Monday, September 29, 2008

The Bailout Plan: Failed, voted 228-205

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The House of Representatives voted 228-205 on Monday to reject a $700 billion package to bail out the battered financial industry. Earlier, President Bush had urged Congress to act quickly to pass the measure. He was described as "very disappointed" by a spokesman, Tony Fratto, after the vote.
Fear swept the financial markets after the vote and resulted in the worst single-day drop in two decades, nearly nine percent. The Standard & Poor's 500-stock index fell 8.77 percent, its biggest drop since October 1987. A trader, left, looked at the numbers on a board at the New York Stock Exchange.


John Boehner, the Republican minority leader, called the measure "a mud sandwich" but urged members to reflect on the damage that a defeat of the measure would mean "to your friends, your neighbors, your constituents" as they might watch their retirement savings "shrivel up to zero."
Sixty-five Republicans joined 140 Democrats in voting for the measure, while 133 Republicans and 95 Democrats voted against it. "The legislation has failed," Speaker of the House Nancy Pelosi said at a news conference after the vote. Some Republicans seemed to blame Pelosi's speech from the floor, which attacked Bush's economic policies, for the defeat.
Appearing with Senator Judd Gregg in a press conference after the vote, Senator Christopher Dodd, chairman of the Senate Committee on Banking, Housing, and Urban Affairs, expressed confidence that the bailout plan could still pass in the next few days.




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House Rejects Bailout Package, 228-205; Stocks Plunge - New York ... Monday afternoon after the financial bailout package failed to ... began voting on a $700 billion American bailout plan ...
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Video | AlterNet
... bail out the staggering financial industry. Stocks started plummeting on Wall Street even before 228-205 ... voted down the proposed bipartisan bailout package: The vote failed ... bailout plan ...
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Jackson Free Press | News, Opinions, Music, Events and Dining ...
CNN is reporting the bailout plan went down in the U.S. House of Representatives by a 228-205 vote. Mississippi Reps. Chip Pickering voted for it; ... the Debate » McCain’s ‘Failed ...
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Fouroboros: 02/01/2004 - 03/01/2004
The win leaves Republicans with a 228-205 majority in the ... domestic issues, as a devout Christian he tried and failed ... I have never voted for a Democratic president or a ...
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The Krach of 1882 and the Bourse de Paris
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House defeats $700B financial markets bailout
How the Washington state delegation voted on the bailout plan: ... them that while we voted them in, they can be voted out just as readily. Bailout? No, just another gift from a failed ... Stocks plummeted on Wall Street even before the 228-205 ...
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Source: Seattle Times
NewsDateTime: 9 hours ago

U.S. Lawmakers Spurn Pleas From Leadership in Rejecting Bailout
Bush , yet 15 of 19 Republicans from his home state, Texas, voted ... overcome impassioned opposition back home, where the rescue plan is drawing fire as a bailout for ... The bill failed 228-205, even after Democrats gave both parties' leaders an ...
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Source: Bloomberg
NewsDateTime: 45 minutes ago

Why bailout failed: At-risk pols said no
The 228-205 rejection of the $700 billion rescue package for ... limit on compensation packages for executives of the failed companies that would participate in the bailout ... Some of those who voted for the bailout said they did so in possible conflict ...
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Source: Chicago Sun-Times
NewsDateTime: 4 hours ago

House Shoots Down $700 Billion Bailout Bill
... on Capitol Hill in Washington after the House vote on the financial bailout package failed. ... Stocks began falling even before the 228-205 vote to reject the bill was ... We’ve put forth a plan that was big because we’ve got a big problem ...
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Source: The Ledger
NewsDateTime: 3 hours ago

Split in Nevada delegation on bailout
... receiving hundreds of calls opposed to the $700 billion bailout plan as ... like the political peril Porter is in November — both voted "no" on the bailout. It fell to defeat 228-205 ... dire consequences for the nation's financial system if it failed.
more ...
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Source: San Francisco Gate
NewsDateTime: 4 hours ago


n Sunday evening, the House Republican working group, which stringently opposed earlier drafts of the plan and offered a counterproposal, indicated it would support the bill, and its members are encouraging other Republicans in the House to do the same. "Nobody wants to have to support this bill, but it's a bill that we believe will avert the crisis that's out there," House Minority Leader John Boehner, R-Ohio, told reporters. But the bill did draw some opposition during the morning debate. Rep. John Culberson, R-Texas, said the measure would leave a huge burden on taxpayers. "This legislation is giving us a choice between bankrupting our children and bankrupting a few of these big financial institutions on Wall Street that made bad decisions," he said. Other conservative Republicans argued the bill would be a blow against economic freedom. Thaddeus McCotter, R-Mich., said the bill posed a choice between the loss of prosperity in the short term or economic freedom in the long term. He said once the federal government enters the financial market place, it will not leave. "The choice is stark," he said. But there were also Democrats who opposed the bill for not doing enough to help those who taxpayers facing foreclosure or needing unemployment benefits extended, or taxing Wall Street to pay for the rescue package. "Like the Iraq war and patriot act, this bill is fueled by fear and haste," said Lloyd Doggett, D-Texas. The crisis and a proposed fix Banks and Wall Street firms, worried about both their own needs for cash and the condition of other institutions, essentially stopped loaning money to one another in recent weeks. That choked off the money being made available on Main Street in the form of mortgage loans, business loans and other consumer borrowing. The crisis stems from problems in mortgage-backed securities, which saw their value plunge as home prices have gone into their worst slide since the Great Depression and foreclosures have soared to record levels. In turn, the market for trillion of dollars worth of those securities held by major firms evaporated, sending them down to fire sale prices and raising the risk of widespread failures among the nation's major financial firms. Under the plan, Treasury will buy the mortgage backed securities, either directly from the firms or through an auction process. It may also arrange to provide guarantees for the securities up to their original values in return for premiums they would charge current holders of the securities. To make the legislation more politically palatable, the bill calls for the government, as an owner of a large number of mortgage securities, to exert influence on loan servicers to modify more troubled loans to help prevent additional foreclosures. It also provides that the government will take equity in the firms that sell the securities to the government, and limits pay packages for top executives. The legislation comes amid great upheaval in the nation's financial system. On Monday morning, the Federal Deposit Insurance Corp., which insures deposits at failed banks, arranged for the sale of the banking assets of Wachovia (WB, Fortune 500), the nation's No. 4 bank holding company, to Citigroup (C, Fortune 500) for $2.2 billion in stock. That follows three weeks of other shocks: the Treasury Department's seizure of mortgage finance firms Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500); Wall Street firm Lehman Brothers' bankruptcy filing; rival Merrill Lynch (MER, Fortune 500) purchase by Bank of America (BAC, Fortune 500). In addition, the Fed bailed out insurance giant American International Group (AIG, Fortune 500), loaning it $85 billion in return for a nearly 80% stake. while Washington Mutual (WM, Fortune 500), the nation's largest savings and loan, became the largest bank failure in history.


