Kill the bailout: The House floor debate is on; Bill fails
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.
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
See what others have said
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Trackbacks
- Let the Private Sector Fix the Economy | Axis of Right
- Plains Feeder
- Michelle Malkin » Kill the bailout: The crap in the “crap sandwich;” 10 reasons to oppose the bailout; debt limit increased to $11.315 trillion
- Webloggin » Crisis as a Tool To Elect Barack Obama
- OpenMarket.org » Archive » Bailout Bill Just Got Worse, But Congress May Approve It Without Reading It, Based on Misleading Claims
- Swamp Hermit’s *QUICK* Bits « The Swamp Hermit’s Report
- OpenMarket.org » Archive » Bailout Pushes Affirmative Action After “Diverse” Bank Collapses
- The debate is on « Right Minded Online
- silent E speaks - Conservatively Speaking from Western Waukesha County » MOAB Update
- Sonoran Alliance » Kill the bailout, updated
- The American People Want A Full Meal Buffett Deal–Not A Bailout! « Pronk Palisades
- Breaking:Bailout bill fails | Right Voices
- Michelle Malkin » Breaking: It’s official. House rejects Trillion-Dollar-Plus Crap Sandwich
- Kill (the) Bill: “Unfettered authority” would be given to Paulson. | LOUNGE DADDY
- Michelle Malkin » Nancy Pelosi’s bailout attack speech on the House floor
- Jules Crittenden » Sky, Falling
- House Votes on Bail Out Deal … NO DEAL!!! Bail Out Package fails 228 - 205 … Stock Market Down 778 | Scared Monkeys
- University Blog
- Destroying the economy to win votes; Nancy Pelosi’s speech and Barack Obama’s rhetoric « Northern Thoughts And Reflections
- Nancy Pelosi’s bailout attack speech on the House floor; Update: Pence statement added « Jay Keating’s 2008 Weblog
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» Surrender, he whispered
I did mention her for VP pre-Palin…
Seems as if “the ayes have it” was not so clear after all…
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.
188 YEA to 208 NAY
Unless Pelosi has figured out a way to steal this vote as well.
Yes 193
Nos 218
NV (still to count: 21)
Up yours Wall street!
That confused me for a second, too, until I realized it was the “ayes” for starting the vote, not on the vote itself.
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.
Looks as if it really might not pass…
failure
Exactly which Socialist country would that be? The Marx/Engels Socialist model didn’t exist until the mid 1800’s.
It is pertinent to their views on the ability to clear debt for a fresh start, rather than being forced to bear the burden of that debt to the detriment of the individual and, by extension, to the family, community, and country.
Not when it’s combined with the ability to borrow money, coin money, and regulate the value of said money.
If it’s illegal, then why hasn’t it been found to be unconstitutional?
The bailout as presented is exactly what you say it is. That’s why I was saying that the money needs to be lent, rather than purchasing bad debt. That would be completely covered under Article 1, Section where it states: The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States. If keeping us out of a depression isn’t promoting the general welfare, then what is?
Again, that’s why they loan the money, not purchase bad debt.
Funny. That’s not something I’ve ever been accused of before. You are not being tolerant of someone who disagrees with your point of view. You are a neo-bigot.
Can they switch votes? Because if they can not, the bill just went down in flames…
Yes 203
No 227
To vote 4
Are they yelling “point of order” to try to get them to close the vote?
They need to chant it over and over.
Let it die. Let it die.
202 YES to 222 NAY and 7 votes left! EPIC FAIL! Unbelievable…
They killed the bill! YEA! Now, they need to pick up the 2 items that make sense today!
1) Adjust the mark to market acct rules
2) Adjust the FDIC limit to 500k
Then step back and think about it all a bit more.
Yes 205
No 228
NV 1
There are 60+ Republicans that need to feel the wrath
So it lost, right?
The bill is dead!
I’m stunned, GREAT NEWS!!
Yep, it failed.
60 + that voted against or for??
So much for “the ayes have it”… And to think that this “vocal vote” almost went through…
Interesting stats:
95 Dems voted against it.
65 Reps voted FOR it.
The vote isn’t closed, and the Dow is tanking.
Point of Order!
Has it occurred to anyone else that this “crisis” with has been years in the making has just been forced to come to a head in order to benefit the very people who caused it? The democrats?
In terms of impending financial Armageddon; I just helped someone polish up a business plan and do the paperwork to get a small business loan… She went in at 9 am Thursday and got a yes an hour ago for a substantial loan. That tells me that there isn’t a “credit crunch” for non-morons. Morons shouldn’t have been getting credit to begin with.
I feel like a fool because I passed up on real estate deals because I crunched the numbers and came to the conclusion that it would have been irresponsible to take out a loan that would be difficult to pay back under the terms offered. I should have just grabbed and grabbed some more and screwed everyone else with the bill.
