September 29th, 2008
02:11 PM ET
6 years ago

House kills $700 billion bailout plan

The House of Representatives rejected the bailout plan Monday. Watch live coverage on CNN.com/live.
The House of Representatives rejected the bailout plan Monday. Watch live coverage on CNN.com/live.

WASHINGTON (CNN) - The House of Representatives Monday rejected a $700 billion plan to bail out the financial system, putting a roadblock in front of the largest government intervention in the market since the Great Depression.

Watch: GOP blames Pelosi

Republicans and Democrats blamed each other for the failure of the bill, which President Bush had urged Congress to approve.

Watch: GOP 'punished the country'

It was intended to reassure financial markets by giving the government the power to buy "illiquid assets" such as bad mortgages.

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Filed under: Congress
soundoff (405 Responses)
  1. MF

    I did not support the bailout because I felt Bush and his appointees 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 that Warren Buffet has stated that the bailout is absolutely necessary, so, albeit, reluctantly, I do now support the bailout bill.

    September 29, 2008 02:50 pm at 2:50 pm |
  2. Joan

    It seems the partisanship is bipartisan and in the end the people (you and I) are forgotten about. Congress is more concerned worried about their jobs instead of ours.

    September 29, 2008 02:50 pm at 2:50 pm |
  3. Mike in Sacramento,Ca

    When is McCain on his White horse now?
    OUCH i guess even the horse knows better.

    September 29, 2008 02:50 pm at 2:50 pm |
  4. Doug R.

    Another broken Republican promise...no surprise there.

    September 29, 2008 02:50 pm at 2:50 pm |
  5. John F. Leech

    "Waahhhh. Nancy Pelosi said some bad things about us, so we voted against the bill to rescue the economy." Grow up you losers.

    In a time of national emergency, the GOP, and McCain, play politics.

    "W" can't control these House Republicans, either can their leadership. Most importantly, even John McCain can't control them.

    I can't wait to see how far down stocks actually get. What a week this is going to be.

    September 29, 2008 02:50 pm at 2:50 pm |
  6. thousands of home were lost today

    it is going to get worse....what the Repubs, under McCain's leadership did today was tell a man with walking pneumonia to go home and do nothing. Bush has destroyed this country...now the question we are going to have to face is how long will America be a world power? this is just another shinning example of why we can not afford John McCain as POTUS

    September 29, 2008 02:50 pm at 2:50 pm |
  7. Daniel va

    Well the gop are so full of lies to save their skin, that make easier for them to blame someone else instead to look at them in mirror, because the are so ashamed of their president the won't tell anyone either

    September 29, 2008 02:50 pm at 2:50 pm |
  8. len2052

    Bail out "Main St" and working people first,then Wall street will grow!

    September 29, 2008 02:50 pm at 2:50 pm |
  9. Dal CA

    It is McCain who is to be blamed for the failure

    September 29, 2008 02:51 pm at 2:51 pm |
  10. Mikey

    Chris Moses September 29th, 2008 2:45 pm ET
    Bailout a company??? This is not what needs to be done!! Take the 700 billion and give it to every tax payer over 18 years old. Thats over $200,000 for each person.
    __________________________________________
    So, you think there are only 3.5 million taxpayers in the country. It's $7,000 per household in America. If you include people who pay FICA as taxpayers, it's probably close to $5,000 each.

    September 29, 2008 02:51 pm at 2:51 pm |
  11. GEORGE BANGO

    After years of Republican mismanagement of the economy, only one thing can save MCAIN now- being WHITE.

    September 29, 2008 02:51 pm at 2:51 pm |
  12. Linda

    Folks...today you witnessed the Republicans making a "political" decison, not an "economic" decision that is resulting in a dramatic drop in the financial markets. PLEASE stop the political positioning, and for ONCE THINK ABOUT MAIN STREET people. You have brought the U.S. economy to it knees and you can now see the domino effect on world wide financial markets!! Reverse the decision now and approve the Bill! Enough is enough on securing your political position!!! I just switched my vote to the Democratic ticket!

