September 28th, 2008
05:55 PM ET
6 years ago

$700 billion rescue bill released

A rescue bill was released Sunday evening.
A rescue bill was released Sunday evening.

WASHINGTON (CNN) – A draft bill to create a $700 billion bailout of the financial industry was released by members of Congress on Sunday.

House Speaker Nancy Pelosi, D-California said she hopes the bill will be up for a vote Monday.

"We will have to have bipartisanship to pass it," she said.


Filed under: Congress
soundoff (81 Responses)
  1. REPUBLICANS OFFICALLY INTRODUCE AMERICA TO SOCIALISM!

    To all the ditto heads screaming Obama will introduce the United States to socialism. Since republicans appear to have a difficult time with both facts and how to obtain them, and ditto heads seem partial to having decisions spoon fed to the them in small easy to remember sound bites, much like a baby eating his or her daily morning pabulum, therefore I have done the research for you.
    .

    “All socialists share the belief that capitalism unfairly concentrates power and wealth into a small section of society who control capital, and creates an unequal society. All socialists advocate the creation of an egalitarian society, in which wealth and power are distributed more evenly, although there is considerable disagreement among socialists over how, and to what extent this could be achieved.[1]”.

    One of the extents to achieve socialism is called “social democracy”.

    “Social democrats propose selective nationalization of key national industries in mixed economies combined with tax-funded welfare programs”.

    As a result, under the last 8 years of republican control in the White House now and control of Congress since 1996 until 2007 the U.S. government now owns an insurance company, two main home financing companies and very soon will own investment and banking firms both national and international in what used to be the private sect.

    The bill that will introduce us to socialism is now in Congress and was introduced by republicans under President George W. Bush

    So, to recap:

    President Obama will INHERIT an economy that is ALREADY a democratic socialist economy that was set up by republicans as a welfare program to bail out the fat cats on Wall Street!

    September 28, 2008 06:07 pm at 6:07 pm |
  2. el

    I'm hearing about the bail-out bill and wondering if any member of the oversight committee that will be formed isn't going to be a presidential appointee, and why, if as it is being framed a bail-out for main street, doesn't it give bankruptcy judges the authorization to rewrite mortgages with lower payments to prevent some of the rising number of bankruptcies.

    The bigger question I have is why didn't the bail-out go entirely to the people? $700 billion=$2300 per person, $9200 for a family of four. That could've paid off a lot of credit debt, mortgage payments, and increased retail spending, all of which could have freed up credit markets, kept people in their homes, and stimulated production/retail sales.

    Not to mention it would've gone a little way to improve the approval rating of congress. The overwhelming majority of people in this country are against this bail-out, if it went to us, the overwhelming majority would be for it, which might mean less political ramifications come November.

    September 28, 2008 06:08 pm at 6:08 pm |
  3. leapfrog

    Bend over, everyone. Time to take your medicine...

    September 28, 2008 06:10 pm at 6:10 pm |
  4. MLD

    I hope the American people will realize that this mess was caused by the ideals of Mr. DEregulator. It's time to see McCain for the hypocrite he is with his flip flop crap spewing from him daily.

    September 28, 2008 06:11 pm at 6:11 pm |
  5. Barney

    But Monday's a Jewish Holiday – Lieberman couldn't be there.

    Wonder how much McCain's 8 houses – oops, mega-mansions – value declined thru all this ?

    September 28, 2008 06:11 pm at 6:11 pm |
  6. JD in NC

    Hopefully it will be followed by stronger regulatory oversight and enforcement to prevent this from happening again.

    It might slow down "growth", but right now we are going to be shelling out a lot of cash to deal with the false-growth Wall Streeyt was reporting.

    September 28, 2008 06:12 pm at 6:12 pm |
  7. S. Boatman

    Im Going To Read It First . . . But Im Quite Certain I Wont Be Happy With It!

    September 28, 2008 06:12 pm at 6:12 pm |
  8. PM

    ENOUGH!!!!!!!!!

    When Walmart was putting small businesses out of business, where was the bailout?

    When the mortgage crisis began, over a year ago, where was the bailout?

    When Delta declared Chapter 11, where was the bailout?

    No bailout, none, zip, zero. Help the real Americans. Help the Americans who go to work everyday and are having trouble paying for groceries. Do not help the people who make over 10 million dollars a year. Do not help the people who are driven to work and have not shopped in the grocery stores in years if not decades.

    Make the C-Level exec's cut their salaries and benefits to save their companies. Make the people who have no sense of reality, no sense of what their lowest paid employee goes through just to feed, house, and cloth themselves and their families tighten their belts and reinvest in their companies.

