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

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Posted in: Subprime crisis

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Comments


  1. #101
    On September 29th, 2008 at 12:24 pm, Ahh a Lion! said:

    From the sound of it, English seems to be a second language for this guy.

    He went to the George W. Bush School of Engligistics.

  2. #102
    On September 29th, 2008 at 12:26 pm, nyc123me said:

    You have 1 minute Pelosi.. yes, 700 billion.. Bush blah blah, Bush blah blah, 700 billion blah blah, Bush this, Bush that, Bush Bush Bush.. what a nasty self-centered cow – the entire country is at stake, but all she can do is point a finger at Bush. Do something constructive, or get out of the way.

  3. #103
    On September 29th, 2008 at 12:29 pm, Danceswithdachshunds said:

    Can someone please explain to me WHAT HAPPENED TO ALL THE CASH? Ok, I get the idea that all these bad loans were written because of liberal ‘affordable housing’ that forced banks to write them. Ok, so now those people are not paying them back.

    But the money itself did not disappear. Say a person gets a loan for their first house. The money from that loan went to the person who sold the house. Say the sellers of that house then also got a loan to buy a bigger house and so on up the ladder. Even though the market was hyper-inflated by cheap money, the money went ~somewhere~ and there are only two general possibilities that I can see, it went to contractors who built a new house or it went to retirees who cashed out, took the one time exclusion, moved to a retirement center and invested the proceeds.

    Retiree savings and investment doesn’t explain missing money so how many housing contractors paid illegal workers who then sent the money to Mexico, (along with all the drug money flowing in that direction)? But the amount of cash we’re talking about, this explanation seems to be a little far fetched to account for the missing money.

    Yeah, I also realize those who got the loans also got some extra on top to spend but spending it here in the US doesn’t make it disappear.

    Just like Arafat who didn’t take it with him – where is the money now?

    We spend $100′s of millions to model junk science global warming. Has anyone spent a DIME to construct a computer model of this mess?

  4. #104
    On September 29th, 2008 at 12:29 pm, rightwingrocker said:

    Our forefathers didn’t know what a depression was.

    That’s a foolish assumption if I ever heard one. As if the Founding Fathers had never experienced tough times economically. In fact, the Founders deliberately avoided government intrusion into economic matters because socialism had already been proven a failure over a hundred years before.

    Remember that one of the things we declared independence from was the concept of debtor’s prison, which is why bankruptcy is included in Congressional powers under Article 1, Section 8 of the Constitution.

    And this is relevant to the government trying to micromanage the economy exactly how?

    To say that being able to establish bankruptcy laws equates to being able to legally delve into matters of economic affairs is a serious stretch, to put it lightly.

    Also one could successfully argue that between that section’s authorization of Congress to borrow money on the credit of the U.S. and regulate commerce between the states and foreign countries, combined with the Federal Reserve Act, the concept of loans to failing companies, rather than a full on bailout, is 100% constitutional and consistent with the intentions of our forefathers.

    Except that the Founders had nothing whatsoever to do with the illegal Federal Reserve Act.

    Furthermore, the US government is extorting this money from the taxpayers, not borrowing it. You are a fool if you believe any of those clowns in Washington has any intention of giving any of it back, much less with proper interest. This is NOT an example of regulating Commerce. It is a blatant redistribution of your money into the pockets of people who have been irresponsible with theirs. THAT happens to be exactly what socialism is.

    I’m fed up with people using the Commerce Clause in an effort to negate the Commerce Clause.

    You are showing yourself to be quite the liberal.

    RWR
    http://www.rightwingrocker.com

  5. #105
    On September 29th, 2008 at 12:30 pm, alamb said:

    Is Pelosi on drugs? She is inconherent and being a bad politician at that. No to this bailout, it’s a scam! If we pass this bill then don’t moan when obama chavez will take this to the next level!

  6. #106
    On September 29th, 2008 at 12:33 pm, truthmattersfa said:

    Pelosi:

    “..after 5 years when we look back at the success or the whatever of this initiative….”

  7. #107
    On September 29th, 2008 at 12:33 pm, nyc123me said:

    Pelosi just shut up and get on with it.

  8. #108
    On September 29th, 2008 at 12:33 pm, rightwingrocker said:

    No to this bailout, it’s a scam!

    As is just about everything else that goes on in DC these days.

    Time for a Federalist Revolution.