    September 29, 2008 02:51 pm at 2:51 pm |
  13. jimmy

    CNN STOPS COMMENTS ON BAILOUT PLAN WHEN YOU TELL THE TRUTH ON WHY THE BAILOUT PLAN FAILED.
    NANCY PELOSI SPOKE AS IF THE PLAN WAS HER AND HER PARTY'S SOLE PLAN FOR SOLVING/SAVING THE CONOMIC CRISIS. ALWAYS PLAYING PARTIXANSHIP AFTER HER TWO YEARS FAILURE AS LEADER OF THE DEMS PARTY IN POWER FOR TWO YEARS WITH DO NOTHING SESSIONS AND THE AMERICAN PEOPLE RATING THIS CONGRESS THE LOWEST RATING BY THE AMERICAN PEOPLE IN DECADES.
    AS AMERICANS WOULD SAY , KICK THE BUMS OUT. VOTE REPUBLICAN.

    September 29, 2008 02:51 pm at 2:51 pm |
  14. saved

    John McCain will say Obama is the reason the bill failed.

    September 29, 2008 02:51 pm at 2:51 pm |
  15. Rodger

    The Republicans caused this problem, they would not support Bush,
    if this causes another depression...it's their fault!!! McCain sounds like Herbert Hoover!!!! "Happy days are here again!" It's now up to the democrats to come to the rescue for the failed Republican administration!!!

    September 29, 2008 02:51 pm at 2:51 pm |
  16. Joyce, nj

    As painful as that amount appears to be – it is a MUST. Or we tumble down to depression.

    How can they play politics with our future?

    The provisions of the bill are fine by me. There will be strict regulations, there will be an oversight board, there will be no parachutes. More importantly, the money will not be released all at once. it will be in stages and Paulson would have to face and prove to congress that he needs the remaining amount.

    I say that's fair enough. How selfish could these politicians get?

    September 29, 2008 02:51 pm at 2:51 pm |
  17. Georgia Gal

    I just have a question for all of those out there who seem to think this was a good idea ... do you not have a 401K or a Roth IRA or something like that?? Do you not realize that average Americans invest in the stock market too and that this is hurting them??

    September 29, 2008 02:52 pm at 2:52 pm |
  18. chris

    its high time we threw the bums out

    September 29, 2008 02:52 pm at 2:52 pm |
  19. Were NOT "your friends"!!!

    FINALLY, someone made some good decisions not to vote for this bill. Way to go folks, you got something right in the last 8 years!

    Obama/Biden '08

    September 29, 2008 02:52 pm at 2:52 pm |
  20. Don

    Increase taxes on business, you populists demagoguery carrying politicians... No clue on economics and no clue on foreign affairs, just talking. This is what Dem's have to offer nowadays.

    September 29, 2008 02:52 pm at 2:52 pm |
  21. Reality check

    For the record, a significant number of democrats voted AGAINST this bill. Those of you blaming the republicans need to fact-check your impressions before spreading your hate.

    Blame Pelosi for failure to compromise and unite her own party!

    "Ample no votes came from both the Democratic and Republican sides of the aisle. More than two-thirds of Republicans and 40 percent of Democrats opposed the bill"

    September 29, 2008 02:52 pm at 2:52 pm |
  22. Hard Working American Citizen

    As Goldman's chief, Paulson received an $18.7 million cash bonus for the first half of 2006, and in 2005 he was the highest paid chief executive officer on Wall Street, reaping $38.3 million in salary, stock and options. He also accumulated 3.23 million shares of Goldman's common stock worth $492 million, plus restricted shares worth $75.2 million and options to purchase 680,474 shares, according to a Goldman regulatory filing on July 2, 2006.

    No one person needs or deserves this much money when hundreds of thousands are losing their hard earned retirement funds because the a corporate titans such as Paulson decided to gamble with the money we've ALREADY given them... now they want more of our tax dollars to bail themselves out??? Bravo Speaker Pelosi on your comments that swayed the needed Nay votes this evening to NOT give these greedy corporate titans one more dime of our money.

    September 29, 2008 02:52 pm at 2:52 pm |
  23. Republicans are history

    The republican party has distroyed our country. Few likes us in the world and now our economy is in the gutter. Thanks a lot republicans, you are now toast.

    Obama / Biden '08

    September 29, 2008 02:53 pm at 2:53 pm |
  24. McGimmick gimmick FAILED!

    What the HECK happened McGimmick? I thought you said this gimmick would work. You even went on TV yesterday bragging about how you whipped the GOP in place, now tell me, if your own GOP party don't trust or respect you WHY SHOULD I?

    Get your gimmicky behind back in Washington and FIX THIS THING!

    September 29, 2008 02:53 pm at 2:53 pm |
  25. BAIL ME OUT FIRST

    Then we can talk about bailing out companies that played craps with their company and the entire economy.

    September 29, 2008 02:53 pm at 2:53 pm |
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