The U.S. House of Representatives rejected the so-called deal on the financial bailout package that would give $700 Billion in taxpayer funds to private companies.
In a 228-205 vote, House Republicans exerted their voice with enough Democrats to say no. Locally, interim Rep. Bill Foster voted in favor of the biggest taxpayer-financed gift in history while Rep. Peter Roskam and Rep. Judy Biggert voted against the bailout package.
140 Democrats and 65 Republicans voted for the bailout.
133 Republicans and 95 Democrats voted against the bailout.
Earlier, Citigroup agreed to acquire Wachovia in yet another shift of the landscape of financial institutions.
Before Monday's vote, the Federal Reserve pumped $630 Billion of liquidity into the global financial system.
See Karl Denninger's commentary about why the bailout is bad (10 minutes):
In a 228-205 vote, House Republicans exerted their voice with enough Democrats to say no. Locally, interim Rep. Bill Foster voted in favor of the biggest taxpayer-financed gift in history while Rep. Peter Roskam and Rep. Judy Biggert voted against the bailout package.
140 Democrats and 65 Republicans voted for the bailout.
133 Republicans and 95 Democrats voted against the bailout.
Earlier, Citigroup agreed to acquire Wachovia in yet another shift of the landscape of financial institutions.
Before Monday's vote, the Federal Reserve pumped $630 Billion of liquidity into the global financial system.
See Karl Denninger's commentary about why the bailout is bad (10 minutes):
19 comments:
Well, if anything, this helps show that Foster will vote the way Pelosi wants him to.
That aside, I think the HoR did the right thing by voting down on this bill. It is flawed in its core and all it does is expand government and put a band-aid over a gaping wound. We need to clean and suture the wound, then we can put the band-aid on it -- otherwise the wound will continue to gush money and the surrounding areas will become infected and grow necrotic.
Enough with the medical terms now - bottom line is the bill proposed was a very short-term "don't bleed out" bill that has no consierations for any of the long-term consequences.
Is there not 535 members in the House? Where was the 102 that did not vote.
3:24 PM,Where was the 102 that did not vote?
were like playing Obama!
There are 435 votes in the House. The only one who did not vote was Jerry Weller (R-IL 11th Congressional District).
http://clerk.house.gov/evs/2008/roll674.xml
Here's the list.
figures it would be a damn republican that wouldn't vote.
They voted PRESENT, since that's obama's favorite vote, why not theirs..
the coward vote has helped obama, why not them...
speaking of cowards. Watch Weisner cut and run after citing health problems. You heard it here first.
7:32
I said the same thing weeks ago. You just copied what I already said so actually I said it first.
he will cut and run with all that campaign money!!!!
Good, cut & run and get the hell out! Aurora needs new leadership now! Go Stephany Kiffowit!
And go Cubs Go!
“Today the House of Representatives stood on the side of the American taxpayer, opposing a massive bail out of Wall Street and the executives who got us here in the first place.
“While action is necessary to keep our economy on track, the heavy-handed push from the Bush Administration and this Democrat majority places too great a burden on taxpayers with no guarantee of success. The plan voted on in the House incorporated watered down aspects of executive compensation limits and provided for insufficient use of private capital.
“Unfortunately, negotiations were unable to produce a solution to keep our economy on track without exposing taxpayers to extraordinary risk – this is why the bill failed.
“We will see our way through to the other side of this crisis. Ultimately, we need a regulatory overhaul—not more regulation, but more effective regulation. Our new millennium financial system is regulated by a New Deal regulatory structure.
“I am reassured of the American spirit of free enterprise. However, it is incumbent upon Congressional leaders to return to the negotiation table to advance a bipartisan agenda to ensure taxpayers are never again asked to shoulder such a burden. These are trying times with enormous challenges, but challenges we can meet.”
The crisis could be solved by eliminating the capital gains tax for the purchase and sale of bad loans. The investors would be motivated to buy and sit on investments, untill the market resourges, knowing that they will not be strangled by Obama/Dem capital gains taxes. Give the consumer/investor a break and we will have confidence in longterm investments.
By the way when I vote for my next politician, I will discover if they are willing to let the stock market loose a trillion dollars a day because of Rosh Hanhanah, or the "jewish holiday". I've never heard of Congress shutting down in a NATIONAL crisis because of a "jewish holiday", a muslim Holiday, a Christian Holiday". I guess we are lucky that famine, plagues, and disease are not showing up during the jewish holiday.
If they can shutdown Congress because of a Jewish holiday, then in their eyes, it's not that much of a crisis. How pathetic is that?
Vote 'em all out.
Of course this partisan commentary didn't help matters:
http://boortz.com/more/video/092908_pelosi_bailout.html
Nancy.....what were you thinking? She didn't even get her girls from her own state to support this GREAT give away. The markets have always recovered 87,92,97, 2001 let the fat cats and "i want everything NOW folks" bottom out. THe workers of this country will rise.
Let's start a revolution in the 14th District. Foster voted for the bail out with no real pre-conditions (doesn't that sound familiar), he voted against the will of the people and was a Peolsi puppet. Everyone go get an Oberweis sign, put it up, vote for Oberweis and do not let Foster sell the taxpayers for 30 pieces of silver. We know they are going to have to put together a deal but not a "bail out" but a "help out". Even if you don't like Oberweis personally he is a businessman who knows how to do business, please do NOT let a Democratic party puppet with no backbone get away with this. 95 Democrats including Chicago Democrats like Jesse Jackson Jr. voted no on this. Mr. Foster needs to be sent back home.
Oberweis was against the bailout as voted on by the House. His financial acumen is strongly needed in Congress. Vote Oberweis!
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