    RWR
    http://www.rightwingrocker.com

  9. #109
    On September 29th, 2008 at 12:34 pm, granite said:

    Furthermore, the US government is extorting this money from the taxpayers, not borrowing it.

    Yep.
    At the point of a gun, essentially.

    Never forget, government can only redistribute wealth; it can never create wealth.

  10. #110
    On September 29th, 2008 at 12:34 pm, ctmom said:

    Nancy needs a shower.

  11. #111
    On September 29th, 2008 at 12:35 pm, rightwingrocker said:

    Never forget, government can only redistribute wealth; it can never create wealth.

    More importantly, never forget that it is ILLEGAL for the US government to do it.

    RWR
    http://www.rightwingrocker.com

  12. #112
    On September 29th, 2008 at 12:35 pm, flaming_o said:

    in this unbridled form

    Honestly, Madam Speaker, what in this country is “unbridled” anymore besides the gall of the Democratic party?

  13. #113
    On September 29th, 2008 at 12:37 pm, MarcoPolo said:

    “We do not support government bailouts of private institutions. Government interference in the markets exacerbates problems in the marketplace and causes the free market to take longer to correct itself. We believe in the free market as the best tool to sustained prosperity and opportunity for all.”- 2008 Republican Platform

  14. #114
    On September 29th, 2008 at 12:37 pm, nyc123me said:

    Maybe if we all think real hard, Pelosi will have a brain hemorrhage right there, right now.

  15. #115
    On September 29th, 2008 at 12:37 pm, flaming_o said:

    And Sen. Biden, how “patriotic” should I feel if this load is signed into law?

  16. #116
    On September 29th, 2008 at 12:38 pm, rightwingrocker said:

    On September 29th, 2008 at 12:37 pm, MarcoPolo said:

    Of course government bailouts of government institutions is ok with them.

    KEYES ’08

    RWR
    http://www.rightwingrocker.com

  17. #117
    On September 29th, 2008 at 12:38 pm, California Red said:

    Pelosi just got applause in the House when she thanked Barney Frank for his exceptional leadership.

    Can we get a bulk discount on airsikness bags?

  18. #118
    On September 29th, 2008 at 12:38 pm, gayle said:

    Gawd! I am glad that pelosi finally shut up! She is ignorant and just as crooked as the rest!

  19. #119
    On September 29th, 2008 at 12:40 pm, rightwingrocker said:

    Pelosi just got applause in the House when she thanked Barney Frank for his exceptional leadership.

    I’ll thank Barney Frank for his exceptional leadership when he either retires or dies. THOSE are examples the Democrats (and idiot Republicans) should follow.

    RWR
    http://www.rightwingrocker.com

  20. #120
    On September 29th, 2008 at 12:40 pm, Valiant said:

    Michele Bachmann is on now. Keep an eye on her. She has skills and speaks for us .

  21. #121
    On September 29th, 2008 at 12:41 pm, Romeo13 said:

    On September 29th, 2008 at 12:29 pm, Danceswithdachshunds said:

    The liquidity crises was caused by the exporting of wealth from America, to Chinese and Middle Eastern countries.

    Balance of payments has been horrible, and the with 700 BILLION going overseas just to buy oil, our banks no longer had the cash “lubrication” in the sytem to stay solvent.

    China has told its banks not to lend to American banks…

    Interesting that the 700 billion price tag for this bandaid, is the same size as the amount of cash we exported to buy oil… or is that just a co inky dink?

  22. #122
    On September 29th, 2008 at 12:42 pm, clevergael said:

    Michelle Bachmann is a breath of fresh air. Especially after the gaseous drivel spewed onto the floor by Ms. Pelosi.

  23. #123
    On September 29th, 2008 at 12:43 pm, Valiant said:

    Any Republican signing on to this debacle should have no question now about who they are in bed with. The socialist class warfare flags are on full display.

  24. #124
    On September 29th, 2008 at 12:44 pm, nyc123me said:

    Just shut up and vote. This endless and mostly self-serving blame assigning rhetoric is pointless.

  25. #125
    On September 29th, 2008 at 12:45 pm, CantCureStupid said:

    GOP Rep. Paul Ryan: “This bill offends my principles, but I’m going to vote for this bill to preserve my principles…”

    Double speak worthy of a crooked libtard. What the hell does this mean?

