Washington – In a moment of historic drama in the Capitol and on Wall Street, the House of Representatives voted on Monday to reject a $700 billion rescue of the financial industry.
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The vote against the measure was 228 to 205. Supporters vowed to try to bring the rescue package up for consideration against as soon as possible.
Stock markets plunged sharply at midday as it appeared that the measure was go down.
House leaders pushing for the package kept the voting period open for some 40 minutes past the allotted time, trying to convert “no” votes by pointing to damage being done to the markets, but to no avail.
Supporters of the bill had argued that it was necessary to avoid a collapse of the economic system, a calamity that would drag down not just Wall Street investment houses but possibly the savings and portfolios of millions of Americans. Opponents said the bill was cobbled together in too much haste and might amount to throwing good money from taxpayers after bad investments from Wall Street gamblers.
Should the measure somehow clear the House on a second try, the Senate is expected to vote later in the week. The Jewish holidays and potential procedural obstacles made a vote before Wednesday virtually impossible, but Senate vote-counters predicted that there was enough support in the chamber for the measure to pass. President Bush has urged passage and spent much of the morning telephoning wavering Republicans to plead for their support.
We should not have to bail out congress. Remember, it was clinton who signed into law the idea that you can borrow 99% for a house with no verification.
Oh my!
Some people will be davening real hard this Rosh Hashanah!
The whole thing is a huge fiasco. They are acting in a spirit of utter hysteria to get it done right away, to use public funds to keep reckless investors afloat. So enough members realized that they don’t have to be pushed around by a dictatorship. It is time for the resignation of Paulson and Bernanke. A shande for Yidden that so many have so much involvement in all this!
Hashem Yerachem!
Tichle shona v’kililoyseha
Holy Cow! This is so scary and terrifying.
But I guess God wants us to cry out to him on Rosh Hashana and remember that congress can’t bail us out – only he himself gives parnassa to all of us
All the best to all of you!
When congress or wall street will refund all my bad investments over the years AND pay off my mortgage just because…….., then I’ll perhaps get behind this idiotic bailout of gamblers and folks who never worked a hard days work.
Disaster!!! May Hashem have mercy on us. This Bill needs to be passed.
Indeed this is scary.
Because of such politics “not wanting to face reality” and living with false pretenses we are in this MESS!
They still don’t want to face reality that if they sit and do nothing the TITANIC will sink completely and there will be NOTHING to salvage; Presto they won’t even have a congress to run for.
Under such conditions Dictators and Despots THRIVE !
they might be gamblers but saveing them is a must in order to save regular investors and yes even if you are am all cash person in these times you are an investor
B’Chasdei Hashem this nosense was put down.
This is a reforendum on the lifestyle of the rich Wall street bOnkers. Read the bill, only if their firm takes more than 500 million are they limited on future salaries. They will all take the limit and continue multi million bonuses. How about we recapture unearned bonuses for the past 3 years?
Wow!! I wish you all could’ve seen the trading floor when this went down. The market dropped like crazy in 2 minutes. People made billions off this news.
That’s right Anon 1:57 – It was the Dems that deregulated the financial markets . . . and the the Democratic Caucus that in a 2 to 1 majority voted against the 700 billion “bailout” . . . and I’m the Moshiach
Poster #2 ,
So the entire mess is Clinton’s fault? Amazing! Thank you for pointing that out. That’s very helpful.
While everybody is worried about the future of the country, your only worry is that Bush & the Republicans will get the blame.
let’s take back all the 100’s millions bonuses from those so called c.e.c.’s etc. “GANUVIM” and put them to jail !!!!! and we’ll have the economy back on it’s feet ……. why is it when a small person does any thing similar to this he indicted and those biggies get away with murder….. and millions in their pocket ?
Jealousy is also an aveyra.
Its a shame some of you are fixated on someones Wall St. bonus deserved or undeserved. But you ignore the bonuses of Clinton associates who worked at Fannie and Freddie and ignore the Democrats who passed laws that forced banks to write mortgages and loans to people who ordinarily wouldn’t qualify. I don’t let Republicans off the hook Bush tried four times to introduce a bill to stop high risk lending and “Republicans in name only” didn’t push his efforts. Wall St. Also should not have played along by buying and selling loan packages (CDMO) whose financial condition was questionable.
Just remember yidden, all bad things must somehow be from the democrats. If a republican does something bad, he’s a republican in name only.