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Breaking: Senate Passes Rescue Bill

By a vote of 74-25, the Senate just approved the revised version of the $700 billion Wall Street rescue bill rejected Monday by the House.

The bill now heads to the House for a vote, likely on Friday. Some of the revisions included in the Senate bill were designed to win the support of House Republicans who voted against the first bill.

- Frank Ahrens

By Frank Ahrens  |  October 1, 2008; 9:20 PM ET
Categories:  The Ticker  
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Next: Senators Who Voted Against the Rescue Bill

Comments

Sooner or later we will need www.debtrealignment.com

Posted by: Samuel Margolies | October 1, 1908 9:29 PM | Report abuse

What does the bill they approved say?

Posted by: Bill Burnett | October 1, 1908 9:30 PM | Report abuse

Obama made a good case for the bill as well
a good floor speech. Anybody see McCain, I heard he arrived in time to vote.

Posted by: Obama floor speech | October 1, 1908 9:30 PM | Report abuse

Wall Street-850 billion
Main Street-0

Posted by: Angryyoungandpoor | October 1, 1908 9:31 PM | Report abuse

Unreal. Just unreal. The Federal Government can't print money fast enough to support these types of handouts. I'm disgusted.

Please post the rollcall when you have it, Washington Post.

Posted by: Disgusted in DC | October 1, 1908 9:31 PM | Report abuse

I see the WaPo has adopted the NEW NAME for the BAILOUT.

Posted by: mds | October 1, 1908 9:32 PM | Report abuse

the socialist pigs!!!!

Posted by: jeff richards | October 1, 1908 9:33 PM | Report abuse

The Senate has 74 real idiots.

Posted by: Michael1945 | October 1, 1908 9:33 PM | Report abuse

Pass bailout:

Banks 850 billion
street may get something

reject bailout
banks 0
street 0

Posted by: Lose either way | October 1, 1908 9:33 PM | Report abuse

For 2 weeks now we've been told daily if we don't do something today, financial armageddon will arrive tomorrow. Every day we get by though and the stock market isn't plummeting 2,000 points as many have suggested. In addition, my neighbor just obtained a $150,000 credit line for new business dealings showing credit isn't as bad as we are led to believe. We are certainly in a financial mess, and things need to be done.

However, we must be smart in how we solve this mess, or we will only be doing this all over again in 5-10 years. Congress should be holding hearings with economists and other leaders to really figure out the best manner to fix our problems. In addition, our so called leaders have now added to the bill to go before the Senate today. It includes funding for foreign banks and to name just a few:

New Tax earmarks in Bailout bill
- Film and Television Productions (Sec. 502)
- Wooden Arrows designed for use by children (Sec. 503)
- 6 page package of earmarks for litigants in the 1989 Exxon Valdez
incident, Alaska (Sec. 504)

Tax earmark "extenders" in the bailout bill
- Virgin Island and Puerto Rican Rum (Section 308)
- American Samoa (Sec. 309)
- Mine Rescue Teams (Sec. 310)
- Mine Safety Equipment (Sec. 311)
- Domestic Production Activities in Puerto Rico (Sec. 312)
- Indian Tribes (Sec. 314, 315)
- Railroads (Sec. 316)
- Auto Racing Tracks (317)
- District of Columbia (Sec. 322)
- Wool Research (Sec. 325)

Take 1 minute and tell Congress to Vote NO on this bailout. Call (202) 224-3121 or email them at wwww.VoteNoBailout.org. It is time our leaders work on a real plan that truly solves this financial crisis for decades to come.

Posted by: Brian | October 1, 1908 9:34 PM | Report abuse

Where's the roll call? How'd Obama and McCain vote?

Posted by: Roll Call | October 1, 1908 9:34 PM | Report abuse

NEOCONS just RAPED THIS NATION AT GUNPOINT!

Posted by: Anonymous | October 1, 1908 9:34 PM | Report abuse

Gotta spend money to make money. What else was going to save the economy?

Posted by: Borrower | October 1, 1908 9:34 PM | Report abuse

We're in a financial crisis right now. Without this, we're in an economic crisis.

Posted by: Borrower | October 1, 1908 9:35 PM | Report abuse

Bailout with lipstick.

Posted by: hramsden | October 1, 1908 9:36 PM | Report abuse

Its not a $700 Billion crisis to Wall Street. When you add in the EXTRA CARROTS -it now amounts to $850 Billion!!!

Thats not the end of it either - believe me!!!

Posted by: Rene J. | October 1, 1908 9:37 PM | Report abuse

Obama's speech was what we can expect from our next President. McCain again showed no leadership by refusing to speak on floor. I worked hard all day emailing & calling against bailout. At least 24 had the good sense to vote no. I agree on the debt website.

Posted by: Lori in Florida | October 1, 1908 9:37 PM | Report abuse

McCain and Obama both voted for it.

Posted by: Jayson | October 1, 1908 9:37 PM | Report abuse

No TAXATION without REPRESENTATION!!

Posted by: John Debaker | October 1, 1908 9:39 PM | Report abuse

I'm numb... Nothing the Senate does can surprise me anymore. Does anyone really believe the Senate is looking after our best interests, or are the just acting on their best interests?

The only power the (Main Street) people have is their vote. Cast it wisely!

Posted by: Hawaiian | October 1, 1908 9:39 PM | Report abuse

I think this "rescue" package is going to hurt more than it will help. How do you feel about the government bailout? Go post a comment and get your voice on record at feedtheceo.com

Posted by: That Guy | October 1, 1908 9:39 PM | Report abuse

WILL IT DO WHAT ITS PROPONENTS CLAIM?

Posted by: WHY ARE TAXPAYERS LEFT HOLDING THE BAG? | October 1, 1908 9:40 PM | Report abuse

I would like to get a message out to all of the people on Wall Street who will be benefiting from this bailout bill:

When you see members of Congress at the golf course, or at the yacht club, or at your favorite five-star restaurant, go up to them and say thanks, and perhaps even buy them a drink. Its the least you can do.

Posted by: Maxedout | October 1, 1908 9:41 PM | Report abuse

i am never voting for either the republicans or democrats again. we need a third party. there is absolutely no difference between the two partys. why would the democrats support a bill from this president? wake up people.

Posted by: Anonymous | October 1, 1908 9:41 PM | Report abuse

So, now 33% of my gross salary is going to some clown in NYC who can't manage his financial assets. What's worse is that some international banks are transferring their assets to the US so they can dump their "toxic" assets on the U.S. Treasury -- meaning YOU AND ME.

Totally disgusted now. Time to vote the whole d*** Congress out and start a new. We got sold out.

Posted by: Disgusted in DC | October 1, 1908 9:41 PM | Report abuse

Feingold voted no? He should have been the Democrat nominee.

Posted by: Anonymous | October 1, 1908 9:42 PM | Report abuse

More proof that there is NO DIFFERENCE between the two parties.

Vote third party in November. Obama and McCain don't deserve your votes.

Posted by: Tirade | October 1, 1908 9:42 PM | Report abuse

Now, let's get them to reinstate down payment assistance, which won't cost taxpayers a thing and will jump start the economy by helping people who can actually afford their mortgages buy homes.

Posted by: Charlotte | October 1, 1908 9:42 PM | Report abuse

Hi, I'm a US Senator. The American public have been sucking gas now for quite a while, but now this credit crisis is starting to cramp my style as well. So I voted for it. If you'll notice, my flag pin is extra shiny!

Posted by: ooxomoxoo | October 1, 1908 9:43 PM | Report abuse

Who were the 25 that voted NO??...I want to know how my Senators Voted (Chambliss & Isakson).

Posted by: Donovan | October 1, 1908 9:44 PM | Report abuse

The naysayers don't get it. Without this, we can't borrow anymore: no more mortgages, no more student loans, no more investment in business or infrastructure. That means no more growth.

Posted by: Borrower | October 1, 1908 9:44 PM | Report abuse

Harry Reid is licking Chris Dodd's behind.
Dodd should be on his way to jail.

I'm going to puke.

Posted by: taxpayer | October 1, 1908 9:44 PM | Report abuse

"down payment assistance" ? With what? The Federal Govt just handed over our checkbook to the financial markets. You'll be lucky if the Federal Govt can still afford to keep the power on in DC after this bull****.

