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.

More from CNNMONEY.com


Filed under: Congress
soundoff (405 Responses)
  1. Chelle in Fla

    This is getting scary day by day!

    September 29, 2008 02:17 pm at 2:17 pm |
  2. McCain Invented the BlackBerry, Palin Invented the Manure Spreader

    There goes the neighborhood

    September 29, 2008 02:17 pm at 2:17 pm |
  3. landi

    may god bless the souls of the american people.

    September 29, 2008 02:18 pm at 2:18 pm |
  4. Rick, DeWitt Nebraska

    Thank you!!!!

    Frankly we need to let some of these companies go down hard and have their CEOs try to get their golden parachutes from the remains of the company instead of our tax dollars. Then we help those who bought up the failing companies and give them a hand. Its Darwinian but its better than letting folks exercise their golden parachute clauses on our tax dollars.

    September 29, 2008 02:18 pm at 2:18 pm |
  5. dustin

    haha, isn't it time for all our leaders on both sides to admit that no one really knows what they're doing? Above all, even financial security, give me truth.

    September 29, 2008 02:18 pm at 2:18 pm |
  6. Brian

    Attention John McCain!!! Please do not go back to Washington DC to try to "FIX" anything!!!

    September 29, 2008 02:18 pm at 2:18 pm |
  7. carlo

    We are going into a Depression. Thanks a lot Republicans. It's like the first Depression all over again.

    September 29, 2008 02:19 pm at 2:19 pm |
  8. Lou

    Shame. maybe they need mccain back on capital hill to get them on board. GOP hate this bill, and hated even more the earmarks that the DEMS wanted included i.e. 30% of profits to go to ACORN – the corrupt community group that has been proven to have done nothing. Also the same group that Obama worked for with Ayers and has endorsed Obama.

    September 29, 2008 02:19 pm at 2:19 pm |
  9. Sylvia B

    Lets get a few things straight. Please stop repeating the lies from McLiar. Frank Raines was never an adviser of the Obama campaign - McLiar campaign lie. Jim Johnson was only recruited to sit on the VP vetting committee and was let go as soon as his connection to Fannie Mae was revealed. Rick Davis is a top McLiar adviser - has gotten $2.1 million from Fannie Mae up to last month. Phil Gramm (biggest culprit for bailout and made millions from it) was McLiar's economic adviser until a few months ago and continues to advise McLiar in the background. So please get the facts straight.

    September 29, 2008 02:19 pm at 2:19 pm |
  10. Michael

    What the HECK is going on here?????????????

    I for one do not like the idea of bailing out Wall Street, but this is bigger than just Wall Street!! I am not an expert in economics

    These jokers in Washington, and I mean all of them, including McCain an Obama are all a joke!!!!!

    So much for putting partisan politicsset aside for the good of the country!!

    September 29, 2008 02:19 pm at 2:19 pm |
  11. I'm in Charge Here ... Al Haig lives on in McCAin

    President Bush is a failure with no ability to build consensus / coalitions.

    McCain had to stick his nose in the middle of this last week and screw it up!

    Thanks a lot John.

    You and your selfish political stunts have cost this country dearly.

    September 29, 2008 02:20 pm at 2:20 pm |
  12. Nancy, MI

    YES, THANK GOD.

    America = 1
    Wall Street = 0

    Oh happy day.

    September 29, 2008 02:20 pm at 2:20 pm |
  13. Jeff

    Nancy Pelosi has to go. She is weak and if McCain bcomes President we will need a strong Speaker to stand up to him.

    September 29, 2008 02:20 pm at 2:20 pm |
  14. Kaye- Jacksonville FL

    These people are idiots....let the economy sink even further into chaos...the Republicans will pay the price when they're just as unemployed and broke as everybody else....

    shame on the republicans...

    September 29, 2008 02:20 pm at 2:20 pm |
  15. TF

    They should look into how many Congress person's sold stocks on Friday and bought today.

    Follow the money! Isn't that the first rule of investigations.

    September 29, 2008 02:20 pm at 2:20 pm |
  16. Election Watcher

    The Democratic party clearly wants to delay this measure for political gain. They saw how McCain's poll numbers dropped as the crisis came to a head and how they rose again as compromise seemed evident on the horizon. So they want stall an agreement until after the election so they can gain the White House but at the cost of the economy. Thanks for nothing Dean, Pelosi and co.

    September 29, 2008 02:20 pm at 2:20 pm |
  17. Ted

    I wish John McCane hadn't inserted his campaign into this. It's now Republicans wanting a solution that will make McCain look like he influenced the bill, and democrats complaining about McCain meddling and delaying progress. What a pity?!!!!

    September 29, 2008 02:21 pm at 2:21 pm |
  18. tedious898

    I hope the GOPers are real proud of themselves. Everyone's 401k gets hit! We all go broke and these idiot GOP congress people are killing the bill presented by their president. Country 1st alright!

    Honestly I don't agree with it...but I didn't vote for the GOP dummy in office right now either.

    September 29, 2008 02:21 pm at 2:21 pm |
  19. SWEET!

    Let 'em eat cake... My business will carry on and when the market bottoms, I can buy , buy, buy and make a fortune overnight :)
    I'll then retire to a country that is not so polluted by fundamentalist nut-cases

    September 29, 2008 02:21 pm at 2:21 pm |
  20. Michele, Pittsburgh, PA

    The conservatives that got us into this mess are willing to throw us into a depression to score political points. Yes, it was a bad bill, but the consequences are going to be a lot worse. Unbelievable.

    September 29, 2008 02:21 pm at 2:21 pm |
  21. Trudie, CA

    Brad Sherman, a Congressman from Sherman Oaks says that the bailout is like a thirsty man demanding water in the desert. When Congress gave him water, the man gave it back and said he wanted Perrier with lime. Congress gave him the Perrier, but kept the lime.

    This deal could have been better if Congress had not rushed to implement it.

    I"m so happy it did not go through, until we dot all the i's and cross the t's.

    Obama/Biden 08

    September 29, 2008 02:22 pm at 2:22 pm |
  22. Curtis - Marietta, GA

    Okay ladies and gentelmen, now we have to ask ourselves. What good has McCain suspending his campaign done?

    John McCain suspended his campaign to go and fix this. Before he got there, a deal was stated to be done and everything should be okay. After he arrives, all of a sudden, there was a "snag" with the House Republicans. These House Republicans are members of McCain's party "the Republicans". However, they were not big fans of his until recently.

    John McCain has been in washington trying to get this agreed to since Wednesday. Barack Obama warned that going there will only cause problems. THE VOTE FAILS TODAY IN THE HOUSE. Who was wrong...who was right?

    Obama/Biden

    September 29, 2008 02:22 pm at 2:22 pm |
  23. Joseph Regis

    Good, I don't get a bail out on my student loan debts. Nothing, nada, zip. Why do we have to bail out those with money?

    The mess will have to be fixed when Obama/Biden take office.

    September 29, 2008 02:22 pm at 2:22 pm |
  24. ben

    That's rich! Has she had a look at her running mate recently?

    September 29, 2008 02:22 pm at 2:22 pm |
  25. Diane Mandy

    Now what?

    September 29, 2008 02:22 pm at 2:22 pm |
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17