The worst part, the most exasperating, fist clinching part is the exact people who caused this are going to be the ones who benefit most. Barack Obama is going to profit from the financial melt down that the democrats caused, and they DID cause it.
When do we get the names?
I’m waiting until an official announcement…
now what folks?
maybe they should try eliminating CRA and sox which got them into this mess…
There’s money here in Hawaii for home loans from solvent banks. You need good credit of course…
Now we wait for Matt Damon’s approval.
Votes are being switched to yeahs…
Look! The most ethical Congress in history refuses to take “NO!” for an answer!
dow is going back up…from down 650 to down 396….
Why don’t they close the vote? Who is the one guy stalling? And what’s the point? Point of Order, anyone?
“Barney has photos of you”
“Ok, ok, I’ll vote ‘Yes’”
And they were telling us that the House GOP couldn’t stop this. See what happens when you stick to principles and try?
down 356 now…
I think Nancy Pelosi ticked off a lot of Republicans with her little speech!
surprise surprise
Dow down -459 (10:56am PT) via CNN.
its a rollercoaster!! yee haaa!
Michelle has posted that it has failed. Has it or not?
It hasn’t failed yet. They’re leaving it open to allow for arm-twisting (supposedly longest open vote was three hours).
Two votes have changed already to Y, one D and one R. They only need 10 more to strong-arm.
Is it?
Dow down -500 (10:58am PT) via CNN.
What are the odds they’ll recess after this? Just go home, and let the chips fall.
rush just said they’re browbeating 11 members to change their votes….it ain’t over till its over..
Now maybe all of these politicians can take some time and actually do their jobs rationally instead of voting under fake pressure.
The votes haven’t changed much in the last few minutes, as it stands:
No: 226
Yes: 207
NV: 1
Few, if any votes have shifted.
*It is going to fail*
How can they do that??? Isn’t a vote a vote???????????????
I don’t believe in hating anyone, but these guys are really pushing me.
Of course they are. We just have to hope that those 11 stand strong.
This is our money!
I THOUGHT THE AYES HAD IT !!!!!!!!!!!!!!!!!
melt the phone lines to have the NAYs hold firm until the vote is closed!
I was once told that a vote could be held open for a few days, if they didn’t get the result the leadership wanted. If it is possible, and they did that here, even those asleep would notice the duplicity.
Now, Dow at -421 (coming back up quite a bit) at 11:00am PT.
Bloomburg has it down 341
Freaking Boehner’s probably leading the “please change!” contingent.
On September 29th, 2008 at 1:52 pm, California Red said:
Now we get to start making payments on Franklin Delano Raines ski chalet in San Moritz and his mistresses’ umbrella holders condo on 5th avenue.
Votes appear to be unchanging at 11:02am PT
Dow at -459 (at 10684)
When do we find out who voted which way?
along with a financial collapse, all we need is syria to attack israel, israel nukes damascus, and russia and iran invade…..
things are getting interesting…
Call your rep and tell them to stand firm on no to this cover-up/bailout!
Will the Dem’s leave Frank ‘hanging dry’ or will they switch and give him a hand?
for sd6104:
Later check:
http://thomas.loc.gov/home/rollcallvotes.html
That confused me for a second. The “ayes” previously mentioned were to start the vote, not on the bill itself.
Reconsider??? No! No!
YESSS it failed
(btw cspans website is crashing)
The debate is proceeding to other bills.
For now, it’s done. 11:07am PT.
I’m not happy until I hear this thing is Dead!
Shows what you know about history. Don’t come to a gunfight armed with a slingshot.
That’s not what happens with bankruptcy and that’s not what they’re trying to do now. Another foolish assumption. Also note that the Founding Fathers didn’t buy into the notion that extensions to the community and country were appropriate when it came to the federal government.
There is no authority for the federal government regulate the value of any money. You are twisting things quite a bit here.
Because the courts are in on it. This is nothing more than a ploy to take more power from the people and the states.
Either way, the taxpaer must pay it back. This is nothing more than a tax increase, plain and simple. Further, I can’t think of anything more risky than trusting an entity that’s already billions in the hole to borrow more money and have the creditor (taxpayer) expect to get back one red cent of it. Are you THAT foolish?
Promoting the general welfare does not mean Congress has carte blanche to just do whatever the hell it wants. It must adhere to its limits. This very concern was brought up and responded to by James Madison:
Of course, the Anti-Federalist’s concern here has come completely to fruition, and you are sitting here advocating more of it.
The position you have taken is liberal, period, and so is your tendency toward name-calling. For defending the Founding Fathers and calling you on the carpet for your foolishness, I’m being called a neo-bigot.
Well, if standing up for the basic tenets of the Constitution, under which all of Washington is required BY LAW to run, makes me a bigot, then I will wear that label like a badge of honor.