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Title: Palin: Bailout is about healthcare!
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Published on: 9/25/2008 11:25:46 AM
Title: Sarah Palin Talks Bailout Proposal
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Published on: 9/25/2008 7:47:40 AM
Title: Congressman Ron Paul Schools Bernanke on the Bailout Plan
Categories: Price,Monetary,Wall,Bail,Constitutionality,News,Bailout,Ron,Bernanke,Street,Out,Authority,Debt,Fixing,Federal,Paul,Depression,

Published on: 9/24/2008 11:32:51 AM
Title: Let's Play "WALLSTREET BAILOUT" The Rules Are... Rep Kaptur
Categories: military,economy,congress,taxcuts,gitmo,habeas,News,congresswoman,relief,mama,bush,kaptur,iraq,cheney,bill,corpus,

Published on: 9/22/2008 8:03:52 PM
Title: Ron Paul Fox News 9/17/08 AIG bailout
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Published on: 9/17/2008 3:23:30 PM

The Bailout Plan: Worst recession ever looms

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"Our time has run out," said Rep. Spencer Bachus, R-Ala., the ranking Republican on the House Financial Services Committee. "We're going make a decision. There are no other choices, no other alternatives." Added Frank: "Today is the decision day. If we defeat this bill today, it will be a very bad day for the financial sector of the American economy." Boehner told his members, many of whom objected to the measure, that they had to accept something he and many of them found distasteful. "If I didn't think we were on the brink of an economic disaster, it would be the easiest thing to say no to this," Boehner said. But he said lawmakers needed to do what was in the best interest of the country. One lawmaker who voted against the bill, Rep. John Culberson, R-Texas, said the measure would leave a huge burden on taxpayers. "This legislation is giving us a choice between bankrupting our children and bankrupting a few of these big financial institutions on Wall Street that made bad decisions," he said. Culberson voted against the bill. Other conservative Republicans who voted "no" argued the bill would be a blow against economic freedom. Thaddeus McCotter, R-Mich., said the bill posed a choice between the loss of prosperity in the short term or economic freedom in the long term. He said once the federal government enters the financial marketplace, it will not leave. "The choice is stark," he said. Some Democrats voted against the bill for not doing enough to help taxpayers facing foreclosure or unemployment and accused proponents of moving too fast. "Like the Iraq war and Patriot Act, this bill is fueled by fear and haste," said Lloyd Doggett, D-Texas. The runup to the vote The debate followed a weekend of marathon negotiations between lawmakers and administration officials to hammer out legislation. Leading House Republicans signed on to the proposal on Sunday after expressing earlier reservations. The core of the bill is based on Paulson's request for the authority to purchase troubled assets from financial institutions, so banks can resume lending and the credit markets, now virtually frozen, can begin to operate more normally. Democrats and Republicans - concerned about the potential cost - added several conditions and restrictions to protect taxpayers on the downside and give them a chance at some of the potential upside if the companies benefit from the plan. The turmoil in Washington comes amid great upheaval in the nation's financial system. Banks and Wall Street firms, worried about both their own needs for cash and the condition of other institutions, essentially stopped loaning money to one another in recent weeks. That choked off the money being made available on Main Street in the form of mortgage loans, business loans and other consumer borrowing. The crisis stems from problems in mortgage-backed securities, which saw their value plunge as home prices have gone into their worst slide since the Great Depression and foreclosures have soared to record levels. In turn, the market for trillion of dollars worth of those securities held by major firms evaporated, sending them down to fire-sale prices and raising the risk of widespread failures among the nation's major financial firms. On Monday, the Federal Deposit Insurance Corp., which insures deposits at failed banks, arranged for the sale of the banking assets of Wachovia (WB, Fortune 500), the nation's No. 4 bank holding company, to Citigroup (C, Fortune 500) for $2.2 billion in stock. That follows three weeks of other shocks: the Treasury Department's seizure of mortgage finance firms Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500); Wall Street firm Lehman Brothers' bankruptcy filing; rival Merrill Lynch (MER, Fortune 500) purchase by Bank of America (BAC, Fortune 500). In addition, the Fed bailed out insurance giant American International Group (AIG, Fortune 500), loaning it $85 billion in return for a nearly 80% stake. Washington Mutual (WM, Fortune 500), the nation's largest savings and loan, became the largest bank failure in history. After months of attempts by regulators to fix the problems, the bailout was seen by many as the most comprehensive effort yet. Proponents vowed late Monday to keep trying. Sen. Judd Gregg, R-N.H., a lead negotiator in the bailout bill negotiations said, "If we don't act promptly and effectively, then many people are going to lose their jobs." To top of page
Major indexes suffered their biggest percentage declines since the 1987 crash as the government's bailout plan was defeated Monday
The fate of the government's $700 billion financial bailout plan was thrown into doubt Monday as the House rejected the controversial measure. The next steps were unclear. The abrupt defeat left the Bush administration and congressional leaders scrambling to figure out whether to renegotiate the bill and introduce it again as soon as Thursday or to try other options. Stock markets reacted violently. Investors who had been counting on the rescue plan's passage sent the Dow Jones industrial average down well over 700 points. The stock gauge closed 778 points lower - nearly 7%. (Full coverage) The measure, which is designed to get battered lending markets working normally again, needed 218 votes for passage. But it came up 13 votes short of that target, with a final vote of 228 to 205 against. Two-thirds of Democrats and one-third of Republicans voted for the measure. President Bush, who earlier in the day said he was confident the bill would pass, said he was "very disappointed" by the House vote. Treasury Secretary Henry Paulson, speaking at the White House, said he will continue to "use all the tools available to protect" the economy. Republican leaders, who had pushed their reluctant members to vote for the bill, pointed the finger for the failure at a speech given Monday by Speaker Nancy Pelosi, D-Calif. Pelosi, speaking on the House floor, had blamed the nation's economic problems on "failed Bush economic policies." House minority leader John Boehner, R-Ohio, said after the vote that passage would have been possible if it had not been for Pelosi's "partisan speech." Rep. Barney Frank, D-Mass., one of the main congressional negotiators, dismissed the GOP claim that Pelosi's speech was responsible for Republicans voting against the bill. "Because somebody hurt their feelings, they decided to hurt the country," Frank said. "That's not plausible." 'Our time has run out' The four-hour debate that preceded Monday's vote included impassioned pleas for and against the measure from Democrats and Republicans alike. Party leaders told members that the only way to protect the economy from a spreading credit crunch was to vote for the difficult-to-swallow measure. "Our time has run out," said Rep. Spencer Bachus, R-Ala., the ranking Republican on the House Financial Services Committee. "We're going make a decision. There are no other choices, no other alternatives."
The fate of the government's $700 billion financial bailout plan was thrown into doubt Monday as the House rejected the controversial measure.
Wall Street was pinning its hopes on the government's $700 billion financial system rescue plan. But the fervently wished-for bailout was rejected Monday by the House of Representatives in a stunning turn of events, and investors reacted with a vengeance. Major U.S. stock indexes plummeted Monday in one of their worst sessions ever. The ugliness was widespread, with major indexes posting their worst percentage declines since the 1987 stock market crash. The Dow industrials fell 5.4%, the S&P 500 sank 7.8%, and the Nasdaq plunged a jaw-dropping 9.1%. The Dow suffered its biggest-ever closing loss in point terms: The next steps were unclear. The abrupt defeat left the Bush administration and congressional leaders scrambling to figure out whether to renegotiate the bill and introduce it again as soon as Thursday or to try other options. Stock markets reacted violently. Investors who had been counting on the rescue plan's passage sent the Dow Jones industrial average down well over 700 points. The stock gauge closed 778 points lower - nearly 7%. (Full coverage) The measure, which is designed to get battered lending markets working normally again, needed 218 votes for passage. But it came up 13 votes short of that target, with a final vote of 228 to 205 against. Two-thirds of Democrats and one-third of Republicans voted for the measure. President Bush, who earlier in the day said he was confident the bill would pass, said he was "very disappointed" by the House vote. Treasury Secretary Henry Paulson, speaking at the White House, said he will continue to "use all the tools available to protect" the economy. Republican leaders, who had pushed their reluctant members to vote for the bill, pointed the finger for the failure at a speech given Monday by Speaker Nancy Pelosi, D-Calif. Pelosi, speaking on the House floor, had blamed the nation's economic problems on "failed Bush economic policies." House minority leader John Boehner, R-Ohio, said after the vote that passage would have been possible if it had not been for Pelosi's "partisan speech." Rep. Barney Frank, D-Mass., one of the main congressional negotiators, dismissed the GOP claim that Pelosi's speech was responsible for Republicans voting against the bill. "Because somebody hurt their feelings, they decided to hurt the country," Frank said. "That's not plausible." 'Our time has run out' The four-hour debate that preceded Monday's vote included impassioned pleas for and against the measure from Democrats and Republicans alike. Party leaders told members that the only way to protect the economy from a spreading credit crunch was to vote for the difficult-to-swallow measure. "Our time has run out," said Rep. Spencer Bachus, R-Ala., the ranking Republican on the House Financial Services Committee. "We're going make a decision. There are no other choices, no other alternatives." Added Frank: "Today is the decision day. If we defeat this bill today, it will be a very bad day for the financial sector of the American economy." Boehner told his members, many of whom objected to the measure, that they had to accept something he and many of them found distasteful. "If I didn't think we were on the brink of an economic disaster, it would be the easiest thing to say no to this," Boehner said. But he said lawmakers needed to do what was in the best interest of the country. One lawmaker who voted against the bill, Rep. John Culberson, R-Texas, said the measure would leave a huge burden on taxpayers. "This legislation is giving us a choice between bankrupting our children and bankrupting a few of these big financial institutions on Wall Street that made bad decisions," he said. Culberson voted against the bill. To make the legislation more politically palatable, the bill calls for the government, as an owner of a large number of mortgage securities, to exert influence on loan servicers to modify more troubled loans to help prevent additional foreclosures.
It also provides that the government will take equity in the firms that sell the securities to the government, and limits pay packages for top executives.
The legislation comes amid great upheaval in the nation's financial system. On Monday morning, the Federal Deposit Insurance Corp., which insures deposits at failed banks, arranged for the sale of the banking assets of Wachovia (WB, Fortune 500), the nation's No. 4 bank holding company, to Citigroup (C, Fortune 500) for $2.2 billion in stock.

