Bailout Plan Rejected

Bailout Plan Rejected

money.cnn.com

The fate of the Bush administration's $700 billion financial bailout plan was abruptly thrown in doubt Monday as a House vote turned against the controversial measure.

The measure needs 218 votes for passage, but it came up 13 votes short of that target, as the final vote was 228 to 205 against. About 60% of Democrats voted for the measure, but less than a third of Republicans backed it.

President Bush is "very disappointed" by the House vote, his spokesman Tony Fratto said.

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[edit on 29/9/2008 by Badge01]

Wow! I never thought this was going to happen. I thought it was a sure thing, but the Bailout Plan was rejected by the House of Representatives who need a simple majority to pass the bill.

This is easily the best thing for the economy, the dollar and the American Ideal. Passing this bill would have tanked the dollar, causing commodities and consumer goods to skyrocket. It would have also have propped up the economy for the short term until the market realizes it needs to actual correct the situation before the system can heal and stabelize. Not only that, this would have been an unprecedented step toward Socialism in this country, that for all purposes would have killed the free market ideal.

Amazingly enough, the Republican over-overwhelmingly voted against the proposed bill. I guess they realized that they no longer have to be Bush's neo-conservative tool, even if going against their beliefs.

For once, on this day, we can say that Bush is "very disappointed" and the citizens of this overwhelming elated.

A landmark day for the USA!

money.cnn.com
(visit the link for the full news article)

Does this mean I lose the $65,000 that I had in an annuity with AIG??

Was the plan for AIG included in this thing?

If you search recent threads here in Breaking News, someone posted the bill.

Not a one-liner, etc..

Excellent... this means that financial "trust" can be restored.

We still have a recession to go through... but at least now there will be a light at the end of the tunnel to get to.


Oh this makes me relieved.


Yes, some people will get hit because of this... but if they had gone through with the bailout, it wouldn't have just been a recession, it would have been a total collapse. It negated financial trust... and without that, a free market has nothing to stand on.

AIG is safe in all this with 80% equity being held by the government, so it is actually very safe. They had to bail them out because they insure so much in the credit industry, that there was no way the Government would let them fail.

On a side note, I almost took a while ago. Some of the most nervous-looking people I have ever seen. ''

[edit on 29-9-2008 by frailty]