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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Bailout Bill Has Not Passed Yet

The 15-minute vote in the House on the $700 billion Wall Street bailout has closed, but votes are switching sides as House leaders are arm-twisting.

At 1:54 p.m., the tally stands like this:

Yea: 207

Nay: 226

If the bill passes, it moves to the Senate for a vote planned for Wednesday. If passed, President Bush has said he will sign the bill into law.

-- Frank Ahrens

By Frank Ahrens  |  September 29, 2008; 1:55 PM ET
Categories:  The Ticker  
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Comments

If the vote has closed how can people be changing votes now?

Posted by: James | September 29, 1908 1:57 PM | Report abuse

My God... I can't believe this is happening. Not to say that I'm for the bailout (I don't believe in a taxpayer $700 billion bailout for wall st. mistakes), but I thought that this would be rammed through for sure.

Posted by: Anonymous | September 29, 1908 2:01 PM | Report abuse

it's ok if you are from florida or ohio ...

Posted by: jim | September 29, 1908 2:02 PM | Report abuse

Stand Fast NAY votes! NO BAILOUT!

Posted by: taxpayer | September 29, 1908 2:02 PM | Report abuse

Can our country get anything done together still? Or is this the beginning of the big end?

Posted by: MHO | September 29, 1908 2:03 PM | Report abuse

Welcome to America's lost decade.

Posted by: Anthony | September 29, 1908 2:04 PM | Report abuse

It is really close, I think it will pass but it is a very ugly way to pass - inspires no confidence.

Posted by: Madeleine | September 29, 1908 2:05 PM | Report abuse

If the GOPers aren't voting for it, then the Dems shouldn't either. Last thing I want is for the GOP to make the *Dems'* votes (on a GOP plan to save GOP asses) an election year issue!

Posted by: Jeff | September 29, 1908 2:06 PM | Report abuse

Conservative "Main Street's" hatred of this bailout puts lawmakers from Republican districts who vote for it in serious peril.

On top of that is Nancy Pelosi's verbal posturing, partisan declarations that make bailout package appear to be some Democratic trumping of Republican incompetence, was enough to enrage and turn off a lot of Republican representatives who might have voted for it anyways.

IMO Nancy Pelosi could have pulled it off had she not insulted and enraged some Republicans with her triumphalist announcements today that cast a partisan light on the bailout.

Posted by: AsperGirl | September 29, 1908 2:07 PM | Report abuse

Democracy is still alive in the United States of America. The people have spoken. Next order of business: the door for those who tried to sell us down the river. Nancy, Steny, John and Roy-I'm talking about you.

Posted by: Richard Friedman | September 29, 1908 2:08 PM | Report abuse

Bunch of idiots. The fallout from not passing the bill will cost taxpayers much more than $700B. Hope nobody was too attached to their jobs.

Posted by: Chris | September 29, 1908 2:08 PM | Report abuse

measure just declared failed...

Posted by: AsperGirl | September 29, 1908 2:08 PM | Report abuse

Maybe this will be McCain's golden oppty. If he wants to go on a limb of course and say he is for the plan -but that would take real guts and adult behavior, so I guess the real chances of that is not existent.

Posted by: Madeleine | September 29, 1908 2:10 PM | Report abuse

Time for me to go back to work... Not going to be making my money back in my stock portfolio anytime soon.

Posted by: AsperGirl | September 29, 1908 2:10 PM | Report abuse

As a middle class voter (less than $100K income) with a family of 7 and a great concern for my fellow human being, I am set against this bailout. Let the market work.

Posted by: Main Street | September 29, 1908 2:10 PM | Report abuse

No bail out!
Stand by THE PEOPLE!

Posted by: granny miller - pennsylvania | September 29, 1908 2:12 PM | Report abuse

LEAVE PARTISANSHIP BEHIND! VOTE THE INCUMBENTS OUT !....

The ridiculous argument that congress is making boils down to one basic premise: that these 2 ordinary guys (one who never lead anything other than a classroom and the other who made his fortune gambling on Wall Street) can all of a sudden predict with certainty the economic future of this country. If these 2 guys were so smart why weren’t the ringing the alarm bill months ago?

The fortune tellers however do deserve credit for accurately predicting that top congressional leaders were so beholden to Wall Street for years of financial support that they would work weekends in backrooms to get the big fix in. However it still begs the question that: if this really is a national economic crisis then why are our legislatures negotiating the details of the solution in secret behind closed doors instead of on the floor of the houses.

You would think that given that the cost of this bailout is almost $10,000 per household that congress would hold lots of hearings with expert economists and scholars far and wide to seek some kind of consensus or assurance that this $10,000 for tax bill every American household would solve the problem.

According to these two fortune tellers (the gambler and the professor) the bailout purpose is to buy stuff no capitalist will touch in an effort to free up money. Well from my experience there nothing like a bargain to get people to buy and put money to work. Why don’t we pass legislation that forces the banks to sell either write down or sell the assets. If the bank fails we let the FDIC step in and protect the taxpayer. After all it is their job.