    Another nutless RINO wonder…

  26. #126
    On September 29th, 2008 at 12:45 pm, Sanddog said:

    On September 29th, 2008 at 12:30 pm, alamb said:

    Is Pelosi on drugs? She is inconherent and being a bad politician at that.

    She sounded like she was channeling Senator Byrd, who I am convinced actually died several years ago.

  27. #127
    On September 29th, 2008 at 12:46 pm, Ahh a Lion! said:

    Furthermore, the US government is extorting this money from the taxpayers, not borrowing it.

    Yep.
    At the point of a gun, essentially.

    Never forget, government can only redistribute wealth; it can never create wealth.

    Honestly, the money from this bailout is not going to come from taxpayers, it’s going to come straight from the Federal Reserve. This money will just be printed – as the Federal Reserve (a private, unaccountable institution) has the ability to do. So the “tax” to us plebes will be the inflation tax, which will destroy your savings, and make the cost of goods and services skyrocket.

  28. #128
    On September 29th, 2008 at 12:46 pm, RabbidSquirrel said:

    On September 29th, 2008 at 12:16 pm, nlebou said:

    This is for you Rabbid

    I think I understand what you are trying to get across to me, but I am well aware that that Dems initiated all of this mess while THEY were in power; however, the REPUBLICANS didnt correct the mistakes of the past and they only EXACERBATED the problem.

    Everyone was greedy.

    You dont buy into a high market, and you do not sell when a market is bottoming out. The republicans only piled on the crap when the market was running at full steam.

    Most of the politicians are only burying us deeper at this very moment. Until a couple of weeks ago, I always talked myself into believing that one day we would dig ourselves out of this. but we cant.

  29. #129
    On September 29th, 2008 at 12:48 pm, Salt said:

    On September 29th, 2008 at 12:45 pm, CantCureStupid said:

    GOP Rep. Paul Ryan: “This bill offends my principles, but I’m going to vote for this bill to preserve my principles…”

    Double speak worthy of a crooked libtard. What the hell does this mean?

    Another nutless RINO wonder…

    It means: “I know this bill is garbage, but if I don’t have the appearance of supporting it, I’ll be blamed for the failure that might result. Of course, if this bill fails, like I think it will, I’ll be on record as having opposed it. My conscience is based wholly on what might be blamed on me, so I’m playing both sides.”

    At least, I think that’s what it meant. My brain hurts trying to figure it out.

  30. #130
    On September 29th, 2008 at 12:48 pm, sambo said:

    Yes, Barney has done a ‘bang up’ job!

    The news media have covered the relationship in the past, but there have been no mentions since 2005, according to Nexis and despite the collapse of Fannie Mae. The July 3, 1998, Reliable Source column in The Washington Post reported Frank, who is openly gay, had a relationship with Herb Moses, an executive for the now-government controlled Fannie Mae.</blockquote>

  31. #131
    On September 29th, 2008 at 12:49 pm, Mister P said:

    I’ll thank Barney Frank for his exceptional leadership when he either retires or dies. THOSE are examples the Democrats (and idiot Republicans) should follow.

    I thank him when he walks the perp walk.

  32. #132
    On September 29th, 2008 at 12:50 pm, nyc123me said:

    LOL.. the market is a drunk driver.. heh nice analogy.. the regulator is the bartender.

  33. #133
    On September 29th, 2008 at 12:50 pm, T-Bone said:

    Alright, can someone tell me exactly what is going on here? Answer: NO.

    We have had the leaders of our country arguing this for a week and I have not yet seen a good explanation. Take the blame game for instance. I saw Obama in the debates blame Republicans for not wanting business regulations. I see Michelle Malkin mentioning that McCain co sponsored legislation to regulate Fannie Mae and Freddie Mac (and I think the entire mortgage industry) but that Democrats killed it because they wanted minorities and poor poeple to be able to have home ownership. I see above that Barney Frank is a “genious”??

    I see President Bush and others warning that the entire economy is “at risk”. At risk of what? What will happen? Will we all lose our jobs? Will business not be able to borrow money to fund their operations? Will there be a depression?

    Why can’t these mortgage lenders restructure their loans in some way to avoid these problems. Why does the government have to assume the risk?

    I can not get good answers to these questions. The politicians are all playing politics instead of focusing on the problem and what options are available. Heck, they don’t even know what price tag to put on it. How do they know it will work? Are we just delaying the inevitable?

