Michelle Malkin » Kill the bailout: The House floor debate is on; Bill fails

Kill the bailout: The House floor debate is on; Bill fails

By Michelle Malkin • September 29, 2008 10:21 AM

Scroll for updates…the vote is close…at 1:47pm Eastern, it’s 224 NAY, 202 YEA, 7 not voting…stay tuned…1:50pm Eastern…the Crap Sandwich fails at end of allotted 15-minute recorded voting period…still no official announcement…

The curtain opens. C-SPAN is carrying live coverage of the House floor debate on the trillion-dollar-plus Mother of All Bailouts. I’ll update continually here through the vote. If you haven’t had a chance to inhale the “crap sandwich,” take a whiff here.

Texas Democrat Lloyd Doggett just ended his anti-bailout statement with “The vultures are coming home to roost.”

Indiana GOP Rep. Mike Pence is on the floor now decrying “the largest corporate bailout in American history…Reject this bailout and vote no…”

Meantime, the Hill reports dissent in both parties. And there’s a new activist website: No Cash for Trash.

Scurry, scurry: “With three hours of debate beginning just before 9:30 a.m., lawmakers expect a vote to be wrapped up before 1 p.m. Eastern time. Leaders of both parties are supporting the measure, but neither side has given a public estimate of how much support they have. During early morning votes on noncontroversial matters, House Speaker Nancy Pelosi (D-Calif.) hurried around the chamber floor, button-holing rank-and-file members and showing them papers, asking for their support.”

GOP Rep. Gresham Barrett commends the House Republican leadership for trying to improve the bill, but he cannot support it. “Taxpayers must not become the insurance policy for everyone’s bad financial decisions.”

10:50am Eastern. Oh, puke. Charlie Rangel is on the floor to support the bailout. “Those who have caused the problem have managed to get away without any blame.”

He speaks such inadvertent truth. See: Video: Democrats insist “nothing wrong” at Fannie Mae, Freddie Mac in 2004.

GOP Reps. Ron Paul and Virgil Goode rise to oppose the bill.

GOP Rep. Ted Poe is vehemently against. “It’s a sad time to be an American taxpayer!”

Democrat John Dingell, fresh off his $26 billion automaker bailout victory, asks Barney Frank to clarify that the banking bailout will cover auto loans.

Why, of course, says Frank. Of course.

Here’s vid of Jeb Hensarling’s statement opposing the MOAB:

GOP Rep. Judy Biggert opposes.

Democrat Pete DeFazio opposes.

GOP Rep. Darrell Issa opposes. He’s blasting Paulson on refusal to deal with mark-to-market issues. “We are de-leveraging the enterprises we need today. End of Ronald Reagan era.”

Puke again. Maxine Waters is on the floor stroking Barney Frank’s ego and spewing pseudo-populist pabulum. “Americans are victims of predatory lending!” “Subprime exploitation!” “Greed!”

Flashback: “Mr. Chairman, we do not have a crisis at Freddie Mac, and particularly at Fannie Mae, under the outstanding leadership of Franklin Raines.”

GOP Rep. Scott Garrett opposes. He blasts both parties for failing to pass GSE (Fannie/Freddie) reform.

Barney Frank starts spouting about how Democrats passed GSE reform.

Who’s responsible?

GOP Rep. Jeff Flake opposes.

GOP Rep. Louis Gohmert vehemently opposes. “Who’s going to manage these assets? The same people who got us into this mess!”

Democrat Rep. Carolyn Kilpatrick coos and praises Barney Frank as a “genius.”

My airsickness bag is full.

GOP Rep. Paul Ryan: “This bill offends my principles, but I’m going to vote for this bill to preserve my principles…If we fail to do the right thing, heaven help us…We’re one month from this election. Unfortunately, a majority will have to vote for this. For me and my own conscience…I want to know that I did everything I could…As bad as this is, it could get a whole lot worse…”

Sorry. That is not computing.

