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House vs. Rescue Bill: Round 2

Now that the Senate has passed a modified version of the $700 billion Wall Street rescue bill -- modified in ways to make it more palatable to the House Republicans who helped kill the first version on Monday -- it heads back to the House for a scheduled Friday vote.

What will happen there?

When asked abut the likelihood that the House would pass the bill Friday, Rep. Barney Frank (D-Mass.), chairman of the House Financial Services committee, told CNN this moments ago: "I think it's better than even."

That's not necessarily a ringing vote of confidence, but Frank may be trying to lower expectations this time -- he was among the most optimistic that the House would pass the last version, which failed by a vote of 205-228.

-- Frank Ahrens

By Frank Ahrens  |  October 1, 2008; 10:28 PM ET
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I was watching the Senate debate regarding the Bailout on C-SPAN earlier and this is what I was hearing:

Many of our elected reps in the senate are stating, "We'll address the problems that caused this crisis AFTER we get the money"...We know how this works already - talk is cheap but this bailout they are trying to put on the backs of taxpayers isn't! Congress's top bookkeeper, Peter R. Orszag testified before the Congressional Budget Office that the proposed Wall Street bailout could actually worsen the current financial crisis.

The greed and crimes that caused this crisis won't get 'fixed'- Washington and Wall Street will take our money to cover their losses and failures and be glad they got away with it again! There will be no 'change' except they will become even more brazen with their crimes in the future. Why should they 'change' their behavior if they always get a 'get out of jail free card'?! No accountability, no repercussions, no losses for them for their failures and crimes - nothing but dumping the cost and results on us!

I seriously believe if We the People want REAL CHANGE and a hope for OUR future, We need to look into 3rd party candidates - with Obama or McCain 'CHANGE' will never happen. As it is said, they are 'opposite wings on the same bird.'

Posted by: calumonit | October 1, 1908 10:30 PM | Report abuse

If George W. Bush, John McCain, or Barack Obama had any honesty and integrity, they would approach the current banking malady in much the same way that President Andrew Jackson did. In discussing the Bank Renewal bill with a delegation of bankers in 1832, Jackson said, "Gentlemen, I have had men watching you for a long time, and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out."

Too bad our country's greatest deficit is one of leadership.

I agree with calumonit:

"I seriously believe if We the People want REAL CHANGE and a hope for OUR future, We need to look into 3rd Party candidates - with Obama or McCain 'CHANGE' will never happen. As it is said, they are 'opposite wings on the same bird.'"

Posted by: Anonymous | October 1, 1908 10:34 PM | Report abuse

There's no other way to clean up the mess the Democrats left behind. Therefore, the House will pass the bill.

Posted by: loan4ever | October 1, 1908 10:37 PM | Report abuse

In 2003, George W. Bush, as well as John S. McCain, blow the whistle, but the Democrats blocked any efforts to clean up the Wall Street/Fannie Mae/Freddie Mac mess. Now, five years later, say thank you to the Democrats for the $700 billion bill. Good job, Democrats!

Posted by: Just a note | October 1, 1908 10:45 PM | Report abuse

The way politics is played, despite the hair-raising sound of gnashing teeth and tearing of hair by the roots, the bail-out bill will pass Congress.

Main Street is unorganized and cannot back up its decision with anything like Wall Street can. That's the practical truth.

Best now to just tell your Congressmen to insert whatever provision they can so the ordinary citizen gets something from this bail out ($700 B, $850B, or is it $1.4 T? Who knows? Not even the plan's proponents) amount The "gospel" being spread around is: But we need to address immediately and massively this crisis! No time to dither with details such as oversight, court inquiries, monitoring, etc. The sky is falling, man!" And of course there's isn't time to prove or debate this.

And the "solution" may really be such, had it been respectfully, transparently, orderly presented. But, precisely, that may be because it is not so. Who knows now -- or ever?

Posted by: AJdlReyes CA | October 1, 1908 11:25 PM | Report abuse

How much of that money will end up in the pockets of Bush, Cheney, etc...? I'd like to know.

Posted by: Baruch | October 2, 1908 12:08 AM | Report abuse

You know there may be a need to "rescue" the economy. But handing 700 billions - now 850 - to the same bunch who created this mess in the first place is definitely NOT the way to do it.

Posted by: Anonymous | October 2, 1908 12:56 AM | Report abuse

Again the rush to push through a bill/plan without doing anything to eradicate the cause. The Senate added ++ pork to get the votes, they changed the name from bailout to rescue, but in the end it is the same plan given to them from the executive branch. This problen has come about due to excessive leverage which encourages speculation by financial institutions. They get rich off their gambling and now the public is being forced into paying off their debts. Bailouts lead to other bailouts which lowers the value of the dollar, then a sell off in the US bond market leading to higher interest and then higher mortgage rates...doesn't sound like a good plan to me.

Posted by: Sue | October 2, 1908 4:01 AM | Report abuse

It is time for We the People to get our heads out of the sand and STOP hoping by some miracle the Democratic and Republican parties are going to become honest, Constitution defending and upholding representatives - THEY ARE NOT!! THIS IS A DANGEROUS BILL!!

This move will change the entire power relationship between the Congress and the Executive Branch, as well as the power relationship between American citizens and our government.

To give governmental powers and obligations to financial institutions over our populace is clearly outside of the realm of the Constitution.

There is no sunset provision on many of the main powers granted by this legislation and thus these powers will become a permanent change to our government.

The 'revised' bill has NOT changed - just alot of enticing pork added - and We already know 'our' unscrupulous elected officials sellout all the time - that's why We're in this mess!

I seriously believe if We the People want REAL CHANGE and a hope for OUR future, We need to look into 3rd party candidates - with Obama or McCain We will continue to be in danger as they continue their 'push forward' into socialism and a dictatorship. They are 'opposite wings on the same bird.'


Posted by: calumonit | October 2, 1908 10:29 AM | Report abuse

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