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. INDEPENDANT VET

    WHO WAS IT THAT STARTED SENDING JOBS AWAY WITH NAFTA ???

    NOW LOOK WHAT THE DC BUNCH WANT TO PUT IN AS YOUR LEADER .

    CHECK THE WALL STREET JOURNAL , LOOKS LIKE THE DC BUCH DIDN'T DO TO MUCH CHECKING . FOR THERE LEADER HAS TERROIST TIES . OBAMA AN HIS LONG TIES WITH WILLIAM AYERS , WHO WAS ON THE FBI'S MOST WANTED LIST FOR NEARLY A DOZEN TERRORIST BOMBINGS .

    THE TRUTH IS FINALLY COMING OUT.

    MICHELLE HAS ACHIP ON HER SHOULDER ALSO , FROM BACK IN PRINCENTON .

    THEREFORE WHAT A BIG MISTAKE THE DC BUNCH HAS MADE. BOOOOOOOOOOOOOOOO

    September 28, 2008 06:34 pm at 6:34 pm |
  2. Griff

    Some people are so nieve.. This is not 1949.... America wealthy?

    September 28, 2008 06:35 pm at 6:35 pm |
  3. MikeH

    Sunlight is best disinfectant. Publish the names of ALL the executives, at ALL levels (I'm talking to you Bush and Cheney) who contributed to the looting of America.

    September 28, 2008 06:36 pm at 6:36 pm |
  4. TO ALL AMERICANS THAT VOTED FOR BUSH, NOW IS THE TIME TO PAY THE BILL!

    To all those who voted republican in 2000 and 2004, your responsible for the folks that brought America to the brink.

    So, do like the sane one that did NOT vote for bush but now have to help pay the bill for his disacterous reign.

    I suggest you do the same accept responiblity, that you enabled the Moron, now you have to pay the price!

    September 28, 2008 06:36 pm at 6:36 pm |
  5. McCain still suffers from PTSD

    These two past weeks has proven to the American people that Mr. McCain is still suffering from PTSD and unfit to hold the office of the Presidency of the United States:

    1. Rolling the dice with Americans is NOT presidential Mr. McCain. Your GAMBLING problems have 'rolled' into the Presidential race!

    2. Selecting a VP candidate as a model spokeswoman for 'beauty' is NOT presidential

    3. Spewing LIES every time you campaign speaks to the American people Mr. McCain is NOT presidential

    4. Using POW to solicit sympathy and a handicap as a means to prove you’re qualified Mr. McCain is NOT presidential, it is down right corrupt and unethical

    5. Claiming only YOU can find Bin Loden because you know where he is and knows how to get him but you SIT ON YOUR HANDS and use this to win votes is NOT AMERICAN NOR Presidential ! THIS IS TREASON!

    6. The American people saw what McCain offered this past Friday at the debate and what McCain displayed shows us again, he is UNFIT to serve.

    7. McCain who is suffering from PTSD and unable to manage his emotions is HIGHLY RISKY FOR ANY CRITICAL OFFICE.

    8. Mr. McCain, keep your promise to the American People and think of country first! Resign your campaign and admit you are unfit to serve.

    September 28, 2008 06:38 pm at 6:38 pm |
  6. Emma, San Jose, CA

    Steve Schmidt said on Meet the Press today that John McCain is the one who brought the sides together so this could happen. He is shameful and a liar, like his candidate.

    September 28, 2008 06:39 pm at 6:39 pm |
  7. Mack

    People..there is a lot of blame to go around and you should not just blame the republicans..the democrats have been in charge of congress for two years and have done nothing..they actually managed to accomplish less than the DO NOTHING CONGRESS. McCain warned people, Obama did not..so stop blaiming the wrong people.

    September 28, 2008 06:39 pm at 6:39 pm |
  8. C-Lo in Texas, Obama 08

    NO BAILOUT, PERIOD.

    September 28, 2008 06:40 pm at 6:40 pm |
  9. Sharon from Virginia

    This Bailout is a bunch of BS. I say let the Melt Down Begin.

    September 28, 2008 06:41 pm at 6:41 pm |
  10. Rob indetroit

    MCsame caused all this ,MR.Deregulator!!!!

    September 28, 2008 06:43 pm at 6:43 pm |
  11. Liz T, Tucson

    Obama will tax windfall profits and incomes over $250,000. That should take care of any golden parachutes.

    If there are 25 million bad mortgages, 700 billion dollars would pay 28 payments of $1000 each on every one of them. Why wasn't that considered? Seems like that would take care of the problem. I could stay out of trouble with just $500 per month, so maybe could others. Why not just bail out the little people? We vote, and, more and more, we donate to campaigns.

    I hope there is enough flexibility to change the law when Barack gets into office.

    September 28, 2008 06:43 pm at 6:43 pm |
  12. Mrs. Texas Teacher

    I would like to know why I can't get a comment posted? I see much largers comments and yet mine are not even coming up for moderation! Any explanation, I do wonder!

