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29 Sep 2008

Bailout a Bust

Picture for: Bailout a Bust

Kinda funny, but it seems some of the guys were watching the news rather closely and knew the moment the last vote was placed and tallied, a few seemed rather pissed off that the $700 billion bailout plan wasn't passed by congress today.

hmmm... maybe i don't have a good enough understanding of the whole thing, but my gut feeling was to let the shit hit the fan; let wall street and these financial companies go under if needed, let the system work itself out... but again, that was just my gut instinct.

  • WASHINGTON - The House on Monday defeated a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry.

    Stocks plummeted on Wall Street even before the 228-205 vote to reject the bill was announced on the House floor.

    When the critical vote was tallied, too few members of the House were willing to support the unpopular measure with elections just five weeks away. Ample no votes came from both the Democratic and Republican sides of the aisle.

    Bush and a host of leading congressional figures had implored the lawmakers to pass the legislation despite howls of protest from their constituents back home.

    The overriding question for congressional leaders was what to do next. Congress has been trying to adjourn so that its members can go out and campaign. And with only five weeks left until Election Day, there was no clear indication of whether the leadership would keep them in Washington. Leaders were huddling after the vote to figure out their next steps.

    A White House spokesman said that President Bush was “very disappointed.”


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