The U.S. House of Representatives, lead primarily by conservative Republicans have blamed Nancy Pelosi for the financial bailout failing.House Republicans said that Nancy Pelosi gave a partisan speech and that turned off their members.The bill failed by 207-226.
However, Republicans only supplied one-third of the House vote while approximately sixty percent of the Democrats voted in favor of the legislation.
There was optimism that the bill would pass. Some question are being raised whether the GOP would decline a vote based upon a political speech.
Pelosi, in her defense, said after the Democrats delivered their votes. She also said she has concerns with "every day people". The House Speaker said the Democrats delivered on their side of the bargain but the Republican caucus failed to deliver. Pelosi, however, did praise the GOP House leaders for getting the Democrats to support the legislation.
Majority Leader said the Democrats had great reservations on the bill but they approximately sixty percent of their caucus voted for the legislation.
This story is not over, but, reports are that Congress is beginning to go home for Jewish holidays.
It would actually be quite refreshing.. and make me feel so very much better about those who represent us in D.C. if the pro free market conservatives spoke to how SOME regulatory control would help to secure our economy AND if the liberals would allude to how CRA's intent to provide affordable housing to the poor contributed to this mess - if both sides admited that there needs to be common sense middleground solutions and not just the opposing party was responsible for this mess... wow... wouldn't responsible adult discussion amonst our congressional leaders be the "change" we really need? Written by kpf
on 10/2/2008
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My mistake on reading your "You cannot lay these problems at the feet of the Democrats - the facts are NOT on your side!!!!" remark................. I guess I am not very literate.... Sorry for my erroneous post Walker, it is obviously all the Republicans fault..... I’m not worthy, I’m not worthy!!! Written by
on 10/1/2008
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Not to defend the President but his administration has in fact been raising a flag concerning fannie & Freddie and democrats disregarded it and even stated that they were in good shape (Mr. Barney Frank). I'm sure congressional witch hunts will be started soon but I'm taking bets that Chris Dodd and Barney Frank will never be investigated for improprieties. Written by Sid
on 10/1/2008
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Written by . . .
My counterpoint to "TeeDub" had nothing to do with the content of either piece of legislation. He referenced both acts, I just showed him where both were signed into law by democrats. Currently , BOTH parties are at fault for this mess. Carter with his CRA, Clinton with Fannie Mae, and YES, Bush for not lifting a finger to change it. Now Bush appointed bureaucrats want more power and money to control the "Free Market", I think not . . . Written by walker0416
on 10/1/2008
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And also, out of curiosity, I am wondering what states, and about to what extent each one is involved where mortgage based numbers which I am reluctantly assuming is the basis for a ‘bailout’ would be generated or based upon for comparisons purposes..... Written by
on 10/1/2008
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And additionally, I am wondering about the equity that is 'secured', or risk that is not fully secured or leveraged risk that has been spread out, and then amongst how many and what type of instruments??... Are we talking principle, or interest, or assets, or a combination of all????? What are the real numbers… Info is hard to find, the web crawler is fixed and won’t produce tangible documents… Thanks oh great information technologists out there!~!!!!!!!! Bunch of gdfugtarts… Written by
on 10/1/2008
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Uhhhhh, Walker.................. The Glass-Steagall Act was enacted during the Great Depression. It protected bank depositors from the additional risks associated with security transactions. The act was DISMANTLED in 1999. Consequently, the distinction between commercial banks and brokerage firms has blurred; many banks own brokerage firms and provide investment services.................... Now as I asked in an earlier post..... Are 1st 2nd or some kind of oddball 3rd mortgages at issue here, and what where those mortgages approved for i.e. USE? Written by
on 10/1/2008
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TeeDub,
"You cannot lay these problems at the feet of the Democrats - the facts are NOT on
your side!!!!"