    September 28, 2008 06:48 pm at 6:48 pm |
  13. California

    tnx for stealing my tax dollars

    September 28, 2008 06:48 pm at 6:48 pm |
  14. Maura, TN

    One word, deregulation.

    Obama/Biden 08

    September 28, 2008 06:49 pm at 6:49 pm |
  15. ohio

    did mccain sign the bill??? he was there to fix all the bailout problems. mccain go home and sleep

    September 28, 2008 06:50 pm at 6:50 pm |
  16. Rob indetroit

    This is what happens when Republicans are in power, My plan calls for every republican to lose his seat in the white house,senate ,and congress.when that happens then we will have the utopia that has been promised.

    September 28, 2008 06:50 pm at 6:50 pm |
  17. Mrs. Texas Teacher

    Well, that one went up. Strange!

    I think the Republicans got us into this mess, and McCain is right in there with the rest of them. Now he is crying Maverick. Maverick of what.... deregulating every thing he can so that people like him and his wife can rape the public.... and get bailed out.

    Does anyone recall that Bush, Jr. was one of the biggest cats in the last saving and loan bailout in his daddy's administration? Strange that just before he goes out of office we need another one!

    September 28, 2008 06:51 pm at 6:51 pm |
  18. fixthebroken

    I implore everyone to take the time and read the 106 page bill in full in order to make an informed decision as to whether this is the best compromise in order to balance a stop of an economic collapse with the money we as tax payers will initially pony up.

    My initial reading tells me that the bill is not great, but it is not the end of the world either. Much better than Paulson's original circus act plan.

    September 28, 2008 06:52 pm at 6:52 pm |
  19. bill canada

    Just watched 3 football games on tv. with all 3 stadiums full and CNN. sending helicopters at $800 per hour to show the highway in Alaska for the hundredth time. Seems to me ,you guys have too much money.

    September 28, 2008 06:52 pm at 6:52 pm |
  20. insider

    If I was a cartoon artist I could draw a picture of a wealthy man in a very nice suite (he might look like Mccain) with one arm stretched out and reaching out to the government with his palm open and his other arm stretched out giving the finger to the poor people in the unemployment line.

    Pissed over this bail out!!!

    September 28, 2008 06:55 pm at 6:55 pm |
  21. Michigan Independent

    What would happen if the $700 billion was divided equally to all US citizens to pay their debt to credit cards, house mortgages, college and car loans.....this would be a major stimulous to all US citizens and financial bodies?....

    September 28, 2008 06:56 pm at 6:56 pm |
  22. Wake-up America

    REPUBLICANS OFFICALLY INTRODUCE AMERICA TO SOCIALISM!

    Someone who really understands Politics Go Get 'em.

    There is plenty of blame to go around. Poor lending practices, an overstated hosing value market, deregulation of an industry that has gone rampet for years, greedy corporations and their executives and Board of Directors. But there is another factor no one wants to talk about: speculative buyers and homeowners buying other properties to flip them for profit. Nothing wrong with that, that is Capitalism. But when everything collapsed and they couldn’t pay their mortgages they file Bankrupcy and then the Mortgage holder is left holding the bag. Then it snowballs into this mess and taxpayers again are paying for it. Franckly, I pay my Mortgage every month and the Bailout Plan has considerations for foreclosures but I believe it should be limited to Primary Residents only. It’s bad enough taxpayers are bailing out Wallstreet and big Corporations, which is unfortunately necessary but why should the rest of us help the speculators?

    September 28, 2008 06:58 pm at 6:58 pm |
  23. alvino

    Gee, will we have enough left to support more wars if Johnny Mack gets elected? It will also be interesting to see if McCain will support Bush and the biggest socialism project in modern history.

    September 28, 2008 06:59 pm at 6:59 pm |
  24. Freeport Dan

    I Don't Support at all the govt giving 700 Billion to fix this Wall St screw up. That money is going to vanish an a few rich people are going to be able to breath easy again. Screw'em.

    Give the money to the people. This is the plan. Figure out the numbers on how many homeowners there are with mortgages on their primary residence. Take the $700B and pay of say 50% of of the outstanding principal on those mortgages. Have the money go directly to the banks(Not checks to citizens). Make the banks refinance those loans with new lower monthly payments.

    The money they receive is going to give them all the liquidity they need. The reduced mortgage payments are going to create so much additional discreationary income that the people will invigorate the economy with new buying and investing.

    That solution with create a long term benefit to the US economy. Hell if you are giving it away spend it the way the people want for their benifit.

    This Give $700B to these fat cats is the most ridiculous thing I have heard. This is Bushes last chance to give money to his richy rich friends. Halliburton, defense industry, oil companies and now Wall Street. Bush is going for the Hat Trick and the fools are letting him.

    What a Crock.

    Yea I Said it.

    September 28, 2008 07:00 pm at 7:00 pm |
  25. Bill

    THE DUNG HAS HIT THE FAN, NOW WE ALL WILL SMELL IT.

    September 28, 2008 07:02 pm at 7:02 pm |
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