That follows three weeks of other shocks: the Treasury Department's seizure of mortgage finance firms Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500); Wall Street firm Lehman Brothers' bankruptcy filing; rival Merrill Lynch (MER, Fortune 500) purchase by Bank of America (BAC, Fortune 500).
In addition, the Fed bailed out insurance giant American International Group (AIG, Fortune 500), loaning it $85 billion in return for a nearly 80% stake. while Washington Mutual (WM, Fortune 500), the nation's largest savings and loan, became the largest bank failure in history.


Can the economy pull an Indiana Jones and avoid a recession ...
Danger of recession looms, with early ... said he doesn't recall ever seeing a formal forecast of a recession. ... stock market welcomes bailout plan; indexes off early highs; Worst is ...
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European recession looms as Spain crumbles - Telegraph
European recession looms as Spain crumbles By ... We can't exclude a recession," he said. Spain is now spiralling into the worst crisis since ... bubble by now, would have to bail out ...
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S&P 500 Worst Week In 5 Years - Word on the Street - CNBC.com
The headline: S&P On Pace For Worst January Ever...Recession Fears Spreading ... Over Cholesterol Drug, Anti-Depressants Loom ... Bailout Plan is a Good Idea
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Recession and Depression - Blogrunner
The ongoing collapse, bail-out and buy-out of Wall ... Warning that a "long and painful recession" could loom unless the ... there is no alternative to his $700 billion bailout plan.
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Boeing Under Pressure From Union Strike Action as Recession Looms ...
... Under Pressure From Union Strike Action as Recession Looms ... The Paulson Bail-Out Plan is Mortgage Fraud on Historic Scale ... week, labor and management seem as far apart as ever.
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As Bailout Looms, Fear Is Market's Biggest Problem
Market analysts have been looking for a bottom ever since the ... as well as in making sound personal finance decisions as a recession of uncertain depth and length looms. ... Paulson: Plan is NOT a Bailout
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Source: CNBC
NewsDateTime: 6 hours ago

Bailout Would Come In Stages That Congress Could Halt
This bailout scam will not prevent a large number of bank failures, nor will ... is, the dollar will continue to de-value and the threat of a deeper recession or a depression looms. ... Thomas Jefferson said, "If the America people ever allow private banks to ...
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Source: Common Dreams
NewsDateTime: 7 hours ago

September 2008
... S. financial institutions whose collapse helped trigger a $700 billion bailout plan by ... It won't be one of the worst-hit cities -- it's not going to be a Miami or San ... it doesn't seem like a substantial drop yet, have wondered when, if ever ...
more ...
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Source: Weblogs.baltimoresun.com
NewsDateTime: 9/25/2008

'New Map' Looks Much Like the Old
... that a presidential candidate wants to advertise as America faces its worst ... blamed the economic meltdown on our “nation of whiners” and “mental recession ... bold leader willing to set politics aside to save an endangered financial bailout plan ...
more ...
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Source: AOL
NewsDateTime: 9/21/2008

Gingrich: Bush ‘exhausted’ and Cheney ‘marginalized’
The Bush administration yesterday proposed a historic $500 billion bailout of ... in Wisconsin and Minnesota, did not react specifically to the emerging plan in ... Because Bush didn’t want to whisper the word “recession” we now have to spend a ...
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Source: Atlanta Journal Constitution
NewsDateTime: 9/20/2008


n Sunday evening, the House Republican working group, which stringently opposed earlier drafts of the plan and offered a counterproposal, indicated it would support the bill, and its members are encouraging other Republicans in the House to do the same. "Nobody wants to have to support this bill, but it's a bill that we believe will avert the crisis that's out there," House Minority Leader John Boehner, R-Ohio, told reporters. But the bill did draw some opposition during the morning debate. Rep. John Culberson, R-Texas, said the measure would leave a huge burden on taxpayers. "This legislation is giving us a choice between bankrupting our children and bankrupting a few of these big financial institutions on Wall Street that made bad decisions," he said. Other conservative Republicans argued the bill would be a blow against economic freedom. Thaddeus McCotter, R-Mich., said the bill posed a choice between the loss of prosperity in the short term or economic freedom in the long term. He said once the federal government enters the financial market place, it will not leave. "The choice is stark," he said. But there were also Democrats who opposed the bill for not doing enough to help those who taxpayers facing foreclosure or needing unemployment benefits extended, or taxing Wall Street to pay for the rescue package. "Like the Iraq war and patriot act, this bill is fueled by fear and haste," said Lloyd Doggett, D-Texas. The crisis and a proposed fix Banks and Wall Street firms, worried about both their own needs for cash and the condition of other institutions, essentially stopped loaning money to one another in recent weeks. That choked off the money being made available on Main Street in the form of mortgage loans, business loans and other consumer borrowing. The crisis stems from problems in mortgage-backed securities, which saw their value plunge as home prices have gone into their worst slide since the Great Depression and foreclosures have soared to record levels. In turn, the market for trillion of dollars worth of those securities held by major firms evaporated, sending them down to fire sale prices and raising the risk of widespread failures among the nation's major financial firms. Under the plan, Treasury will buy the mortgage backed securities, either directly from the firms or through an auction process. It may also arrange to provide guarantees for the securities up to their original values in return for premiums they would charge current holders of the securities. To make the legislation more politically palatable, the bill calls for the government, as an owner of a large number of mortgage securities, to exert influence on loan servicers to modify more troubled loans to help prevent additional foreclosures. It also provides that the government will take equity in the firms that sell the securities to the government, and limits pay packages for top executives. The legislation comes amid great upheaval in the nation's financial system. On Monday morning, the Federal Deposit Insurance Corp., which insures deposits at failed banks, arranged for the sale of the banking assets of Wachovia (WB, Fortune 500), the nation's No. 4 bank holding company, to Citigroup (C, Fortune 500) for $2.2 billion in stock. That follows three weeks of other shocks: the Treasury Department's seizure of mortgage finance firms Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500); Wall Street firm Lehman Brothers' bankruptcy filing; rival Merrill Lynch (MER, Fortune 500) purchase by Bank of America (BAC, Fortune 500). In addition, the Fed bailed out insurance giant American International Group (AIG, Fortune 500), loaning it $85 billion in return for a nearly 80% stake. while Washington Mutual (WM, Fortune 500), the nation's largest savings and loan, became the largest bank failure in history.


