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. Silence Dogood

    I know – let's put an empty preppy suit with no experience in charge and he can holler "change" at it. Good idea.

    Obama is probably influencing Dems to stonewall for poll numbers – good leadership.

    September 29, 2008 02:39 pm at 2:39 pm |
  2. Maddie, Hartford, Ct.

    This is absolutely disgusting that politicians are playing games, while the country is ready to collapse! Do most people have any idea how this is affecting their 401 plans? No wonder Bush got elected the second time.

    September 29, 2008 02:39 pm at 2:39 pm |
  3. OBAMA MUST WIN

    I used to laugh at my grandmother for having her money in 5 banks with a little hidden in floor boards and under mattresses. These days, that is not a bad idea.

    September 29, 2008 02:39 pm at 2:39 pm |
  4. Jeff DuShane

    I'm almost of the belief that we just let this thing fail and blow up the economy. The republicans are playing a dangerous game of politics here. Mind you, I do think Nancy Pelosi was off base on her speech, but if this thing is truly as bad as they say it is, then the repubs just bankrupted the country because they didn't like that they were getting all of the credit.

    VOTE out ALL INCUMBENTS

    September 29, 2008 02:39 pm at 2:39 pm |
  5. Rapidray

    $700 billion dollars

    This thing will never fly.
    We, the people, should NEVER be expected to pay for the excesses of Wall Street and the ineptitude of Washington.
    There's an overwhelming sentiment of distrust across the country for our leaders and none of them....NONE OF THEM...did anything to stop this mess from happening.

    Now, it is their turn. Now all of these fat cats are going to have to learn to squeeze a dollar like we the rest of us have been doing for so long. The Washington crowd will now know what it feels like to have your job at risk to the point that no amount of BS can save it. There will be a changing of the guard and NOTHING will prevent that from happening.

    Forget the candidates. CHANGE STARTS NOW!!!

    September 29, 2008 02:39 pm at 2:39 pm |
  6. TESAP;SAVANNAH, GA

    LOL..COMICAL........... HOW SO MANY PEOPLE WILL CREDIT REJECTING THIS BILL TO THE REPUBS.. WILL WE CREDIT THEM FOR THE UNEMPLOYMENT RATE AND THE NUMBER OF BANKS THAT FAIL TOO????

    FUNNY..........ITS THE CONSERVS THAT GOT US IN THIS MESS.

    September 29, 2008 02:39 pm at 2:39 pm |
  7. db

    Here we go again. I guess now McCain will suspend his campaign AGAIN to come in and save America. So much for that bi-partisan record. He couldn't get his own party to agree on the bill.

    But that is understandable since he himself has not said if he is for or against it.

    There goes the VP debate!!

    September 29, 2008 02:39 pm at 2:39 pm |
  8. Sammy

    This was a pretty good compromise package. As good as could be expected anyway. Many who voted against it did so out of fear... mostly for themselves. But thats SOP for things like this. However, the whole question about taxpayers and money is a little off target because one way or another we will all pay for this disaster whether its through the government or not. It's not all doom and gloom but at least with this bill there is some degree of voter control over it.

    September 29, 2008 02:39 pm at 2:39 pm |
  9. Lisa CA

    Jenny- Obama will make things worse!!! After all he helped Fanny Mae and Freddie Mac, by not voting to increase the regulations John McCain suggested in 2005, 2006, and 2007.

    If Obama would take a stand on something and quite voting present on the hard issues then maybe it would be worth taking a second look . But he is a coward, because his only goal since being a community organizer, where his grandest achievement was voter registration, was to run for President. Read his books, watch his biographies on all thre cable networks!!! He was politics were born and raised in the corrupt political atmosphere of Chicago politics. He is not change, he is the same!!!!

    My new slogan is Democrat sfor McCain, "It's alright to reach across the isle for Judgement and Experience" McCain-Palin08!!!!!

    September 29, 2008 02:39 pm at 2:39 pm |
  10. WOW

    God and I work in a big bank and our stocks plunged!!!! God help us!!!!!!!!!!

