October 3rd, 2008
01:50 PM ET
6 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. John in Ohio

    "But, his socialist ideals cannot be denied…even by his strongest supporters."

    He's not a socialist. I'm a social democrat, which is to the right of a socialist, and Obama is to the right of me. By fundamentalist Republican standards anybody left of Limbaugh is a socialist, but Obama isn't by any stretch of reality a true socialist.

    "He plans to regulate business in the private sector. That is directly opposed to our Constitution. The only time our Administration should step in is to protect us from violence, coersion, and monopolies. "

    Apparently Bush and McCain disagree. Guess you better vote for Barr.

    Fiscal conservatism has failed. Deregulation has failed. Greed is a powerful and pervasive force, and left unchecked by the will of the people will result in the collapse of any pretense of capitalism. Like we've seen.

    October 3, 2008 02:48 pm at 2:48 pm |
  2. Foreign_Observer

    Oh, you poor poor Americans. You simpletons!

    Your 'leaders' have just voted to give 40% of $700 BILLION to the Chinese National Bank and the Saudi Royal Family.

    $280 BILLION of YOUR money to the Chinese National Bank and the Saudi Royal Family!

    From the rest of the 60%, your money will continue to pay for $1Million + salaries to the SAME executives who caused this fiasco.

    You couldn't wait 1-2 more weeks to draft a better bill? You think you can completely fix such a huge problem with a bill put together in just a few days?

    God Bless America!!!

    October 3, 2008 02:48 pm at 2:48 pm |
  3. Cuban-mami-4-OBAMA

    The comments were closed for Palin criticizing Katie Couric for her questions of the governor.

    But here's what the governor does not GET, when you are running for the Highest Office in the land there are certain FACTS you MUST know.

    Plus, we ALREADY had a "Joe-six-pack" as president........so, governor, golly, thanks but no thanks!

    In case, most people did not know when the Markets lost 777 points on Monday, WE ALL LOST MONEY.

    Check your 401Ks..

    October 3, 2008 02:48 pm at 2:48 pm |
  4. JG

    To: John in Ohio....

    I would love to vote for Bob Barr. I can think of no other candidate more capable of the change we need. But, I think that a vote for anyone other than Obama or McCain might be a wasted vote. Don't get me wrong, I say vote with what you believe. But, right now I am more concerned with keeping Obama OUT of the White House than voting for my favorite candidate who does not have a realistic chance. So, unfortunately I feel that, in order to make my single vote worth all it can be, I must cast my ballot for McCain.

    October 3, 2008 02:49 pm at 2:49 pm |
  5. Greg

    Reagan October 3rd, 2008 2:45 pm ET

    Pelosi, Frank, and Obama

    Each are one step away from federal prison.
    ----–
    If there is any justice left in this country, you are 100% correct!

    October 3, 2008 02:50 pm at 2:50 pm |
  6. Tired of W, OH

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

    And McCain and the republicans pushing for deregulation of Wall Street had nothing to do with it, right?

    And spending billions each month in Iraq, that doesn't effect the economy either, right?

    The fiscally irresponsible behavior of Dubya is irrelevent, huh?

    Republicans can only do one thing: blame Democrats. They no longer have any sense of personal responsibility.

    October 3, 2008 02:50 pm at 2:50 pm |
  7. David

    Looks like I'll have to check if my Rep voted for it and if so, I wash my hands of him. This is, plain and simple, a power grab. A hijacking. There are people at work against our Republic and, sadly, they are citizens of it.

    October 3, 2008 02:50 pm at 2:50 pm |
  8. silent no more

    Question: Sick of your Govt ? Answer: Look at 2nd amendment, its there for a reason.

    October 3, 2008 02:50 pm at 2:50 pm |
  9. Remy

    Democrats feel country first but Republicans?

    October 3, 2008 02:51 pm at 2:51 pm |
  10. John in Ohio

    "Pelosi, Frank, and Obama

    Each are one step away from federal prison."

    Blunt, Bush, Paulson, McCain, Gramm, Boehner, McConnell...

    Wasn't just Democrats who pushed this.

    October 3, 2008 02:51 pm at 2:51 pm |
  11. Angry Indpendent

    Simply unbelievable! And now they have started preparing us for a 2nd bailout– yes, repeat...2nd bailout. People, you better start listening to the news...some are claiming this is only the beginning...the problem cannot be solved with one bailout, so they so.

    America should have been left to suffer the consequences of what it has created – a consumer culture that is consumed by materialistic pursuits, do anything to keep up with the Jones'. America should allow itself to face the consequence of the choices it has made. Yes, regardless of the consequences. Sometimes that's the only way to learn a lesson!

    This better be the birth of atrue 3rd and independent party!

    Disgusted!

    October 3, 2008 02:51 pm at 2:51 pm |
  12. edmond dantes

    my favorite part is when pelosi signed the bill they immedietely started the partison finger pointing. well im kinda finger pointing only im using a differant finger.

    October 3, 2008 02:51 pm at 2:51 pm |
  13. J. S.

