Frank Thinks House Will Pass Rescue Bill

Appearing on CNBC moments ago, Rep. Barney Frank (D-Mass.), chairman of the Financial Services committee and the face of the rescue deal in the House, was asked if he has enough votes to pass the rescue bill this time: "I think so," Frank said.

The House rejected Version 1.0 of the rescue bill on Monday. The Senate passed Version 2.0 last night.

Proponents of the bill in the House need Nay votes to change to Yea votes. Frank said he believes the Senate version gives House members standing for re-election next month plausible reasons for explaining their vote change to constituents, pointing to the hike in the FDIC insurance ceiling and the extension of tax breaks.

Frank said he believes Wall Street's 778-point dive on Monday in response to the House rejection of the first version of the rescue bill scared enough lawmakers -- and constituents -- into action.

"The consequences of the failure on Monday have begun to have an impact," he said. The Dow continues its slide today, trading down nearly 250 points in the moments before lunchtime.

Asked what would happen if the House rejects this version of the bill, the puckish Frank replied: "The one consequence that I personally dread is that I would have to keep doing interviews like this for the rest of my life."

-- Frank Ahrens

October 2, 2008; 11:46 AM ET  | Category:  business
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Amazing the rehabilitation of Barney FANNIE Franks by the left-wing media. Barney Frank was sleeping with a FANNIE MAE executive who helped craft the backing of loans to those who cannot repay. Franks blocked the investigation of Harold Raines and his $95 million package from FANNIE MAE, his fraudulent accounting, and the mounting mess these loans have caused the American people. Complete idiots at the WaPo consider Barney Frank a good person. He has the blood of this economy on his hands. To block the story of his complicity in this mess is another black eye in the declining credibility of the Washington Post.

Posted by: Karen | October 2, 2008 1:11 PM

The man who got $800,000 from Wall Street for his campaign... is making sure Wall Street gets $850,000,000,000 from U.S. taxpayers.

Posted by: Scooby | October 2, 2008 1:18 PM

This bill needs to pass if we don't want a October that is incredibly worse than the terrible September we just experienced.
In case anyone's interested, here's a run down of the history makers we saw in September; definitely a month for the record book.
http://www.greenfaucet.com/sector-etfs/september-2008-rewind-bailout-hysteria/96096

Posted by: Jeff | October 2, 2008 1:19 PM

A good crash is what this country needs to generate the necessary, strong Nationwide pretext to clean house in Congress with an across-the-board anti-incumbent vote and start from scratch, not another expensive, useless Band-Aid like we used after the Savings and Loan scandal. America is resilient and will survive this shake-up. The bailout will not prevent a crash, we're in too deep already, it will only reward with a massive parting gift, the people responsible. Unless Glass-Steagall is reinstated and Gramm-Leach-Bliley and the Commodity Ftures Modernization Act are repealed this bill is worthless. No bailout!

Posted by: Lionel Roger | October 2, 2008 1:44 PM

LET IT BE SAID HERE FIRST.

1) CEAN OUT YOUR BANK ACCOUNTS NOW.

2) DONT YOU KNOW WHY THEY INCREASE IT?? IT BECAUSE THE SMART ONES ARE TAKEING THIER MONEY AND RUNNING TO LOCAL BANKS AND CREDIT UNIONS.

3) WHY BECAUSE THE GOVERNEMNT AND WALL STREET WANT ALL MONEY THATS WHY..WHAT THEY PAY YOU 1 TO 3 PERCENT ON IT /> /> BUT GIVE IT OUT AT 8 9 12 15 20 PERCENT..WHATS FAR WITH THAT PICTURE AMERICANS??

THE GOVERNEMNT WANTS TO HAVE ONLY WALL STREET AS BANKS..NOW STOP THEM NOW. TAKE ALL MONEY OUT OF MARKETS AND WALLSTREET.LET THEM GO DOWN. THEN AND ONLY THEN CAN WE THE PEOPLE GET BACK TO GOING DOWN TO OUR LOCAL BANK AND SHAKING HANDS AND SITTING DOWN WITH FREINDS AND GETTING A LOAN..WITH NO HASSELS, NO WORRIE, WHY BECAUSE THEY THE LITTLE BANKS WILL HAVE CONTROL OF ALL MONEY AGAIN.. NOT WALL STREET..

