October 3rd, 2008
01:50 PM ET
10 years ago

House passes bailout

The House passes bailout.

The House passes bailout.

NEW YORK (CNNMoney.com) - The House on Friday passed a far-reaching and historic plan to bail out the nation's financial system.

The vote for passage of the Senate-amended bill – 263 to 171 – was the result of strong lobbying on the part of the White House and other supporters of the bill all week, following the House defeat of a similar measure on Monday – a defeat that shocked the markets and congressional leaders on both sides of the aisle.

According to preliminary numbers, 172 Democrats voted in favor of the bill while 62 opposed it; and 91 Republicans voted for it and 108 voted against it.

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Filed under: Congress
soundoff (184 Responses)
  1. MM

    The whole thing makes me ill. We need to get to the bottom of exactly what happened and then ensure that it will never happen again. We also need to get a list of all earmarks that were attached to that bill, and which Rep or Senator requested that earmark. Then we need to vote on the earmarks. Reps or Senators requesting earmarks that were voted down should be thrown out of Washington.

    October 3, 2008 02:11 pm at 2:11 pm |
  2. David Goldman for OBAMA



    October 3, 2008 02:11 pm at 2:11 pm |
  3. S.B. Stein E.B. NJ

    This is an unfortunate need for the country at this time. I hope that all will understand that we can't leave the business community alone. If there was a greater understanding that these companies had as to how their business affected everyone else, there would be less problems in the world. Right now, the businesses are only interested in the profit they can make with little regard to anything else.

    October 3, 2008 02:11 pm at 2:11 pm |
  4. Michael, Vancouver

    Did anyone else notice that as soon as the Democratic "leadrship" started talking about how great they are the Dow drops 200 points? Curious.

    October 3, 2008 02:12 pm at 2:12 pm |
  5. Joe 6-pack

    Well, luckily Obama will be in office soon to fix the economy once and for all. McCain has already lost the race. He knows it, we know it...and now, Republicans know it. They know it's gonna take a Democrat to clean up the Republican mess...again!

    October 3, 2008 02:12 pm at 2:12 pm |
  6. Irma in North Carolina

    I suppose Now Mccain will take the credit for this now beings his party stopped it last time. Suppose we will see John and Sarah go up in the polls now. And they will be rushing back to Michigan to get back on the band wagon.

    October 3, 2008 02:13 pm at 2:13 pm |
  7. Stephanie

    Could someone please explain why in Gods name, the first thing congress didnt do in this bailout bill was to repay all the people who are about to retire or will retire, say within the next year at least, the losses of their 401K accounts and make them whole again? These people have worked, payed taxes and paid their dues to America, and "Congress & the House" are going to leave these people in peril and possibly not allow them the safety of having their retirement savings???? I am ashamed to say I am an American after seeing this bill and the crap it helps IE: Rum & wooden arrows & Nascar as opposed to helping those who desperately need it most.

    October 3, 2008 02:13 pm at 2:13 pm |
  8. Texas Voter

    Oh yeah, did you know that we're also covering other countries with this Bill.

    That's right, we're bailing out foreign countries, as well as US banks/lenders.

    October 3, 2008 02:14 pm at 2:14 pm |
  9. Steve - NY

    Open Your 3rd Eye writes:

    This is a perfect example of the depth of the ignorance in the USA, unfortunately. Bush hatred is soo blind, such an epidemic of ignorance.

    So here goes: BUSH IS NOT THE REASON! BUSH HAS no spending authority! He doesn't even have a vote. CONGRESS sets the laws, the regulations, and half of them are in the bag of these financial institutions. I hope Congress investigates their own, i.e. Barney Frank and Chris Dodd. . These are two of the biggest criminals that have benefits from this mess. THEY ARE RICH because of the out of control greed of these institutions

    October 3, 2008 02:14 pm at 2:14 pm |
  10. Jim in NJ

    Some Congratulations go to to the Democrats(2 years worth) and a bigger Thank You to the Republicans and their Leader GW Bush for the other 6 years!
    Thanks for everything and when I get to the polls I will really show my appreciation!

    October 3, 2008 02:14 pm at 2:14 pm |
  11. Ken

    Well, like most of you, I don't know enough about the details of our complex economy and our financial institutions to make certain judgements about whether or not this bill is 'good' for American. But I do know one thing: of all the political groups in DC, the House [R]s are the biggest partisan dimwits going, and they have been consistently so since before they took power back in 1994. This is the last bunch I'd look to for intelligent analysis and guidance on ANY problem. Since they and their laissez-faire doctrine are to blame for this financial mess, and since the majority of them voted against this bill, I'm now feeling pretty confident that the bill is good for America in the longrun.

    Thanks you House [R] numbskulls for being the 'canary in the coal mine' for the rest of us on this topic. Those parts of our financial markets that rely on public 'confidence' should start doing better now.

    October 3, 2008 02:14 pm at 2:14 pm |
  12. kathy

    The bailout was a necessary evil. The people who took loans for houses & cars they could not afford have just as much blame to shoulder as the fat cats on wall street. People need to take responsibility for their own actions as does the government for not regulating the problems as they progressively got worse. Prayerfully the gas prices will decrease, prayerfully jobs will start to be generated. We need to look at the whole picture and towards the future, take a deep breath and march on.

    October 3, 2008 02:14 pm at 2:14 pm |
  13. Yvonne W

    Did I just hear Bush say that the increase of insured funds in banks from $100k to $250k is "temporary"? Can someone comment on that?

    October 3, 2008 02:15 pm at 2:15 pm |
  14. John in Ohio

    It was going to happen.

