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House Votes on Bailout

Business | Fri, Oct 3, 2008 at 10:09:29 am PDT

The House of Representatives is voting for the cosmetically revised financial bailout bill right now, with about 14 minutes remaining...

UPDATE at 10/3/08 10:22:58 am:

There it goes — the bill has passed.

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103 comments

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1 Noam Sayin'  Fri, Oct 3, 2008 10:11:33am

*wrings hands*

2 RTLM  Fri, Oct 3, 2008 10:12:14am

A swine enhanced revision that will pass. At least no $600 million for ACORN.

3 Summersong  Fri, Oct 3, 2008 10:12:44am

The NYSE looking good, so far.

4 Irene NYC  Fri, Oct 3, 2008 10:12:57am

Yeah, it'll pass. They weren't going to bring it to the floor unless they were sure.

5 Wishing  Fri, Oct 3, 2008 10:12:57am

was the HOPE provision in this bill anything about the acron-ites? Or is that different?

6 snuffyword  Fri, Oct 3, 2008 10:13:31am

What's the score?

7 Wishing  Fri, Oct 3, 2008 10:13:42am

re: #4 Irene NYC

Yeah, it'll pass. They weren't going to bring it to the floor unless they were sure.

Unless some upstanding Republican..or a few...decided to make Pelosi look more like an idiot than she already does. Snicker.

8 Wishing  Fri, Oct 3, 2008 10:14:06am

111 Y 43 N

9 pre-Boomer Marine brat  Fri, Oct 3, 2008 10:14:29am

Cosmetically-enhanced ... what shade of lipstick on that pig?

10 ChefJeff  Fri, Oct 3, 2008 10:14:30am

Welp.....I wish it wouldn't pass with all the pork. I am just getting depressed with all of the negativity from the MSM, blogs, and McCain pulling out of Michigan. It's almost like another Fred! going down the drain.

11 snuffyword  Fri, Oct 3, 2008 10:14:50am

re: #8 Wishing

111 Y 43 N

Oh, well. BOHICA!

12 redc1c4  Fri, Oct 3, 2008 10:14:57am

somebody stop them!

13 experiencedtraveller  Fri, Oct 3, 2008 10:15:30am

Whats all this green crap on my trading screen?

14 Charles  Fri, Oct 3, 2008 10:15:45am

It's going to pass.

15 x-wing  Fri, Oct 3, 2008 10:15:52am

So we're having shitburgers for lunch today.
/spit*

16 winston06  Fri, Oct 3, 2008 10:15:55am

NYC Index is going up and down like crazy

17 winston06  Fri, Oct 3, 2008 10:16:22am

re: #14 Charles

It'll pass but many will regret in the near future.

18 ChefJeff  Fri, Oct 3, 2008 10:16:45am

A "crap sandwich" for all.....

19 pre-Boomer Marine brat  Fri, Oct 3, 2008 10:16:53am

re: #4 Irene NYC

Yeah, it'll pass. They weren't going to bring it to the floor unless they were sure.

It'll pass?

Did someone muzzle the house's madam ... er ... I mean the madam of the House ... uh ... well ....

20 winston06  Fri, Oct 3, 2008 10:17:02am

re: #8 Wishing

NYC INDU +255.75
NYC INDP 10746

21 galloping granny  Fri, Oct 3, 2008 10:17:18am

re: #2 RTLM

A swine enhanced revision that will pass. At least no $600 million for ACORN.

Oh that is in there. Under HOPE

22 winston06  Fri, Oct 3, 2008 10:17:57am

re: #21 galloping granny

ACORN is doing its best in Ohio to steal the elections and hand it to Hussein Obama

23 winston06  Fri, Oct 3, 2008 10:18:17am

re: #20 winston06

NYC INDU +255.75
NYC INDP 10746

INDU +239.5

24 Oldasdirt  Fri, Oct 3, 2008 10:18:28am

I have this feeling that they are trying to bail out the Titantic,with a tin cup.

25 tfc3rid  Fri, Oct 3, 2008 10:18:51am

I would vote No to this bill...

But that's just me...

26 buzzsawmonkey[deleted]  Fri, Oct 3, 2008 10:19:24am
27 Russkilitlover  Fri, Oct 3, 2008 10:22:46am

So the House bill had some pork, which made congresscritters jittery enough to NOT pass it. It goes to the Senate, wherein the bill gets loaded up with pork and pork bi-products up the wazzoo and now everyone can't run fast enough to sign the damn thing.

With all that pork, you get a pig-in-the-poke. I'm sitting here feeling seriously duped and screwed.