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Title: Palin: Bailout is about healthcare!
Categories: News,bailout,couric,news,cbs,thinkprogres,healthcare,palin,

Published on: 9/25/2008 11:25:46 AM
Title: Go Viral: STOP THE BAILOUT OR.... DEPRESSION?
Categories: $700,News,bailout,commentary,billion,news,grassroots,depression,outreach,analysis,

Published on: 9/27/2008 4:23:10 PM
Title: Congressman Ron Paul Schools Bernanke on the Bailout Plan
Categories: Price,Monetary,Wall,Bail,Constitutionality,News,Bailout,Ron,Bernanke,Street,Out,Authority,Debt,Fixing,Federal,Paul,Depression,

Published on: 9/24/2008 11:32:51 AM
Title: Let's Play "WALLSTREET BAILOUT" The Rules Are... Rep Kaptur
Categories: military,economy,congress,taxcuts,gitmo,habeas,News,congresswoman,relief,mama,bush,kaptur,iraq,cheney,bill,corpus,

Published on: 9/22/2008 8:03:52 PM
Title: Ron Paul Fox News 9/17/08 AIG bailout
Categories: News,Fox,Baldwin,Ron,McKinney,News,Paul,Nader,

Published on: 9/17/2008 3:23:30 PM

The Bailout Plan is dead: plan rejected - supporters scramble

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Major indexes suffered their biggest percentage declines since the 1987 crash as the government's bailout plan was defeated MondayThe Bailout vote has failed....T-bills falling, ....dow crashes
The fate of the government's $700 billion financial bailout plan was thrown into doubt Monday as the House rejected the controversial measure.
Wall Street was pinning its hopes on the government's $700 billion financial system rescue plan. But the fervently wished-for bailout was rejected Monday by the House of Representatives in a stunning turn of events, and investors reacted with a vengeance. Major U.S. stock indexes plummeted Monday in one of their worst sessions ever. The ugliness was widespread, with major indexes posting their worst percentage declines since the 1987 stock market crash. The Dow industrials fell 5.4%, the S&P 500 sank 7.8%, and the Nasdaq plunged a jaw-dropping 9.1%. The Dow suffered its biggest-ever closing loss in point terms: The next steps were unclear. The abrupt defeat left the Bush administration and congressional leaders scrambling to figure out whether to renegotiate the bill and introduce it again as soon as Thursday or to try other options. Stock markets reacted violently. Investors who had been counting on the rescue plan's passage sent the Dow Jones industrial average down well over 700 points. The stock gauge closed 778 points lower - nearly 7%. (Full coverage) The measure, which is designed to get battered lending markets working normally again, needed 218 votes for passage. But it came up 13 votes short of that target, with a final vote of 228 to 205 against. Two-thirds of Democrats and one-third of Republicans voted for the measure. President Bush, who earlier in the day said he was confident the bill would pass, said he was "very disappointed" by the House vote. Treasury Secretary Henry Paulson, speaking at the White House, said he will continue to "use all the tools available to protect" the economy. Republican leaders, who had pushed their reluctant members to vote for the bill, pointed the finger for the failure at a speech given Monday by Speaker Nancy Pelosi, D-Calif. Pelosi, speaking on the House floor, had blamed the nation's economic problems on "failed Bush economic policies." House minority leader John Boehner, R-Ohio, said after the vote that passage would have been possible if it had not been for Pelosi's "partisan speech." Rep. Barney Frank, D-Mass., one of the main congressional negotiators, dismissed the GOP claim that Pelosi's speech was responsible for Republicans voting against the bill. "Because somebody hurt their feelings, they decided to hurt the country," Frank said. "That's not plausible." 'Our time has run out' The four-hour debate that preceded Monday's vote included impassioned pleas for and against the measure from Democrats and Republicans alike. Party leaders told members that the only way to protect the economy from a spreading credit crunch was to vote for the difficult-to-swallow measure. "Our time has run out," said Rep. Spencer Bachus, R-Ala., the ranking Republican on the House Financial Services Committee. "We're going make a decision. There are no other choices, no other alternatives." Added Frank: "Today is the decision day. If we defeat this bill today, it will be a very bad day for the financial sector of the American economy." Boehner told his members, many of whom objected to the measure, that they had to accept something he and many of them found distasteful. "If I didn't think we were on the brink of an economic disaster, it would be the easiest thing to say no to this," Boehner said. But he said lawmakers needed to do what was in the best interest of the country. One lawmaker who voted against the bill, Rep. John Culberson, R-Texas, said the measure would leave a huge burden on taxpayers. "This legislation is giving us a choice between bankrupting our children and bankrupting a few of these big financial institutions on Wall Street that made bad decisions," he said. Culberson voted against the bill. To make the legislation more politically palatable, the bill calls for the government, as an owner of a large number of mortgage securities, to exert influence on loan servicers to modify more troubled loans to help prevent additional foreclosures.
It also provides that the government will take equity in the firms that sell the securities to the government, and limits pay packages for top executives.
The legislation comes amid great upheaval in the nation's financial system. On Monday morning, the Federal Deposit Insurance Corp., which insures deposits at failed banks, arranged for the sale of the banking assets of Wachovia (WB, Fortune 500), the nation's No. 4 bank holding company, to Citigroup (C, Fortune 500) for $2.2 billion in stock.

That follows three weeks of other shocks: the Treasury Department's seizure of mortgage finance firms Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500); Wall Street firm Lehman Brothers' bankruptcy filing; rival Merrill Lynch (MER, Fortune 500) purchase by Bank of America (BAC, Fortune 500).
In addition, the Fed bailed out insurance giant American International Group (AIG, Fortune 500), loaning it $85 billion in return for a nearly 80% stake. while Washington Mutual (WM, Fortune 500), the nation's largest savings and loan, became the largest bank failure in history.