Interesting! The Glass-Steagall Act of 1933 was signed into law by FDR (Democrat) and the Gramm-Leach-Bliley Act of 1999 was signed into law by BILL CLINTON (Democrat)!!!! Yes, TeeDub, facts are facts!!!! Written by Walker0416
on 10/1/2008
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Actually this whole thing is one big discipline in ignorance…… Folks sitting around yammering away, and so uninformed (myself included) of the pertinent facts that the best thing they seem to be able to come up with in as far as a reason to gripe is ‘All those wall-street fat cats’…….. Take the guy that was the new CEO I guess of WaMu for instance…… 3 weeks on the job, he is out, with an 18 million dollar severance package…. Ha-ha-ha-ha!!!!! Folks, that was the contract…. In other words, the price of signing him on…… Obtaining his expertise….. I am pretty sure that in his 3 weeks of tenure there he probably didn’t cause the WaMu drain that was pretty much the result of folks making a run on the bank, and now FDIC and the Feds are in…… But the feds to show face say they have the FBI looking dillegently into this to find the ‘criminals’……. You know something, we could cut to the chase, site the RICO act and just indict the U.S. Congress AND the banking systems, AND wallmart, eruuuuuhhhhh,,, wall street….. In fact, the average persons priorities (or lack of) really sort of amaze me….. Take a doctor for instance…… If the patient dies, should the doctor still get paid???? Well,, the courts say yes, and the doctor gets paid out of the estate…. To hell with the patient’s children or favorite foundation it ‘willed’ its money to… This happens every day, at least 100 times a day, in cities all across the nation….. Ha-ha-ha-ha!!!!! But the wall street folks are the big crooks here everyone wants to say!!!!! Oh, and don’t forget the politicians…. Who are doing what all the oppressed masses want when they legislate laws that pretty much mandate that banks make inequitable loans……. On houses so that building contractors can charge $100 a square foot on $45 a square foot buildings so that property taxes go up so that more money can be funneled into the school system…. Doctors aside, if a kid fails the 2nd grade, should the teacher get a paycheck? Or should the teacher refund the money? I mean after all, HOW THE F_CK DIFFICULT CAN IT POSSIBLY BE TO TEACH A 2ND GRADER??????? For the most part, as I watch the moronic masses around me I can’t help but wish that I could give them all a nice big steaming hot cup of STFU…….. And tell them to get a life while they are at it…. Written by
on 10/1/2008
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Putting those whose irresponsibility caused this mess in charge of fixing this mess... somehow... does not sound "wise" to me. Perhaps I am wrong about there not being dire economic consequences if congress does nothing - and I may be - but I also believe that if the only ones who will truly suffer are the Wall Street fat cats - they would instruct their "bought and paid for" politicians in D.C. to convince the public that unless we give these bastards even more money to fix this mess we will suffer. This belief makes me leery of any action by our so-called “representatives.” Also there is very little mention of the greed and stupidity of those who took out mortgages they could not afford; except some politicians who want to ensure they do not lose the homes they should never have been allowed to buy in the first place, at the expense of the taxpayer, of course. The whole problem to me is this: there is an attitude of "we screwed up but we do not want to suffer the consequences." Instead of making a profit – which they wouldn’t have shared with the taxpayers - they want the taxpayers to bail them out – so they can continue to engage in the same misguided monetary practices. The fact that an overwhelming majority of the people do not want this bailout to occur only reinforces my belief that "we the people" - not elected representatives - should vote directly to decide issues such as this one. . Written by kpf
on 10/1/2008
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Inaction is completely the wrong answer this time unless you'd really like to relive the 1930's. All these Herbert Hoovers and Smoot-Hawley-er's. Amazing. Sure, a few experts have expressed some different opinions but the overwhelming majority of expert opinions I have seen contend strenuously that action is a must and also that delay will worsen the situation. Even Warren Buffett has thrown his support behind it, not to mention most mainstream center-right columnists such as David Brooks. It's only the cowboy capitalist yahoo element opposing this from the right...and as I realize that many on the left have celebrated the failure of the rescue bill to pass, also...this has to mean that it's the right idea. While it would be great to help out the actual little people and work this from the bottom up, the ONLY way to unfreeze the credit markets is to get the balance sheets of lending institutions cleared of toxic assets which is simply where the focus needs to be...and I have yet to see the House Republicans demonstrate how they would accomplish that goal more effectively. Written by Richard P.
