Michelle Malkin » House bailout passes 272-152

House bailout passes 272-152

By Michelle Malkin • July 23, 2008 08:24 PM

Here’s the link for the roll call vote on the Foreclosure Prevention Act of 2008/Fannie and Freddie rescue, a.k.a. the latest in an endless series of massive federal mortgage bailout bills. It passed 272-152:

Oy.

Nancy “14 percent approval rating” Pelosi cheerleads for herself and her bailout cronies and prays for a public opinion boost.

Speaker Nancy Pelosi spoke on the House floor this afternoon in support of the American Housing Rescue and Foreclosure Prevention Act of 2008. The legislation passed by a vote of 272 to 152. Below are her remarks:

“Mr. Rangel, Mr. Frank, Mr. Neal, and Chairwoman Waters have brought us a comprehensive package on housing policy reforms that will help lift families facing foreclosure and stem the continuing drop in home values around the country.

“I also wish to acknowledge the contributions of Treasury Secretary Paulson. Secretary Paulson played a constructive role and helped the President reached this agreement after opposing many parts of this legislation. I’m so pleased that the White House issued the statement this morning that the President would not veto this bill.

“Under Chairman Barney Frank’s leadership, the House last year, just three months after Democrats took the majority, passed a bill very similar to the one the House is voting on today and the Administration said it will not oppose. Mr. Frank and members of the committee foresaw that there was a need for legislation.

Thank President Bush for removing the obstacles to this latest slush fund bonanza.

The Associated Press, naturally, gripes that it isn’t enough.

“This isn’t going to be the catalyst for a better housing market,” said Mark Zandi, chief economist at Moody’s Economy.com. “It may staunch some of the downturn, but it’s going to have a very modest positive impact.”

The highlights of the bill include: $300 billion to provide more affordable mortgages to troubled homeowners, nearly $4 billion in grants to help communities fix up foreclosed properties and a $7,500 tax credit for first-time homebuyers.

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Comments

#1

On July 23rd, 2008 at 8:40 pm, Boomer said:

Well what do you know, both of my Congressmen voted against this abomination. Color me pleasantly surprised. I guess I owe each of them a thank you note for doing the right thing. I had no doubt that Sali would, but have seen Simpson cross over to the dark side way too much for my liking this year. Unfortunately his seat is safe and the liberals invading Boise seem to think Sali will be an easy kill. Obviously they haven’t figured out Idaho is a pretty conservative state yet.

I am really ticked off at President Bush for green lighting Congress to shove another big piece of pork down our throats. Besides his prosecution of the “War Against Islamic Fascists” and repealing his father’s ban on off shore drilling he hasn’t done a lot to impress me over the last couple of years. This larded up $300 billion bailout will probably sail through the Senate too. Although I hope Senator DeMint will be able to mount the filibuster he is attempting to organize. Yep we really are screwed in 08!
#2

On July 23rd, 2008 at 8:45 pm, aunursa said:

Those of us who were financially responsible in financial our homes — what do we get?

I mean, besides a tax increase to pay for the bailout?
#3

On July 23rd, 2008 at 8:46 pm, aunursa said:

in financing our homes

PIMF
#4

On July 23rd, 2008 at 8:50 pm, thirteen28 said:

A week or two ago there was a headline over on HotAir regarding a poll that suggested Americans are losing faith in the “free market” system, and with bailouts like this, I can see why. While the rewards of our so-called “free market” system are capitalized, it’s clear that the risks are socialized. As long as this is what the federal government does to our “free market” system, people will certainly lose faith in it, because there are no consequences for bad decisions and good decisions are not rewarded.
#5

On July 23rd, 2008 at 8:56 pm, zorro said:

The Associated Press, naturally, gripes that it isn’t enough.

As long as we still have a pay check to cash, it will never be enough for socialist liberal democaps and spineless republicans.
#6

On July 23rd, 2008 at 9:02 pm, right_on said:

They take care of their own. I sure Laura Richardson is VERY happy!
#7

On July 23rd, 2008 at 9:15 pm, BlameAmericaLast said:

Wow, now I’m really happy about paying for someone else’s house.

