House Passes Latest Bailout Bill 263 – 171
From an overjoyed New York Times:
House Approves Bailout on Second Try
By DAVID M. HERSZENHORN
October 4, 2008
WASHINGTON — The House of Representatives gave final approval on Friday to the $700 billion bailout for the financial system, reversing course to authorize what may be the most expensive government intervention in history.
At 1:21 p.m., applause and cheers echoed through the House chamber as the number of “aye” votes crossed the threshold needed for passage with just seconds remaining in the official 15-minute voting period. The vote was 263 to 171.
And in a sign of the urgency surrounding the rescue plan, Congressional staff rushed the newly printed legislation into a news conference where Democratic leaders gathered after the vote and Speaker Nancy Pelosi, Democrat of California, signed it, at exactly 2 p.m…
Most Democrats favored the bill (172 yeas to 63 nays), while a slighter majority of Republicans voted against (91 yeas to 108 nays). Every member of the House voted. (There is one vacancy, created by the recent death of Stephanie Tubbs Jones, a Democrat of Ohio.)..
Many lawmakers who changed sides, said they had agonized over the decision amid a torrent of calls and e-mail messages from constituents, and several cited a provision added by the Senate increasing the amount of savings insured by the federal government to $250,000 an account from $100,000.
Several Democrats in the Congressional Black Caucus said they were persuaded to support the bill by Senator Barack Obama, the party’s presidential nominee. But many lawmakers said they were motivated most by fears of economic calamity…
But it was a hollow victory for the administration. After long favoring a hands-off approach and relentlessly pursuing deregulation, the administration found itself interceding repeatedly in the private market this year to avert one calamity after another. And finally after it proposed perhaps the biggest intervention in history, Mr. Bush found himself abandoned by fellow Republicans in the House…
The final agreement called for the $700 billion to be disbursed in parts: $250 billion at first, to get the program started, followed by $100 billion at the discretion of Mr. Bush and the remaining $350 billion upon request of the Treasury with Congress empowered to block the last installment by acting within 15 days…
The deal provides for tight oversight by two boards, including an independent Congressional panel. And requires the government to use its status as an large-scale owner of distressed, mortgage-backed securities to take more aggressive steps to prevent foreclosures.
The bill also seeks to limit the pay of executives of some companies that sell bad debt to the government, including restrictions on so-called “golden parachute” retirement plans.
It also provides several taxpayer protections, including a mechanism for the government to take an equity stake, in the form of stock warrants, in some of the firms that seek government help, which will give taxpayers a chance to make money should the companies profit in the months and years ahead.
And, if the rescue plan has lost money after five years, the bill requires the president to submit a plan to Congress for recouping the losses from the financial industry, perhaps through fees or a tax on securities transactions.
And of course the New York Times cannot help lying about history:
But it was a hollow victory for the administration. After long favoring a hands-off approach and relentlessly pursuing deregulation, the administration found itself interceding repeatedly in the private market this year to avert one calamity after another.
After all, that is their job.
And speaking of jobs:
The deal provides for tight oversight by two boards, including an independent Congressional panel. And requires the government to use its status as an large-scale owner of distressed, mortgage-backed securities to take more aggressive steps to prevent foreclosures.
Isn’t that reassuring to hear that Congress will be keeping an eye on things? And that ACORN will still get their way?
Anyway, there it is:
Allah help us all.
Only 4 drinks? Pssssshh…
I think I need more of that subsidized rum, thank you.
I think I might actually start researching my biological heritage (It might even be worth the ripoff charges) to see if I can qualify for the new ‘bailout’ – heck my hubby’s bio-dad passed even before he was born – let them prove he’s not bi-racial. Together we’d make one whole minority. At least by their figuring.
Your right though – 4 drinks won’t be enough.
Hmm… Let’s see… Father has dual citizenship with Costa Rica, giving me citizenship eligibility… I’m also Jewish by blood, so I have Israeli citizenship eligibility…
Perhaps a move will be in order in the near future?
And yes, more drinks, please. Stop sending them when I can’t see the glasses anymore.
Good God, I agree more rum!