28 galloping granny  Fri, Oct 3, 2008 10:22:52am

re: #22 winston06

ACORN is doing its best in Ohio to steal the elections and hand it to Hussein Obama

ACORN is doing its best all over the country to steal the elections.

29 Charles  Fri, Oct 3, 2008 10:23:11am

It's done.

30 Athos  Fri, Oct 3, 2008 10:23:54am

Barring any last minute vote switches - looks like its going to pass.

235 Y, 153 N, 53 Not Voted yet...... 235 is more than enough to pass

31 galloping granny  Fri, Oct 3, 2008 10:24:12am

re: #24 Oldasdirt

I have this feeling that they are trying to bail out the Titantic,with a tin cup.

Yup. This is going to lead to an even bigger crash down the road a piece - and I suspect not all that far down the road.

32 ChefJeff  Fri, Oct 3, 2008 10:24:19am

I guess now I can get my new government funded mortgage! WooHooo

/s

33 tfc3rid  Fri, Oct 3, 2008 10:24:28am

Free markets be damned...

34 Russkilitlover  Fri, Oct 3, 2008 10:24:47am

re: #29 Charles

It's done.

That sounds just like a jail door slamming to.

35 tfc3rid  Fri, Oct 3, 2008 10:26:55am

So, once again the will of the people is thrown out the window in the face of political expediency...

36 winston06  Fri, Oct 3, 2008 10:27:44am

It is official... passed overwhelmingly. NYC Index is not changed a bit

37 Athos  Fri, Oct 3, 2008 10:27:46am

re: #25 tfc3rid

I would vote No to this bill...

But that's just me...


My R Congressman voted Yes on Monday and again on today. This would be a very difficult vote.

This is a bad bill. It's based on swags in terms of the money needed and it fails to effectively fix the root causes of the problem. But, the cost of not doing something or voting this down is as high or higher than the cost of approving a less than perfect bill. I think it comes down to the lessor of two evils.

38 winston06  Fri, Oct 3, 2008 10:28:23am

re: #28 galloping granny

too much freedom is bad, I guess.

39 gtluke  Fri, Oct 3, 2008 10:28:38am

what a joke
buy gold, start shorting the phonebook

40 cliffster  Fri, Oct 3, 2008 10:28:38am

I feel like I just got kicked out of school. Or was fired from my job.

41 winston06  Fri, Oct 3, 2008 10:29:13am

NYC INDU is falling like a rock. It is down to 171

42 winston06  Fri, Oct 3, 2008 10:29:30am

now 165

43 Athos  Fri, Oct 3, 2008 10:29:54am

back to 188

44 winston06  Fri, Oct 3, 2008 10:30:13am

re: #43 Athos

it was 300 before the vote but now it is 189

45 Who Watches the Watchmen?  Fri, Oct 3, 2008 10:31:37am

364-0
damn

46 cliffster  Fri, Oct 3, 2008 10:31:55am

Congress needs to be fixed. But this proves that you can't fix stupid.

47 Athos  Fri, Oct 3, 2008 10:34:02am

re: #44 winston06

new level of dropping starting +77

48 eschew_obfuscation  Fri, Oct 3, 2008 10:34:22am

anybody got a roll call?

49 realwest  Fri, Oct 3, 2008 10:34:46am

re: #30 Athos
Hey my friend! Do you have any kind of breakdown of who voted yes and who voted no?

50 Athos  Fri, Oct 3, 2008 10:35:02am

Looks like it will be a bumpy ride on the Street - seems the result of the bill that only slaps a bandage on the problem but doesn't correct the underlying causes of the problems.

51 realwest  Fri, Oct 3, 2008 10:35:13am

re: #48 eschew_obfuscation
LOL! GMTA!

52 eschew_obfuscation  Fri, Oct 3, 2008 10:35:33am

re: #51 realwest

LOL! GMTA!

Indeed!

53 lurking faith  Fri, Oct 3, 2008 10:36:29am

[self-deleted]

54 freedombilly  Fri, Oct 3, 2008 10:37:02am

This country was just fundamentally changed forever.

55 walksatnight  Fri, Oct 3, 2008 10:37:30am

re: #48 eschew_obfuscation

anybody got a roll call?

Well I know Ron Paul voted No. Came home for lunch, walked in the door, turned on the TV and flipped to C-SPAN. First thing I heard was "I yield two minutes to the gentleman from Texas" and Holy Fright it was Ron Paul. The Good Doctor didn't sound nutty at all - in fact what he said made a hell of alot of sense.

Thought that i was feverish or something there for awhile. Too bad the House didn't dig what he had to say.