    And most of all, is Osama Bin Laden behind this in some way? He threatened to bring down our financial system. Do the billions we are spending on our war effort have some major impact on all of this? Was that his plan. They fight on the cheap hiding among the population getting the world to blame George Bush while we spend billions on missiles & planes and fuel for years on end until we go broke. Do we have any smart people who know what we are doing?

  34. #134
    On September 29th, 2008 at 12:52 pm, rightwingrocker said:

    I thank him when he walks the perp walk.

    I’ll thank the patriot who MAKES him take the perp walk.

    RWR
    http://www.rightwingrocker.com

  35. #135
    On September 29th, 2008 at 12:52 pm, nyc123me said:

    God forbid there be a terrorist attack now – that would shove us off the tightrope and into freefall, with no chance of recovery.

  36. #136
    On September 29th, 2008 at 12:54 pm, happyscrapper said:

    On September 29th, 2008 at 12:37 pm, nyc123me said:
    Maybe if we all think real hard, Pelosi will have a brain hemorrhage right there, right now.

    This is not a good thing to put on this blog. We are better than that! We can despise her, but wishing her dead is against the rules. This comment should be deleted.

  37. #137
    On September 29th, 2008 at 12:54 pm, rightwingrocker said:

    Why can’t these mortgage lenders restructure their loans in some way to avoid these problems.

    I’m with you, but I can answer this one. The government mandated the loan structure and simply required that these lenders make these bad loans.

    Good lookin’ out, wouldn’t you say?

    RWR
    http://www.rightwingrocker

  38. #138
    On September 29th, 2008 at 12:55 pm, CantCureStupid said:

    It means: “I know this bill is garbage, but if I don’t have the appearance of supporting it, I’ll be blamed for the failure that might result. Of course, if this bill fails, like I think it will, I’ll be on record as having opposed it. My conscience is based wholly on what might be blamed on me, so I’m playing both sides….”

    Many years ago, I used to date a cajun guy who said that some cajuns would eat a turd if you deep fried it and gave them some Tabasco. At the time, I thought the analogy was kind of funny, but now that these SOB’s are trying to actually feed it to me, I’m not amused.

    You either oppose the bill on principle, or you vote for it on principle, Rep. Ryan, you lilly-livered opportunistic toolbag.

    I wonder how many more like him there are. We really need to be taking notes on this for next month.

  39. #139
    On September 29th, 2008 at 12:56 pm, Ahh a Lion! said:

    On September 29th, 2008 at 12:50 pm, T-Bone said:

    Alright, can someone tell me exactly what is going on here? Answer: NO.

    Hey T-Bone, I know you might not like this answer, but go to youtube, type in “Ron Paul” and start watching. He’s been talking about these problems before they manifested into this crisis, for the last 20 years. Although he only had 2 minutes to speak on the floor today, he still outlines the problem well.

  40. #140
    On September 29th, 2008 at 1:00 pm, CantCureStupid said:

    And RINO Spencer Bachus, too!!

  41. #141
    On September 29th, 2008 at 1:03 pm, Mister P said:

    There is no such thing as a compromise with Frank. It is a compitulation in which he continues to use for his own political spin.

  42. #142
    On September 29th, 2008 at 1:05 pm, Mister P said:

    These people need to get out of denial. With this bailout, more people will quit paying their mortgages and in a year they will be asking for another 700 billion.

  43. #143
    On September 29th, 2008 at 1:06 pm, granite said:

    On September 29th, 2008 at 12:48 pm, Salt said:

    It means: “I know this bill is garbage, but if I don’t have the appearance of supporting it, I’ll be blamed for the failure that might result. Of course, if this bill fails, like I think it will, I’ll be on record as having opposed it. My conscience is based wholly on what might be blamed on me, so I’m playing both sides.”

    At least, I think that’s what it meant. My brain hurts trying to figure it out.

    Your brain hurts?

    Man, as Imus used to say, my hair hurts!

  44. #144
    On September 29th, 2008 at 1:07 pm, Cosmo said:

    On September 29th, 2008 at 12:12 pm, Ahh a Lion! said:

    Re: Cosmo
    Ron Paul does not believe 9/11 was an American-led conspiracy. I’d like some proof before you spew out inaccuracies.

