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. Richard

    Turn off the light people. AMERICA is bankrupt

    September 29, 2008 02:32 pm at 2:32 pm |
  2. Chrissy, Texas

    Good. Nancy Pelosi and the dems should just shut up and stop playing the blame game, alot of people in Washington had a hand in this. The feds need to not only look at the top execs at these firms that received millions of dollars but also at the politician's that gained from these firms as well and take action. It's all about I'll scratch your back and you scratch mine politics. If we really want to fix the economy then give every adult person in America one million dollars so we can pay off all our debts and pump back money into the economy. I believe our population is somewhere around 350 mil or so. It sure beats the 700 billion dollars Washington wants to take from us taxpayers! What do you say America? Forget about being Red or Blue, it's time we unite as "ONE" and stand up to Washington!

    September 29, 2008 02:32 pm at 2:32 pm |
  3. tulsa

    The sad thing is people don't realize how this will not "trickle down" to them, it will FLOOD them.
    Too bad our educational system doesn't teach basic economics.

    September 29, 2008 02:32 pm at 2:32 pm |
  4. Matt

    Queue "Chariots of Fire" theme song with slo-mo video of McCain hobbling as fast as he can to his private superjet to get back to DC and rescue the bill by tomorrow afternoon, maybe Wednesday, by weaving his messiah-like bipartisan voodoo over his allegedly recalcitrant party in order to bring them to their knees before the almighty wrath of his shining mavericky goodness, thus pulling the country back from the brink of economic apocalypse and saving us all. YAWN. Do you think McCain's campaign actually bothered to get the copyright from West Wing to use this script?

    September 29, 2008 02:33 pm at 2:33 pm |
  5. david

    We are screwed!

    Some people will cheer this. They apparently dont know whats going to happen in less than a week!

    America is going to fall!

    September 29, 2008 02:33 pm at 2:33 pm |
  6. Steve in MI

    Congrats to you Mr. Obama. Partisan bickering has prevailed once again. The economy is terrible right now and in 6 weeks, it will be much worse. This will deliver to you a landslide election victory.

    September 29, 2008 02:33 pm at 2:33 pm |
  7. Marilyn

    Maybe now is just not the time. Haste makes waste. Did the President sign the bill that was put on his desk Saturday to sign?

    Would be interested to know

    September 29, 2008 02:33 pm at 2:33 pm |
  8. Newsflash! Putin Invades Alaska's Airspace Between Palin's Ears

    Thanks for handing the election to the Dems. Once the economy really tanks, it will be all wrapped up for Obama/Biden.

    September 29, 2008 02:33 pm at 2:33 pm |
  9. APH

    I say let the market crash...but then again, we may not ever be able to retire. Was THIS is the trickle down effect the Bush administration talked about when he cut taxes for the rich?

    September 29, 2008 02:33 pm at 2:33 pm |
  10. Gerald in Georgia

    This is not good at all!! May God be with the next president !!!
    I wonder how anyone could make jokes about this.

    September 29, 2008 02:33 pm at 2:33 pm |
  11. Tony

    HEY JAMES!

    COME JOIN THE REST OF US WHO LIVE IN REALITY! :)

    September 29, 2008 02:33 pm at 2:33 pm |
  12. Vegas

    Jenny, Rio Vista, CA
    Why? So he can tax us on top of this?

    Our Dem congress hard at work I see.... glad I moved to international stocks a couple years back...

    September 29, 2008 02:33 pm at 2:33 pm |
  13. DMD, New York

    I sometimes think well...if we survived Enron and the fall of the dot-com companies, can't we ride this one out too? And don't forget, the the world didn't crash when it tuned 2000 (when everyone thought the millenium would cause all kind of mayhem by computers crashing because the dates were going from 1999 to 2000, even though the millenium actually occurred in 2001).

    September 29, 2008 02:33 pm at 2:33 pm |
  14. sue

    LOL James – democrat failure? If my memory serves me correctly, it was the Republicans (led by McCain) to put all the de-regulation in place that led to this mess.