These two fortune tellers (the gambler and the professor) also said it is import that we free up money so that the banks can lend to businesses for investments and to consumers for purchases using credit cards and other loans. They say that absent this bailout companies would have no money to expand or, in some cases, to make payroll. Seems like if companies can’t meet payroll without a loan they are already too far gone. Credit tightening for consumers sound reasonable given that the problem is a result of consumer credit being too freely available. Experts agree that regardless of what happens, good people with good credit who are not overleveraged will still be able to get a loan


PIGS GET FAT and HOGS GET SLAUGHTERED
The gambler and the professor bet correctly that the upcoming recess and Jewish holiday would allow them to rush the bailout through. The Congressional leadership did their part by telling their party members that they can sidestep repercussions of voting for the bailout with the same ease as they did for the voting for going to war. They think that if you claim that everyone is suffering and that they believed that they acted selfishly to try and prevent a the deep and prolonged recession that it will give them the political cover they need.

The American people will not be so easily fooled.
Despite all the hype and hysteria from the fortune tellers (the gambler and the professor) congress might come to its senses. It might realize that even if the markets do decline that it is not going to be the end of the world despite what those two fortune tellers think. Because if the bailout is the right answer it will be able to rescue and resuscitate the markets from the worst case scenario whether it be 3 days, or 3 weeks or 3 months from now.

It is time for the American People to wake up and take this country back from the special interests. Tell everyone you know that we all need to send a message to Washington that the voice of the American people stills counts by voting out each and every incumbent who votes for the bailout without an open debate.

Posted by: Radioceleb99 | September 29, 1908 2:13 PM | Report abuse

If this is not passed, is it possible for Congress to get some economist in there to give them some REAl information that has not been favorable with regard to Treasury and FDIC

Posted by: Jerry | September 29, 1908 2:13 PM | Report abuse

Worst case, Dow will start falling toward 8000. Otherwise will settle around low-to-mid 10,000's (10,200-10,600).

Posted by: AsperGirl | September 29, 1908 2:15 PM | Report abuse

Everyone check your 401K statement balance next month. McCain is now burnt toast.

Posted by: Anonymous | September 29, 1908 2:15 PM | Report abuse

Richard Friedman: The people have spoken.

Excuse those of us who can't be so sanguine about held hostage on someone else's ideological suicide mission.

You may hail the fall of capitalism, but I'm not too keen on subsistence farming.

Posted by: Kimberly | September 29, 1908 2:18 PM | Report abuse

Energy & Base materials sectors down more than 10 percent. This means that (1) banks, hedge funds & big investors are facing margin calls due to falling stocks and are selling and/or (2) declining global economy projected.

BTW I agree with those who think we should let the system crash. Propping up the losers and crooks avoids the apocalypse only to keep the non-working system up and keeps it from growing and changing to a new global marketplace and recovering from damage due to bad actors. Let the system crash & reset itself. Have to let the system work. The people who purport to manage it now are the same greedy, partisan, special-interest dim-bulbs who got us here.

Posted by: AsperGirl | September 29, 1908 2:19 PM | Report abuse

"You may hail the fall of capitalism, but I'm not too keen on subsistence farming."

Posted by: Kimberly | September 29, 2008 2:18 PM

The problem is that these same people who are declaring we need to take these emergency measures now are the ones who knew this was going to happen. It became obvious early this year we were staggering toward a collapse.

Bet there will be selling into the closing bell.

Posted by: AsperGirl | September 29, 1908 2:22 PM | Report abuse

At least these events should prevent a statue of Reagan on the Mall. An airport for failing airlines seems more appropriate.

Posted by: Anonymous | September 29, 1908 2:29 PM | Report abuse

Seems the Office of the Clerk site is down. Anyone else having issues getting the voting list?

clerk.house.gov/legislative/legvotes.html

Posted by: Darb | September 29, 1908 2:39 PM | Report abuse


I cant get to the voting list either. That page just hangs up. Anyone know where to get the list? or if the Post would at least list the local representatives votes in a blog post?

Posted by: apeiron | September 29, 1908 2:44 PM | Report abuse

If you could persuade all the millionaires in this country to contribute to the needed bailout, how much would each need to pay? If you do the math, this might work!

Posted by: tpchelp | September 29, 1908 3:57 PM | Report abuse

This is a VICTORY for DEMOCRACY and a DEFEAT for SOCIALISM!!

CONTACT YOUR REPRESENTATIVES -

The People of this country have spoken. The bailout legislation has been defeated. We oppose the bankers' bailout. Backroom arm-twisting is an unacceptable hijacking of democracy. WE WILL NOT ACCEPT any vote change in favor of the bailout.

------------------


Let the financial chips fall where they may and let the market corrections occur and if the consequences for the American public are dire, WE ARE A STRONG PEOPLE, let us shift through the ashes and rubble of their greed and the excess created to determine how and why this happened. Let Congress use their investigatory power to launch inquiries to determine who should have their assets seized and who is going to prison for this treachery.

This monopoly game is over. It is time to enforce the rules and start over. It is time for many of those in high places to go to jail!

--------

Posted by: U.S. CITIZEN/VOTER | September 29, 1908 4:03 PM | Report abuse

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