting......

apex24
0
Points
apex24 10/03/08 - 03:07 pm
0
0
http://hotair.com/archives/20

http://hotair.com/archives/2008/09/29/video-democrats-insist-nothing-wro...

Watch this C-Span video and find out what blacks in Congress and the head of Fannie Mae & Freddie Mac (who is black) in 2004 have done to this economy.

whatisreallygoingon
0
Points
whatisreallygoingon 10/03/08 - 03:48 pm
0
0
BLACK BLACK BLACK. Apex24 get

BLACK BLACK BLACK. Apex24 get a grip.

apex24
0
Points
apex24 10/03/08 - 04:52 pm
0
0
Cover, try this... Blacks:

Cover, try this... Blacks: commit 82% of the crime, 77% foreclosure rate and on and on. Does that sound like a problem in this country to you. But then I guess all these problems are the white man fault. By the way, am I a racist or a bigot for giving out the facts. Why doesn't Maxine Waters, Greg Meeks and Franklin Rains try to help this problem instead stealing money from Freddie Mac & Fannie Mae.

GR-10
0
Points
GR-10 10/03/08 - 06:10 pm
0
0
Market falls on fears bailout

Market falls on fears bailout won't save economy
Reuters

NEW YORK, Oct 3 (Reuters) - Wall Street ended its worst week in seven years with another tumble on Friday on fears a $700 billion financial sector rescue plan won't unlock credit markets or stave off a U.S. recession.

Based on the latest available data, the Dow Jones industrial average .DJI was down 155.95 points, or 1.49 percent, at 10,326.90. The Standard & Poor's 500 Index .SPX was down 14.85 points, or 1.33 percent, at 1,099.43. The Nasdaq Composite Index .IXIC was down 29.33 points, or 1.48 percent, at 1,947.39.

Read more: http://www.reuters.com/article/bondsNews/idUSN033603482...

GR-10
0
Points
GR-10 10/03/08 - 06:13 pm
0
0
GACopperhead
6
Points
GACopperhead 10/03/08 - 06:34 pm
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0
Little Tommy gets a job. His

Little Tommy gets a job. His parents cosign on a new car. Tommy defaults, so his parents have to pay off the note(bailout). Tommy's parents go to him and sternly scold him..."Tommy! You've been VERY irresponsible!You were bad, and we have to pay your bill, or it will hurt our credit!!!!.....wait......and here's a Lamborghini to go with it!"

KSL
129740
Points
KSL 10/03/08 - 11:27 pm
0
0
GACop, Show me one example of

GACop, Show me one example of parents doing that. Just one. And yes, I know a lot of the baby boomer parents who came along after my husband and I were quite generous, lenient and forgiving. Not us and we are getting grief for it now. Young sons were made to help self employed dad make money in order to pay for their private schooling. They had to do some sort of work, in addition to their sports activities and practices. I guess it happens, but my sons took a dim view of those have it who took a dim view of kids who kept wrecking their provided new cars. It just takes good parents whether you are dealing with parents who could provide it all but don't, those who can't but want their children to succeed and those who are too impoverished but who realize that the only way their children can really better themselves is to get the best free education that they can, build on that and break out of the plantation.

a different drum
26
Points
a different drum 10/03/08 - 11:42 pm
0
0
I just heard a sound bite on

I just heard a sound bite on the radio -- Nancy Pelosi says, this bailout bill is only the beginning. That's scary to me. Was she trying to reassure the public or scare the hell out of us? If they keep meddling in the markets they will drive us into socialism. I guess, that has always been the objective of the Democrats? Socialistic/Economic Engineers designing a better way of life for the American people trying to liberate them from the grips of a Capitalist free market.

MaryPlayer
0
Points
MaryPlayer 10/03/08 - 11:46 pm
0
0
KSLM, there's no such thing

KSLM, there's no such thing as a free education. My taxes support the public school system so what's free about it?

MaryPlayer
0
Points
MaryPlayer 10/03/08 - 11:52 pm
0
0
BT, you are 100% correct.

BT, you are 100% correct.

a different drum
26
Points
a different drum 10/03/08 - 11:53 pm
0
0
Do you guys remember that TV

Do you guys remember that TV commercial for an insurance company where they have celebrities to translate for the average person? John McCain's staff should make a commercial something like that. Obama talks about change and socialism, but I don't think the average person really gets his message. They could get an actor to impersonate Castro of Cuba. Then run clips of Obama talking about change and Castro could translate for the audience. Explain what changes Obama is really talking about. Of course that might backfire -- half the people in this country would probably be happy living under a communist government. They are more interested in safety and security than FREEDOM.

a different drum
26
Points
a different drum 10/04/08 - 12:10 am
0
0
If we lost everything in this

If we lost everything in this country -- as long as we don't loose our FREEDOM we can build it back.

a different drum
26
Points
a different drum 10/04/08 - 12:22 am
0
0
If Comrade Obama gets elected

If Comrade Obama gets elected we will have change. He will liberate the American people from this evil Capitalistic free market -- where a few have so much and others are very poor. We will attain true equality we will all dress alike and we will all have nothing! (just kidding, but who knows -- with the current problems.)

a different drum
26
Points
a different drum 10/04/08 - 12:54 am
0
0
To be honest, I really don't