    Every Congressman who voted for this socialist bailout should be voted out ! The majority of American voters did not want this and we are supposed to be a government of "We the People"

    October 3, 2008 02:52 pm at 2:52 pm |
  14. fred

    Mike Huckabee for Pres in 2012. He stood up against the bill, when most other national politicians supported it.......ex. Obama, McCain, Bush, Pelosi, Reid, McConnell, Boener. I'm sure Ron Paul and Bob Barr also were against it as well, but neither will ever be president.

    October 3, 2008 02:54 pm at 2:54 pm |
  15. Greg Pottstown, Pa.

    I wish peopel like You and Me could get loans like this with no collateral.
    Welcome to socialism. Welcome to Obama.

    Take a look at that vote, 172 dems, 91 reps. Remember which party stood up for the people. Remember which party paid of their bad debts with your money.

    October 3, 2008 02:55 pm at 2:55 pm |
  16. larry wi

    The end of Democracy a s we know it, This bill went from 3 pgs to 475 that now includes 110 billion in specialinterest pork belly spending, and who do you this will pay for it, all of us who pay taxes will. Everyone of us who was and is a smart money manager will now pay for the recklessness of those who wern't, and I'm tierd of it. Let's just ive the SOB to fricking Obama and his wreckless bunch of democratic thieves and be done with it.

    October 3, 2008 02:55 pm at 2:55 pm |
  17. Will

    Obam is not a "Socialist", but he does hold too many socialist ideals. His regulatory policy suggestions indicate that he, just like the past few administrations, would like to see more government and less constitutional freedom. Of course, I am voting for Barr. He is the only candidate with a decent grasp of freedom and capitalism. I am neither Republican nor Democrat and I certainly could never consider socialist anything.

    October 3, 2008 02:56 pm at 2:56 pm |
  18. David

    All they did is pay off foriegn debt because it has been called in (main stream media and our government don't want you to know this). Now the abyss will truly open up. This was a delay before the collapse. Should have let the markets correct themselves and let the values adjust instead of inflating them. You better stock up. They've already prepared. An entire brigade of the Army on call (duty) in case of civil unrest effective Oct 1st. They are shredding the Constitution. It is against the Posse Comitatus Act.

    October 3, 2008 02:57 pm at 2:57 pm |
  19. bobbi

    WHAT HAPPENED TO "BY THE PEOPLE FOR THE PEOPLE" WHY EVEN HAVE A GOVERNMENT, THEY DON'T LISTEN TO THE MAJORITY.

    October 3, 2008 02:57 pm at 2:57 pm |
  20. RoyL

    We need to clean up Washington! If you are fed up with the status-quo then lets revolt, start all over again.

    I recommend that we DO NOT elect any incumbants from any party. This will bring lot's of new, unencumbered people to congress. The lobbyest's haven't gotten them in their pockets yet and we will let everyone one know that the American People are going to be watching them and if they don't respond in our best interest they will be gone too.

    I don't think they could do us any more harm than what has already been done.

    October 3, 2008 02:58 pm at 2:58 pm |
  21. ZEPPO

    Vote for NADAR if you have realized that OBAMBA is never going to CHANGE anything but his tie every morning.

    NADAR08

    October 3, 2008 02:58 pm at 2:58 pm |
  22. John in Ohio

    "I would love to vote for Bob Barr. I can think of no other candidate more capable of the change we need. But, I think that a vote for anyone other than Obama or McCain might be a wasted vote. Don't get me wrong, I say vote with what you believe. But, right now I am more concerned with keeping Obama OUT of the White House than voting for my favorite candidate who does not have a realistic chance. So, unfortunately I feel that, in order to make my single vote worth all it can be, I must cast my ballot for McCain."
    -----------
    That's why a third party candidate will never win in the US. That's why I laugh at all the Ron Paul supporters, and all the Ralph Nader supporters, and the Bob Barr supporters. People complain and complain about the two party system, but nobody will ever put their money where their mouth is and support a third party. Nobody will ever vote for a third party in any great numbers because they're too afraid that the other guy might win. Good job, you are an excellent example of why every national election in US history has been between two parties, with the third parties being considered an ineffective fringe.

    October 3, 2008 02:58 pm at 2:58 pm |
  23. Mickey

    Now, can we truly take back our country. What do you think would happen if we elected 435 new members to the house and replaced a third of the senators? It's up to us to do so. We elected these morons, we can't complain that they could screw up a rock fight (which has no rules).

    October 3, 2008 02:59 pm at 2:59 pm |
  24. Bill

    I am happy now that Obama will not have any money to spend when and if he becomes President. There ain't none left now.

    He will be forced to raise EVERYBODY'S taxes even those who make no money at all to pay for all his programs.

    Oh and for those rich folk that make more than $250,000 they will have left the country and taken their businesses with them to places like Ireland, Costa Rica, Bulgaria , etc.....along with all the jobs that Americans use to have.

    So he might have a bit of a problem finding anybody to tax........

    October 3, 2008 03:00 pm at 3:00 pm |
  25. George

    Silent no More....

    I totally agree. We should probably get the ball rolling soon. With Obama's lead in the polls, and his plans to all but completely disarm America, it won't be long until the sheeple star turning in their weapons and we are officially in a totalitarian state.

    MOLON LABE!!

    October 3, 2008 03:00 pm at 3:00 pm |
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