GOP Rep. Jeff Fortenberry opposes.

GOP Rep. Ginny Brown-Waite opposes.

Democrat Rep. Marcy Kaptur opposes.

GOP Rep. Steven LaTourette opposes.

12:27pm Eastern. Nancy Pelosi has taken the floor. Here, GOP members who are voting for this monstrosity, is the woman you are hopping on the couch with. “Democrats believe in a free market. But in this unbridled form, encouraged by the Republicans, it has created not jobs, not capital, it has created chaos.”

Now, she is kvetching that the Bush administration didn’t back the latest Dem stimulus-palooza bill and cough up more government funds for broadband lines and infrastructure.

12:41pm Eastern. Pelosi is heaping praise on Barney Frank. Members on the floor applaud. She is demanding bipartisan support. Pelosi gets an ovation.

GOP Rep. Michele Bachmann rises to oppose the bailout.

Dem Rep. Dennis Kucinich opposes.

GOP Rep. Todd Tiahrt opposes.

GOP Rep. John Shadegg opposes.

GOP Rep. Spencer Bachus supports. “Unwilling to take a risk in not acting.”

The Democrats on the floor applaud Rep. Bachus. Barney Frank praises him.

GOP Minority Whip Roy Blunt is on the floor. “None of us want to be here today.”

I don’t want the crap sandwich swallowers to be there, either.

Blunt regurgitates the hype about how taxpayers will make money off the bailout.

He’s not using any of his time on the floor to beat down Nancy Pelosi’s attacks, Barney Frank’s jibes, and the rest of the Dems who have pinned all the blame on the GOP.

1:13pm Eastern. Barney Frank struts to the podium.

Frank is touting the power the bill gives to the government to meddle in foreclosure prevention.

Democrats on the floor give him a prolonged ovation.

Very chilling.

Now, John Boehner is on the floor. And he’s getting an ovation.

Lots of back-slapping all around.

Boehner’s the 100th person on the floor to whine about how nobody wants to vote for this, but he’s voting for it.

Careful not to choke on that crap sandwich now.

1:20pm Eastern. He calls it a “mud sandwich.”

“These are the votes that will separate the men from the boys, girls from the women.”

These are the votes that separate the crap sandwich swallowers from the crap sandwich spitters.

The swallowers give Boehner another round of applause.

Democrat Majority Leader Steny Hoyer gets the last word. Promises “investigations.”

Dodd, Frank, Fannie/Freddie-greased lawmakers all exempted, of course. Hoyer declares it “The People’s House” doing “the people’s” business. Another self-congratulatory round of applause.

Debate ended. Voice vote. “The ayes have it.” Recorded vote ordered.

1:45pm Eastern. Less than two minutes left. Nays are leading. 171-167!

Fina votes trickling in…I see 210 against, 189 for, 35 not voting…

Now 213 against, 192 for, 29 not voting…

220 against, 195 for, 19 not voting…

1:50pm Eastern…the Crap Sandwich fails

Posted in: Subprime crisis

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#301

On September 29th, 2008 at 2:45 pm, RabbidSquirrel said:

On September 29th, 2008 at 2:40 pm, John Deaux said:

Harley Davidson wouldn’t exist if it weren’t for government loans.

I’m not sure what your point was with that…. is it a plus or minus?
#302

On September 29th, 2008 at 2:47 pm, Joy said:

Mntsedge – That is the vote for HR 3997, “An Act to amend the Internal Revenue Code of 1986 to provide tax relief and protections for military personnel,….”
#304

On September 29th, 2008 at 2:52 pm, John Deaux said:

On September 29th, 2008 at 2:45 pm, RabbidSquirrel said:

On September 29th, 2008 at 2:40 pm, John Deaux said:

Harley Davidson wouldn’t exist if it weren’t for government loans.

I’m not sure what your point was with that…. is it a plus or minus?