Not.
#8

On July 23rd, 2008 at 9:23 pm, Die Hippie, Die said:

Ol’ Pelotas said:

“Mr. Rangel, Mr. Frank, Mr. Neal, and Chairwoman Waters…”

Collectively known as the Four Horses’ Asses of the Apocalypse.
#9

On July 23rd, 2008 at 9:27 pm, atxcowgirl said:

Hmm, my (Dem) Rep decided not to vote for some reason. And this being part of an older, ahem, less affluent and developing area of Houston.
#10

On July 23rd, 2008 at 9:36 pm, torabora said:

Can I have some?
please? withsugarontop?

Oh I see….I’m too responsible. No wheelbarrow overflowing with cash for me.
#11

On July 23rd, 2008 at 9:37 pm, atxcowgirl said:

“Mr. Rangel, Mr. Frank, Mr. Neal, and Chairwoman Waters have brought us a comprehensive package on housing policy reforms that will help lift families facing foreclosure and stem the continuing drop in home values around the country.

Is this the same Chairwoman Waters who wants to “socialize” the oil companies?
#12

On July 23rd, 2008 at 9:45 pm, josetheguerilla said:

We’re moving toward a Marxist economy, via our lib politicians. Hugo Chavez style baby!!!!!!!
#13

On July 23rd, 2008 at 9:49 pm, Tom Blogical said:

Those of us who were financially responsible in financing our homes — what do we get?

I mean, besides a tax increase to pay for the bailout?

That’s for damn sure. We get told to suck it up, instead of the irresponsible ones.
#14

On July 23rd, 2008 at 9:50 pm, RyanInSanJose said:

“Mr. Rangel, Mr. Frank, Mr. Neal, and Chairwoman Waters have brought us a comprehensive package on housing policy reforms that will help lift families facing foreclosure and stem the continuing drop in home values around the country.

Unbelievable. Home values need to drop here in California. They are still way too high.
#15

On July 23rd, 2008 at 9:52 pm, olbroad said:

How come no one is knocking at our door offering to pay off our mortgage? We only owe about 150K now. Think if I whined enough the Dhimmis would share their wealth? Hmmm….
#16

On July 23rd, 2008 at 9:54 pm, englishqueen01 said:

Those of us who were financially responsible in financial our homes — what do we get?

In a word: screwed.

Folks like us aren’t supposed to own houses. How bourgeois of us to work hard and provide for our families.

Let the government do it instead!
#17

On July 23rd, 2008 at 9:57 pm, Tom Blogical said:

What’s ironic is lowering taxes across the board would provide more assistance than this crock of crap.
#18

On July 23rd, 2008 at 10:06 pm, madchef said:

They also increased the National Debt Limit by $800 billion to a new limit of $10.6 trillion. Our grandchildren will be paying for the dead beats of today.
There is never ANY thought as to how this crap will be paid for. What’s next, bailout deadbeats who don’t pay their credit cards, or the rent? Where does it stop!
#19

On July 23rd, 2008 at 10:15 pm, keystone said:

English the RINO voted YEA…what a surprise.
#20

On July 23rd, 2008 at 10:19 pm, crashemt said:

Thank you, Rep Davis (Tom) for voting no. As for the rest of you wastes in Congress, understand this:

If this goes through, and gets signed in to law, I will do everything in my power to earn as little income as possible. My contribution to your plan will be lower collections. I encourage my fellow Americans to also contribute to the stagnation of America, until our Congress comes to realize that the principles of life, liberty, and the pursuit of happiness has nothing to do with the wealth redistribution, rewarding poor decision making, or paying bills that the individual had no intention to pay.

We will force this and all the other worthless entitlement programs to collapse under the overwhelming weigh of their own costs. How will you, Congress, find funding for all of this waste, when the lifeblood of your programs, our tax dollars, stop flowing in?

If you, Congress, refuse to allow the free market to correct this problem, a self-generated problem caused by greed and speculation; then we, the People will allow the power of OUR PURSE to correct OUR problem, a.k.a. the corrupt and bloated bureaucracy that Congress has usurped our promised Constitutional government with.