To be honest, I really don't see much difference in McCain and Obama. McCain voted for this Bailout Bill. It is almost like we have one party now and they try to make it appear like two parties. I think the problem is: The Special interest groups, big businesses and other countries have bought the influence of our elected official – most of them no longer feel they are accountable to the people. They think they know what is best for the people, with the exceptions of the ones that voted NO on the bailout bill. I plan to vote for McCain because he seems to be the best choice to me. I believe in the free market, but I don't believe in big business running the country (Wall Street). Maybe this is why people vote democrate because they think the democrates will fight the big business that control our government. Both party are influenced by big business. I don't think we need socialism, but I do think we need to break this control that Wall Street appears to have over our government. We need to some how make the elected official feel accountable to the people again.

a different drum
26
Points
a different drum 10/04/08 - 01:02 am
0
0
If we continue to allow big

If we continue to allow big business to have the influence they do in our government -- they will drive us into a one-world government whether we want it or not as they know what is best for us. Let's vote the congress members out that voted YES to this 700 Billion dollar bill.

a different drum
26
Points
a different drum 10/04/08 - 01:14 am
0
0
If you look back at history

If you look back at history -- the communist take over during times of economic trouble.

a different drum
26
Points
a different drum 10/04/08 - 01:18 am
0
0
The one thing that I have

The one thing that I have noticed all politicians have in common is -- THEY ALL LIE. You can easily tell when they are lying -- their lips are moving. (Just kidding)

a different drum
26
Points
a different drum 10/04/08 - 01:32 am
0
0
This is the most confusing

This is the most confusing election year I remember. I am glad I had my mind made up a long time ago. If you are undecided – I suggest you vote for McCain.

disssman
6
Points
disssman 10/04/08 - 08:37 am
0
0
This is why the "meetings"

This is why the "meetings" should have been televised. It must have been a feeding frenzy adding the pork to the "most important vote in fifty teays". Just a side note, I'll bet over 90% of these little darlings are re-elected, any takers?

soldout
1280
Points
soldout 10/04/08 - 09:23 am
0
0
The markets would have fixed

The markets would have fixed this problem but with some pain. Now the markets will have to fix it later with greater pain. The markets always fix man's economic problems. Just as sowing and reaping work; supply and demand does too. If we get deflation instead of inflation as Japan did the government can do nothing to fix that. Japan tried and failed and they survived because the people had lots of savings. Those who are givers and understand the principles of Dave Ramsey will survive again. A worker at a soup kitchen in Chicago said that during the depression he asked hundreds of men and never found a tither in the soup line.

a different drum
26
Points
a different drum 10/04/08 - 12:36 pm
0
0
Lon -- I agree with you. I

Lon -- I agree with you. I think a free market is self-regulating, but it does need some oversight to keep people from cheating. The democratic congress is the one that caused this mess by requiring banks to lend money to people that could not afford to pay it back -- because they wanted poor people to be able to buy houses. It seemed like a good idea -- if people can pay rent -- why not make a house payment? The trouble is people bought more house than they could afford. I have been opposed to this bailout bill, but the more I think about it -- If our government required the banks to make these bad loans to people that could not afford to pay them back. I would think the government should have to make them good.

a different drum
26
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a different drum 10/04/08 - 12:49 pm
0
0
I think the idea of helping

I think the idea of helping poor people buy houses they can afford is a good idea. I think there should have been a maximum amount placed on the houses they could buy and there should have been some type of insurance built into the loans to protect the banks and the taxpayers.

a different drum
26
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a different drum 10/04/08 - 01:00 pm
0
0
I am watching TV news they

I am watching TV news they are showing Obama on the campaign trial -- hundreds of supports holding up signs, "WE NEED CHANGE". The signs should read, "GIVE US YOUR WALLET".

a different drum
26
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a different drum 10/04/08 - 01:48 pm
0
0
I think that when our

I think that when our government passes laws that directly affect the profits of a lawful business -- they should have to compensate the business for their losses. An example: People have always gone to bars to drink and smoking -- they go hand in hand -- both are lawful activates. I think if a bar can show they have lost revenue from a smoking band. The government that passed the law should have to compensate the business for the loss revenue. I think this should be the same with any other law the government passes that causes lost revenue to a business. In the case of the banking crises -- the government required the banks to lend money to high-risk people. The government should make the loans good.

a different drum
26
Points
a different drum 10/04/08 - 02:02 pm
0
0
Small businesses are burden

Small businesses are burden with a lot of government regulation that add cost to doing business. The overseas competitors don’t have these restrictions that add cost to doing business. I think our government should compensate American businesses for the added cost of doing business because of these regulations or place tariffs on foreign products to make it fair for American businesses.

a different drum
26
Points
a different drum 10/04/08 - 02:11 pm
0
0
The Democrats make American

The Democrats make American workers think they are going to help them by requiring business to provide health care insurance. What the workers don't realize is the Democrats will be putting them out of a job because the businesses will move overseas to reduce the cost of doing business. When the Democrats pass laws like this they put people out of work. That is the reason we have so few jobs now. The Democrats have already passed too many laws that increase the cost of doing business. Businesses have been moving overseas to reduce the cost of doing business.

a different drum
26
Points
a different drum 10/04/08 - 02:20 pm
0
0
Barney Frank is on TV saying

Barney Frank is on TV saying they will do some serious surgery on the banking laws to prevent this from happening again, when they get back. Now, this is scary to me, because it appears he and other members of Congress played a big role in causing this problem. This reminds me of a person that hired an electrical to do some work on their home. The electrician does poor work and the house burns down. They rebuild the house and hire the same electrician to wire the new house.

a different drum
26
Points
a different drum 10/04/08 - 10:20 pm
0
0
FOX News had a special news

FOX News had a special news program on the melt down of Wall Street it aired between 8 and 9 PM this evening. If you have cable on demand or they re-air it -- I recommend you watch it. It was very informative about how about how this crisis developed.

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