However, I will ALWAYS stand up and fight those who stand against the Constitution, either purposefully or inadvertently. You may be a case of the latter, but that doesn’t make you right.
RWR
http://www.rightwingrocker.com
What now, folks? Do we tank on Wall Street? Maybe they should take Newt’s suggestion and suspend taxes on capital gains. I don’t know much about economny, but I hear that would pretty much take care of the problem without going into socialism. At any rate, the people have spoken…we are not ready for a socialist government! Period! Take that Barack Obama!!
That;s funny. Sitting at my desk here at Wachovia with a smile on my face. How ironic that smile will be at the end of next month when I’m out on my can.
So the DOW started to rise when people thought the bailout failed and then started to tank when the vote was left open?
Quite honestly, it doesn’t matter to me which it is. This situation MUST be not be dealt with via this bailout… period!
The bill failed! I felt a thrill going up my leg.
This situation MUST
benot be dealt with via this bailout… period!Should have read…
Let them fail! Traitors, crooks and liars thou shalt not steal our 700 billion!
This bailout patch is the wrong thing a the worng time.
There has not been one word form the house or senate about what actually got us here.
Till Barney Frank, Chris Dodd, Maxine Waters, Franklin Raines, Chuck Schumer, Nancy Pelosi, Jamie Gorelick and others are indicted, I say not a penny of taxpayer money for any whitewash of this mess.
I stand by that statement.
Let them fail! Traitors, crooks and liars thou shalt not steal our 700 billion (that we do not even have for them to steal)!
That is the only taxpayer money that should be spent, is to indict and prosecute and convinct the above felons!!
I agree w/Newt.
This from Fox News
Can’t even access the House web page. Want to confirm how my Rep. voted, although I think I know.
Woo-hoo!!
P.S. Hearing from libs nearby how the Dow dropped 600 pts. “b/c the bailout failed the House.” Okay…but Citi bought Wachovia w/o a bailout. Can’t help but wonder, how much worse it would have been if the bailout had passed?
Can’t have it both ways, Madame Speaker.
The market up and downs surrounding these events mean nothing to me.
I was alive in 1987 when the market tanked, I got up the next day and went to work.
Tomorrow I will get up and do exactly what I do every day.
So will most of you.
The line in the sand that needs to be drawn is on the criminals that caused this mess.
Till then I am ready to take whatever medicine must be taken. As a father I had much rather face this now and leave my child and your child a more perfect union. Not a more socialist society.
Till we Republicans get it, that when whatever problem faces America, Americans can handle it.
Democrats turn to Washington and the power grabbers.
Republicans must always turn to the American People.
In times of crisis I look to my principles and beliefs for how to go forward. So should we all.
In other news, another load of garbage goes down in flames:
http://news.bbc.co.uk/2/hi/science/nature/7641915.stm
The analogy and the timing is just toooo ironic.
When I heard Pelosi say that about “the failed Bush administration” for the umpteenth time, I wanted to reach into the TV and smack her silly. How dishonest she is! And clueless to think her words would not inflame the republicans. If that is the reason for the bail-out to fail, it is even more sweet!!
Here are the good guys and the bad guys:
http://clerk.house.gov/evs/2008/roll674.xml
HTH
There is no way these creeps have forgetten the hearings where Waters, Frank and the rest shot down an attempt to prevent this mess.
THEY KNOW who is responsible, and it isn’t BUSH and the REPUBLICANS!! Not this mess.
But they stand there and LIE and of course the MSM will ignore the TAPED PROCEEDINGS that PROVE their culpability…
I…….. am………. so…….. angry.
Thank you! I knew Rep. Bartlett would do the right thing.
MtsEdge – Glad to help.
Best to keep all the details as public and transparent as possible.
A slingshot is fine when your gun has no ammo. You neglected to provide an example.
Article 1, Section 8
The Congress shall have Power To … coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures.
It’s called the Constitution. Try reading it.
I’m pretty sure dire financial catastrophe such as a depression would have been viewed as an appropriate use of Congressional powers.
Liberal is what the Dems are proposing. The government owning people’s homes is liberal. Lending money is not liberal. This has been done many times in the past. Harley Davidson wouldn’t exist if it weren’t for government loans.
I disagreed with you, so you immediately named me a liberal. You are a person obstinately or intolerantly devoted to your own opinion and lashed out at me because I didn’t get in lock step with you. If I were going to name call, I’d call you an idiot as I’ve done to many before. However, you are not an idiot, just intolerant to a slightly different, not opposite, point of view. 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. Even Newt is all for a loan. Is he a liberal too?
My liberal hippie Rep Abercrombie voted No. Wow.
Mtsedge – What’s with the title and description of that vote? Is that the roll call for the Bailout or what the description says?