Posted by: Disgusted in DC | October 1, 1908 9:45 PM | Report abuse

My two idiot Senators, Specter & Casey voted for this travesty.

I actually called Specter's office today and BEGGED him to vote no.
I couldn't get through to Casey because his voice maul was full - of opposition I'm sure.

There is a revolution coming to this country.

The PEOPLE will not stand for this kind of financial extortion and terrorism from our so called "elected representatives".
We will not be made to be the slaves of multi national corporations and special interests.

Posted by: granny miller | October 1, 1908 9:46 PM | Report abuse

74 to 25, almost like the Iraq War Authorization Act!

Posted by: Anonymous | October 1, 1908 9:46 PM | Report abuse

"can't borrow anymore" ? That's a good thing. Banks giving out mortgages to anybody with a pulse was insane. They should have been penalized for it. Sadly, the Congress just handed over our money...your money...my money...to bail those fools out.

Borrowing and debt are what sold this country to foreign investors. US of A, owned and operated by China.

Posted by: Disgusted in DC | October 1, 1908 9:47 PM | Report abuse

Post the rollcall or a link, plz.

Posted by: Disgusted in DC | October 1, 1908 9:48 PM | Report abuse

Wow, just minutes after the bill passed the dollar took a tumble on the market. Precious metals also went up. What's that say about confidence in our dollar?

Ron Paul is right: You can't fix bad credit by creating more bad credit.

Posted by: Urban Guerrilla | October 1, 1908 9:48 PM | Report abuse

You want to fight back? Email and call your representative; then, take two days off and learn to fish.
If the House caves under this speculator extorsionism attempt passed in the Senate, quit and just live off the land and use barter trade. Don't accept the dollar for your beets!

Posted by: JC | October 1, 1908 9:48 PM | Report abuse

Hillary voted yes. Will not support her anymore for whatever office. McCain and Obama are both bad choices for president.

Posted by: Anonymous | October 1, 1908 9:49 PM | Report abuse

this is not going to improve Congress' approval rating.

Posted by: taxpayer | October 1, 1908 9:50 PM | Report abuse

What a farce. This is nothing more then fear mongering. They tell us McDonalds is not extending credit to some of their franchises. Pure BS. If you have good credit where I live, money is readily available. You have good credit and want to buy a car, no problem. These are more WMD smoke and mirrors. There are 10,000 foreclosures a day, and the gov't is buying $700 billion in old toxic paper. Wall Street couldn't sell it at 22 cents on the dollar, but we the people can hold it indefinitely. Just utter non sense! This garbage will be sold in bundles to the same cronies that got us in this mess. If we are truly a socialist nation (according to this bill), just cook the books and deed the properties back to the individual homeowners. Not speculators, or people flipping. If they live in it (homestead), then just give them the property and we can all move on. Between Iraq and Wall Street, we can't afford anything. The prices around NYC are still booming, while most places are in the tank.

Posted by: Sean P. | October 1, 1908 9:50 PM | Report abuse


Remember Ken Lay?? Remember Jeffrey Skilling? Remember Arthur Anderson Accounting? Remember all the hearings, and all those who went to jail?

WHY ISN'T CHRIS DODD BEING INVESTIGATED?? WHY ISN'T BARNEY FRANK BEING INVESTIGATED?? WHAT GOVERNMENT AGENCY IS HOLDING CROOKED POLITICIANS ACCOUNTABLE??

CROOKED POLITICIANS HAVE BROUGHT AMERICA'S CREDIT MARKETS TO THEIR KNEES AND NOW EVERYONE IS PRAISING THEM!!! IT IS TOTALLY SICK AND REPREHENSIBLE!!

DID SOMEONE CUT MCCAIN'S TONGUE OUT????

Posted by: Charko825 | October 1, 1908 9:50 PM | Report abuse

We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence,promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Bailout for the United States of America.

Posted by: rubdel | October 1, 1908 9:51 PM | Report abuse

Disgusted:

Bad borrowing was the problem, not all borrowing. We need to be able to reach more money than we have. The economy thrives on this flexibility. How do we ever send kids to college without debt? How do we ever own our own home, or car? We need to borrow. We need people who will offer us credit. This bill makes sure that possibility remains open.

Posted by: Borrower | October 1, 1908 9:51 PM | Report abuse

To the mentally infirm.

Please note the so called bailout bill (refered to below as "economic rescue legislation") was rolled up into and was a part of H.R.1424, which also contains other legislation the Senate was working on and had to dispatch before their recess.

http://thomas.loc.gov/cgi-bin/bdquery/z?d110:H.R.1424:
""H.R.1424
Title: To amend section 712 of the Employee Retirement Income Security Act of 1974, section 2705 of the Public Health Service Act, section 9812 of the Internal Revenue Code of 1986 to require equity in the provision of mental health and substance-related disorder benefits under group health plans, to prohibit discrimination on the basis of genetic information with respect to health insurance and employment, and for other purposes.
Sponsor: Rep Kennedy, Patrick J. [RI-1] (introduced 3/9/2007) Cosponsors (274)
Related Bills: H.RES.1014, H.R.493, H.R.1367, S.358
Latest Major Action: 3/7/2008 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 610.
House Reports: 110-374 Part 1, 110-374 Part 2, 110-374 Part 3
Note: On 10/1/2008, the Senate plans to use H.R.1424 as the vehicle for the economic rescue legislation. See Senate Majority and Minority notices and documents from the Senate Finance Committee and the Senate Banking Committee. On the Banking Committee website, Division A (pp.2-113) of the draft legislation is referred to as the Emergency Economic Stabilization Act of 2008; Division B (pp. 113-261) is referred to as the Energy Improvement and Extension Act of 2008; and Division C (pp. 261-451) is referred to as the Tax Extenders and Alternative Minimum Tax Relief Act of 2008.""

Posted by: plaza04433 | October 1, 1908 9:52 PM | Report abuse

The yeasayers don't get it. We don't need to borrow. We're fat enough.

Posted by: marcoloco | October 1, 1908 9:52 PM | Report abuse

Those $850 billion in ADDITIONAL DEBT means that every man, woman and child in America is now $2,800 POORER.

Thank you senators.
Thank you Barak Obama.
Thank you John McCain.
We'll pay you back on Novemeber 4.

Posted by: Scooby | October 1, 1908 9:55 PM | Report abuse

Nos (25):
Allard (R)
Barrasso (R)
Brownback (R)
Bunning (R)
Cantwell (D)
Cochran (R)
Crapo (R)
DeMint (R)
Dole (R)
Dorgan (D)
Enzi (R)
Feingold (D)
Inhofe (R)
Johnson (D)
Landrieu
Nelson (D-FL)
Roberts (R)
Sanders (I)
Sessions (R)
Shelby (R)
Stabenow (D)
Tester (D)
Vitter(R)
Wicker (R)
Wyden (D)

Not present (1):
Kennedy

Posted by: Jayson | October 1, 1908 9:55 PM | Report abuse

Borrower, I hear what you're saying about borrowing, as a mortgage holder and a credit card holder.

This bailout violates a core principle of our free-market economy -- "let the markets decide". Now, it's "let the markets decide until they get over their heads and need our help".

The banks and financial industry made bad decisions. They should be punished for it. This bailout is a "get out of debt free" card for them.

Posted by: Disgusted in DC | October 1, 1908 9:55 PM | Report abuse

Please post the rollcall when you have it, Washington Post.

I am going to do whatever I can to oppose those who VOTED NO to this plan. I do not want my investment to be wiped out.

Posted by: hac129 | October 1, 1908 9:56 PM | Report abuse

My fellow Americans:

I was totally against this bill since its conception as many of you. But now that it has passed the Senate so overwhelmingly, and soon the House, I’ve had time to reflect*:

You know, when you think about it, there is no non-Wall-Streeters and Wall-Streeters, for we are the Untied States of Wall-Streeters. I may not have any money in the markets, but the folks I work for do and they are the ones who employ me and pay me alright to do what I do…which is surf the web at work mostly**.

In the end, my fellow Wall-Streeters, ask not what your country can do for you; ask what you can do for Wall Street. Now, let’s go share a cup of tea.

Sincerely, and surrounded in complete tranquility,

bluntnhonest

*Reflection goes down better if the Star Spangled Banner is played quietly in the background.

