I was eating my lunch this afternoon when I saw something that surprised me. The $700 billion bailout package moving through congress was defeated by the house today. I can’t say I think the bailout package is a great idea, but I am surprised that it didn’t pass:
The House on Monday defeated a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry.
Stocks plummeted on Wall Street even before the 228-205 vote to reject the bill was announced on the House floor.
Sounds like most folks in congress think that we need to pass the bailout package, but no one wants to be the one to vote for the unpopular plan. It’s an election year, and with phone calls and emails against the package streaming into the capital’s switchboards, nobody wants to have a “yes” vote for this package on their resume.
Bush and his economic advisers, as well as congressional leaders in both parties had argued the plan was vital to insulating ordinary Americans from the effects of Wall Street’s bad bets. The version that was up for vote Monday was the product of marathon closed-door negotiations on Capitol Hill over the weekend.
“We’re all worried about losing our jobs,” Rep. Paul Ryan, R-Wis., declared in an impassioned speech in support of the bill before the vote. “Most of us say, ‘I want this thing to pass, but I want you to vote for it — not me.’ ”
With their dire warnings of impending economic doom and their sweeping request for unprecedented sums of money and authority to bail out cash-starved financial firms, Bush and his economic chiefs have focused the attention of world markets on Congress, Ryan added.
“We’re in this moment, and if we fail to do the right thing, Heaven help us,” he said.
Heaven help us indeed.
The more I read about this, the more I’m wondering whether or not a bailout is the right thing to do.
Matts last blog post..Grapes! [1]
Since when is it the business of the United States Governments’ job to bailout any “Financial Companies” that will use any means to fill their pockets…ie; “Greed” does that ring a bell???
Since when did Wall Street care or even think about the average “Joe” the average working man or woman…trying to just exist….do they get United States Government “Bail-outs” when they don’t get their finances together…I don’t think so…the Government is just that the Government!!
The United States Government needs to let these ??? whatevers learn their “Lessons” and quit waiting on someone else, ie; “Tax Payers”
to be left holding the “Bag/Bills”…!!!
Wall Street, knows that there are “No Guarantees” made by the “Constitution”ie; The American people that supports “Careless” Greedy people who wait to make their fortunes, ie; “Make a quick buck” go and live your lives like millionaires, having little care about what happens, just as long as it doesn’t “Cost You”, you took the “Risks”
so suck it up and “Act like an Adult” what is the matter??? can’t you “Take the Heat/Lost”???
What are you and the I.R.S. people on bad terms???
If you want to be doing business on Wall Street, then act like you know that you can win and you can lose…”Greed” is a problem for some people!!!
We the “Tax Payers” do not appreciate your show of your “Monies” that you won on Wall Street…
You live like there is no tomorrow…yet when you lose money, you act just like a “Spoiled Brat”
I am glad that you did not get that so called bail-out… If you can’t suck it up when the chips are down, then get out…
No guarantees given to anyone in any business in America, so why do you think that you should get a “Free Ride” at the expenses of the “Tax Payers”
Finance companies have never been the “Friend”
of anyone…all you do is “Suck the life out of people”, good honest people who do get into a problem and you say that you are there for us…
Yea Right!!! You are only there to get as much ney out of our pockets as you can, you are “Leeches” Financial Blood Suckers!!!
You deserve what you get, your “Greed” will consume you in the end…then look at yourself!!!
If you don’t like the action on Wall Street, then take your “Money” else wheres…
This Government does not owe anything to any businesses in American nor over seas…but I am sure that this Government does alot of “SweetHeart” deals under the tables and behind closed doors…you can say what you want, but I do believe that those practices go on every day…