To my fellow Americans, I encourage you to send to your Representatives, your Senators, your local and State elected leaders, and our President the following two words:

I QUIT
#21

On July 23rd, 2008 at 10:34 pm, rlongenbach said:

And yet, the MSM STILL doesn’t mention the hidden “PayPal” tax that is in the bill.

Look for it. It’s there. It would mandate that all payment card processors and specifically including electronic only type payment processors must notify the IRS via a 1099-type of report of the name, address, TIN and total amount of money sent, so long as it’s more than $10k or 200 transactions per year. Basically to look for people who aren’t reporting income to the feds.

I’m concerned because our company would fall under a third party requirement because we receive credit card payments on the behalf of other merchants who buy liquid gold from us so we offset their bill with the credit card receipts. But now we’ll have additional reporting requirements to meet.
#22

On July 23rd, 2008 at 10:50 pm, JT said:

My business expenses just went way up. I will reinvest in my business as opposed to taking extra income. Clowns!
#23

On July 23rd, 2008 at 11:11 pm, atxcowgirl said:

One person couldn’t wait any longer for a bailout.
Foreclosure Suicide
#24

On July 23rd, 2008 at 11:21 pm, beenthere said:

No wheelbarrow overflowing with cash for me.

There may well be wheelbarrows overflowing with cash for us all in the not too distant future. See the economy of Zimbabwe for an example.
#25

On July 23rd, 2008 at 11:31 pm, JT said:

Term limits. Term limits. Term limits. Term limits. Term limits. Term limits. Term limits. Term limits. Term limits. Term limits. Term limits. Term limits. Term limits. Term limits. Term limits. Term limits. Term limits. Term limits. Term limits. Term limits. Term limits. Term limits. Term limits. Term limits. Term limits. Term limits. Term limits. Term limits.
#26

On July 24th, 2008 at 1:14 am, Speakup said:

The concerted effort to over charge our credit card continues.

If you like the weak dollar now, you’ll love the Zimbabwean version.

Anybody happen to remember what will happen if we lose dollar hegemony?

I suppose if we’re irresponsible enough even the international financiers who love our interest won’t be able to prop us up.

Money has no motherland; financiers are without patriotism and without decency; their sole object is gain – Napoleon Bonaparte, 1815
#27

On July 24th, 2008 at 5:16 am, graysonret said:

“Don’t take their liberty away all at once; take it away, a little at a time, until one day, they wake up to find they have none”.(Stalin) “Liberty has died…to tremendous applause.”(Star Wars) Well, congress, since you’re going to bail out “troubled homeowners”, what’s next on the list? I’m “troubled”. Troubled that you are taking over our lives and throwing the Constitution to the trashdump. With a democrat President in power, the national government will make King George III and Parliament looks like benevolent saints. They will run amok, unchecked, until they run everything…to tremendous applause.
#28

On July 24th, 2008 at 8:17 am, 30 pcs of silver said:

On July 23rd, 2008 at 10:06 pm, madchef said:
There is never ANY thought as to how this crap will be paid for. What’s next, bailout deadbeats who don’t pay their credit cards, or the rent? Where does it stop!

It’s called the shortsightedness effect.

The misallocation of resources that results because public-sector action is bised 1) in favor of proposals yielding clearly defined current benefits in exchange for difficult-to-identify future costs and 2) against proposals with clearly identifiable current costs that yield less concrete and less obvious future benefits.

Our pols love programs whose current benefits are readily seen. It doesn’t matter if the costs surpass the benefits. Furthermore, the government is insulating lenders and buyers from the consequences of their bad decisions which eliminates the incentive for making future productive transactions and informed decisions. They aren’t “fixing” the problem. To the contrary, they are making it worse.
#29

On July 24th, 2008 at 8:51 am, expres12 said:

See the video. Read the PDF. Sign the petition today. Spread the word…

http://tinyurl.com/5pshkb
#30

On July 24th, 2008 at 9:27 am, General Buck Turgidson said:

Hmmmm….
“nearly $4 billion in grants to help communities fix up foreclosed properties and a $7,500 tax credit for first-time homebuyers.”