**If you are my boss and you are reading this, the “surfing the web” thing was just a little joke!

Posted by: bluntnhonest | October 1, 1908 9:56 PM | Report abuse

Just left a voicemail with my representative asking him to vote "NO" on Friday. I have a feeling that his voicemail box will be full by morning. I swear my Senators' left their voicemails full just so they wouldn't have to take angry calls. Get your messages in while you still can!

Posted by: Call Your Reps | October 1, 1908 9:57 PM | Report abuse

For some reason, those voting "NO" to this bailout believe that we can all sort this thing out while we, as an economy, crumble. Lets use or logical brain here, we all wont be alive long enough to pay off this bill. But, statistically our debt is what generates money and value. If we are too limited for leveraging, how will we grow? We are already in the hole with China. As someone else stated, "you have to spend money to make money". Apparently, those voting "NO" have everything they could ever need or NOTHING at all.

Posted by: kai | October 1, 1908 9:57 PM | Report abuse

Surprise surprise the 700 billion bailout is now the 850 billion bailout!

Posted by: Anonymous | October 1, 1908 9:57 PM | Report abuse

No bailouts No handouts No giveaways No freeebies

You signed on the dotted line for a mortgage you didn't understand.
You can have my sympathy but not my life savings.

You overpaid for your McMansion and now you can't re-finance.
You can have my sympathy but can't have my kid's life savings.

You bought everything on credit and your charge card rate just shot up to 18%.
You can have my sympathy but can't have my grand-kid's life savings.

You bought a bunch of rundown houses to flip but the market tanked.
You can have my sympathy but can't have my great-grand-kid's life savings.

You busted your rear raising a family; taking on only necesary debt i.e. mortgages and car loans you could afford. You got sick / injured / laid-off and are in financial trouble.
You have my sympathy and our government needs to help YOU!

Let the Wizards of Wall Street fend for themselves!

http://throwallthebumsout.org/wp-admin/post.php?action=edit&post=105

Posted by: FedUp389 | October 1, 1908 9:57 PM | Report abuse

From the WashingtonPost blog after this entry:
Senators Who Voted Against the Rescue Bill

The modified $700 billion Wall Street rescue bill just passed the Senate by a 74-25 vote. Now it heads to the House; if it passes there, onto President Bush who favors the rescue plan.

Here is a list of the senators who voted against the rescue bill:

- Waye Allard (R-Colo.)
- John Barrasso (R-Wyo.)
- Sam Brownback (R-Kan.)
- Jim Bunning (R-Ky.)
- Maria Cantwell (D-Wash.)
- Thad Cochran (R-Miss.)
- Mike Crapo (R-Idaho)
- Jim DeMint (R-S.C.)
- Elizabeth Dole (R-N.C.)
- Byron Dorgan (D-N.D.)
- Michael Enzi (R-Wyo.)
- Russ Feingold (D-Wisc.)
- James Inhofe (R-Okla.)
- Tim Johnson (D-S.D.)
- Mary Landrieu (D-La.)
- Bill Nelson (D-Fla.)
- Pat Roberts (R-Kan.)
- Bernie Sanders (I-Vt.)
- Jeff Sessions (R-Ala.)
- Richard Shelby (R-Ala.)
- Debbie Stabenow (D-Mich.)
- John Tester (D-Mont.)
- David Vitter (R-La.)
- Roger Wicker (R-Miss.)
- Ron Wyden (D-Ore.)

Of note:

- The only senator not present at the vote was Ted Kennedy (D-Mass.), who is being treated for cancer.

- By party, 16 Republicans and nine Democrats voted against.

- Both senators from Alabama voted against, as did both from Wyoming, Kansas and Mississippi, all Republicans.

-- Frank Ahrens

Posted by: Jayson | October 1, 1908 9:58 PM | Report abuse

On January 21st, after the inauguration, Obama should call Pelosi into the Oval Office and say the following:

"Madame Speaker, I want to take this opportunity to thank you for your support and for your service as Speaker of the House. However, the challenges we face are so enormous and threatening that in the years to come we're going to need true bipartisanship, such as was exhibited the night the Senate passed the bailout package. Your partisan speech in the House provided many Republicans cover to vote against the bill - the result was a loss of confidence and a 777 point plunge in the Dow.

"Madame Speaker, it's painful to ask this, but I must ask. I'm asking you, for the good of the country AND your party to step down as speaker in favor of someone who is less of a polarizing figure. You were important in returning control of the House back to the Democrats, but Democrats and the country will suffer if we can't all pull together and fix the mess we're in. I hope you'll consider this and do what is best for us all."

Posted by: treetopflyer | October 1, 1908 9:58 PM | Report abuse

Ron Paul 2008 !!!

The voice of sanity in the U.S.

Posted by: berry | October 1, 1908 9:59 PM | Report abuse

I can't believe Kai is actually proud of this country being in debt up to its eyeballs.

Debt has its place. Banks giving out money and just being fiscally irresponsible do not deserve our hard-earned tax dollars.

How do you feel about giving 20-35% of your gross salary to a bank? And not just a US Bank but a foreign bank?

I'm disgusted by it.

Posted by: Disgusted in DC | October 1, 1908 10:00 PM | Report abuse

Way to go America!!!!!!! All the foregin masters demanded the people pay and so we did.

How about if you dont have money, DONT BUY F'IN BY IT. Pretty simple.

No accountabilty, no congressional hearings. ZIP!!

Nothing to see hear folks please move along and put your $5,000 in the Basket on your way out.

Posted by: Anonymous | October 1, 1908 10:01 PM | Report abuse

BOB BARR '08

This should show Americans that no matter if Obama or McCain wins in November, we will still get FOUR MORE YEARS OF THE SAME.

Posted by: Tirade | October 1, 1908 10:02 PM | Report abuse

No bailouts No handouts No giveaways No freeebies

You signed on the dotted line for a mortgage you didn't understand.
You can have my sympathy but not my life savings.

You overpaid for your McMansion and now you can't re-finance.
You can have my sympathy but can't have my kid's life savings.

You bought everything on credit and your charge card rate just shot up to 18%.
You can have my sympathy but can't have my grand-kid's life savings.

You bought a bunch of rundown houses to flip but the market tanked.
You can have my sympathy but can't have my great-grand-kid's life savings.

You busted your rear raising a family; taking on only necesary debt i.e. mortgages and car loans you could afford. You got sick / injured / laid-off and are in financial trouble.
You have my sympathy and our government needs to help YOU!

Let the Wizards of Wall Street fend for themselves!

http://throwallthebumsout.org/?p=105

Posted by: FedUp389 | October 1, 1908 10:02 PM | Report abuse

The housing bubble hasn't nearly finished deflating. The ecconomy was showing substatial signs of slowing, before this "crises" developed. The markets have a long way to fall between now and November 4, 2008, 2010, and 2012. And along with them many peoples retirement savings (which aren't really savings at all if they are in investment vehicles like mutual funds). Lets see how many of those Yea voters are still in office 6 years from now.

Posted by: Free Markets Will Still Work | October 1, 1908 10:02 PM | Report abuse

I have no loyalty to the gamblers who made this mess. I have loyalty to the other 250 million of us who need investments to gain interest for the rest of us to be able to borrow in order to go to college and own a house.

Posted by: Borrower | October 1, 1908 10:02 PM | Report abuse

Our ability to borrow won't go away if this bill doesn't pass. Instead, consumers will have to meet stricter standards, provide VALID documentation, and...oh...actually have jobs and demonstrate an ability to pay off the debt.

Things the banks should have been doing years ago.

This bill was a "get out of debt free" card.

Disgusted in DC.

Posted by: Disgusted in DC | October 1, 1908 10:05 PM | Report abuse

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 come. As it is said, they are 'opposite wings on the same bird.'

Posted by: calumonit | October 1, 1908 10:08 PM | Report abuse

Here is the list of how congressmen in the House previously voted. http://clerk.house.gov/evs/2008/roll674.xml

Contact those that voted no and make sure they don't change their votes.

Posted by: Brian | October 1, 1908 10:08 PM | Report abuse

Hopefully Congress will hold and shoot it down. Come back with an alternative plan with Bill Isaac's ideas in it. Bet on Cowboys, not horses.
I'd rather bet on Isaac's ideas since he has been there, done that with the Saving's and Loan crisis than on Bernanke and Paulson!
I'm a Republican and am extremely disappointed in Bush and in McCain!