on 9/30/2008
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You are so right on so many accounts there KPF, but unfortunately it is not all as easy as that…. Take the family that took the gamble because a home was located in an area that was near work, a school, shopping centers, etc., etc., etc. It was already overpriced, but, it was a home….. And all of a sudden the glove manufacturer that had been in business for the last 60 years that the person who got a job at 5 years ago jerks the weaving machines out, closes the doors, and moves the operation to Mexico…. Or Indonesia, or whatever…. And not because of cheaper labor, because of lower tax liability, lower personal liability……. It would be nice if everything could be put in one box, and all the problems were but one but it can’t, and they can't because they aren't….. There are lots of reasons for lots of things going wrong…. Time to shore up, redefine, recommit, reaknowledge, and reinvigorate the American people, and the American economy. Written by
on 9/30/2008
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All the talk of regulation/deregulation aside (with its inherent "finger pointing" at one of the two major political parties), each individual decides whether to keep their savings someplace safe (a savings account, low yield bonds, etc.) or GAMBLES with their money in potentially high-yield stocks. "Gambles" is the key word. If they get good returns, well and good for them. If they lose, they lose. No one should be forced to bail out those who gamble and lose, be these losses at "da casina", the racetrack, the stock market or a questionable home mortgage. Phil Gramm did not FORCE people to take out mortgages they cannot pay back. They - utilizing their own free will as directed by their own intellect - gambled that the price of housing would continue to climb….. and they were wrong. Those of us who are content with our old - yet paid for homes - those of us who do not "trade up" to ever-bigger homes, who keep our vehicles 10 or more years - should not have to postpone retirement and work a few more years to bail out those who live in bigger homes, drive newer vehicles, etc. than we have. The lesson to take away is "don't risk more than you can afford to lose." If we bail out the lenders and borrowers (as we did in the eighties) then it will happen yet again. Sometimes the wisest course of action is to "take no action whatsoever." Written by kpf
on 9/30/2008
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Now that the poor little underprivileged and despaired against rants seem to have subsided somewhat, perhaps more fruitful ideas can be presented…. As what is always desired above and beyond the schismatic topics that constantly pop up…. All problems have multiple solutions, and interestingly enough need and surpluses go hand in hand…. You cannot have one without the other, or there would be nothing that could be used for comparisons or discussions sake….. Energy, economy, productivity, all common threads…. I am very thankful for T. Boone Pickens personally funded spots he provides on the generic television… Conservation is a common theme, as well as increased production… Almost sounds as if we are firmly in the hands of a grand oxymoron, but, that is how societies work…. Energy, very important. Conservation, equally so…… As well as the hybrids being proposed (yet go unbuilt, or under developed because no one is investing in them), wind energy (because no one sees the existence of a truly competitive edge that will cause this to come into fruition…. I have one though, the installation of offshore pylons which under my calculations, in conjunction with my technologies and approaches can reduce the total cost by approximately a third under the proper business atmosphere), mass transit systems MUST be expanded upon….. This will provide jobs, stimulate the economy, and provide a valuable return to society AS WELL as be an energy conservation measure……. I believe that there needs to be a richer or more robust palate of alternatives presented to the masses…… for their considerations, approvals, or pursuits…….. Are our leaders truly considering the best for all? And no, I am not proposing another Amtrak, or similar governmentally born entity…. And no, I am not advocating the infusion of foreign investment capital much in the same way as we are selling off numerous taxpayer funded highway toll systems around the nation…… Written by
on 9/30/2008
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And meanwhile T-duhhhhhhhhhhhbbbbb can't answer a simple question: Better to be black and in America, or black in Darfur?????? He just likes to talk smack.... Typical, very typical....... Ahhh, but KPF, you mention affordable housing.... Very easy to do, no taxpayer leveraged assistance necessary..... STRONGCONCRETE.... Ah but alas, folks like T-duuuuuuuuhhhhhb would hate to see that kind of a situation become advent..... And why? Well, because it would mean that a problem would be fixed, and take the wind out of the sails he needs as he flies around on his disgruntled soap box................. Written by