Lol.. not funny, … but the insanity is kicking in.. Maybe a shot of duty free rum will calm my nerves..
Crap sandwich going to give us the squirts.
I wonder if the Supreme Court has anything to say about the unconstitutionality of this, and if it is OK constitutionally, then the 14th amendment protects ALL business, suggesting the fed would HAVE to buy out all bad assets. hmmmm? seriously.. it could be argued.
Vote or not (and they’ll be back in six months at most) McCain is probably sunk. So in a VotingforPalin mood looking past 4 nov – she needs to become the Shadow President for Energy, and stay on the offensive as the Messiah’s reign of jahiliya (ignorance) brings us down further. Give him about 100 hours after his electoral ball, then start. Drilling. Him. To death.
And don’t let up until Jan 20th, 2013 when she’s sworn in.
Or the media will destroy her (they will not rest until they do).
Oooo…sorry to bring gloom on the party atmosphere. Bring on the Martini’s!! Tundra dry!
BTW – on the subject of Drill Baby, Drill…how did she miss the opportunity – “Senator Biden – Joey Danko needs to fill his tank now.” *
*the guy from Wilmington Biden said can never fill his tank.
“I think I might actually start researching my biological heritage (It might even be worth the ripoff charges) to see if I can qualify for the new ‘bailout’ – heck my hubby’s bio-dad passed even before he was born – let them prove he’s not bi-racial. Together we’d make one whole minority. At least by their figuring.”
My wife’s has a Cuban/Guatemalan heritage and my family has “Native American” blood in it …1/16th or something. Besides, if they’re paying millions on wool research, they can spare a couple mil on me and my own.
Also, come to think of it, even though the USSR were starving and freezing and being oppressed, there was always a ample supply of vodka.
So, in a sense of not learning from the mistakes of the past, when Barry, our President-For-Life, takes full charge, you can rest easy knowing that the rum will never be gone.
So McCain was going to stop earmarks, anyone heard him complain about what his Senate cohorts put in the bail out bill? Oh $150 bi!llion or so, Oh John what!? Just Words! You are really looking out for us? NOT!
Oh John; you promise to NAME NAMES of the biggest spenders in Congress, Oh John CONGRESSIONAL LEADERS CAUSED THIS CRISIS! OH John who pushed the banks to make loans to people who could not afford to pay?! You promised to name names John!
McCain is showing he is NOT A MAN OF HIS WORD, and I believed him, what an idiot he made of ME!
Get Drunk Don’t vote, they are both liars!
What on Earth is that expression on Pelosi’s face? Why does she look like she’s experiencing jouissance as she carries out one of the worst scam jobs in human history? This lady is a basket case.
Do not worry — this bailout will be the Democrats’ version of the WMDs in Iraq. An expensive and overblown claim about a threat that will be the rope to hang them with, very shortly. Let’s not forget what they did to Bush over every factoid regarding the leadup to the 2003 invasion of Iraq. We have to keep every clipping, every YouTube clip, every excrutiating record of their perfidy in this. And CLOBBER THEM with it so Sarah and Bobby can win the White House in 2012.
SNIX, you’re right again about puppeteer Emanuel–this pic proves it.
Latinos4JohnnyMac, I agree with you–her look in this pic is exquisitely DELIRIOUS. How this idiotic, vapid, airhead can strike the pose of a beauty queen while signing this disgraceful bill only points to our reality: we are living in Babylon. The age of Nero has approached, and we have power-mad inquisitors at the helm.
The time for something more than just voting like concerned citizens in order to right this ship may soon be at hand.
San Fran Nan is a real piece of work.
Italian “Catholic” girls live forever.
She’ll be in the House when she’s 90, unfortunately.
These losers, but most importantly those of us out here who are preparing to vote just might want to take heed to these words. . .
. . .But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security. . .
Declaration of Independence in Congress, July 4, 1776
[emphasis mine]
Pelosi disgusts me. How can this harpie criticize our President when she and her Democrat congress is behind this disaster. Those morons caused this mess. They’re the ones fighting for loans that people can’t pay back.
This woman needs the impeachment remedy.