Street Scenes from a Lehman Bailout: Executives Gather at NY Fed
... and iron headquarters in lower Manhattan, Wall Street ... of the several drivers standing near the black ... URL: http://blogs.wsj.com/deals/2008/09/13/street-scenes-from-a-lehman-bailout ...
more ...
go to website
Cached

Real Time Economics : Is Fannie, Freddie Bailout Just Treating ...
The major boon from the Treasury Department bailout plan is a ... journalists on the left, pseudo-capitalists on Wall Street ... Bankers are wearing black armbands behind closed doors.
more ...
go to website
Cached

Wall Street In Crisis - WSJ.com
... final rescue deal before Asian markets open Monday. Bailout ... now find themselves facing a vote on the Wall Street rescue plan ... Black September has brought about the most ...
more ...
go to website
Cached

USATODAY.com Video - In the News
... lawmakers to progress on the Wall Street bailout plan. ... that it was actually from a dead bear. ... reach consensus before markets open Monday on a $700 billion bailout plan ...
more ...
go to website

Breaking News | Latest News | Current News - FOXNews.com
... Lawmakers Confident They'll Have Bailout by Monday ... Picking on the Pickens Plan? Edwin Black: U.S ... How Wall Street reacted to the bailout no deal • Read Greta's interview
more ...
go to website
Cached



Another Black Monday for Wall Street
... Black Monday for Wall Street ... Black Monday in 1987. PIMCO fund manager Bill Gross predicted a "freeze of significant proportions" in the credit markets if the rescue plan is truly dead ... Monday as traders bet on the merits of the Treasury bailout ...
more ...
go to website
Source: BusinessWeek
NewsDateTime: 1 hour ago

McCain blames Democrats for bailout defeat
John McCain responded to the defeat of the bailout bill with a stinging attack on ... American should be outraged that an era of greed and irresponsibility on Wall Street ... remarks today that praised the passage of America’s economic rescue plan, just ...
more ...
go to website
Source: Boston Globe
NewsDateTime: 1 hour ago

Shocking defeat for econ bailout; record stock dip
... as the vote on the bailout package is counted, Monday Sept ... short of the drops on Black Monday ... 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 ...
more ...
go to website
Source: Gainesville Sun
NewsDateTime: 48 minutes ago

September 2008 - Posts
Obama-Biden statement on bailout Posted: Monday, September 29, 2008 4:33 PM by Domenico ... said he's confident a deal will be reached on a bailout plan, despite it ... to return to Washington last week and help negotiate Congress's Wall Street bailout ...
more ...
go to website
Source: MSNBC Firstread
NewsDateTime: 2 hours ago

Bailout Bill? Sell Cape Cod; Huge Cranberry harvest coming
W hy this $700 billion Wall Street bailout thing has to be so complicated is beyond me ... Moody's Investors Service on Monday downgraded Twin River's credit rating just ... affect the Cape Wind project because the Boston-based developer doesn't plan ...
more ...
go to website
Source: Cape Cod Today
NewsDateTime: 9/27/2008


n Sunday evening, the House Republican working group, which stringently opposed earlier drafts of the plan and offered a counterproposal, indicated it would support the bill, and its members are encouraging other Republicans in the House to do the same. "Nobody wants to have to support this bill, but it's a bill that we believe will avert the crisis that's out there," House Minority Leader John Boehner, R-Ohio, told reporters. But the bill did draw some opposition during the morning debate. Rep. John Culberson, R-Texas, said the measure would leave a huge burden on taxpayers. "This legislation is giving us a choice between bankrupting our children and bankrupting a few of these big financial institutions on Wall Street that made bad decisions," he said. Other conservative Republicans argued the bill would be a blow against economic freedom. Thaddeus McCotter, R-Mich., said the bill posed a choice between the loss of prosperity in the short term or economic freedom in the long term. He said once the federal government enters the financial market place, it will not leave. "The choice is stark," he said. But there were also Democrats who opposed the bill for not doing enough to help those who taxpayers facing foreclosure or needing unemployment benefits extended, or taxing Wall Street to pay for the rescue package. "Like the Iraq war and patriot act, this bill is fueled by fear and haste," said Lloyd Doggett, D-Texas. The crisis and a proposed fix Banks and Wall Street firms, worried about both their own needs for cash and the condition of other institutions, essentially stopped loaning money to one another in recent weeks. That choked off the money being made available on Main Street in the form of mortgage loans, business loans and other consumer borrowing. The crisis stems from problems in mortgage-backed securities, which saw their value plunge as home prices have gone into their worst slide since the Great Depression and foreclosures have soared to record levels. In turn, the market for trillion of dollars worth of those securities held by major firms evaporated, sending them down to fire sale prices and raising the risk of widespread failures among the nation's major financial firms. Under the plan, Treasury will buy the mortgage backed securities, either directly from the firms or through an auction process. It may also arrange to provide guarantees for the securities up to their original values in return for premiums they would charge current holders of the securities. To make the legislation more politically palatable, the bill calls for the government, as an owner of a large number of mortgage securities, to exert influence on loan servicers to modify more troubled loans to help prevent additional foreclosures. It also provides that the government will take equity in the firms that sell the securities to the government, and limits pay packages for top executives. The legislation comes amid great upheaval in the nation's financial system. On Monday morning, the Federal Deposit Insurance Corp., which insures deposits at failed banks, arranged for the sale of the banking assets of Wachovia (WB, Fortune 500), the nation's No. 4 bank holding company, to Citigroup (C, Fortune 500) for $2.2 billion in stock. That follows three weeks of other shocks: the Treasury Department's seizure of mortgage finance firms Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500); Wall Street firm Lehman Brothers' bankruptcy filing; rival Merrill Lynch (MER, Fortune 500) purchase by Bank of America (BAC, Fortune 500). In addition, the Fed bailed out insurance giant American International Group (AIG, Fortune 500), loaning it $85 billion in return for a nearly 80% stake. while Washington Mutual (WM, Fortune 500), the nation's largest savings and loan, became the largest bank failure in history.


Videos from YouTube
Title: Palin: Bailout is about healthcare!
Categories: News,bailout,couric,news,cbs,thinkprogres,healthcare,palin,

Published on: 9/25/2008 11:25:46 AM
Title: Go Viral: STOP THE BAILOUT OR.... DEPRESSION?
Categories: $700,News,bailout,commentary,billion,news,grassroots,depression,outreach,analysis,

Published on: 9/27/2008 4:23:10 PM
Title: Congressman Ron Paul Schools Bernanke on the Bailout Plan
Categories: Price,Monetary,Wall,Bail,Constitutionality,News,Bailout,Ron,Bernanke,Street,Out,Authority,Debt,Fixing,Federal,Paul,Depression,

Published on: 9/24/2008 11:32:51 AM
Title: Let's Play "WALLSTREET BAILOUT" The Rules Are... Rep Kaptur
Categories: military,economy,congress,taxcuts,gitmo,habeas,News,congresswoman,relief,mama,bush,kaptur,iraq,cheney,bill,corpus,

Published on: 9/22/2008 8:03:52 PM
Title: Ron Paul Fox News 9/17/08 AIG bailout
Categories: News,Fox,Baldwin,Ron,McKinney,News,Paul,Nader,

Published on: 9/17/2008 3:23:30 PM

The Bailout Plan is dead: Black Monday for Wall Street

A cocoa-touch. Production

Title The Bailout Plan is dead: Black Monday for Wall Street published to cocoa-touch.