    September 29, 2008 02:33 pm at 2:33 pm |
  15. Dave in NYC

    REPUBLICAN OBSTRUCTIONISTS are RISKING our economy so they can play POLITICS with this important legislation! Call them out on it!

    September 29, 2008 02:33 pm at 2:33 pm |
  16. one nation under god!!!!

    This is a great day.Americans have said no to socialism.The message to you libs is clear,no more free ride.If you want something you have to work for it,like we republicans do.Thank god for McCain blowing up this bill.Obama once again looks like a moroon.You libs will never take my money for your laziness and lack of responsibility.

    September 29, 2008 02:33 pm at 2:33 pm |
  17. Ted:Canada

    AMERICANS DON"T TRUST THIER GOVERNMENT!

    The problem here is that the vast majority of the American people don’t trust their government. IT IS HARD TO BLAME THEM as they have been cheated so often…

    THE BASIC ELEMENT OF "POLITICAL TRUST" IS LOST!

    We wish we can tell you what to do…but for sure get rid of the current government first and then try to figure this out.

    DO NOT ASK FOR ADVICE from
    1. rich politicians
    2. banks who stand to loose money
    3. millionaire and billionaires
    Go to your educated people in Universities and those that do not have a direct interest in the bailout – check your sources very carefully!

    Best to you my friends!

    September 29, 2008 02:33 pm at 2:33 pm |
  18. realitycheck

    Mcain went to Washington and killed the bill...can you imagine the "maverick" being elected POTUS...shooting first, asking questions/rationalizing later.

    He has no substance, is not trustworthy and his campaign lack transparency.

    September 29, 2008 02:33 pm at 2:33 pm |
  19. Rev Wright

    Awesome sorry no free hand outs should have read the mortgage paper at closing and if you cant read you shouldnt buy a house......

    Sorry Bonnie Frank and Chris Dodd HAHAHAHA

    September 29, 2008 02:33 pm at 2:33 pm |
  20. Ex-Republican for Obama

    Funny how the McCain created economic disaster needs a Bush policy to fix it.

    McCain: The problem to all of our solutions!

    September 29, 2008 02:33 pm at 2:33 pm |
  21. Mccain is a liar

    Go ahead and vote for Mccain you republicans will be crying within a years tops when our financial system implode's while the rich get their tax cuts and Mccain ride's out the bad time's in any one of his 7 houses and his 13 cars, well if he wins he'd ride out the storm in the white house.

    September 29, 2008 02:34 pm at 2:34 pm |
  22. MLH

    Wow. Love how members of the House step up to the plate in times of crises. Lead, follow or get out of the way, but don't drag me and my kids down with you, please.

    September 29, 2008 02:34 pm at 2:34 pm |
  23. Andy J, NY

    Deep down in everyone's gut, you have to know this bailout plan was not the right course of action.

    There is no guarantee the bailout would work, nor was there a guarantee they government wouldn't come back to the taxpayers and ask for more money.

    The people have spoken, now lets get to some real decisions about how we are going to get business rolling again. Lets get back to basics: enforcing our laws, simplify the tax codes, lower tax rates (our corporate tax rate is over 30 %, while Ireland, Russia, and Georgia all have a tax rate of around 12-14 %.... hmmm, where would you start your business?) get rid of capital gains taxes, and then we can talk about helping HONEST people who got screwed by the crooks in this financial mess....

    OH, AND ARE WE GOING TO MAKE THESE FOOLS DO THE PERP WALK?

    I know there are some crooks out there who have their hands in this financial mess, and they deserve to go to jail.

    I'm just afraid its some of the same people who are trying to craft this bailout- which is far from a "clean" bill- in fact, its loaded with discretionary and special interest spending. It is a dangerous and disastrous bill, and it should die a miserable death.

    September 29, 2008 02:34 pm at 2:34 pm |
  24. Jim in CT

    I don't get it, either the economic experts are wrong, lying, or congress just made the worst economic mistake in my lifetime.

    September 29, 2008 02:34 pm at 2:34 pm |
  25. Paula

    You'd think they'd be smart enough to fix the McBush mess.But Republicans are too self centered to admit their mistakes.

    September 29, 2008 02:34 pm at 2:34 pm |
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