on 9/30/2008
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There goes T-duhhhhhhhbbb with his adopted philosophies again…. Aren't you capable of one independent thought process their T-duhhhhhhhhb? Or must you always resort to the ceral box clippings you read at the breakfast table for inspiration??? Free thinkers are always the inertia necessary in any productive society….. Let’s see, Washington, Adams, Jefferson, Hamilton, Monroe, everything was fine, Johnson, Nixon, Ford, Carter, Bush 1, Clinton, Bush II and everything sounds like it is turning to shlit…. You folks out there see a pattern perhaps? >>>> Written by
on 9/30/2008
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So Teedub gets his information from Mother Jones magazine... Written by
on 9/30/2008
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I did like the quote TW, one can go back to President Andrew Jackson – or Thomas Jefferson - to find similar quotes. I am certain one Republican, Ron Paul did not "change his mind" about voting on the bailout due to anything Nancy Pelosi or anyone else had to say. I don't think he's closed minded, he is simply certain that his views on how far the government has meddled in our economy are correct. Isn't it interesting that when government attempts to provide "affordable housing" the price of housing is artificially inflated? Then when we fail to prop up the lending institutions that profit from this artificial inflation of housing prices the price of housing falls? Hmmmm... sounds like plenty of "affordable housing" will be on the market soon. Written by kpf
on 9/30/2008
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The term ‘free-market’ as desired by the American public is a non sequitur. The moment something advents on the stage that has even the faintest hint of this type of quality, it becomes regulated…. Or is quashed..... Taking the ‘advantage’ or the ‘free/freedom’ part out of the equation… All so that things are considered to be ‘fair’ in some stupid government employee’s or government regulators eyes……. Often to the detriment or disadvantage of the ‘free-consumer’. Now what is that? Written by STRONGCONCRETE
on 9/30/2008
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Amen Sister. Check out this link from 2003 on Fannie Mae and Freddie Mac.
http://www.mtgprofessor.com/A%20-%20Secondary%20Markets/what_do_fannie_and_freddie_do.htm
Written by kpf
on 9/30/2008
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These capitalists generally act harmoniously, and in concert, to fleece the people, and now, that they have got into a quarrel with themselves, we are called upon to appropriate the people's money to settle the quarrel...Interestingly, these capitalists were acting at the behest of politicians who wanted to pander to their poor base. They were TOLD to put folks into houses even though they could not afford it. Did anyone hear the replay of the 2004 hearings where Repubs are saying that the Freddie/Fannie situation is not a good one and Dims defended it wholeheartedly. This is what happens when you try to force our economy into solicialism rather than letting the market decide who can afford a house. If the government thinks buying these folks a house is such a great idea, then why don't they do it? Written by jane
on 9/30/2008
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Uhhhhhh,,,,, T-duhhhhhhhhhbbbbbb,, as you sit around wiping your brow thanking your lucky stars that you have a combined income of 200K rather than 250K or higher, and out of the other side of your mouth loudly proclaim that the fiddlers who want to deprive others finances to a higher degree so therefore they should pay for the tune because there is some form of misperceived imbalance in societal status on your part, your character dictates that you quoted the wrong Lincoln, I believe you should have referenced his wife – Mary Todd Lincoln; “My evil genius Procrastination has whispered me to tarry 'til a more convenient season.” So tell me T-Duhhhhhhbbbb, it is better to be black in America than it is to be White or Black in Darfur? I would suppose this is yet another question to which you can offer up no credible answer to… Ha-ha-ha-ha!!!!! Written by
on 9/30/2008
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Just for fun check this out ( http://tinyurl.com/3nkrp7 ) it's not republicans and its not democrats, its politicians. To much finger pointing and not enough thought as Pelosi fiddles while America burns. I find it sad that barney Frank demonizes the republicans for not coming up with enough votes to pass this bill when 95 democrats voted against it as well. Partisan politics as usual and the country still burns. Until we rid this country of these lifetime politicians we can expect more of the same. They come up with these interesting phrases like "Wall St. to Main St." They only know where Main St. is when its re-election time. Its time for the voters to act. Jefferson, Landrieu, etc. have to go and if those that replace them don't understand who they work for, they will need to go during the next election cycle. Charlie Melancon talks about his "Leadership" all the time. Pelosi is his leadership and she is fiddling while America burns. Written by Sid