AND THAT S WHY THESE SCUM BAG SENATER PUT IN THAT 250,000 GARRENTY..YA RIGHT!!

THE FDIC DOESNT HAVE THE MONEY ....THEY HAVE COME OUT AND SAID THEY WILL HAVE TO GO TO CONGRESS FOR HELP..VERY SOON..WHAT A JOKE...THE WORLD WILL END THE WORLD WILL END..BULL CRAP..

TAKE YOUR MONEY PEOPLE....

YOU HAVE BEEN WARN.

OVER 200 OF THE TOP ECCOMMIST SAY THE BAIL OUT WILL ONLT HURT MORE AVERAGE AMERICANS THAT THE RICH.

THEY SAY NO BAIL OUT.. LET THEM CLEAN THEMSELVE OUT LIKE ALL AMERICANS HAVE TO.. THET SAY LET THEM GO THROUGH BANKRUPY PERIOD........LIKE SO MANY AMERICANS HAVE TO EACH DAY AND SO FAR OVER 10 MILLION THIS YEARS ALONE HAS TO AND IS GOINFG THROUGH IT..BECAUSE OF THESE SCUM BAGS.

DAVID A BELANGER
VETERAN
FOR-AMERICA@HOTMAIL.COM
9786183105

P.S. I FOR GOT ONE IMPORTANT THING!!NOT THAT THEY( MEANING WALLSTREET FAT CATS YOU KNOW THE ONES THAT HAVE DONE ALL THIS CRAP) THEY HAVE OVER 3 TRILLION DOLLARS SITTING OVER IN THE CAMIN ISLAND, JUST SITTING THEIR!!!!!!!!!!!!!!

MAKE THEM USE THIER MONEY..TELL THEM TO USE ALL THE TRILLIONS YOU STOLE FROM AMERICANS.

AGAIN LET ME STRESS THAT THE GOVERMENT AND WALL STREET IS TRYING TO GET ALL MONEY.

TAKE ALL MONEY OUT NOTHING IS SAFE RIGHT NOW.. NOTHING.. AND I DONT CARE WHAT THEY SAY IT WOULD BE MONTHS EVEN YEARS BEFORE YOU GET YOUR SO CALLED FDIC INSURED MONEY...

RUN AMERICANS RUN AND TAKE ALL MONEY OUT..WE THE PEOPLE DO HAVE A VOICE WE HOLD THE MONEY THEY NEED IN THIER BANKS...WE THE PEOPLE DO..SO GET IT OUT OF WALLSTREET AND ALL BANKS..GO TO YOUR LOCAL SMALL BANK AND GIVE IT TO THEM AND PUT SOME UNDER THE PILLOW..YOU WERE WARN

Posted by: david,veteran | October 2, 2008 2:24 PM

So to promote the necessary votes to have a $700 billion rescue bill pass, they have now added another $100 billion of pork. Where is the outcry? $100+ million for fisherman damaged by the Exxon Valdez spill, $30+ million for the economy of the US territory of Samoa, etc. The American public overwhemingly does not support the bill and so they add on another $100 billion to the debt it would create? Yikes. I could through out arrows of blame at various Dems and Repubs (e.g., Frank and his connection to Fanny/Freddy, Obama - next to Dodd, largest recipient of Fanny/Freddy campaign cash, Bush war, Fed pushing interest rates low, Community Reinvestment Act, etc.), but both parties deserve ample blame here and Congress has definitely shown it's sleezy side in the whole mess. Embarassing time to be an American or a supporter of our current political system.

Posted by: jon | October 2, 2008 2:32 PM

Lionel, how was the S&L package expensive? The RTC TURNED A PROFIT. Amazing how little some of these folks know....

Posted by: Whaa? | October 2, 2008 3:11 PM

hey whaa,whaa,

they did not make a profit. who ever said that doesnt know the facts.

the one person that ran that said we lost money. and times are differant now.

americans will lose and i would put my life on it. that they will come for more money at least 2 or 3 trillion dollars more.

they need to say to potatohead paulson g.t.f.o. let them fall.

just like they have done to 10's of millions of americans..

Posted by: david,veteran | October 2, 2008 3:31 PM

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