    At least Obama and McCain both voted for it so it didn't turn into the bone they fought over for the next month.

    Just 1 month left!

    October 3, 2008 02:15 pm at 2:15 pm |
  15. Thomas

    The BIG THINKERS who all know the TRUTH have done it again. They prioritized and said that we should subsidize incompetence if not criminal behavior. I think at this point, anyone with a mortgage should sue the Federal Government to get any and all protections this bill grants. Stop paying your mortgage and when they come calling use this bill to renegotiate for better terms.

    Whining aside, it's time to oust every Congressional and Senatorial incumbent up for reelection this year and lets get some new blood in there who might just get it when they win.

    October 3, 2008 02:16 pm at 2:16 pm |
  16. carol

    I know this bill is not popular.....but I hope it will get America back on track and help the small business' and the average American at some point.
    There needs to be an investigation as to how this all came about.....a lot of Republicans are invloved with the non regulation of these banks etc!!!
    John McCain is part of that de-regulation rule and therefore needs to be held accountable for his part.......how dare he do all this showboating looking and souding so concerned about getting something done!!!
    John McCain had also apparently wanted George Bush to veto this bill today.....earlier this week he had signed off on it.....this man blows with the wind!!!!
    How can you trust him to tell the truth on anything.....he changes his mind like people change underwear.....everyday!!!!


    October 3, 2008 02:16 pm at 2:16 pm |
  17. Michigan

    Thanks to all of the idiots that sold us out. Time for a revolution, stop paying taxes, don't vote for any incumbents in the elections. Don't vote for Obama or McCain for president.

    October 3, 2008 02:16 pm at 2:16 pm |
  18. John in Ohio

    "So, tell me again, just how does this benifit ME ??? will I get cheaper gas, be able to sell my home at a decent price, be able to pay for all my meds, be able to buy decent priced grocercies, not get taxed more on my paycheck ? Tell me exactly, how will this help ME """"???????"

    Your 401k will stop losing value. Mine dropped 20% in the last year, and those are supposed to be stable funds.

    October 3, 2008 02:17 pm at 2:17 pm |
  19. the nexus one

    palin is clearly a halfwit. she is a shining example of how most low-rent fundamentalist crackpots percieve women- as dolls which spew party-line platitudes at the push of a button, breed, believe in the lord jayzuz and heat tv dinners. hee hee. christ!

    October 3, 2008 02:17 pm at 2:17 pm |
  20. Biff

    Sad day for America...
    held hostage by the banks who went on strike until they got this package and willing to let this country's economic system implode. Patriotism at its best...

    so... how's that de-regulation workin out for ya...

    how's that 'trickle down' economics working for ya... (cause they always stick a cup under the trickle.. don't they..)

    and i just LOVE how the right wing faults the home buyer LIKE THEY LOANED THAT MONEY TO THEMSEVES... LIKE THEY GAVE THEMSELVES MORTGAGES... (ever heard of an approval process?)

    they approved thoses loans and lent that money because it was profitable to do so...

    privatize profits....... socialize losses....

    a sad , sad day for America...

    October 3, 2008 02:18 pm at 2:18 pm |
  21. Maggie Muggins From Selwyn

    Maybe I'm wrong but I think I can remember John McCain campaigning and saying if he was President he would veto every bill that came across his desk if it contained any pork.

    John you voted for this bill if I'm not mistaken so much for going against pork. Just another I am against before I am for it for the old fella. YOU BETCHA!!!

    October 3, 2008 02:18 pm at 2:18 pm |
  22. Caribou Barbie

    Governor Palin, please discuss how your foreign policy positions will differ from the current administration's?

    Hey, can I call you Gwen? Heckuva job, Gwen!

    I'll betcha' my opponents are a-wishing that you had a Maverick representin' every Joe Six-pack, hockey mom – bless their hearts – ya' know? Darn right, a maverick does a heckuva job, not just kinda good, but honest-to-goodness heckuva job! As one of my heroes, Donny Rumsfield, once told me, "Golly gee willickers, that's a peach of a pickle!". So yes, I know a little somethin' about oil up here in the only Arctic state 😉

    October 3, 2008 02:18 pm at 2:18 pm |
  23. Franky

    Well...well. What do we have here. It looks like things are getting done, huh? Just the way I like it...

    We'll just wait and see how this bill is gonna play out.

    October 3, 2008 02:19 pm at 2:19 pm |
  24. irish

    are you kidding me ? This was not the right thing. And voting for something rather then nothing is a political excuse. Do you realize that this is completely unconstitutional ? Do you care? Do you realize that the federal reseve is unconstitutional? Do you care? What is wrong with you people? The bailout was nothing more then a payout to the foriegn investors, hedge fund mangers and the CEO/excutive fat cats! We have just given Paulson/federal reserve full control over our money to do with whatever he wants. Without anybody telling he can't. This is not going to help the economy, it is still going to fall. You fools!!! There were other ways to do this without this bailout. I'm beyond mad as hell!! and any congressman that voted for this bill losses my vote and I will dedicate myself to spreading the word to family, friends and anyone else that will listen not to vote for these corrupt , disgusting people. They just went compeletly against the American Public's voice. Do you care?

    October 3, 2008 02:19 pm at 2:19 pm |
  25. Economist

    The blame for the economic crisis can be blamed on one person: BILL CLINTON.

    He forced the banks to lower their lending standards.

    Now is not the time for another novice in the Whitehouse!

    Vote McCain / Palin

    October 3, 2008 02:20 pm at 2:20 pm |
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