Report sent to cocoa-touch. about The Bailout Plan is dead: Black Monday for Wall Street
This article is located at cocoa-touch.
Major indexes suffered their biggest percentage declines since the 1987 crash as the government's bailout plan was defeated MondayThe Bailout vote has failed....T-bills falling, ....dow crashes
The fate of the government's $700 billion financial bailout plan was thrown into doubt Monday as the House rejected the controversial measure.
Wall Street was pinning its hopes on the government's $700 billion financial system rescue plan. But the fervently wished-for bailout was rejected Monday by the House of Representatives in a stunning turn of events, and investors reacted with a vengeance. Major U.S. stock indexes plummeted Monday in one of their worst sessions ever. The ugliness was widespread, with major indexes posting their worst percentage declines since the 1987 stock market crash. The Dow industrials fell 5.4%, the S&P 500 sank 7.8%, and the Nasdaq plunged a jaw-dropping 9.1%. The Dow suffered its biggest-ever closing loss in point terms: The next steps were unclear. The abrupt defeat left the Bush administration and congressional leaders scrambling to figure out whether to renegotiate the bill and introduce it again as soon as Thursday or to try other options. Stock markets reacted violently. Investors who had been counting on the rescue plan's passage sent the Dow Jones industrial average down well over 700 points. The stock gauge closed 778 points lower - nearly 7%. (Full coverage) The measure, which is designed to get battered lending markets working normally again, needed 218 votes for passage. But it came up 13 votes short of that target, with a final vote of 228 to 205 against. Two-thirds of Democrats and one-third of Republicans voted for the measure. President Bush, who earlier in the day said he was confident the bill would pass, said he was "very disappointed" by the House vote. Treasury Secretary Henry Paulson, speaking at the White House, said he will continue to "use all the tools available to protect" the economy. Republican leaders, who had pushed their reluctant members to vote for the bill, pointed the finger for the failure at a speech given Monday by Speaker Nancy Pelosi, D-Calif. Pelosi, speaking on the House floor, had blamed the nation's economic problems on "failed Bush economic policies." House minority leader John Boehner, R-Ohio, said after the vote that passage would have been possible if it had not been for Pelosi's "partisan speech." Rep. Barney Frank, D-Mass., one of the main congressional negotiators, dismissed the GOP claim that Pelosi's speech was responsible for Republicans voting against the bill. "Because somebody hurt their feelings, they decided to hurt the country," Frank said. "That's not plausible." 'Our time has run out' The four-hour debate that preceded Monday's vote included impassioned pleas for and against the measure from Democrats and Republicans alike. Party leaders told members that the only way to protect the economy from a spreading credit crunch was to vote for the difficult-to-swallow measure. "Our time has run out," said Rep. Spencer Bachus, R-Ala., the ranking Republican on the House Financial Services Committee. "We're going make a decision. There are no other choices, no other alternatives." Added Frank: "Today is the decision day. If we defeat this bill today, it will be a very bad day for the financial sector of the American economy." Boehner told his members, many of whom objected to the measure, that they had to accept something he and many of them found distasteful. "If I didn't think we were on the brink of an economic disaster, it would be the easiest thing to say no to this," Boehner said. But he said lawmakers needed to do what was in the best interest of the country. One lawmaker who voted against the bill, Rep. John Culberson, R-Texas, said the measure would leave a huge burden on taxpayers. "This legislation is giving us a choice between bankrupting our children and bankrupting a few of these big financial institutions on Wall Street that made bad decisions," he said. Culberson voted against the bill. To make the legislation more politically palatable, the bill calls for the government, as an owner of a large number of mortgage securities, to exert influence on loan servicers to modify more troubled loans to help prevent additional foreclosures.
It also provides that the government will take equity in the firms that sell the securities to the government, and limits pay packages for top executives.
The legislation comes amid great upheaval in the nation's financial system. On Monday morning, the Federal Deposit Insurance Corp., which insures deposits at failed banks, arranged for the sale of the banking assets of Wachovia (WB, Fortune 500), the nation's No. 4 bank holding company, to Citigroup (C, Fortune 500) for $2.2 billion in stock.

That follows three weeks of other shocks: the Treasury Department's seizure of mortgage finance firms Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500); Wall Street firm Lehman Brothers' bankruptcy filing; rival Merrill Lynch (MER, Fortune 500) purchase by Bank of America (BAC, Fortune 500).
In addition, the Fed bailed out insurance giant American International Group (AIG, Fortune 500), loaning it $85 billion in return for a nearly 80% stake. while Washington Mutual (WM, Fortune 500), the nation's largest savings and loan, became the largest bank failure in history.


Street Scenes from a Lehman Bailout: Executives Gather at NY Fed
... and iron headquarters in lower Manhattan, Wall Street ... of the several drivers standing near the black ... URL: http://blogs.wsj.com/deals/2008/09/13/street-scenes-from-a-lehman-bailout ...
more ...
go to website
Cached

Real Time Economics : Is Fannie, Freddie Bailout Just Treating ...
The major boon from the Treasury Department bailout plan is a ... journalists on the left, pseudo-capitalists on Wall Street ... Bankers are wearing black armbands behind closed doors.
more ...
go to website
Cached

Wall Street In Crisis - WSJ.com
... final rescue deal before Asian markets open Monday. Bailout ... now find themselves facing a vote on the Wall Street rescue plan ... Black September has brought about the most ...
more ...
go to website
Cached

USATODAY.com Video - In the News
... lawmakers to progress on the Wall Street bailout plan. ... that it was actually from a dead bear. ... reach consensus before markets open Monday on a $700 billion bailout plan ...
more ...
go to website

Breaking News | Latest News | Current News - FOXNews.com
... Lawmakers Confident They'll Have Bailout by Monday ... Picking on the Pickens Plan? Edwin Black: U.S ... How Wall Street reacted to the bailout no deal • Read Greta's interview
more ...
go to website
Cached



Another Black Monday for Wall Street
... Black Monday for Wall Street ... Black Monday in 1987. PIMCO fund manager Bill Gross predicted a "freeze of significant proportions" in the credit markets if the rescue plan is truly dead ... Monday as traders bet on the merits of the Treasury bailout ...
more ...
go to website
Source: BusinessWeek
NewsDateTime: 1 hour ago

McCain blames Democrats for bailout defeat
John McCain responded to the defeat of the bailout bill with a stinging attack on ... American should be outraged that an era of greed and irresponsibility on Wall Street ... remarks today that praised the passage of America’s economic rescue plan, just ...
more ...
go to website
Source: Boston Globe
NewsDateTime: 1 hour ago

Shocking defeat for econ bailout; record stock dip
... as the vote on the bailout package is counted, Monday Sept ... short of the drops on Black Monday ... 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 ...
more ...
go to website
Source: Gainesville Sun
NewsDateTime: 48 minutes ago

September 2008 - Posts
Obama-Biden statement on bailout Posted: Monday, September 29, 2008 4:33 PM by Domenico ... said he's confident a deal will be reached on a bailout plan, despite it ... to return to Washington last week and help negotiate Congress's Wall Street bailout ...
more ...
go to website
Source: MSNBC Firstread
NewsDateTime: 2 hours ago

