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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Well time to open up the soup kitchens. My grandfather worked in the mines in Picher, Oklahoma during the great depression. He made very little money, but he tried to feed his family and another widow woman with a lot of little kids. They would boil meat, from the cow my grandfather slaughtered, give the broth to the kids, but one little kid died of malnutrition. Why are Americans so selfish? Bail them out and then regulate the hell out of them. Why is it we never learn from our mistakes? Arrogance maybe?
How many people won't be able to attend college in the spring when they find out they can't get private student loans anymore? 137 lenders have stopped lending for student loans as of yesterday and 33 lenders no longer make private loans. Thanks america.
COME ON WE THE PEOPLE! WE MUST COME TOGETHER! NO TIME FOR 'POWER PLAYS'! I SO WISH OUR MAKER WOULD COME AND TAKE CHARGE NOW...DON'T THINK POWER & EGO WOULD RULE THEN! A PROFOUND QUOTE TO SUM IT UP........
"WHEN THE POWER OF LOVE OVERCOMES THE LOVE OF POWER.......THE WORLD WILL KNOW PEACE!"
WASHINGTON WAKE UP!
PEACE*
THIS SO SO POLITICAL. None of these people in congress really care about the people of this country. Those that do, don't seemed to have the guts to stand up and say enough, lets clean the mess up and then play the blame game later. They don't want to work together. I heard the Speaker of the Houses speech. It was her saying enough. It sounded to me like she was saying all of us need to be ashamed of ourselves and we need to get this taken care now and lick our wounds later. Congress really don't want to work together on this because they are too busy miniplulating for positions so they can be the hero. This is like watching kids fighting to get the one-ups. They care only about their hides and if that means miss leading the people, so be it. I say fire them all.
I am glad it failed
70 Billion for AIG, 170 Billion for the stimulus package, 200 billion for the
Iraq war, and 700 billion for a stimulus package.....in one year.
Thats over a trillion dollars and I all I get is a tax bill in return. Why aren't some government officials and wall street CEO's in prison??
What a totally expected ending to the bush/republican administration.