56 Who Watches the Watchmen?  Fri, Oct 3, 2008 10:37:32am

Welcome to the banking business, Lizards.

57 Athos  Fri, Oct 3, 2008 10:37:39am

re: #49 realwest

Hey my friend! Do you have any kind of breakdown of who voted yes and who voted no?

I don't have / can't find a full list yet. Should be shortly though. Michelle Malkin's home page has a list of those who switched their votes today from the position they took Monday.

58 Walter L. Newton  Fri, Oct 3, 2008 10:38:01am

Hit two comes up if Obama wins.

59 freedombilly  Fri, Oct 3, 2008 10:38:44am

It actually look like Nancy Pelosi is in pain when she smiles.

60 boogberg  Fri, Oct 3, 2008 10:39:05am

What the...? Why isn't the stock market shooting skyward?

61 ChefJeff  Fri, Oct 3, 2008 10:39:15am

re: #58 Walter L. Newton

Hit two comes up if Obama wins.

G-d help us

62 Who Watches the Watchmen?  Fri, Oct 3, 2008 10:40:00am

263 Y-171 N

63 devil in baggy pants  Fri, Oct 3, 2008 10:40:14am

Can lawhawk or someone please give us a breakdown of WHY and HOW this was unconstitutional and the ramifications thereof?

64 Athos  Fri, Oct 3, 2008 10:42:57am
65 libertexian  Fri, Oct 3, 2008 10:43:10am

Congress has failed. Completely. A Congressman says, 'this is the worst I have seen in my career'. I wonder, what has he been doing during that career. This bail for the economy is the SUM TOTAL of Congress's career actions. This is what they have done for us.

Goodbye Congressman. Goodbye Senator. Don't come home, you're a disgrace.

Vote Libertarian

66 Walter L. Newton  Fri, Oct 3, 2008 10:43:21am

re: #57 Athos

I don't have / can't find a full list yet. Should be shortly though. Michelle Malkin's home page has a list of those who switched their votes today from the position they took Monday.

I don't care who switched. In my state, if they voted yes and are on the ballot, Senate of House, they get a no from me, period.

I'm making less now than I was when I was 25 years old, and no one wants to full time hire a programmer with 35 years under his belt at the age of 55, at least not in Colorado.

I've never taken a hand out in my whole life. Yet if I even tried, I can't even get foodstamps. And no, I have no saving, no 401k's, nothing in reserve (thanks to a very successful ex-wife and her boyfriend). Yet even if I look at some sort of assistence, do you know what they tell me "Well, you have assests" which is in the form of a 10 year old car that's paid for.

Assests my ass. They want me to be totally broken and in the gutter before I can get a penny back of all the fucking taxes and SS and what ever I've paided since I was 14.

Oh, yes I'm a little mad. Have a nice day.

67 Tamron  Fri, Oct 3, 2008 10:44:08am

Here's an excellent anti-bailout video given by Ohio's Rep. Kaptur:

LET'S PLAY WALL-STREET BAILOUT. THE RULES ARE........
.

68 uncle_monkey  Fri, Oct 3, 2008 10:46:07am

Bastards.

69 ChefJeff  Fri, Oct 3, 2008 10:49:49am

They are already saying that "The One" is why they switched their vote

70 Peterus  Fri, Oct 3, 2008 10:57:12am

Is it time for americans to welcome their new socialist overloards?

With banks reassured that they can take maximum risk and get bailed out you can look forward to another similar crash in next decade.
Well, and if big system of govermental monitoring and risk control is erected - also to news about this system's growing corruption and utter collapse just before the crash.

71 Hard Right  Fri, Oct 3, 2008 11:01:45am

If they didn't strip the carbon tax out of it, I will be very drunk later tonight!

72 Athos  Fri, Oct 3, 2008 11:02:14am

re: #66 Walter L. Newton

That's one of the biggest problems about this bill - for all of those who played by the rules, followed the rules, and might need some assistance because of circumstances that the monkeying around with the free market caused - are out of luck.

My business is down over 50% from last year. For the first time in years, I've had to cut off and take collections / legal actions on client company's for non-payment of their bills. My home's value has dropped 30% from the peak - and selling is difficult because of a shortage of mortgage money and the fact that there are a couple of dozen foreclosures on the market place grabbing bargain hunters. Our position isn't unique - but we've followed the rules and are now paying a price for doing so. That's what's wrong with this.

73 snopercod  Fri, Oct 3, 2008 11:03:33am

Question: Does Article I, Section 7 apply?
"All Bills for raising Revenue shall originate in the House of Representatives;"

74 LC LaWedgie  Fri, Oct 3, 2008 11:04:09am

Snoopy is dancing on top of his doghouse... the Barney & Nan Show says so.