    ENOUGH!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    September 28, 2008 06:13 pm at 6:13 pm |
  9. Some Things Never Change

    I say let the economy melt down, maybe at that point the government and the rich will learn their lesson. Oh, I'm sorry it's the rich and big business who run the government, the Congress, the Candidates and the White House are in their back pockets, we have a puppet government.

    Ladies and gentlemen we are seeing the beginning of the end of free market capitalism and a switch to Socialism where government owns the means of production and they set the price.

    This bill is not worth the paper it is written on, if anyone thinks the government will actually do anything to enforce these so called measures they are living in a fantasy world. The government hasn't done anything to protect us working folk yet, like they will start now. It is all about big business and the rich and powerful, so much for the little guy. I guess we are just left sucking in a wind tunnel, sucks to be us doesn't it.

    September 28, 2008 06:14 pm at 6:14 pm |
  10. Lisa

    In the vent that the $700 Billion Bailout Bill is past. I don’t care what the content is, Bush is still getting a check for 700 billion dollars.
    During the last recession, my husband lost his business, I did not see the government bail us out, we lost everything.

    If they need a bail out, let the CEO’s return the Bonus they got, the millions of dollars they where paid.

    I do not want my tax money used et al, not one penny, in the event my tax dollars is used for this bailout, I will sue the government of the United States of America as well as Wall Street and all the financial intuitions that have any thing to do with this.
    I will start a petition, and then call every American Citizen to join me.

    I am not kidding
    Try it and lets see what happens
    I do not want my kids or my grand/great grand children to end up paying for people who committed fraud; they have gotten away with it for many years.

    Let the Rich bail themselves out!

    A really upset American

    I don’t want my tax money used. And if you do, I will sue the government!!!

    September 28, 2008 06:14 pm at 6:14 pm |
  11. American Patriot

    No bail out for the American people.

    GET READY FOR THE WORST DEPRESSION IN HISTORY.

    Me and MY FAMILY ARE NOW PREPARED< IS YOUR FAMILY.

    We have stocked up on what we need to survive.

    The time to March on washington by the Millons has come.

    September 28, 2008 06:14 pm at 6:14 pm |
  12. L. MIAMI, FLORIDA

    AMERICANS,

    OLD MCSHAME HAS NO HONOR EE I EE I O !

    September 28, 2008 06:15 pm at 6:15 pm |
  13. Shirley Collins

    I do not understand why you reporters allow people like Barney Frank and Chuck Schumer to stand in front of mikes and cameras and blame this financial fiasco on George Bush and the Republicans. Check their records!!! They both blocked legislation even after Alan Greenspan testified that there needed to be greater oversight on Fannie Mae and Freddie Mac. Both cited that these were sound institutions. Barney Frank even encouraged them to make more loans to poor constituents. Then they along with Barak Obama say that this is George Bush and his failed policies. Some of you are sleeping on the job!!! There's enough blame to go all the way around both parties and it should be pointed out!! Do your job !

    September 28, 2008 06:15 pm at 6:15 pm |
  14. Mike Dallas

    I did not support the bailout because I felt Bush and his appointee Paulson were devoid of integrity, economic knowledge and I was suspicious of their motivations. It was too reminiscent of the run up to the Iraq war. I was extremely distrustful of the bailout.

    However, today I hear Warren Buffet has stated that the bailout is absolutely necessary to prevent credit system from freezing, so, albeit, reluctantly, I do now support the bailout bill.

    September 28, 2008 06:16 pm at 6:16 pm |
  15. CM

    Now look for Johnny to come out from the wings and take credit for pushing this through.

    Aren't you Republicans done raping this country yet? We're spending how much on an illegal foreign war and McCain's answer is to cut spending at home? Looks like it'll just go towards supporting more of his wars.

    September 28, 2008 06:17 pm at 6:17 pm |
  16. FreeNLovIt

    You know, for once in a lifetime, I actually want to see them stand at lines, asking for UNEMPLOYMENT and foodstamps, the way we all do.

    I think after experiencing it, they'll value making money the old-fashion way.

    I guess life is not fair.

    September 28, 2008 06:21 pm at 6:21 pm |
  17. nadeem

    I cant' believe this is the result of 8 years of republican rule.

    September 28, 2008 06:23 pm at 6:23 pm |
  18. Griff

    Whether a $100,000, or a $100,000,000.000. You still need professinal's. Give it to anybody, they will take a Holiday in Mexico or something as Stupid..