Posted by: CBAlexander | October 1, 1908 10:09 PM | Report abuse

Why is the president given $100 Billion in discretionary spending authority under the Senate bill?

Posted by: TexLonghorn | October 1, 1908 10:12 PM | Report abuse

Akaka (D-HI), Y
Alexander (R-TN), Y
Allard (R-CO), N
Barrasso (R-WY), N
Baucus (D-MT), Y
Bayh (D-IN), Y
Bennett (R-UT), Y
Biden (D-DE), Y
Bingaman (D-NM), Y
Bond (R-MO), Y
Boxer (D-CA), Y
Brown (D-OH), Y
Brownback (R-KS), N
Bunning (R-KY), N
Burr (R-NC), Y
Byrd (D-WV), Y
Cantwell (D-WA), N
Cardin (D-MD), Y
Carper (D-DE), Y
Casey (D-PA), Y
Chambliss (R-GA), Y
Clinton (D-NY), Y
Coburn (R-OK), Y
Cochran (R-MS), N
Coleman (R-MN), Y
Collins (R-ME), Y
Conrad (D-ND), Y
Corker (R-TN), Y
Cornyn (R-TX), Y
Craig (R-ID), Y
Crapo (R-ID), N
DeMint (R-SC), N
Dodd (D-CT), Y
Dole (R-NC), N
Domenici (R-NM), Y
Dorgan (D-ND), N
Durbin (D-IL), Y
Ensign (R-NV), Y
Enzi (R-WY), N
Feingold (D-WI), N
Feinstein (D-CA), Y
Graham (R-SC), Y
Grassley (R-IA), Y
Gregg (R-NH), Y
Hagel (R-NE), Y
Harkin (D-IA), Y
Hatch (R-UT), Y
Hutchison (R-TX), Y
Inhofe (R-OK), N
Inouye (D-HI), Y
Isakson (R-GA), Y
Johnson (D-SD), N
Kennedy (D-MA),
Kerry (D-MA), Y
Klobuchar (D-MN), Y
Kohl (D-WI), Y
Kyl (R-AZ), Y
Landrieu (D-LA), N
Lautenberg (D-NJ), Y
Leahy (D-VT), Y
Levin (D-MI), Y
Lieberman (ID-CT), Y
Lincoln (D-AR), Y
Lugar (R-IN), Y
Martinez (R-FL), Y
McCain (R-AZ), Y
McCaskill (D-MO), Y
McConnell (R-KY), Y
Menendez (D-NJ), Y
Mikulski (D-MD), Y
Murkowski (R-AK), Y
Murray (D-WA), Y
Nelson (D-FL), N
Nelson (D-NE), Y
Obama (D-IL), Y
Pryor (D-AR), Y
Reed (D-RI), Y
Reid (D-NV), Y
Roberts (R-KS), N
Rockefeller (D-WV), Y
Salazar (D-CO), Y
Sanders (I-VT), N
Schumer (D-NY), Y
Sessions (R-AL), N
Shelby (R-AL), N
Smith (R-OR), Y
Snowe (R-ME), Y
Specter (R-PA), Y
Stabenow (D-MI), N
Stevens (R-AK), Y
Sununu (R-NH), Y
Tester (D-MT), N
Thune (R-SD), Y
Vitter (R-LA), N
Voinovich (R-OH), Y
Warner (R-VA), Y
Webb (D-VA), Y
Whitehouse (D-RI), Y
Wicker (R-MS), Y
Wyden (D-OR), N

Posted by: Roll Call | October 1, 1908 10:12 PM | Report abuse

Thank you to all the Senators that had the integrity and foresight to vote 'No'.

The rest MUST BE VOTED OUT OF OFFICE (KEEP A LIST of the senators that voted for this bill to remember who betrayed you!) - They are TRAITORS that REFUSE to fulfill their OATH OF Office to defend and uphold our Constitution with its' checks and balances thus refusing to use the vote We lent to them to vote for our nations' and our best interests.

Posted by: CAC | October 1, 1908 10:18 PM | Report abuse

Some of these banks need the capital to increase liquidity and something was necessary to prevent people from compounding their problems by taking their money out of banks. I do not agree with helping these companies maintain inflated prices on assets that were over-valued by artificial demand, which is essentially what irresponsible lending causes to me.

Some these banks want to change the value of these assets without allowing the market to correct itself when confidence is restored which could arguably lead to lower, more reasonable prices for the benefit of the consumer.

This money should not be used to bankroll the ostentatious behavior of the financial industry when their companies lack the capital to back their investors' assets. I do not feel good about this money going to companies that are known for accounting gimmicks. We may not know the true cost and how much is really needed to salvage the markets from these banks that spread risk without assessing the significance of the risk itself.

It's unbelievable. I will not understand how some people can be so irresponsible when their actions can influence so many people.

Posted by: Washington Irving | October 1, 1908 10:19 PM | Report abuse

Am in southern Virginia working on the Obama campaign. I agree completely that this bill was set to vote in haste, and there should have been significantly more counsel with economists. Alan Greensban anyone? If you notice headlines of yesterday, the stock market regained 4.7% because of "Confidence that the new bill will pass." Absolutely ridiculous. The stock market should NOT be as relevant to how many jobs are available or how many people can apply for a mortgage. The government NEEDS to regulate these things so that they can't fail on a whim. We're incredibly deep in debt but government establishments haven't crumbled...yet. A step towards regulation of these kinds of things may in fact be a step toward socialism, but if you think job security, secure and fair loans, and fully adequate government services are anti-american, you can feel free to live in some society where the country is only for those who can pay their way through.

Posted by: Galen | October 1, 1908 10:20 PM | Report abuse

I have to 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 come. As it is said, they are 'opposite wings on the same bird.'"


I will be looking into 3rd Party candidates, I've had enough!

Posted by: A.C. | October 1, 1908 10:23 PM | Report abuse

Senate secedes from America. They are the Senate of occupiers.

Posted by: Old Atlantic | October 1, 1908 10:25 PM | Report abuse

Excerpts from
http://worldreports.org/news/174_latest_false_prospectus_from_paulsons_treasury


LATEST FALSE PROSPECTUS FROM 'PAULSON'S' TREASURY
DECEITFUL TRANSFER OF BANK ASSETS TO BUYER WITHOUT RECOURSE
Tuesday 23 September 2008 03:30

By Christopher Story FRSA, Editor and Publisher, International Currency Review, World Reports Limited, London and New York. For earlier reports, press the ARCHIVE. Order your intelligence subscriptions and our 'politically incorrect' intelligence books online from this website.

SECOND UPDATE, 26th September 2008:

WHO'S BEING 'RESCUED'? THE BANKS? WRONG: THE CROOKS
When 'Paulson' was televised getting down on bended knee in front of Pelosi, as though he was proposing to her (yuk), what do you suppose he was saying, apart from possibly asking for a less prominent lamp post? Here's what he may have been pleading to his co-conspirator:

'PLEASE vote for whatever convoluted version of the Plan comes out of the works, because quite clearly if you do not, we'll be TOAST on Monday. I don't care what Congress does, AS LONG AS YOU ALL VOTE FOR SOMETHING, cuz then Dubya will be able to appear on TV and praise me for having saved America and the whole world. But the underlying reason that you MUST DO THIS, darhling, is that it's our pocket money, the on-the-books cash that we need for our new trading platform, so's we can continue our hypothecation operations after we get out of this hellhole, like nothing ever happened. So be a dear, would ya?'

...

The game is well and truly up(side down) when the so-called US Treasury Secretary is seen kneeling before the Speaker of the House of Representatives like a mediaeval pilgrim worshipping a saint. Or like Lavrenti Beria, Stalin's Interior Ministry (MVD) Chief, who, having ordered the murder of millions, broke down and fell on his knees in floods of tears when his executioners arrived at his cell to deliver the standard bullet through the temple.

Posted by: CB_Brooklyn | October 1, 1908 10:26 PM | Report abuse

This is not money down the drain, it is an investment in the USA.