    Anyway – even though Michelle hates Paul, his comments on the floor were very, very important and need to be heard:

    I’m no Michelle, but I hate Ron Paul, too. I just can’t take his whole pile together–although I may agree with a few pieces. I realize that this logic may be applicable to try to convince me to not vote for McCain, but at the end of the day, because of the system we’ve allowed to be created here, I must vote for McCain, because a vote for McCain is a vote against Obamarxism and the socialist elite he intends to install upon inauguration.

    I’ll give Paul’s comments a tumble, though. Like I said, we don’t have the perfect candidate, but we do have to defeat Obama.

  45. #145
    On September 29th, 2008 at 1:09 pm, Cricket24 said:

    It’s a sad day! The Republicans just don’t have the (balls) to refute the dems jabs! It drives me crazy!

  46. #146
    On September 29th, 2008 at 1:09 pm, Ahh a Lion! said:

    Re: Cosmo
    Realize that we are only voting for who takes the blame for the coming sh*tstorm.

  47. #147
    On September 29th, 2008 at 1:10 pm, Mookie said:

    Mitt Romney & The Heritage Foundation are supporting the bill.

  48. #148
    On September 29th, 2008 at 1:11 pm, Mister P said:

    Frank wants us all to be poor.

  49. #149
    On September 29th, 2008 at 1:12 pm, Mister P said:

    More Frank political posturing, with hardly a word from Republicans.

  50. #150
    On September 29th, 2008 at 1:12 pm, MarcoPolo said:

    *SPEW* Frank tells us that we have to face reality?

  51. #151
    On September 29th, 2008 at 1:13 pm, T-Bone said:

    I am not a Ron Paul fan. I think he is a very mean spirited person. He emanates anger to me and just seems to be over the top. But even John McCain said there would be a problem. So did several other people. Now I wonder, is the problem really here now or is it “the sky is falling” people? If it is a gigantic problem, what options do we have? I am not able to follow the logic about what to do if anything. I am leaning toward letting it happen. Interesting the part about the government mandated they give these bad loans. They should be held accountable for that if that is the root cause of the current crisis. Barney Frank? Paulson? Democrats? Obama? Who else? How can Obama blame McCain?

  52. #152
    On September 29th, 2008 at 1:13 pm, Joe Bren said:

    The Bailout:

    It’s time for a timeless Hillary quote,’the willing suspension of disbelief’- the best summary of where we are.

  53. #153
    On September 29th, 2008 at 1:14 pm, MarcoPolo said:

    Mitt Romney & The Heritage Foundation are supporting the bill.

    Romney has a lot more to lost than I do. He’s pro propping up himself, using me as capital.

    GOP my butt.

  54. #154
    On September 29th, 2008 at 1:14 pm, Cricket24 said:

    “Frank wants us all to be poor.”

    Exactly…oh, but not the congress…it’s ok if they are rich.
    They are just so much smarter than us little people!

  55. #155
    On September 29th, 2008 at 1:16 pm, JP_Texan said:

    I just must be too simple minded. Can someone please tell me why I am still seeing ads for 0% loans on cars and low rates on mortgages if we are in a credit crunch and tight money supply?

  56. #156
    On September 29th, 2008 at 1:16 pm, Mister P said:

    Yes, we are very angry. Frank is not angry, he is gloating. Sorry, its a bipartison capitulation. Good votes for it are STILL in doubt! What happens if it is passed and we still have a melt down? If we are on a brink of an economic disaster, this bill will stop it. Act with at least a mark to market of 3 year averages. Sounds like Boehner joined the boys and girls.

  57. #157
    On September 29th, 2008 at 1:17 pm, RabbidSquirrel said:

    HOLY CRAP!!!!

    Did Boehner really just say that???

    We have an imperfect bill…. but we MAY have a solution that works.

    If we dont have a solution that DOES work, then why are we doing IT?!?!?!?!?!?!?!?!?!?!!?!

  58. #158
    On September 29th, 2008 at 1:17 pm, Mister P said:

    correction:
    If we are on a brink of an economic disaster, this bill will not stop it.

  59. #159
    On September 29th, 2008 at 1:18 pm, T-Bone said:

    How about we ask the world for aid? Please donate to our poor people so they can all have a home. If we throw in a little, “its all George Bushs fault”, they would be willing to help since they hate Republicans and love Democrats. Surely they don’t want any Democrats to suffer.

  60. #160
    On September 29th, 2008 at 1:19 pm, Mister P said:

    I don’t believe this one voice crap for one second. These are the same toadies that dismissed him Thursday.