Rightwingrocker believes in a 100% lassez-faire approach where the markets correct themselves. I’m saying that a loan, rather than this Dem-backed gateway to Socialism would accomplish the goal without changing our government. As an example I mentioned that if the government didn’t loan HD money back in the late 70s or early 80s, the would have failed and some foreign manufacturer would have bought the name, closed the factories, laid off the workers, and the HD name would be just a fond remembrance.

My point is that we can loan the money without marching towards communism, so I provided a successful example from the past. HD even paid the loans off ahead of schedule.
#305

On September 29th, 2008 at 2:55 pm, rightwingrocker said:

A slingshot is fine when your gun has no ammo. You neglected to provide an example.

Not neglected, refused. I’m weary of reminding people of what they should already know.

The Congress shall have Power To … coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures.

“regulate the value thereof” does not mean the government has the authority to just mosey on in and tell people what their money is worth. Get a life.

I’m pretty sure dire financial catastrophe such as a depression would have been viewed as an appropriate use of Congressional powers.

And I’m DEFINITELY sure it wouldn’t. The founders knew that government would never be able to do anything but hinder any recovery. Again, I refuse to show you what you should already know.

Lending money is not liberal.

Lending money is not liberal, but THE GOVERNMENT lending money is.

I disagreed with you, so you immediately named me a liberal.

I called you a liberal because you advocate the government stepping into an area where it has no business, and where it can and will do nothing but harm. That is what liberals do, and that’s why I called you a liberal. If the shoe fits …

I am as conservative as they come and I fully believe there is a way for Congress to help us out of this situation without turning to Socialism.

… yet what you advocate can be defined as nothing else.

Even Newt is all for a loan. Is he a liberal too?

If that’s his position, then on this issue, he’s just as liberal as the rest of the Republicrats that are doing the same thing.

Why is it that people assume that Republicans are conservative when they’re merely Democrats belonging to different party?

Are you really going to sit here and tell me John McCain is a conservative?????

Please.

RWR
http://www.rightwingrocker.com
#306

On September 29th, 2008 at 2:55 pm, RabbidSquirrel said:

On September 29th, 2008 at 2:52 pm, John Deaux said:

OK, thanks!
#308

On September 29th, 2008 at 2:57 pm, oldcollegeguy1980 said:

I submit there is a giant difference in that Loan to H-D and this whitewash.

This whitewash addresses none of the underlying causes which led to this debacle. And impowers many of the same people who helped cause this to oversee the so-called recovery.
#309

On September 29th, 2008 at 2:57 pm, atheling said:

“The power given to Congress by the Constitution does not extend to the internal regulation of the commerce of a State (that is to say, of the commerce between citizen and citizen) which remain exclusively with its own legislature, but to its external commerce only; that is to say, its commerce with another State, or with foreign nations, or with the Indian tribes.” –Thomas Jefferson: Opinion on Bank, 1791. ME 3:147
#310

On September 29th, 2008 at 3:00 pm, MtsEdge said:

On September 29th, 2008 at 2:47 pm, Joy said:
Mntsedge – That is the vote for HR 3997, “An Act to amend the Internal Revenue Code of 1986 to provide tax relief and protections for military personnel,….”

OOPS. My bad…I didn’t see today’s vote stats posted on the web page, yet. Should have read the link more closely.
#311

On September 29th, 2008 at 3:02 pm, rightwingrocker said:

Rightwingrocker believes in a 100% lassez-faire approach where the markets correct themselves.

Yup. And it works every time. Your “loan” (tax increase) isn’t needed.

My point is that we can loan the money without marching towards communism, so I provided a successful example from the past. HD even paid the loans off ahead of schedule.

Just because one tiny venture into socialism worked out ok doesn’t make it legal or right. HD would have been forced to either stand on its own two feet or go under – exactly what should be happening with these companies. The government (and specifically Congress) caused this problem. What exactly makes you think they’re equipped to solve it?

