September 29th, 2008
02:11 PM ET
12 years ago
House kills $700 billion bailout plan
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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I'd love to know who. My suspicion is it's Republicans in deeply Red states, and/or ones who are not up for re-election in a month.
One word for ya'll – DEPRESSION! Start pulling out your money from the banks and stuffing your mattresses!
my poor 401k 😦
Obama Biden 08! because this should never happen again!
Good. This is not the solution.
WHAT IS WRONG WITH CONGRESS??????!
Never doubt the ability of congress to make a horrible situation ever worse.
YES...GOOD DECISION
The Republicans are just playing polictics.
House Republicans don't want to clean up their own mess. Pathetic.
Paulson and Bernacke are crooks.
I'm sure McSame will come back on his white horse and tell his friends to vote to continue deregulation (look below and read if you don't believe).
1. 1982: Garn-St. Germain Depository Institutions Act
2. 1987: Keating Five
3. 1999: Gramm-Leach-Bliley Act
4. 2000: Commodity Futures Modernization Act, which led to the rise of Credit Default Swaps
The common thread? John McCain was involved in all of them.
This mess goes clear back to the 1980s, folks. It flared up a few times, but has now become volcanic. It can no longer be ignored, hence our current situation.
Republicans were trying to throw in policies that allowed rich people to get more tax breaks, thus placing the burden on all of the rest of us to pay out huge severance packages to the failed CEO's of the McCain team. McCain, the problem to all of our solutions!
F O R,,,,,,,,,,O N C E ,,,,,,,,,,,I N,,,,,,,,,,,,M Y,,,,,,,,,,A D U L T,,,,,,,,,,,L I F E ,,,,,,,,,
I 'M,,,,,,,,,,,,P R O U D,,,,,,,,,,O F,,,,,,,,,,M Y,,,,,,,,R E P R E S E N T A T I V E S
Start shorting Dow Stocks
I have never been more PROUD to be apart of the democratic process!!!!! I am glad to see our voices are heard in Congress!!! Congrats to every mean and woman who wrote, called or emial their congressman.....this victory is yours!!!
I bet bush, mccain and their cronies are panicking. Whose gonna bail out their wall street buddies?
Osama Bin Laden's intention on 911 was to destroy our economic structure. Plan well executed.
Thanks to John McCain and his experience.
I am for the Bail out in some ways.. but not like it is right now. They need to work on it alot more.
I agree with Obama... they need more to this Bailout that is going to protect US Americans from Forclosures and losing our homes in Bankruptcy.
No money going to CEOs and the people who have money already. They need to cut their salaries with this Bailout!! I dont think that is so terrible given at least they will still have an income of some sort and their Company VS No Company!!
I think we also need to do something about the Gas Shortages. People cannot even work in some states due to no transportation to get to work and make a living!!
I do believe this bailout will help these companies with MONITORING (needs to be added TOO)... to help keep borrowing with US going. I was working on purchasing a home next year. And now I cannot.
Companies are not giving loans. People with 700+ credit ratings and 20% down are being rejected!! Companies are getting really selective and holding onto whatever money they have now. With the Bailout, lending will go on again. I am sure there will still be some more stricter guidelines in the future on lending... but it shouldnt be that strict!!
And sad but true... this will be some political ploy made in politics soon. I believe they are playing games with it. Its a shame. We need this, we just need it to be better than it is. I understand we are running out of time and there are alot of specifics and detail that has to go into this for law sake. But it needs to be done and quickly!!
Stocks just went down another 600+ points today in the fear of it now being pased... and it wasnt pased... so now what???
I have never been more PROUD to be apart of the democratic process!!!!! I am glad to see our voices are heard in Congress!!! Congrats to every man and woman who wrote, called or emial their congressman.....this victory is yours!!!
on this high holy day, "oy!" seems an appropriate response!
YEESSSSSS
9 houses and 13 cars
Where is the Super Maverick and his side kick girl? I don't see him taking credit now.... This bill was nothing more than American tax dolloars bailing out the world!
Since they had an agreement last Thursday or Friday before McCain put his politics in the middle, I guess he can be thanked for this. Bush and McCain better get their party on board to help clean up their mess!!!!!
Idk what to think about this. I hope everything is ok and it's no as dire as they make out. One way or the other, both presidential candidates agreed to it so it doesn't really change anything politically, atleast it shouldn't. The whole problem is the deregulation policy of the republicans and the hands off approad of their government letting the greedy rich get richer at anyone's expense. It's been unbelievable, and I'm glad Obama doesn't take money from lobbiests for this very reason!
wow. and thus marks the beginning of the end of modern conservatism and the Republican party as we know it. Better get your money out of the banks while you can folks.