Bailout Bill? Sell Cape Cod; Huge Cranberry harvest coming
W hy this $700 billion Wall Street bailout thing has to be so complicated is beyond me ... Moody's Investors Service on Monday downgraded Twin River's credit rating just ... affect the Cape Wind project because the Boston-based developer doesn't plan ...
more ...
go to website
Source: Cape Cod Today
NewsDateTime: 9/27/2008


n Sunday evening, the House Republican working group, which stringently opposed earlier drafts of the plan and offered a counterproposal, indicated it would support the bill, and its members are encouraging other Republicans in the House to do the same. "Nobody wants to have to support this bill, but it's a bill that we believe will avert the crisis that's out there," House Minority Leader John Boehner, R-Ohio, told reporters. But the bill did draw some opposition during the morning debate. Rep. John Culberson, R-Texas, said the measure would leave a huge burden on taxpayers. "This legislation is giving us a choice between bankrupting our children and bankrupting a few of these big financial institutions on Wall Street that made bad decisions," he said. Other conservative Republicans argued the bill would be a blow against economic freedom. Thaddeus McCotter, R-Mich., said the bill posed a choice between the loss of prosperity in the short term or economic freedom in the long term. He said once the federal government enters the financial market place, it will not leave. "The choice is stark," he said. But there were also Democrats who opposed the bill for not doing enough to help those who taxpayers facing foreclosure or needing unemployment benefits extended, or taxing Wall Street to pay for the rescue package. "Like the Iraq war and patriot act, this bill is fueled by fear and haste," said Lloyd Doggett, D-Texas. The crisis and a proposed fix Banks and Wall Street firms, worried about both their own needs for cash and the condition of other institutions, essentially stopped loaning money to one another in recent weeks. That choked off the money being made available on Main Street in the form of mortgage loans, business loans and other consumer borrowing. The crisis stems from problems in mortgage-backed securities, which saw their value plunge as home prices have gone into their worst slide since the Great Depression and foreclosures have soared to record levels. In turn, the market for trillion of dollars worth of those securities held by major firms evaporated, sending them down to fire sale prices and raising the risk of widespread failures among the nation's major financial firms. Under the plan, Treasury will buy the mortgage backed securities, either directly from the firms or through an auction process. It may also arrange to provide guarantees for the securities up to their original values in return for premiums they would charge current holders of the securities. To make the legislation more politically palatable, the bill calls for the government, as an owner of a large number of mortgage securities, to exert influence on loan servicers to modify more troubled loans to help prevent additional foreclosures. It also provides that the government will take equity in the firms that sell the securities to the government, and limits pay packages for top executives. The legislation comes amid great upheaval in the nation's financial system. On Monday morning, the Federal Deposit Insurance Corp., which insures deposits at failed banks, arranged for the sale of the banking assets of Wachovia (WB, Fortune 500), the nation's No. 4 bank holding company, to Citigroup (C, Fortune 500) for $2.2 billion in stock. That follows three weeks of other shocks: the Treasury Department's seizure of mortgage finance firms Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500); Wall Street firm Lehman Brothers' bankruptcy filing; rival Merrill Lynch (MER, Fortune 500) purchase by Bank of America (BAC, Fortune 500). In addition, the Fed bailed out insurance giant American International Group (AIG, Fortune 500), loaning it $85 billion in return for a nearly 80% stake. while Washington Mutual (WM, Fortune 500), the nation's largest savings and loan, became the largest bank failure in history.


Videos from YouTube
Title: Palin: Bailout is about healthcare!
Categories: News,bailout,couric,news,cbs,thinkprogres,healthcare,palin,

Published on: 9/25/2008 11:25:46 AM
Title: Go Viral: STOP THE BAILOUT OR.... DEPRESSION?
Categories: $700,News,bailout,commentary,billion,news,grassroots,depression,outreach,analysis,

Published on: 9/27/2008 4:23:10 PM
Title: Congressman Ron Paul Schools Bernanke on the Bailout Plan
Categories: Price,Monetary,Wall,Bail,Constitutionality,News,Bailout,Ron,Bernanke,Street,Out,Authority,Debt,Fixing,Federal,Paul,Depression,

Published on: 9/24/2008 11:32:51 AM
Title: Let's Play "WALLSTREET BAILOUT" The Rules Are... Rep Kaptur
Categories: military,economy,congress,taxcuts,gitmo,habeas,News,congresswoman,relief,mama,bush,kaptur,iraq,cheney,bill,corpus,

Published on: 9/22/2008 8:03:52 PM
Title: Ron Paul Fox News 9/17/08 AIG bailout
Categories: News,Fox,Baldwin,Ron,McKinney,News,Paul,Nader,

Published on: 9/17/2008 3:23:30 PM

The Bailout Plan is dead: Wall Street in despair

A cocoa-touch. Production

Title The Bailout Plan is dead: Wall Street in despair published to cocoa-touch.

Report sent to cocoa-touch. about The Bailout Plan is dead: Wall Street in despair
This article is located at cocoa-touch.
The Bailout vote has failed....T-bills falling, ....dow crashes
The fate of the government's $700 billion financial bailout plan was thrown into doubt Monday as the House rejected the controversial measure. The next steps were unclear. The abrupt defeat left the Bush administration and congressional leaders scrambling to figure out whether to renegotiate the bill and introduce it again as soon as Thursday or to try other options. Stock markets reacted violently. Investors who had been counting on the rescue plan's passage sent the Dow Jones industrial average down well over 700 points. The stock gauge closed 778 points lower - nearly 7%. (Full coverage) The measure, which is designed to get battered lending markets working normally again, needed 218 votes for passage. But it came up 13 votes short of that target, with a final vote of 228 to 205 against. Two-thirds of Democrats and one-third of Republicans voted for the measure. President Bush, who earlier in the day said he was confident the bill would pass, said he was "very disappointed" by the House vote. Treasury Secretary Henry Paulson, speaking at the White House, said he will continue to "use all the tools available to protect" the economy. Republican leaders, who had pushed their reluctant members to vote for the bill, pointed the finger for the failure at a speech given Monday by Speaker Nancy Pelosi, D-Calif. Pelosi, speaking on the House floor, had blamed the nation's economic problems on "failed Bush economic policies." House minority leader John Boehner, R-Ohio, said after the vote that passage would have been possible if it had not been for Pelosi's "partisan speech." Rep. Barney Frank, D-Mass., one of the main congressional negotiators, dismissed the GOP claim that Pelosi's speech was responsible for Republicans voting against the bill. "Because somebody hurt their feelings, they decided to hurt the country," Frank said. "That's not plausible." 'Our time has run out' The four-hour debate that preceded Monday's vote included impassioned pleas for and against the measure from Democrats and Republicans alike. Party leaders told members that the only way to protect the economy from a spreading credit crunch was to vote for the difficult-to-swallow measure. "Our time has run out," said Rep. Spencer Bachus, R-Ala., the ranking Republican on the House Financial Services Committee. "We're going make a decision. There are no other choices, no other alternatives." Added Frank: "Today is the decision day. If we defeat this bill today, it will be a very bad day for the financial sector of the American economy." Boehner told his members, many of whom objected to the measure, that they had to accept something he and many of them found distasteful. "If I didn't think we were on the brink of an economic disaster, it would be the easiest thing to say no to this," Boehner said. But he said lawmakers needed to do what was in the best interest of the country. One lawmaker who voted against the bill, Rep. John Culberson, R-Texas, said the measure would leave a huge burden on taxpayers. "This legislation is giving us a choice between bankrupting our children and bankrupting a few of these big financial institutions on Wall Street that made bad decisions," he said. Culberson voted against the bill. To make the legislation more politically palatable, the bill calls for the government, as an owner of a large number of mortgage securities, to exert influence on loan servicers to modify more troubled loans to help prevent additional foreclosures.
It also provides that the government will take equity in the firms that sell the securities to the government, and limits pay packages for top executives.
The legislation comes amid great upheaval in the nation's financial system. On Monday morning, the Federal Deposit Insurance Corp., which insures deposits at failed banks, arranged for the sale of the banking assets of Wachovia (WB, Fortune 500), the nation's No. 4 bank holding company, to Citigroup (C, Fortune 500) for $2.2 billion in stock.

That follows three weeks of other shocks: the Treasury Department's seizure of mortgage finance firms Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500); Wall Street firm Lehman Brothers' bankruptcy filing; rival Merrill Lynch (MER, Fortune 500) purchase by Bank of America (BAC, Fortune 500).
In addition, the Fed bailed out insurance giant American International Group (AIG, Fortune 500), loaning it $85 billion in return for a nearly 80% stake. while Washington Mutual (WM, Fortune 500), the nation's largest savings and loan, became the largest bank failure in history.