Posted by: 123ABC | October 1, 1908 10:27 PM | Report abuse

Anyone against this legislation is living under a rock with special consideration given to the implications that could follow.

http://www.youtube.com/themouthpeace

Posted by: Max Johnstone | October 1, 1908 10:27 PM | Report abuse

A.C. and calumonit:

The problem with 3rd party candidates is that, for the most part their either crazy or have left their original party due to one issue they really BLEW OUT OF PROPORTION in their mind.
If there was a 3rd party candidate who cared about defense, the poor, the middle-class, morality, and me in particular, I think we would all vote for him or her.

Posted by: bluntnhonest | October 1, 1908 10:28 PM | Report abuse

FIRST UPDATE, 26th September 2008:

There are even those [Congressmen] who are now prepared to accept that this crisis, which has driven Americans from their jobs and homes, with their sons dying in wars launched for ruthless private gain, is about one thing only: OPEN-ENDED OFFICIAL FRAUDULENT FINANCE OPERATIONS. The 'subprime mortgage crisis' was a 'slide' [see below].

As soon as this factor is understood by the general public, as seems likely, there will be hell to pay. Applications for a Permit-to-Carry arms have increased enormously in recent weeks and months, with correspondents emailing the Editor with observations such as:

'Everyone I've talked to affirms they will die with their guns at their hands. We'll fight! These people have overestimated themselves and underestimated us "useless eaters"'.

Our view remains that what is about to change is that THE RULE OF LAW will be re-established and that these criminal operatives will NOT get away with their crimes. Certain information, backed by extremely sensitive 'smoking gun' data, has been in the hands of the appropriate authorities for about a week, that proves inter alia that these crooks have engaged in war profiteering on a scale with no historical precedent, which explains why Bush was never in the slightest interested in the dead bodies that were and are being buried in Arlington Cemetery, which ran out of space to take the daily new arrivals. These people are brought up to INFLICT PAIN WITHOUT FLINCHING.

Posted by: CB_Brooklyn | October 1, 1908 10:28 PM | Report abuse

We were sold out! Wall Street got bailed out, the banks got bailed out. The corporations got bailed out. No consumer protection. No end to outsourcing or ending guest worker visas. All they did was set us up for a crash, later this year. This is what you can expect when your "representatives" answer to the wealthy and powerful, the corrupt and greedy, rather than to ordinary people. About this time next year, when you are cold and hungry, your children sick without medical care, starving, remember today!

Posted by: Anonymous | October 1, 1908 10:28 PM | Report abuse

If this passes and becomes law:
1. vote out the idiots that voted yea
2. default on all unsecured debt, why should you pay twice?

Posted by: therebel | October 1, 1908 10:29 PM | Report abuse

Read my two posts above to find out WHY the criminals need this $700B.


Here's some further info:


Quote From Forbes Magazine:

In fact, some of the most basic details, including the $700 billion figure Treasury would use to buy up bad debt, are fuzzy.

"It's not based on any particular data point," a Treasury spokeswoman told Forbes.com Tuesday. "We just wanted to choose a really large number."
http://www.forbes.com/home/2008/09/23/bailout-paulson-congress-biz-beltway-cx_jz_bw_0923bailout.html

Posted by: CB_Brooklyn | October 1, 1908 10:31 PM | Report abuse

I have read many comments here stating that those members of the Senate that voted "Yea" we should vote out of office. The question I have is: what if they voted "Yes," and not "Yea." Should we still then vote them out of office? Think about it.

Posted by: bluntnhonest | October 1, 1908 10:31 PM | Report abuse

"It is an investment in the USA."???

Remember that come tax time...when you are paying more so John CEO can afford to keep his **** yacht. Or that you will be working an extra month a year to pay off this garbage bill.

Posted by: Disgusted in DC | October 1, 1908 10:32 PM | Report abuse

Senate of Somali Pirates.

Posted by: Old Atlantic | October 1, 1908 10:32 PM | Report abuse

I'm ready to default on my unsecured debt now. Where's my **** handout?

Posted by: Disgusted in DC | October 1, 1908 10:33 PM | Report abuse

It is our economy that needs to be "bailed out," i.e., rescued. Do you want another Great Depression? Did you have parents or grandparents that lived through the Great Depression? My grandparents reuse coffee filters and save their money in coffee cans buried in the back yard after going through the depression. It's time to wake up and smell the coffee, people!!!

Posted by: 123ABC | October 1, 1908 10:33 PM | Report abuse

i can't afford to pay for this bailout. i can't afford health insurance either. who is going to bail ME out?

Posted by: Anonymous | October 1, 1908 10:33 PM | Report abuse

http://ap.google.com/article/ALeqM5gTS1CPMMgKdY2xTl8IYWGjOXERjAD93GGJIG0

Fannie, Freddie disclose subpoenas, investigations

By ALAN ZIBEL – 2 days ago

WASHINGTON (AP) — A federal grand jury is investigating accounting and disclosure issues at Fannie Mae and Freddie Mac, the mortgage finance companies said Monday.

Fannie and Freddie said they received subpoenas Friday from the U.S. Attorney's office in Manhattan as well as requests from the Securities and Exchange Commission that they preserve documents. Fannie Mae and Freddie Mac were taken over by the government earlier this month as their mounting defaults and foreclosures threatened the entire mortgage market.

The investigation concerns accounting, disclosure and corporate governance matters, the companies said. Freddie Mac said in a statement the government investigation focuses on activities starting in 2007.

Both companies said they would cooperate fully in the investigations, but their spokesmen declined to comment Monday. Representatives of the SEC and Justice Department also declined to comment.

Three weeks ago, the government seized control Fannie Mae and Freddie Mac, the two biggest U.S. mortgage finance companies, with a rescue plan that could require the Treasury Department to inject as much as $100 billion into each to keep them afloat.

A spokeswoman for the Federal Housing Finance Agency, which controls the companies said the housing agency, "will work with the companies to assure a smooth and efficient process and will work with the government agencies as they undertake their inquiries."

Law enforcement officials said last week the FBI is looking at potential fraud by Fannie, Freddie, and insurer American International Group Inc. Additionally, a senior law enforcement official told said failed investment bank Lehman Brothers Holdings Inc. also is under investigation.

The inquiries will focus on the financial institutions and the individuals that ran them, the senior law enforcement official told the Associated Press last week.

Officials said the new inquiries bring to 26 the number of companies connected to the mortgage crisis under investigation over the past year.

Over the past year as the housing market cratered, the FBI has opened a wide-ranging probe of companies across the financial services industry, from mortgage lenders to investment banks that bundle home loans into securities sold to investors. FBI Director Robert Mueller has said the FBI's hunt for culprits in the U.S. mortgage crisis focused on accounting fraud, insider trading, and failure to disclose the value of mortgage-related securities and other investments.

Additionally, the FBI is investigating failed bank IndyMac Bancorp Inc. for possible fraud. Countrywide Financial Corp., formerly the largest U.S. mortgage lender and now owned by Bank of America Corp., is also under scrutiny.

Shares of Fannie Mae rose 8 cents to $1.91 in midday trading, while shares of Freddie Mac rose 23 cents to $2.23.

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

Aaaaaaaaaaaaaaaaaaaarrrrrrrrrrrrgh!!!!!!!

I just knew the Senate was going to go all cowardly custard and kick this Christmas Tree to the House, and they did, all festooned in shiny ornaments.

Now it's up to The DeFazio-Kaptur Gang and the House republicans to save us from this attempted Armed Robbery.

Hank Paulson: The Smartest Guy in The Room.

William Isaac and James Galbraith:

The clearest heads in the country.

Time to go write to my Representative.

Pray for us.

Posted by: BabbleOn | October 1, 1908 10:35 PM | Report abuse

123ABC:

"My grandparents reuse coffee filters and save their money in coffee cans buried in the back yard after going through the depression."

Do you have the address and do you know whether or not there are still any coffee cans buried in the back yard? Just askin' what everyone else is thinkin'!

Posted by: bluntnhonest | October 1, 1908 10:36 PM | Report abuse

Another affirmation of the lobbyist running Washington.

Posted by: tpagotie | October 1, 1908 10:36 PM | Report abuse

This probably won't cost the taxpayers $700+ billion. There is real estate backing all of these bad loans. It is possible that most, if not all of the outlay will be recouped. "Investment in the USA."