It is an undeniable fact that this country has been dabbling in socialism for nearly a hundred years. If it is not stopped soon, the entire concept of freedom is at risk.

I guess one more little attempt at it isn’t going to hurt?

BULLCRAP.

RWR
http://www.rightwingrocker.com
#312

On September 29th, 2008 at 3:02 pm, John Deaux said:

On September 29th, 2008 at 2:55 pm, rightwingrocker said:

Prosecuting Attorney: We ask the jury to find this man guilty of murder, but we’re not going to provide evidence, because you should already know.

I would tell you what I think of you right now, but I’m pretty sure you already know.
#313

On September 29th, 2008 at 3:02 pm, Surveyor said:

RabbidSquirrel said:

On September 29th, 2008 at 2:19 pm, Surveyor said:

Let them fail! Traitors, crooks and liars thou shalt not steal our 700 billion (that we do not even have for them to steal)!

your right rabbid, perhaps I should have said:
thou shalt not take out another line of credit with communist china on the backs of my kids.

there….that pretty much sums it up.
#314

On September 29th, 2008 at 3:07 pm, rightwingrocker said:

I would tell you what I think of you right now, but I’m pretty sure you already know.

I honestly couldn’t give a f$%^.

I’d kick your sorry tail anyway.

By the way, do some reading. You may learn something:

The Federalist Papers
The Anti-Federalist Papers
First Harvest (Bradford)

You may get a little insight into the Founders’ thinking.

RWR
http://www.rightwingrocker.com
#315

On September 29th, 2008 at 3:08 pm, rightwingrocker said:

The First Harvest chapter is from The History of Plymouth Plantation.

Read up.

RWR
http://www.rightwingrocker.com
#316

On September 29th, 2008 at 3:12 pm, Roland said:

It was a Democrat set up to fail.

Now the Democrats are framing the ‘failure’ as a failure of the Republican leadership to do what they claim the Republicans said they would.

So now Pelosi et al are going to turn to a purely Democrat ’solution’ to the problem ‘everyone agrees’ must be solved. Especially as the economy worsens …… which is what we all know was going to happen anyway.

The final bill will be larded up with all kinds of crap, including the 20% (or more) of the profit going to ACORN and the like.

And any complaints from the Republicans will be shrugged off with a “You had your chance, but you chose to endanger the well being of your constituents.” So we (Democrat leadership) had to make compromises to get the necessary votes on the Democrat side.

There was no chance from the start. You can’t stop a socialist Congress allied with a socialist Administration.

Now we’ll get President Obama. If you think THIS bill was bad ……

We are undone
#317

On September 29th, 2008 at 3:17 pm, John Deaux said:

On September 29th, 2008 at 3:07 pm, rightwingrocker said:
I honestly couldn’t give a f$%^.

I’d kick your sorry tail anyway.

Lighten up, Francis.
#318

On September 29th, 2008 at 3:32 pm, brooklyn red said:

401k: lost.
Country: saved.

I am OK with this….
#319

On September 29th, 2008 at 4:22 pm, talkin_bout said:

Denny K opposes? Wow.
#320

On September 29th, 2008 at 4:56 pm, RabbidSquirrel said:

On September 29th, 2008 at 3:32 pm, brooklyn red said:

401k: lost.
Country: saved.

I am OK with this….

Its funny how the market is cyclical. 401k lost today – in 4 years it doubles gain.

Once the country is lost, theres no saving it for generations to come.
#321

On September 29th, 2008 at 5:13 pm, rightwingrocker said:

Lighten up, Francis.

U kidding? I’ll kill you for a Klondike bar!

Seriously, though. Stripes is some awesome stuff.

I’m sure we’ll agree on that!

RWR
http://www.rightwingrocker.com
#324

On September 29th, 2008 at 8:10 pm, DannoJyd said:

Thank God!

Anyone heard about something attached to the bailout bill called [something]Hope[something]? Supposedly it was a back door to get ACORN their money in the bill just defeated.