  61. #161
    On September 29th, 2008 at 1:19 pm, MarcoPolo said:

    Now I wonder, is the problem really here now or is it “the sky is falling” people? If it is a gigantic problem, what options do we have? I am not able to follow the logic about what to do if anything. I am leaning toward letting it happen.

    It’s like going to the mechanic to get an oil change and finding out you need a new transmission that very day!

    The sky isn’t falling.

    Look back at Friedman’s Nobel prize winning assessment of the depression. He concluded that if the government hadn’t “helped,” it would have been over relatively quickly. Instead, the power hungry lawyers managed to turn it into a 10 year faisco.

    We’re effed.

    I wish Americans had enough spine to vote these pricks out.

    “Shared responsibilty!” Blech!

  62. #162
    On September 29th, 2008 at 1:20 pm, orlandocajun said:

    What a sickening display of corrupt politicians at work. Barney Frank should be in handcuffs and hauled away and he’s getting praised? I’ve heard audio of his assurance that there’s no problems at the Freddies just four years ago when a regulator was sounding the alarm. Many other Democrats attacked the regulator and praised the head of Fannie. They all should be indicted.

    Does anyone think that any, and I do mean any, minority homeowner who’s currently in default of their mortgage will be foreclosed on? My guess is that we the people are about to become slumlords with no legal recourse against deadbeats. We’re about to buy $700billion worth of public housing for Democrat voters. RIP GOP.

    I have a hard time believing the Heritage Foundation supports this bill.

  63. #163
    On September 29th, 2008 at 1:21 pm, T-Bone said:

    Lets see. How about a line item on our tax return where rich people and those who want to help the poor can contribute to “Dumb-butt relief”?

  64. #164
    On September 29th, 2008 at 1:21 pm, mike.musculus said:

    An email sent to my Congresscritters, (Sen., Rep, both leaders), here via “cut&paste”. My smolderings are at the end of the comment…

    ================================
    Sirs:
    Since my youth I have been a Republican, and proudly so.

    If you push this “bailout” through, I will **NEVER** vote for a Republican again. And I mean under **any** circumstances, sir.

    After all, if I’m going to get Socialism, why go for the “lite” version? It is no kindness to hang a man slowly.

    The “D”s don’t need your help to pass this! They want to use you as dupes! Are you so dumb you will let them? I wait to see.

    I had hopes for the party with Palin’s inclusion on the ticket, but our “man” is talking about earmarks while the socialist “D”s are killing what made this country great: the free market. What you are doing is the difference between a depression for 1 or 2yrs and 10 or 15yrs if you pass this and it is signed.

    I guess from your point-of-view there *is* a silver lining for you guys: this bill finishes that pesky Constitution thingy you-all pay lip service to, but for which your actions say you have only perfect contempt.

    McCain’s election, and your re-election prospects hang on this, and we will not forget.

    Sincerely,
    =====================================

    There it is, as I’ve sent it, just cut&pasted here between the “===” lines.

    If this bailout passes, I will be resigning my Commission: this the the start of the true end of our Constitutional Republic. My oath will no longer allow me to serve any Civilian Authority that holds in contempt that from which their authority derives.

    Some of you may think I’m over reacting. Perhaps from your POV, I am. I, however, take the Constitution and my Oaths as very serious matters.

    As I type this comment, Rush is detailing how this junks the Constitution.

    Just got back CONUS, and this is what greets me. I was looking forward to all my friends here, but after 12hrs of Politics, I’m so angry I need a few days off Politics. I’m glad Dad isn’t awake: this would kill him.

  65. #165
    On September 29th, 2008 at 1:23 pm, Mister P said:

    Lets see. How about a line item on our tax return where rich people and those who want to help the poor can contribute to “Dumb-butt relief”?

    Didn’t Biden give about 3 thousand to charity over 9 years. It is only about them getting credit, so they get the vote. They despise the poor.

  66. #166
    On September 29th, 2008 at 1:25 pm, Mister P said:

    I guess from your point-of-view there *is* a silver lining for you guys: this bill finishes that pesky Constitution thingy you-all pay lip service to, but for which your actions say you have only perfect contempt.

    Does this mean that the military no longer needs to follow the commander in chief as ordered in the constitution?