Posted by: 123ABC | October 1, 1908 10:37 PM | Report abuse

In keeping with the season, and measures to save the Republic, Sarah Palin should "bail out" too.

Posted by: Martin Edwin Andersen | October 1, 1908 10:37 PM | Report abuse

Ever noticed how the idiot republicans (and dems for that matter) "crack down" on every type of welfare. Except welfare for their buddies.

We need a riot -- or something. We need to revisit 1968.

The American people were against this and the media and elected officials spat in our faces.

Hope you all enjoy WalMart while they enjoy caviar.

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

123ABC:

"My grandparents reuse coffee filters and save their money in coffee cans buried in the back yard after going through the depression."

Do you have the address and do you know whether or not there are still any coffee cans buried in the back yard? Just askin' what everyone else is thinkin'!

Posted by: bluntnhonest | October 1, 2008 10:36 PM

Hey now, that is my inheritence you are thinkin' about!

Posted by: 123ABC | October 1, 1908 10:38 PM | Report abuse

"It is our economy that needs to be "bailed out," i.e., rescued"

Bull****. They, the bankers and financial companies, made bad decisions. They want to be bailed out for it or they will hold us hostage by threatening us with tighter credit markets.

This is a handout. Instead of govt cheese, it's taxpayer dollars on the menu.

They screwed up. They should suffer. If I make a late payment twice in a year, my credit card rate skyrockets. I suffer consequences. Why shouldn't they?

Posted by: Disgusted in DC | October 1, 1908 10:38 PM | Report abuse

Both Senators from Maryland Cardin and Mikulski voted for the 850 Billion dollar bill. Vote them out in the next election. This is not about Republicans vs. Democrats. Do not vote for McCain or Obama. Pick any third party or write in a vote.

Posted by: Mike | October 1, 1908 10:38 PM | Report abuse

Well, isn't this precious! Senator McCain voted tonight for a bill full of earmarks---earmarks that he says he detests so much. Poetic justice there for you, eh John? It's going to be awfully hard for you to campaign as a maverick for the next month.

Posted by: TexLonghorn | October 1, 1908 10:39 PM | Report abuse

Dennis:
"Hope you all enjoy WalMart while they enjoy caviar."

Actually, I believe Wal-Mart sells caviar. Don't quote me on that, but I think that they do.

Posted by: bluntnhonest | October 1, 1908 10:39 PM | Report abuse

"It is possible that most, if not all of the outlay will be recouped. "Investment in the USA.""

If it's so **** good, why are they trying to dump it on the taxpayers?

You can make bets with your own **** money. I'd like mine to go to building roads, schools, and doing things that a government should be doing. That doesn't include bailing out some children on Wall Street.

Posted by: Disgusted in DC | October 1, 1908 10:41 PM | Report abuse

Disgusted in DC: so you want to hold the economy hostage and go through a depression so that greedy bankers can suffer? A lot more people will suffer on top of the greedy bankers.

Posted by: 123ABC | October 1, 1908 10:42 PM | Report abuse

Disgusted:

"If it's so **** good, why are they trying to dump it on the taxpayers?"

That's the job of government: to dump on the citizens. It's always worked that way. It's good to see the system is regular! Look for the lining, Disgusted, look for the lining!

Posted by: bluntnhonest | October 1, 1908 10:43 PM | Report abuse

No one wants the federal government to do what it's doing, but we have no choice at this point. For those who are critical of the bailout, I suppose you would rather do nothing and drive the economy even further down. This is a crisis of confidence, with a direct impact on the availability of credit. Make sure you are willing to really feel some pain before you criticize the bailout because if the feds do nothing, there will be a lot of pain to go around. And for those who voted for Bush once or twice, and his policies of deregulation, you asked for this.

Posted by: Hello? | October 1, 1908 10:43 PM | Report abuse

Disgusted in DC: you have a potty mouth and that doesn't exactly help your arguement.

Posted by: 123ABC | October 1, 1908 10:43 PM | Report abuse

I do not believe either presidential candiate nor members of Congress re: how well to steer this country. My faith, in our supposed elected leaders that are shoved down our throats, is gone. For that I am voting Independent as a protest.
Neither Obama nor Mc Cain seem to display any real undertsnding of what is going on @ Wall Street. They got us into Iraq and we lost billions and countless lives. Now this Wall Street bailout; what about working class and poor? Is this all about middle class and the rich? Frankly, I am scared!

Posted by: Tom | October 1, 1908 10:44 PM | Report abuse

New World Record for Most Money Flushed Down the Toilet: $700 Billion.
Cost of Smile on 74 Senators Faces: Priceless

Posted by: Guinness Book of World Records | October 1, 1908 10:44 PM | Report abuse

Let the markets work out the problems. The profits have already been taken. Now it is time for folks to pay to the piper.

What is so sad is that the taxpyers paying these debts had next to nothing to do with the creation of the problem.

Hard to believe that lenders actually thought that "trees grow to the sky". These are well-paid business people who took risks for rewards. Does any sane person believe that deals can never sour? 90% or more of hard-working Americans take millions of calculated gambles every day with their ever-day lives and keep right on going. Somw win, some lose, but seldom are they wiped out.

So why is this hand-full of financial institutions causing such huge irrevocable losses to the American people, when most folks take chances every day and the costs are absorbed by the individual?

But if the organization is very large, and the risk is proportionately very large....the possible gains will be very large and the possible LOSSES can also be very large. Bail-out the big risk taker...let the little guy fail.

That does not seem to be the right thing to do. Let those who took the risks profit, or let them fail...whichever the free market dictates. One for all, and all for one. The vast majority of Americans had nothing to do with how these businesses operated....we did not benefit, so we owe no sharing in any losses.

Posted by: Harold | October 1, 1908 10:45 PM | Report abuse

After vote Senate party at Indian embassy to celebrate stealth vote on Indian Nuclear Deal while we were thinking bailout.

Posted by: Old Atlantic | October 1, 1908 10:47 PM | Report abuse

"Hey now, that is my inheritence you are thinkin' about!" Posted by: 123ABC | October 1, 2008 10:38 PM

Oops! Sorry! Spending so much time on this Wall Street/Congress thing must have gotten to me! I'll get my morals back...somehow..someday! ;)

Posted by: bluntnhonest | October 1, 1908 10:47 PM | Report abuse

Gailen,
Spoken like a true Obama supporter. I have news for you, this country was founded on the principle of paying your own way and being a productive member of society. If you didn't and don't like it, you have the freedom to leave at any time. Why should the rest of us have to give up our way of life that our fathers, brothers, grandfathers died to give us? Just beause your candidate thinks Socialism is the better way? I think not.
Thank you for reminding an undecided voter which directon to go.

Posted by: Dara | October 1, 1908 10:47 PM | Report abuse

uh, sorry to break it to you, but a tightening of credit is actually a *good thing* - the last thing this nation up to its eyeballs in debt needs, is more debt.

Also why do we have to maintain 'growth' at all costs.. if something in your body grows without regard for the rest of the system, we call that a tumor.

Posted by: flapjack | October 1, 1908 10:48 PM | Report abuse

I don't know what part of the following dumb republicans don't get:

Housing prices decline.
Heavily indebted homeowners can't pay their bills.
Financial outfits which own their debt can't pay their bills.
Banks which lended to all of them have nothing more to lend.
No new business gets started, and old business can't grow.
People get laid off, and more homes go into foreclosure.
Housing prices decline further.
Etc.

You "free market" Republicans who won't support your own president are a real piece of work.

Get back to me in November.

Posted by: OfficerMancuso | October 1, 1908 10:48 PM | Report abuse

I'm speechless, hopeless...

Hopefully there's less crooks in the house of representatives.

Posted by: Robert | October 1, 1908 10:48 PM | Report abuse

The House was working on some "bottom up" programs that have been tested previously, they worked and don't rely on tax payer dollars. Let's hope sanity prevails in the House. What were the criminal senators so happy about? What do the fools think they accomplished? I will not vote for an incumbent in any race.

