The Emergency Economic Stabilization Act of 2008 has been killed by Republicans and Democrats alike
The "Rich People's Election Ransom Request Act" aka "The Bail Out", has been rejected.
Even though the measure was debated by Democrats and Republicans alike, there just weren't enough votes for the proposal but plenty of dislike for the proposal,
What was supposed to be a 15-minute vote stretched past the half-hour mark as leadership scrambled for support.
Investors who had been counting on the rescue plan sent the Dow Jones industrial average down as much as 700 points while watching the measure come up short of the necessary support, before rebounding slightly. The key stock reading was down more than 500 points.
The measure needs 218 votes for passage, but it came up 13 votes short of that target, as the final vote was 228 to 205 against. About 60% of Democrats voted for the measure, but less than a third of Republicans backed it.
President Bush is "very disappointed" by the House vote, his spokesman Tony Fratto said.
Kucinich was, once again, right.
Kucinich called for more hearings on the bailout despite Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke speaking about the proposal before lawmakers last week.
“None of this has been subject to a critical analysis. We haven’t had access to the books to the people who are claiming they are going broke,” said Kucinich. He also drew the parallel between the administration’s intense urgency on the Wall Street relief package and its drive towards the conflict in Iraq.
“They rushed this Congress into the Iraq resolution and look what happened. Catastrophe for this nation as well as for the people of Iraq,” said Kucinich.
House Republicans have been credited with slowing the bailout that led to the contentious White House summit involving both presidential candidates, Sens. John McCain (R-Ariz.) and Barack Obama (D-Ill.), on Thursday.
Kucinich alluded to his colleagues across the aisle that have also become a source of opposition to the bill.
“There is an attempt to create a fake partisan dichotomy here. This is not about Democrat versus Republican. This is about Main Street or Wall Street,” said Kucinich.
The question is, what's going to happen next? Has the coup been averted?
What does this mean? The Senate can always initiate their own version of the plan and re-send it to the House, but that will take some doing. Can Republicans change their votes after taking this kind of stand?
If it stands, it will be a repudiation of the leadership in both House caucuses and the Bush administration. Pelosi couldn’t hold her caucus together, and Boehner, Cantor, Blunt, and Putnam will find themselves in the minority of theirs.
BTW : Ed owns up to the fact that McCain's "help" amounted to nothing.
As Kucinich said, don't let yourself get fooled. This is not about political parties. This is an all out class war.
So the question is, on whose side is our candidate? It's time for Obama to step up to the plate and show his true support to the middle class. Make that "Zero" really amount to something.
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Wall Street Bailout | 2008 Presidential Election | Dennis Kucinich
You are ignorant
Submitted by dhammer_911 (not verified) on 29 September 2008 - 11:01pm.
You are ignorant. What else can I say. The world's full of people like you, and I have grown accustomed to that.
But this case is unique in that the collective ignorance of you and all the other 98 of you (apparently) is going to destroy our country's economy if not the world. How uneducated can you be? Why wouldn't you take the time to get even a little informed?
You are about to get a dirty lesson in trickle down economics. If the pressure of market caps on publicly traded businesses forces them to seek liquidity, and the sources of credit (i.e. the financial markets) have dried up, the whole system will fail. That means rich and poor alike, but the rich have enough T-bills to weather the storm. What are the rest of us going to do?
This is not the lesson about which I am talking. This lesson is banks like Wachovia and Washington Mutual failing. It is Caterpillar borrowing at five times the prime rate. It is Goodyear unable to get a loan to cover its payroll. This is only the beginning.
I wonder what you will say when idiots like you begin feeling the real effects. This is not a class war. It is an effort to mitigate the greed of a few and the ignorace of many.
Bailout Bill
Comrade Speaker Pelosi allowed the Democrat House chairmen to vote against the bailout bill to cover their asses with their voters back home. Keep in mind that the citizenry does not like the bill by a 99 to 1 margin. The Republicans saw what Pelosi was trying to pull on them as the vote was being cast and many of them refused to allow her to stab them in the back like that and over a bad bill. Then after the vote failed the House Democrat leadership had the gonads to blame Republicans. Barney Frank, one of the main offenders who caused the mortgage crisis in the first place, led the charge. Never mind the fact that had the Democrat chairmen and a few regular Democrat members voted yes the bill would have passed. What a bunch of snakes Pelosi and her crew are.
The House members were also not happy to learn that the Senate, stand up bunch that they are, scheduled their vote a few days after the House vote, so that if the House passed the bill the Senators could gauge the voters' reaction and adjust their own votes accordingly.
The real scare to all of them is that 401k statements will be released generally a day or so before the national election. And you think the voters are pissed off now?