  67. #167
    On September 29th, 2008 at 1:26 pm, Cricket24 said:

    I probably shouldn’t say this but I think there are a lot of pay-offs with this bill. Our elected officials are getting paid somehow in voting yes. They would sell their soul for the almighty dollar. They complain about Wall Street but they’re even worse than Wall Street. What a bunch of turncoats!
    I feel sick to my stomach!

  68. #168
    On September 29th, 2008 at 1:27 pm, RabbidSquirrel said:

    Hoyer – screw that.

    ‘Cant get a loan to buy a washer or dryer…. ‘ Then wash your clothes by hand

    ‘Cant send their kids to college’ – If you didnt save for 18 years, then i guess the kids dont go or they work their way through college instead of partying.

    ‘Old people wont have money in their retirement accounts’ – yeh, well, where’s my/my kids and my grandkids social security or accounts going to be anyway? My grandparents died with money in the bank……where did that get them?

    ‘Main street, blah blah blah’ – Main street doesnt exist does it? I though wal-mart destroyed that years ago.

  69. #169
    On September 29th, 2008 at 1:27 pm, sd6104 said:

    I know I’m not the smartest person in the room… but,
    if nobody wants to vote on this bill or it is not the best bill, why aren’t they going back and making it better? Look how better it got in the past three days.

  70. #170
    On September 29th, 2008 at 1:27 pm, T-Bone said:

    On September 29th, 2008 at 1:20 pm, orlandocajun said:
    We’re about to buy $700billion worth of public housing for Democrat voters.

    That is one fear I have. The smell of politics in this thing is thick.

  71. #171
    On September 29th, 2008 at 1:30 pm, nyc123me said:

    What the heck was that.. those in favor say aye..
    AYE!
    those not in favor say nae
    NAE! (equally as loud)
    the ayes have it..

    What the heck?

    ok, 15 minute electronic vote now…

    talk about a nail-biter..

  72. #172
    On September 29th, 2008 at 1:32 pm, CantCureStupid said:

    On September 29th, 2008 at 1:27 pm, sd6104 said:

    I know I’m not the smartest person in the room… but,
    if nobody wants to vote on this bill or it is not the best bill, why aren’t they going back and making it better? Look how better it got in the past three days.

    Because they are reacting to phony, made-up panic, created by the very Democrats who are responsible for this mess, and force-fed to the public by a complacent and contemptible media. They are selling their souls out of fear. They don’t care if their constituents hate it… they think that they know something that we don’t and they’ve been brainwashed into believing that this is the only way that they can keep their cushy jobs in the House.

    It would be a joke if it didn’t make me want to barf.

  73. #173
    On September 29th, 2008 at 1:33 pm, MarcoPolo said:

    Oh no – we’re losing.

    111 to 84.

    Our vision of our beloved America is lost forever.

  74. #174
    On September 29th, 2008 at 1:35 pm, nyc123me said:

    Sorry, should be YEA and NAY, not AYE and NAE..

    currently 118 for, 102 against.. with 214 yet to vote

  75. #175
    On September 29th, 2008 at 1:37 pm, nyc123me said:

    If this doesn’t pass, what’s the bet the markets get closed like after 911.

  76. #176
    On September 29th, 2008 at 1:37 pm, sambo said:

    orlandocajun said:
    Barney Frank should be in handcuffs and hauled

    Thats his night job that he runs out of his basement.

  77. #177
    On September 29th, 2008 at 1:38 pm, nyc123me said:

    egad so close.. 136 tied

  78. #178
    On September 29th, 2008 at 1:39 pm, RabbidSquirrel said:

    On September 29th, 2008 at 1:37 pm, sambo said:

    orlandocajun said:
    Barney Frank should be in handcuffs and hauled

    Thats his night job that he runs out of his basement.

    Some people pay extra for that….

  79. #179
    On September 29th, 2008 at 1:40 pm, sd6104 said:

    This message was was just sent to me by a mortgage broker. (The vote is about to start) I thought no one was lending money. These rate are not bad. I have omitted who sent it and will not post anymore info. Just thought people would like to know.
    _________________________

    The following rates are available for loan amounts less than $417,000.? The interest rates being offered do require that property taxes be impounded or escrowed with the loan. These rates are not for investment properties.

