Bailout Passes The House 263-171…Now, they tell us it’s not enough…

Posted by on 10/3/2008

House passes bailout bill...

The final vote, 263-171 in the House, capped two weeks of tumult in Congress and on Wall Street, punctuated by daily warnings that the country confronted the gravest economic crisis since the Great Depression if lawmakers failed to act. There were 58 more votes for the measure than an earlier version that failed on Monday.

“We all know that we are in the midst of a financial crisis,” House Republican leader John Boehner of Ohio said shortly before casting his vote for a massive government intervention in private capital markets that was unthinkable only a month ago.

“And we know that if we do nothing, this crisis is likely to worsen and to put us into an economic slump like most of us have never seen,” he said.

House Speaker Nancy Pelosi, D-Calif., said the bill was needed to “begin to shape the financial stability of our country and the economic security of our people.”

Bush signs...

President Bush quickly signed into law a far-reaching $700 billion bill to bail out the nation’s tottering financial industry, calling it “essential to helping America’s economy” weather the storm.The president signed the bill Friday about an hour and a half after the House completed congressional action on it with a 263-171 vote, underscoring the sense of urgency surrounding the measure.

Stocks Dive After Vote ...

Investors dumped stocks late in the session after a big intraday rally, repeating a defensive move seen throughout the yearlong market pullback. As lawmakers voted on the plan, which President Bush quickly signed into law, the Dow advanced more than 300 points. After it passed, the blue chips moved in and out of positive territory before ending down more than 150 points.

Investors had been anxious for resolution on the government’s plan to buy up bad assets from banks and other institutions to shore up the financial industry and help resuscitate credit markets. Trading across markets was turbulent throughout the week as investors tried to determine whether the plan would win approval and what effect it might have. On Monday, the House’s rejection took Wall Street and Capitol Hill by surprise and handed stocks their biggest losses in years.

MM says: A Senate staffer compiled these headlines. Read ‘em and weep:

Rescue Package May Not Fully Thaw Credit Markets

“Therefore, any rally from Fed actions will be short lived.”

Buffett: $700B Bailout may not be big enough

“A continued correction in credit supply, fiscal receipts, investment, employment and consumer balance sheets is inevitable.”

Experts say government’s approach comes up short

Bailout plan could be a disaster

Others Blogging:

Barack Obama, Democrats, Economy, John McCain, Presidential Election '08, State/Local Elections '06, Subprime Crisis, , , , , , , ,

5 Comments.

  1. Christmas in October | Faith and Facts - pingback on 10/3/2008 at October 3, 2008 - 04:23 PM
  3. Robert 10/4/2008 at October 4, 2008 - 11:57 AM

    It’s not enough? Why don’t they identify all the Democrites and their cronies who are responsible for this, and who looted these entities, and strip them of their ill gotten gains? Leave them with the clothes on their backs and $100. They they can go out and get a real job and maybe then they’ll understand what they have done to this Country.

    Then with that recovered loot, they can put that back into the bailout. This is just for starters…

  5. snowy egret 10/6/2008 at October 6, 2008 - 08:10 AM

    A new song for the demacrat party G, is for the greenback that we want. R, is is for the rediculous taxes.E, is for the evil that we are E, Is for the evedence were bad D, is for for our dastardly deeds we do put them all to gether and it spells G,R,E,E,D >-)

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