    September 29, 2008 02:39 pm at 2:39 pm |
  11. Mariaelena Raymond

    There is still a second vote. How can we justify spending more on giveaway to financial institutions than was allowed last week to keep the gov. ruunning(not fully-funded), just limping along, until March 09.

    I haven't heard any details of when other $$ would be given to "institutions", I haven't heard which institutions these are (I want names), and there cannot be $$ given to any one person to distribute where they unilatterly decide. The oversight "board" is loaded with foxes/fixes and no one from regular world is included.

    Stop the world, I want to get off.

    September 29, 2008 02:39 pm at 2:39 pm |
  12. James

    So republicans have no problem spending a trillion dollar for Iraq, but can't muster the "courage" to save our financial system.

    Yeah, I want more of the same...

    September 29, 2008 02:40 pm at 2:40 pm |
  13. Bob Indianapolis IN

    Reaganomics [characterized by deregulation of government] was voodoo then, and the only thing that is trickling down now from this 28 year orgy of greed is the pain...

    September 29, 2008 02:40 pm at 2:40 pm |
  14. RuthieM

    Does anyone really know what the hell is going on?

    September 29, 2008 02:40 pm at 2:40 pm |
  15. and then...

    Palin will need to suspend her Campaign to go to washington and fix this mess....BAAAAHAHAHAH

    September 29, 2008 02:40 pm at 2:40 pm |
  16. Steve/ Houston,TX

    The saga continues, I guess we shall never get anything accomplished as John McCain is no longer in Washington to "come to the rescue"!!! Why is Sarah Palin trying to play the age card? She is the LAST person that should be taking any jabs at anybody after all of her disastrous interviews. FYI, it continues w/ Katie Couric later tonite!

    September 29, 2008 02:40 pm at 2:40 pm |
  17. Chuck

    Maybe we can get McCain's advisor Fiorina to lend us a few of her Millions to get us by from a few days.

    September 29, 2008 02:40 pm at 2:40 pm |
  18. This is the fault of REPUBLICANS.

    Read the article.

    60% of Democrats voted FOR the bill.

    Republicans? Fewer than a THIRD voted for the bill.

    If you wanted the bailout, then you have nobody but Republicans to blame. FACT.

    September 29, 2008 02:40 pm at 2:40 pm |
  19. Jason from NC via IND

    What happens when you take the first letters of Sarah Palin's name and change them around? It is called ParaSailing..lol..She is being toted behind McCain's vehichle....

    September 29, 2008 02:40 pm at 2:40 pm |
  20. Stacy from Loudoun County, VA

    RE: Election Watcher

    The Democratic party clearly wants to delay this measure for political gain.

    I may be mistaken here, but I would venture to guess the House Republicans are the ones that stopped this measure, not House Democrats. I am not playing partisan politics, I am a Democrat and I kinda side with the House Republicans on this one...

    September 29, 2008 02:40 pm at 2:40 pm |
  21. James

    If the Democratic Party are the ones wanting a delay, why was it a high majority of Republicans who rejected it? I don't think the bailout is the REAL answer but without it America won't get the real answer before many people lose everything they have. Seems like it's a majority of Republicans willing to take that risk. They'll vote again soon and get it through...

    September 29, 2008 02:40 pm at 2:40 pm |
  22. Yolanda/SA, Tx

    Electionwatcher,

    The Democrates are the ones who voted the majority! The Rebublicans are the ones holding out...

    Either way, get your money out of the market, banks and savings & loans before you loose it all..The matress is looking better everyday.

    September 29, 2008 02:41 pm at 2:41 pm |
  23. Ex Republican

    Can't you idiots do anything right?

    September 29, 2008 02:41 pm at 2:41 pm |
  24. ohio

    obama/bIDEN THATS ALL WE NEEDDDDDDDDDDDDDDDDD GET IT GET IT GET IT GET IT

    September 29, 2008 02:41 pm at 2:41 pm |
  25. ostriches burying our heads in the sand

    What a scary mess!!!!!!!

    September 29, 2008 02:41 pm at 2:41 pm |
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