75 Basho  Fri, Oct 3, 2008 11:10:04am

Well... at least there aren't in tax hikes re: tea. Then the public would really be ticked off.

76 Limitbreak22  Fri, Oct 3, 2008 11:10:16am

Socialism......

Nuff said.

Guess I might as well go into default on my mortgage now. I'm 24 now, worked my a** off so I could buy a house at 23 and this is how I get rewarded.

Act irresponsibly, get a bailout.
Work hard and do the right thing, no one cares.

77 Boolz  Fri, Oct 3, 2008 11:17:54am

Obamas ahead in the polls, and we're just to get another $700 billion hole in our national pocket...remind myself tonight for shopping list: ramen noodles and canned goods. LOTS AND LOTS of ramen and canned goods.

Just as an aside, now that the Feds are going to take over a lot of these mortgages, will that now mean the owners can't pray in their homes anymore? You know, that church and state thingy? Will they have to adopt ethnically challenged children? You know, multiculturalism and affirmative action? Will they still be able to smoke in the living room? Or their garage? Heck, even in the yard? After all, when the Feds come to town, nothing is more important than public health and safety. Speaking of safety, can you have guns on federal property? Assuming you're not a Fed, of course. Oh, the bureaucrats faces must be lit up with big, big smiles, as these and many other questions must be regulated, I mean exploited, I'm sorry, I mean pondered, in the pursuance of buying a house in the new and improved lending process

Just to cheer you up a little bit more, I believe Obama said when he becomes President, this bailout business will just be the first step, so you got that to look forward to as well

Well, at least your 401Ks will be safe...for now. At least the mortgage industry have been taken over, I mean saved...for now. After all, when the American economy doesn't collapse immediately after the passage of this bill, we can safely assume it would have if the bill hadn't passed. How will we know this? Because the politicians and media folks have told us so. And if you can't believe the politicians/media folks, then who can you trust? And when the same exact thing happens ten or twenty years down the line, what's another couple of trillion dollars in debt?

One final thing as we enter this Brave New World: please, PLEASE do not be cynical, especially concerning the motives of our public officials. That they leave office many times wealthier than when they arrive has never been PROVEN to be linked to the vast amounts of money they appropriate from us...after all, it's for OUR benefit. Once again, we know this because they tell us so. To even think differently could, and rightfully should be construed as treason by Obamas proposed just-as-powerful-as-the-military civilian force that will finally protect us from ourselves

So congratulations America...we've EARNED this

78 Maltboy!  Fri, Oct 3, 2008 11:21:39am

One shitburger, all the way, with flies. That'll be 700 billion dollars, sir.

79 izbliss  Fri, Oct 3, 2008 11:30:35am

ARGH! What is this going to accomplish other than rewarding incompetence!?! I sure hope Uncle Sam bails me out if i make poor stock market decisions in the future.... >:(

80 Christopher Luebcke  Fri, Oct 3, 2008 11:38:23am

As long as you're going to reward incompetence, you might as well just pay down the mortgages of the fools who got loans they couldn't afford (and of course the few who really were misled despite good judgement). At least then we'd be giving away our children's money to people who could actually use it.

When the world failed to end on Tuesday I had hoped that people would come to their senses a bit. But there's no end to what enough lard can do, I guess.

81 ceemack  Fri, Oct 3, 2008 11:46:59am

When the first bailout bill went before the House, I was worried that the welfare-like provisions of the federal housing code--the part that required banks to offer mortgages to people who didn't have a good credit history or enough income--was being left in place.

Now the Senate bill establishes a federal housing authority to control mortgage rates, terms and amounts.

We're essentially socializing the housing market.

82 izbliss  Fri, Oct 3, 2008 11:54:59am

Rejoice for mother Russia America, comrades!

83 Zippy_Slug  Fri, Oct 3, 2008 11:56:02am

Did this bill originate in the Senate?

Is that Constitutional?

84 Egfrow  Fri, Oct 3, 2008 11:56:18am

Welcome to the United Socialist States of America. USSA.

85 Egfrow  Fri, Oct 3, 2008 11:57:03am

Now on to Free Health Car and a Chicken in every rusted Pot.

86 jetpilot1101  Fri, Oct 3, 2008 12:09:49pm

We're Fucked.

Welcome to socialism folks.

87 FightingBack  Fri, Oct 3, 2008 12:17:56pm

The gd commies are right, aren't they. They say our system is controlled by the big money.