    September 28, 2008 06:23 pm at 6:23 pm |
  19. melica kendrick

    i think this bill sucks why should my hard earn money pay for this when bush is the one who put us in this why don't bush sale his farm and take all his money and put on this bill this bill is not going to help me i am a poor person living from pay check to pay check and now bush wants more of my money the rich gets richer and the poor get poorer bush don't care about no one but himself if he walk in my shoes for 6 months then he no but no this bill not going to hurt him and all so why should we still have to pay all the past president after they leave take that money put on this bill they have there onw money why do we still need to pay them the rest of their life that is wrong i blame bush for putting us in this like i said he don't care about us just himself if obama say he for this bill i will not vote at all cause i sure don't want another want a be bush in there mcCain that what he is this bill is not going to help us just the rich
    melica ann kendrick

    September 28, 2008 06:28 pm at 6:28 pm |
  20. HunkyForJustice

    Oh dear God! With 700 billion dollars just printed out from nothing, what's gonna be the INFLATION?????!!!!! Tell me I'm having a nightmare!

    September 28, 2008 06:28 pm at 6:28 pm |
  21. Wake-up America

    Mack: McCain did nothing except hamper the efforts on Thursday. He is not on the Committee, he is not the President, Thank God!!! He is nothing more than 1 Senator just like Barack Obama and the other 98 Senators. Get your head out of the Elephants backside!!

    Linda/Michigan: Everything I have heard and read from multiple news organization, indicate nothing regarding earmarks. Just another uninformed, ignorant Republican who can get facts straight.

    Jayson: Another uninformed Republican. FACT: 109th Congress (1-2005 to 1-2007) Senate: 44 Dems, 55 Repubs & 1 Indep; House: 206 Dems, 227 Repubs & 1 Indep; 110th Congress (1-2007 to 1-2009) Senate: 49 Dems 49 Repubs & 2 Indep; House: 236 Dems, 199 Repubs. So Democrats have had a slim 4% lead in only the House for 19 months, dead even in the Senate and the Republicans are saying the Democrats have done nothing. Try watching C-Span. I researched your claim and there was no such motion presented in the Senate or the House. Maybe he was part of a proposed bill, but didn’t present it.

    By the way: McCain has missed 57.4% of Senate Votes from Jan 2005 to Dec 2007. I am excluding 2008 since he has been campaigning. By the way you ignorant Republicans, there is no such vote as “Present”. It is Yea, Nea or Missed Vote. And as you can see McCain tops that list, IDIOTS. He has been a ghost for the last 2 years. But he and his Republican Greed Machine Corporate Executives and Lobbyist are the cause of this mess. Just do a little research.

    September 28, 2008 06:28 pm at 6:28 pm |
  22. WM in Colorado

    All of you that plan on voting for either McCain or Obama are getting what you deserve. There is absolutely no difference between the two of them as far as I am concerned...or between the Democrats and Republicans. They are only looking after themselves.

    September 28, 2008 06:29 pm at 6:29 pm |
  23. jimmy

    DEMOCRATIC LEADERS (PELOSI AND REID , ETC.) HAD TWO FULL YEARS TO TELL THEIR CONGRESSIOAL COMMITTEES AND SUB-COMMITTEES TO DO THEIR JOBS OVERSEEING THE WORK OF THE MANY AGENCIES OF THE FEDERAL GOVERNMENT .
    TWO YEARS ....FELLOW AMERICANS , OF INACTION BUT THEY ALL HAD TIEM TO TAKE 5 FULL WEEKS VACATIONS WHILE THERE WAS CRITICAL WORK TO BE DONE IN CONGRESS..
    NOW THESE SAME PEOPLE CANT WAIT THEIR TURN TO TALK IN FRONT OF TV CAMERAS AND REPORTERS TO TELL US THAT THEY HAVE REACHED A HISTORIC ACCOMPLISHMENT BY THE
    ]EMERGENCY BAILOUT BILL SEN.. RIED SAID" WE HAVE A CRISIS"
    AS IF HE ANDAMERICANS JUST REALIZED IT. ANOTHER ONE "
    HE SAID" WE HAD TO DO SOMETHING" REALLY ? DID THEY NOT
    KNOW THAT THIS WAS COMING?

    September 28, 2008 06:33 pm at 6:33 pm |
  24. MikeH

    The French turned to the guillotine for use in times like this.

    September 28, 2008 06:33 pm at 6:33 pm |
  25. Annie

    I hope this works, or God help us. And for anyone who thinks that McCain is or can be a savior in all this, he's still for cutting taxes on corporations and the top 10% wealthy (trickle down economics), and deregulation. This is a man with an oil heiress mom and beer heiress wife who may have been a POW but doesn't know what it's like to juggle eating with keeping a roof (single or plural) over his head. Hope you know what you're doing when you vote in November.

    September 28, 2008 06:33 pm at 6:33 pm |
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