on 9/30/2008
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Sixty percent of the Democrats were willing to vote for a proposal of a lame duck GOP administration and also supported by the GOP candidate for president while their own party members had to torpedo it in favor in inaction, to which, for those who thought that that was an acceptable option, the markets have rendered their own verdict. While some on the liberal side have had some possibly valid points, e.g. the rescue should be mainly directed to individuals and with the aim of helping them to stay in their own houses and stabilizing the markets from the bottom up rather than from the top down, I have yet to see the House GOP opposition bloc offer up a meaningful, constructive idea on this. It should be very clear that inaction is the most foolish gamble of all, even as imperfect as the proposal is. One can only hope and pray that the many experts who are making dire predictions turn out to be wrong. Will it take the Dow dropping down below 9,000 to get these people to see the light? Written by Richard P.
on 9/29/2008
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Ever since Pelosi said impeachment was off the table, thereby removing the right of the people to this redress against a tyrannical president, she has lost credibility among progressive Democrats and constitutional Republicans. I don't think it was Pelosi who had any influence on the vote. I think it was the popular outrage that swayed the vote, outrage from Republicans and Democrats alike. Written by Robert Desmarais Sullivan
on 9/29/2008
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Ever since Pelosi said impeachment was off the table, thereby removing the right of the people to this redress against a tyrannical president, she has lost credibility among progressive Democrats and constitutional Republicans. I don't think it was Pelosi who had any influence on the vote. I think it was the popular outrage that swayed the vote, outrage from Republicans and Democrats alike. Written by Robert Desmarais Sullivan
on 9/29/2008
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I thought Kerry would like this quote from Abraham Lincoln, ca. 1837: "It is an old maxim and a very sound one, that he that dances should always pay the fiddler. Now, sir, in the present case, if any gentlemen, whose money is a burden to them, choose to lead off a dance, I am decidedly opposed to the people's money being used to pay the fiddler... all this to settle a question in which the people have no interest, and about which they care nothing. These capitalists generally act harmoniously, and in concert, to fleece the people, and now, that they have got into a quarrel with themselves, we are called upon to appropriate the people's money to settle the quarrel." Interestingly enough, Lincoln said this just prior to a big bubble bursting. Sound familiar? Now the thing that is most irksome to me is that the House Republicans are saying that they voted the way they did because Pelosi made a partisan speech. What a bunch of petty little jerks. Why couldn't they say that they were opposing it on principle? This country has truly lost its way. TW Written by Tee Dub
on 9/29/2008
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Do you think Congress ever wonders why they have about a 9% and declining approval rating? Or do they care? Written by Sid
on 9/29/2008
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Oh, dears, we made a mistake. That half decade should have read half century. We were so upset seeing the Dow down almost 800 points. Written by RhettsWife
on 9/29/2008
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Let's face reality - the fault for or situation in the financial arena of this nation lies at the feet of both parties for their laxity over the past half decade. Now they are voting to protect their own hides with their own consituents who have been riled up by fear generated by politicians themeselves. It is time that we settle down, work this out for the good of this nation and others and for the good of the citizens. LOGIC and COMMON SENSE will get us through. Written by RhettsWife
on 9/29/2008
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I noticed that both Cazayoux and Jefferson voted "no" despite Speaker Pelosi's desire to pass the bill. Written by kpf
on 9/29/2008
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Democrats blame the GOP? The GOP blames the Democrats? Written by who'da thunk it
on 9/29/2008
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