    If your loan amount is less than 60% of the value of your home;

    30 Year Fixed Rate at 5.75% with 0 Points.

    20 Year Fixed Rate at 5.625% with 0 Points.

    15 Year Fixed Rate at 5.625% with?0 Points.

    If your loan amount is?more than 60% of the value of your home;

    30 Year Fixed Rate at 5.875% with 0 points.

    20 Year Fixed Rate at? 5.875% with 0 points.

    15 Year Fixed Rate at 5.625% with?a 0 points.

    Our Lender Fees are the same for each loan.? We charge $895 in closing costs plus a $395 application fee.?We use the application fee to pay for the appraisal.? These are the only Lender Fees that you will see on the loan.

    Call me or email me? Today to lock in the rate and begin the process of refinancing your home.?

    __________________________

    Vote is now 157 Yea, 155 Nay

  80. #180
    On September 29th, 2008 at 1:40 pm, PhredE said:

    161 Yes
    160 No

    2:50 remaining

  81. #181
    On September 29th, 2008 at 1:40 pm, ChrisFromGermany said:

    156 YES 151 NO – close one…

  82. #182
    On September 29th, 2008 at 1:41 pm, mngirl said:

    GOP Rep. Michele Bachmann rises to oppose the bailout.

    Love this mother of 5, and 20+ foster children who is a former tax lawyer.

    And the Barney Frank sucking up is truly, truly nauseating and so very undeserved.

  83. #183
    On September 29th, 2008 at 1:41 pm, PhredE said:

    162 Yes
    167 No

    2:24 remaining

  84. #184
    On September 29th, 2008 at 1:41 pm, PhredE said:

    167 Yes
    171 No

    1:39 remaining

  85. #185
    On September 29th, 2008 at 1:41 pm, Cadman said:

    Keep reporting guys – thanks

  86. #186
    On September 29th, 2008 at 1:42 pm, ChrisFromGermany said:

    More NAY than YES now…

  87. #187
    On September 29th, 2008 at 1:42 pm, PhredE said:

    170 Yes
    178 No

    1:00 Remaining

  88. #188
    On September 29th, 2008 at 1:42 pm, nyc123me said:

    Holy crap.. markets are diving.. this is it

  89. #189
    On September 29th, 2008 at 1:43 pm, ChrisFromGermany said:

    171 YEA to 180 NAY(!)

  90. #190
    On September 29th, 2008 at 1:43 pm, RabbidSquirrel said:

    185-197

    now we go to overtime

  91. #191
    On September 29th, 2008 at 1:44 pm, PhredE said:

    0: remaining, .. still tabulating

    Nos are ahead (by about 20 now

  92. #192
    On September 29th, 2008 at 1:44 pm, AlohaGuy said:

    Love this mother of 5, and 20+ foster children who is a former tax lawyer.

    I did mention her for VP pre-Palin… :)

  93. #193
    On September 29th, 2008 at 1:44 pm, ChrisFromGermany said:

    Seems as if “the ayes have it” was not so clear after all…

  94. #194
    On September 29th, 2008 at 1:44 pm, MarcoPolo said:

    The Democrats aren’t above cheating – we’ve seen them skew the tallies before.

    This is so wrong that I can’t believe that this even has a prayer of passing.

    Look at them leaving it open longer than 15 minutes, so they can go buy the votes they need.

    RATS! None of them are fit to shine my shoes.

  95. #195
    On September 29th, 2008 at 1:45 pm, ChrisFromGermany said:

    188 YEA to 208 NAY

  96. #196
    On September 29th, 2008 at 1:45 pm, Salt said:

    On September 29th, 2008 at 1:43 pm, RabbidSquirrel said:

    185-197

    now we go to overtime

    Unless Pelosi has figured out a way to steal this vote as well.

  97. #197
    On September 29th, 2008 at 1:45 pm, PhredE said:

    Yes 193
    Nos 218

    NV (still to count: 21)

  98. #198
    On September 29th, 2008 at 1:45 pm, cyrebus said:

    Up yours Wall street!

  99. #199
    On September 29th, 2008 at 1:46 pm, Salt said:

    On September 29th, 2008 at 1:44 pm, ChrisFromGermany said:

    Seems as if “the ayes have it” was not so clear after all…

    That confused me for a second, too, until I realized it was the “ayes” for starting the vote, not on the vote itself.

  100. #200
    On September 29th, 2008 at 1:46 pm, PhredE said:

    Chalk it up as official – the remaining votes to be counted aren’t enough to even up the Yes’s to the No’s – bill NOT PASSED.

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