Posted by: notabeliever | October 1, 1908 10:50 PM | Report abuse

You can accuse these Senators of incompetence, but you cannot accuse them of cowardice. Look at the response here. Look at the polls. A majority of Americans are against these so-called "bailouts". These are elected officials. It is the beauty of democracy. No matter how much money these lobbyists have, they can only vote once each. What do you think motivates

Posted by: Andrew | October 1, 1908 10:51 PM | Report abuse

flapjack:
"uh, sorry to break it to you, but a tightening of credit is actually a *good thing* - the last thing this nation up to its eyeballs in debt needs, is more debt."

It may not be a good thing for you, but for those of us who are going to pass on due to wild livin' in the next year or two it's great!

Posted by: bluntnhonest | October 1, 1908 10:51 PM | Report abuse

Wall Street jumps the market around, freezes credit, and demands money from congress. It'll work every time.

Posted by: Hunt | October 1, 1908 10:52 PM | Report abuse

Is anyone familiar with how Sweden rescued itself from financial crises in the 90's?

Posted by: 123ABC | October 1, 1908 10:53 PM | Report abuse

Here's an idea, how about everyone that blasts this plan come up with their own plan in 48 hours and see if you can do better. I'm sure your education levels surpass EVERYONE's in the Senate and EVERYONE's in the House.

If this country wants to comprehend what our problems are each legal citizen should look in the mirror. Then and only then will be even begin to understand why our country has been divided for so long and why we're the laughing stock of the world.

Posted by: Ken | October 1, 1908 10:53 PM | Report abuse

"so you want to hold the economy hostage and go through a depression so that greedy bankers can suffer? "

No. Let the market sort it out. That's worked for the last 100yrs. The taxpayer isn't holding the economy hostage, the bankers are. "Oh, we made some bad investments and if we can't offload them onto Joe Taxpayer, we are gonna squeeze them with tight credit"

Pfft. We can agree to disagree. Just remember, every paycheck you get, 33-35% of it (depending on tax rate) will be going to pay off this handout.

Posted by: Disgusted in DC | October 1, 1908 10:56 PM | Report abuse

Ken:
"Here's an idea, how about everyone that blasts this plan come up with their own plan in 48 hours and see if you can do better. I'm sure your education levels surpass EVERYONE's in the Senate and EVERYONE's in the House."

Okay, give me the $700 billion dollars! That only took 48 seconds! Try to be sarcastic will ya! ;)

Posted by: bluntnhonest | October 1, 1908 10:57 PM | Report abuse

Thank god they finally acted. It may not be popular but it was necessary.

Posted by: jescowa | October 1, 1908 10:58 PM | Report abuse

"how about everyone that blasts this plan come up with their own plan in 48 hours and see if you can do better"

Hey Ken, we already have a plan. It's called "accountability and responsibility" and "let the markets sort out the clowns running companies".

They made bad decisions. They do not deserve to be bailed out.

Posted by: Disgusted in DC | October 1, 1908 10:58 PM | Report abuse

Stop complaining. You have eaten your own futures!!!! Borrowing now to repay sometime in the future has brought the USA to this.
The USA is no longer the dominant world power it pretended to be. That's why the rest of the world doesn't want to lend to you. You no longer have anything you can sell off to pay back.

I live in a country where greed is controlled by regulation and I'm glad. Tax the greedy. Reverse Bush's tax cuts, hit the greedy where it hurts and dig your way out of their faeces.

Posted by: Peter | October 1, 1908 11:01 PM | Report abuse

Ken:
"Then and only then will be even begin to understand why our country has been divided for so long and why we're the laughing stock of the world."

In all seriousness, the rest of the world is a bigger mess than we. This is like Putin chastising the U.S. for this trouble yet the economy in his country is crap; so much so the "markets" in Russia have been closing (due to government intervention) so that they do cannot crash.

I say, "Who cares if the rest of the world is laughing!" If the U.S. sneezes, the rest of the world has heart failure.

That's my peace.

Posted by: bluntnhonest | October 1, 1908 11:03 PM | Report abuse

What would happen to the economy if every person got a check for $2300? Would that jump-start things?

What's wrong with the economy is plain and simple: people have seen their incomes go backward in real terms, while the cost of NECESSITIES has risen through the roof.

That's why cars aren't being bought....home improvements are put off...vacations are shortened or cancelled....health care can't be afforded...etc...etc.

Put some ca-ching back in the wallet or pocketbook, and you'll see a multitude of problems "mysteriously" melt away.

Posted by: Harold | October 1, 1908 11:03 PM | Report abuse

I'd definitely like to know all that it entails.....

I know a lot of people are ticked. What else was there to be done though? I'm not pleased myself. It's the principle. Do you know what could be done with 700B? It is irritating, very irritating, that we ended up in this situation in the first place and for what?

I hope that bill includes the people with consideration. 74-25....

Hmmmmm

Posted by: Obama2008 | October 1, 1908 11:03 PM | Report abuse

What a joke! We should congratulate Bush and Congress for stealing 700 billion dollars of our tax dollars, to Bail out Wall street, that Bush knew was in dire trouble since 2006! Bush allowed Wall street to run ramped by getting rid of oversight, so his rich friends would not be impeded by regulations and we would have a freer Market!!!.... ARE YOU FCUKING KIDDING ME? NOT ONE OF THOSE IDIOT A$$ HOLES DESERVES TO BE IN OFFICE, MUCH LESS PRAISED!

FIRE ALL CORRUPT REPUBLICANS AND THE DEMOCRATS WHO ENABLE THEM!!!

Posted by: nallcando | October 1, 1908 11:05 PM | Report abuse

These sniveling rats, the Millionaire's, Club, our Senate (Obama and McCain included) and those contemptuous slimy Wall Street snakes.

While they're running down the gang plank for the safety of the lifeboats, we're told to go down in the hold and bring up all the cheese, throw it over the bulwark. And then salute, I suppose. Oh and by the way we might want to go down below and check the hull because I think we're riding a little lower in the water.

But that's okay because if you can swim, you might make it to shore. And if you can't well,..... I don't know, ... maybe one of those guys in the lifeboats will help out. But, if I were you I wouldn't expect much more from them, than a rock!

I gotta go. I think I'm sick and gonna throw-up.

Posted by: whaddabuncha | October 1, 1908 11:06 PM | Report abuse

Nallcando:

"ARE YOU FCUKING KIDDING ME? NOT ONE OF THOSE IDIOT A$$ HOLES DESERVES TO BE IN OFFICE, MUCH LESS PRAISED!"

You should really use spell check; I see at least two words spelled wrong! ;)

Posted by: Anonymous | October 1, 1908 11:07 PM | Report abuse

I agree with the poster who said s/he doesn't think credit is that hard to get. My best friend signed the paperwork on her first house a week ago. She jumped through a few more hoops than I did, and had to put 10% down. That's hardly an onerous burden, though!

I am counting on the House to kill the bill.

Posted by: Jonesey | October 1, 1908 11:08 PM | Report abuse

Disgusted: Pfft. We can agree to disagree. Just remember, every paycheck you get, 33-35% of it (depending on tax rate) will be going to pay off this handout.

and nallcando: What a joke! We should congratulate Bush and Congress for stealing 700 billion dollars of our tax dollars, to Bail out Wall street.

You guys really think this $700B is just going down the drain, don't you? It is an investment, that, who knows how will turn out, but it is based on the premise that the USA economy will prevail. The $700B will be doled out in increments and there is real estate backing the bad loans, so it is possible that even a profit will be made on this investment.

Do you not have any faith in the economy of the USA? So little faith you would prefer a depression?

Posted by: 123ABC | October 1, 1908 11:10 PM | Report abuse

Hey, Post: I thought we'd moved beyond the term "bailout." ?!

Posted by: David | October 1, 1908 11:12 PM | Report abuse

"let the markets sort out the clowns running companies".

"They made bad decisions. They do not deserve to be bailed out."

Who do you think "Wall Street" is? Wall Street is every average hard working American that invests... most adults in this country have stock investments.

Businesses that go public are not limited to the high profile Eron's of this country... the vast majority no one even knows about. So my 1000 shares in an up and coming business somewhere in the heartland of this country makes me a part of Wall Street.

Doing nothing is far worse then doing something that doesn't work.

Posted by: Ken | October 1, 1908 11:13 PM | Report abuse

美国会为其救市付出代价的

Posted by: Anonymous | October 1, 1908 11:15 PM | Report abuse

The "wall street black hole" will swallow anything you throw at it. It's better to leave it to itself.