Nightmare on Wall Street: 72 hours that shook the world's economy
... warned that there will be no government bail-out. ... Across Wall Street, Lehman is being called a 'dead bank walking'. ... It announces it plans to move capital from its ...
more ...
go to website

Wall Street's old hands not rattled by crisis
Wall Street's old hands not rattled by crisis ... 700B bailout plan breaks apart; talks to continue Report: ... center lay in literal ruins, with thousands dead from a ...
more ...
go to website
Cached

Street Scenes from a Lehman Bailout: Executives Gather at NY Fed
... stone and iron headquarters in lower Manhattan, Wall Street ... if the FED and SEC along with all banks draft a plan for ... Lehman hepled bail out LTCM in 1998 (their share was $100 ...
more ...
go to website
Cached

Wall Street fallout shakes economy
Inflation rises from the dead (July 2008) Inflation: ... Don't despair, crisis is no Great Depression ... morning to discuss an expected $700-billion bailout plan for Wall Street.
more ...
go to website
Cached

Wall Street's old hands not rattled by crisis - Yahoo! News
Images of Wall Street's stunning stumble were everywhere this ... center lay in literal ruins, with thousands dead from a ... in US history AP; A bad day for the GOP on politics, bailout plan ...
more ...
go to website
Cached



Stocks plummet as House votes down bailout; Dow drops 778
Demonstrators protest the proposed $700 billion Wall Street bailout in front of ... Exchange watched on TV screens as the House voted down the plan, and as they saw stock prices tumbling on their monitors.
more ...
go to website
Source: USA Today
NewsDateTime: 2 hours ago

McCain Fatigue, and a Painful Palin
I have never seen such despair and agony on the Republican side. ... I hear that inhaling so much sand can make you brain dead. ... country needs is lowering of taxes in the midst of a tax-payer funded Wall street bailout.
more ...
go to website
Source: New York Times Blogs
NewsDateTime: 9/25/2008

Lingua publica
McCain for these problems [on Wall Street], but I do fault the economic philosophy he ... T]he federal government announced a massive plan to bail out a number of ... Congress' move to bailout lenders and borrowers who made poor decisions will ...
more ...
go to website
Source: Enter Stage Right
NewsDateTime: 20 hours ago

Raining on Obama and Biden's Parade
Obama Slams McCain for a 'Katrina Like' Response to the Bailout Bill 'Un-American ... Admiral Mullen and Obama's Iraq Plan Fact Check: Obama Misleads on $250,000 Tax Claim ... September 27, 2008 8:48 PM ABC’s Sunlen Miller, Matt Jaffe, and John Berman ...
more ...
go to website
Source: ABC News Blogs
NewsDateTime: 9/27/2008

Campaign Says Palin Won't Make 'SNL' Cameo
Admiral Mullen and Obama's Iraq Plan Fact Check: Obama Misleads on $250,000 Tax ... like the Debate, McCain's fake campaign suspension and then messing up the bailout ... He reminds me of the guy on the street corner with a soap box preaching that the ...
more ...
go to website
Source: ABC News Blogs
NewsDateTime: 9/27/2008


n Sunday evening, the House Republican working group, which stringently opposed earlier drafts of the plan and offered a counterproposal, indicated it would support the bill, and its members are encouraging other Republicans in the House to do the same. "Nobody wants to have to support this bill, but it's a bill that we believe will avert the crisis that's out there," House Minority Leader John Boehner, R-Ohio, told reporters. But the bill did draw some opposition during the morning debate. Rep. John Culberson, R-Texas, said the measure would leave a huge burden on taxpayers. "This legislation is giving us a choice between bankrupting our children and bankrupting a few of these big financial institutions on Wall Street that made bad decisions," he said. Other conservative Republicans argued the bill would be a blow against economic freedom. Thaddeus McCotter, R-Mich., said the bill posed a choice between the loss of prosperity in the short term or economic freedom in the long term. He said once the federal government enters the financial market place, it will not leave. "The choice is stark," he said. But there were also Democrats who opposed the bill for not doing enough to help those who taxpayers facing foreclosure or needing unemployment benefits extended, or taxing Wall Street to pay for the rescue package. "Like the Iraq war and patriot act, this bill is fueled by fear and haste," said Lloyd Doggett, D-Texas. The crisis and a proposed fix Banks and Wall Street firms, worried about both their own needs for cash and the condition of other institutions, essentially stopped loaning money to one another in recent weeks. That choked off the money being made available on Main Street in the form of mortgage loans, business loans and other consumer borrowing. The crisis stems from problems in mortgage-backed securities, which saw their value plunge as home prices have gone into their worst slide since the Great Depression and foreclosures have soared to record levels. In turn, the market for trillion of dollars worth of those securities held by major firms evaporated, sending them down to fire sale prices and raising the risk of widespread failures among the nation's major financial firms. Under the plan, Treasury will buy the mortgage backed securities, either directly from the firms or through an auction process. It may also arrange to provide guarantees for the securities up to their original values in return for premiums they would charge current holders of the securities. To make the legislation more politically palatable, the bill calls for the government, as an owner of a large number of mortgage securities, to exert influence on loan servicers to modify more troubled loans to help prevent additional foreclosures. It also provides that the government will take equity in the firms that sell the securities to the government, and limits pay packages for top executives. The legislation comes amid great upheaval in the nation's financial system. On Monday morning, the Federal Deposit Insurance Corp., which insures deposits at failed banks, arranged for the sale of the banking assets of Wachovia (WB, Fortune 500), the nation's No. 4 bank holding company, to Citigroup (C, Fortune 500) for $2.2 billion in stock. That follows three weeks of other shocks: the Treasury Department's seizure of mortgage finance firms Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500); Wall Street firm Lehman Brothers' bankruptcy filing; rival Merrill Lynch (MER, Fortune 500) purchase by Bank of America (BAC, Fortune 500). In addition, the Fed bailed out insurance giant American International Group (AIG, Fortune 500), loaning it $85 billion in return for a nearly 80% stake. while Washington Mutual (WM, Fortune 500), the nation's largest savings and loan, became the largest bank failure in history.


Videos from YouTube
Title: Palin: Bailout is about healthcare!
Categories: News,bailout,couric,news,cbs,thinkprogres,healthcare,palin,

Published on: 9/25/2008 11:25:46 AM
Title: Go Viral: STOP THE BAILOUT OR.... DEPRESSION?
Categories: $700,News,bailout,commentary,billion,news,grassroots,depression,outreach,analysis,

Published on: 9/27/2008 4:23:10 PM
Title: Congressman Ron Paul Schools Bernanke on the Bailout Plan
Categories: Price,Monetary,Wall,Bail,Constitutionality,News,Bailout,Ron,Bernanke,Street,Out,Authority,Debt,Fixing,Federal,Paul,Depression,

Published on: 9/24/2008 11:32:51 AM
Title: Let's Play "WALLSTREET BAILOUT" The Rules Are... Rep Kaptur
Categories: military,economy,congress,taxcuts,gitmo,habeas,News,congresswoman,relief,mama,bush,kaptur,iraq,cheney,bill,corpus,

Published on: 9/22/2008 8:03:52 PM
Title: Ron Paul Fox News 9/17/08 AIG bailout
Categories: News,Fox,Baldwin,Ron,McKinney,News,Paul,Nader,

Published on: 9/17/2008 3:23:30 PM

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