88 GorgonBEgone  Fri, Oct 3, 2008 12:27:07pm

What does $800 billion in Pork look like on
the BAR-BE-Q?


Dumbocrats don't care about looks.

Empty suits

Empty heads

No experience

To much phony caring.

Robo nazi like dumbocrats with grand wizard Nancy Pelosi
don't need frank [in stein] Delano Raines now.

WE conservatives need a revolution.

The beatles are finely timely.

89 MJBrutus  Fri, Oct 3, 2008 12:45:57pm

We are so screwed. This $1T is the first down payment on the racial reparation racket to come when the One is in the WH.

90 Windhorse  Fri, Oct 3, 2008 12:47:46pm

this is truly a sad day for our country.

91 Windhorse  Fri, Oct 3, 2008 12:49:04pm

every bastard in the Congress that has voted for this bill should be run out of town on a rail.

Crooks and liars... the whole lousy bunch of 'em.

92 Boolz  Fri, Oct 3, 2008 12:50:36pm

anybody want to start the "Hang Them All" Party? Our platform would be very simple...merely gallows and trapdoors

93 sarah  Fri, Oct 3, 2008 12:59:48pm

I for one am glad we got this. Now my husband can get his school loan. Stupid banks weren't loaning money so he could go to school. Now we may be able to get an education for him and he can make more than crap pay!

94 pittrader1988  Fri, Oct 3, 2008 1:02:42pm

I am a guy who has spent a lot of time in the credit market. I understand intimately what is going on. The question is, will this bill cure the problems in the credit market?

The answer is not exactly. You have to really understand the interbank credit market to understand if it will work. There are a lot of moving parts, and you would have to analyze them one at a time-then try to put them together at a macro level to guess.

My best estimate is that the free market will take care of the problem. Paulson and the government are essentially bailing out Wall Street's balance sheets. The government will control assets that a lot of folks deem undervalued-but if they are undervalued you would think some private entity would make a bid for them. The problem is that these things are pretty risky, and they will also take a lot of time to work through. Hedge funds and other types of funds are not designed to take years to see a trade pay off. The risk/reward on these things is pretty high.

95 Nemesis6  Fri, Oct 3, 2008 2:58:24pm

What the heck? I read that your senate or something rejected this bill. Was it changed and then passed?

96 MJBrutus  Fri, Oct 3, 2008 3:18:48pm

re: #93 sarah

Oh bully for you. Vote for Obama, he'll give your old man FREE college and a cool grand to boot.

/sarc

97 MJBrutus  Fri, Oct 3, 2008 3:19:53pm

re: #95 Nemesis6

The House rejected it a week ago. The bill was reworked (loaded down with pork) and re-voted on in the Senate and then the House.

98 Random63  Fri, Oct 3, 2008 3:48:54pm

"Remember in November" is the new slogan. Clean house...if they are an incumbent, no matter how they voted, vote them out. They all need to go. Let's see 300 or better congressmen get thrown out and all 30 something Senators up for re-election thrown out. How dare they betray their people and their country.

I figure the fat cats will be pulling their money out of the market come Monday. I know I will be pulling mine out before it becomes worthless thanks to congress.

May this congress rot in hell. God help our Republic.

99 Random63  Fri, Oct 3, 2008 4:34:57pm

As for McCain, screw him. He betrayed us again by voting for this socialist bill. This election I'm writing in Governor Palin as my choice for President.

100 izbliss  Fri, Oct 3, 2008 5:02:59pm

re: #99 Random63

Man, that's a terriffic idea. I'd much rather have her in office than McCain. Unfortunately, I'd love to do the same, but I don't think that it would help keep The One out of office.

101 Random63  Fri, Oct 3, 2008 5:08:12pm

re: #100 izbliss

Man, that's a terriffic idea. I'd much rather have her in office than McCain. Unfortunately, I'd love to do the same, but I don't think that it would help keep The One out of office.

What do we have to lose? McCain or Obama are not the right ones to be President. Governor Palin is the right person, so let's write her in as our choice for President. McCain, Obama, and Congress have voted their contempt for America. Now let America vote for the right person to be President...Write in Governor Sarah Palin as our choice for President.

Spread the word.

102 chotii  Fri, Oct 3, 2008 9:23:33pm

Vote for McCain. And hope she must succeed him for non-fatal medical reasons.

And then fear: Nancy Pelosi would then be a heartbeat away from the presidency.

103 Random63  Sat, Oct 4, 2008 6:35:31am

No, Governor Palin would pick her own Vice-President and shove Pelosi back to third.


Write in Governor Sarah Palin as our choice for President.


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