Posted by: sky | October 1, 1908 11:16 PM | Report abuse

"Do you not have any faith in the economy of the USA? So little faith you would prefer a depression?"

I have faith in the economy. I would trust the economy to sort out this mess...on its own. Apparently, you, Congress, and the bankers do not.

You can pretty up the language but the facts are still the same. The U.S. taxpayer is on the hook for up to $700 billion because some banker clowns made bad decisions.

Posted by: Disgusted in DC | October 1, 1908 11:17 PM | Report abuse

Hey Ken,

"Who do you think "Wall Street" is? Wall Street is every average hard working American that invests... most adults in this country have stock investments."

Don't change the subject. Bailouts for bankers on my hard-earned salary are wrong. They hold us hostage for $700billion and I'm supposed to say, "Thank you" ? No way.

They took the risk. They should suffer. That's capitalism at its finest. Risk and reward. Not risk and bailout.

Posted by: Anonymous | October 1, 1908 11:20 PM | Report abuse

Hey Ken,

"Who do you think "Wall Street" is? Wall Street is every average hard working American that invests... most adults in this country have stock investments."

Don't change the subject. Bailouts for bankers on my hard-earned salary are wrong. They hold us hostage for $700billion and I'm supposed to say, "Thank you" ? No way.

They took the risk. They should suffer. That's capitalism at its finest. Risk and reward. Not risk and bailout.

Posted by: Disgusted in DC | October 1, 1908 11:21 PM | Report abuse

why put my money into fire?

Posted by: frank | October 1, 1908 11:24 PM | Report abuse

Galen, you say you are working on the Obama campaign. Then in your post you mention that regulation may be a step to socialism. Has anyone told you that Obama beliefs on how he wants to run our country will lead us to being a socialistic country? Are you reading anything about Obama's background and beliefs, or are you just happy to be involved in an exciting campaign for a man who promises change? His vote for the bailout is just the beginning. Enjoy your freedoms while you can.

Posted by: Galen | October 1, 2008 10:20 PM
Am in southern Virginia working on the Obama campaign. I agree completely that this bill was set to vote in haste, and there should have been significantly more counsel with economists. Alan Greensban anyone? If you notice headlines of yesterday, the stock market regained 4.7% because of "Confidence that the new bill will pass." Absolutely ridiculous. The stock market should NOT be as relevant to how many jobs are available or how many people can apply for a mortgage. The government NEEDS to regulate these things so that they can't fail on a whim. We're incredibly deep in debt but government establishments haven't crumbled...yet. A step towards regulation of these kinds of things may in fact be a step toward socialism, but if you think job security, secure and fair loans, and fully adequate government services are anti-american, you can feel free to live in some society where the country is only for those who can pay their way through.

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

Well what if you wake up to cash the check for your hard earned salary and your bank can't cash it? That's a depression my friend.

No one wants to see us get bailed out for $700,000,000,000.00... but you'd rather set on the sidelines and cross your fingers on a Friday when you pull up to your bank and there's over 100 people in line asking why the doors are closed?

Posted by: Ken | October 1, 1908 11:26 PM | Report abuse

Yes, what does this Bill say? How does it differ from the House version? Are there strict controls on CEO's salary & golden parachute, and teeth to regulate??? If not, I urge the Congress to REJECT the bill again, until this bill regulates the industry to provide small investors security on our 401K's, IRA's for retirement.

Posted by: Kerry Berger | October 1, 1908 11:28 PM | Report abuse

You american people are leaded by "the elite of USA", literally: Paulson, Bernanke, Bush, Greenspan (ex-), Barak, Clinton, Kennedy, McCain, ... all of them came from Harvard, M.I.T., Yale, Stanford, Michigan (Ann Arbour),UCLA, also (England), Cambridge, Oxford... and so and so and so...
These are the BEST COLLEGES AND UNIVERSITIES IN THE WHOLE WORLD, what are you complain about???? Do you think thesse people don't know what they are doing???? They are doing THE BEST for you, by approving the bailout!!!

Silas Valle

Posted by: silas valle | October 1, 1908 11:28 PM | Report abuse

Someone buy Silas Valle a beer... my bank closed and I can't cash my check.

Posted by: Ken | October 1, 1908 11:32 PM | Report abuse

Sorry, I'm from a very small country called Chile...My English is not so good, and that is the reason why an "IMPROVED or REVISED BILL", sounds very similar to me like those "ENHANCED FUNDS"...Who will pay the cost of this "RENEWED BILL"?...Those "HIGH CLASS WORDS" it seems to have "GREAT VALUE", and of course a "HIGH COST" for the buyers.
Good luck to all of you, and to the 2nd and the 3rd WORLD too...Maybe we do not have to wait too much to see an "IMPROVED WORLD" with a fourth class human being, living in.

Posted by: monicabergen | October 1, 1908 11:32 PM | Report abuse

There was nothing wrong with the system that required a bail-out. It is faulty by design and needs to be replaced or redesigned. Replacing debt with more debt doesn't make any sense!!! Banker took a risk and should have to deal with the results....I just love how the phrase 'Pull your self up by your own bootstraps' doesn't seem to apply to rich feet!

Posted by: Bruce | October 1, 1908 11:36 PM | Report abuse

The assumption behind this is that banks don't trust other banks at the moment. Bank A will not lend to Bank B because Bank A does not know whether Bank B will be able to meet their commitment. And vice versa. The reason the financial world is in this state is because some of the greedy pigs who make decisions regarding borrowing risks reduced the requirements for such borrowing in order to collect that extra interest. Now that a number of unfortunate customers are unable to meet their loan repayments means that there is less money around for the banks to on-lend.

If I had made a financial decision that almost brought down the company I work for, I'd likely be sacked - in any case I certainly would not be trusted again! Those greedy Wall St pigs have made decisions that have almost brought the entire world's financial fabric down - and the Senate have voted to not only keep those people in place, but also effectively vote them a pay rise!

If this is a correct reading of the situation, then an obvious alternative solution is to NOT thank the greedy pigs for causing this problem, but to help those finding difficulty meeting their repayments because of the "bad" (read greedy) decisions that led to the debt being incurred in the first place. This means that those "bad debts" (or bad decisions by the greedy pigs to lend) are no longer bad. Money trickles back into the market. Those that caused the issue do NOT get rewarded, and it is acknowledged that those struggling with debt wrongly awarded were treated with contempt by the greedy pigs.

Posted by: Anonymous | October 1, 1908 11:51 PM | Report abuse

I agree with anonymous and disgusted in DC-this makes me sick to my stomach. 123ABC, this is not an investment in America, this is an investment in the people who robbed from America. This is like the end of the Roman Empire, when there were something like 100 families wwith money and everyone else was their client. Investing in America would mean fixing health care, and bridges, and roads, and bringing jobs home from countries that poison milk and cookies...Please think about this when you drive through Connecticut and see 30,000 square feet houses with security.

How strange that I am in my mid 50s and in my lifetime the United States has gone from a country of respect to the lowest banana republic. Just now I remembered the first time I saw the space shuttle fly-I was so proud to be an American.

Posted by: realadult | October 1, 1908 11:52 PM | Report abuse

You american people are leaded by "the elite of USA", literally: Paulson, Bernanke, Bush, Greenspan (ex-), Barak, Clinton, Kennedy, McCain, ... all of them came from Harvard, M.I.T., Yale, Stanford, Michigan (Ann Arbour),UCLA, also (England), Cambridge, Oxford... and so and so and so...
These are the BEST COLLEGES AND UNIVERSITIES IN THE WHOLE WORLD, what are you complain about???? Do you think thesse people don't know what they are doing???? They are doing THE BEST for you, by approving the bailout!!!

If you don't agree with me, than, explain me your oppinion: svalle@uol.com.br (Brazil)

Silas Valle

Posted by: Anonymous | October 1, 1908 11:56 PM | Report abuse

Welcome to the shotgun era. As in the only way you'll get a fair shake with Congress is to hold a shotgun to their heads.

This bailout mess spawns 10s of thousands of calls/emails to congress, 34 days before re-election time and they STILL passed this piece of garbage.

So please contact your congress-person. It obviously does so much to sway them.. *sigh*

--------

Posted by: Rahn | October 2, 1908 7:53 AM | Report abuse

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