Do I have to live in that first time home? Or can I fix it up with some of that $4 billion and flip it, and then pocket the $7500 along with all of the profits? Sounds like a good business plan to me! Who’s in?
#31

On July 24th, 2008 at 9:45 am, Weary Citizen said:

Typical. The gov’t caused much of this under the guise of “anti-discrimination”, then when it blows up in their face, they spend more $ propping up their do-gooder nonsense. I don’t think it wise to let the instituions fail as that could trigger a much wider problem. But the companies should feel EXTREME discomfort, not just throw $ at them so the execs still get huge bonuses, and allow the morons who borrowed more than they could afford to lose their homes (and any equity they might have which is little to none). What about us folks who played by the rules and made good decisions? We get nada. Excpet the honor and the ability of feeling good about paying for our own mortgages plus the mortgages of a bunch of leech morons. Sigh!
#32

On July 24th, 2008 at 10:04 am, MNUSMCDavid said:

John Klein and Michelle Bachman of MN voted against this piece of crap…. Keith Ellison ( Taquiya boy) and Betsy McCollum and Tim Walz voted for it. Two out of the five is sad, but at least not unanimous in the nanny state. Oh I didn’t add Oberstar… that piece of excrement is busy trying to justify building bike paths while asking for 1 billion dollars .
#33

On July 24th, 2008 at 10:23 am, tre said:

#25 JT

You Can Say That Again!

We had a house that was sucking up too much of our income, so, we sold it and are renting now.
We acted too soon. We shoulda waited for Uncle Sugar to take care of our fiscal irresponsibility for us.

I wrecked my motorcycle last Friday. Now, when will the Government repair it for me?
#34

On July 24th, 2008 at 10:39 am, old trooper said:

The usual suspects with the usual socialist programs/ waste/fraud/abuse of the taxpayers funds.

It is about time for another Boston Tea Party and Term Limits and 100 public hangings/floggings.

The Parliament of Whores will spend every dime so Obama won’t have any tax money for his Marxist programs.

America will soon have a standard of living that will rival Somalia’s.
#35

On July 24th, 2008 at 12:38 pm, pueblo1032 said:

MM, guess the headline FRONT PAGE very top of the fold, (BOLD) Housing-aid bill not a cure-all, (smaller type below) Help on way for Arizonans, but it’s not enough… That is in my local RAG. This is in a market where HOUSING PRICES went up 55% in 2005. And when the market wants to correct, they want a BAIL OUT… No CAUTIONARY headlines in 05… NOT ENOUGH??? How about the TAXPAYERS just make your mortgage payment for, OOOOOHHHHHHHH let’s say 10 years, no,no make that 15 years… It is OBVIOUS that what the AMERICAN PEOPLE think matters not to YOUR ELECTED OFFICIALS…
#36

On July 24th, 2008 at 1:04 pm, Weary Citizen said:

On July 24th, 2008 at 12:38 pm, pueblo1032 said:

Well said. A rise in the price of ANYTHING by 55% in 1 year should be a screaming signal as to the risk. And BTW, where was the gov’t in 2000 when I and many of my friends were taking a bath in the stock market. We got greedy and took too many risks. Why didn’t the gov’t offset my losses? I made bad decisions that really hurt me financially. I sucked it up. learned and moved on. Not whine for gov’t to bail me out of a very bad situation.
#37

On July 24th, 2008 at 2:45 pm, Mostly Annoyed said:

It’s borrow and spend now so they have to steal from us later.

Hey Congress,
IT’S NOT YOUR MONEY!!! STOP THROWING IT AWAY LIKE IT IS!

Also everyone remember to thank Congress for the big slap in the face to almost every taxpayer in the country on your tax form. It’s the tax credit for first time home buyers in the one city no one wants to live! The District of Columbia!

I could be a rich politician if only I could lie, cheat, steal and still live with myself.
#38

On July 24th, 2008 at 2:49 pm, IndependentTom said:

Is anybody really surprised at this?

I saw where one of my senators (democrat) voted for it. But the other one (republican) is MIA.

Although when I consider the republican performance of late, I probably should not be surprised by that either.
#39

On July 24th, 2008 at 4:46 pm, graysonret said:

We don’t need a Obama messiah or a McCan’t. What we really need is another Samuel Adams and Patrick Henry. Throw in a Paine as an columnist for good measure.