Dow drops as bailout defeated
Raw Story
September 29, 2008
The House failed to pass a $700 billion economic bailout package Monday, sending lawmakers back to the drawing table to try to stave off an economic collapse, and the stock market plummeted on the news.
The package failed on a 228-205 vote after Congressional leaders held the vote open for a half-hour after time had expired as they tried to persuade lawmakers to change their votes. CNN reported that lawmakers wouldnt hold another vote on the bailout Monday as Congress prepared to adjourn for the Jewish holiday of Rosh Hashanah, which begins at sundown.
The failure — after lawmakers remained in Washington over the weekend to negotiate a compromise — essentially sends Congress and the White House back to the drawing table as they try to craft a compromise.
The Dow Jones Industrial Average was down nearly 600 points as traders worried the vote would go down in defeat. The Dow dropped as much as 705 points at one point.
It was unclear how long Pelosi would hold the vote open to try to persuade lawmakers to shift their votes. House rules allow leaders to hold the vote open indefinitely.
Lawmakers on Monday debated the bailout plan for struggling Wall Street banks as US President George W. Bush appealed to Congress to quickly approve the deal to free up frozen credit markets.
I fully understand that this will be a difficult vote, Bush said at the White House before the House of Representatives began debate on the proposal amid stiff opposition from some members of his Republican party.
But he said the rescue package will help keep the crisis in our financial system from spreading throughout our economy.
The US president spoke after a compromise proposal was hammered out in high-stakes negotiations between rival party leaders in Congress and White House officials over the weekend before global markets reopened on Monday.
The plan would mark the largest government economic intervention since the Great Depression of the 1930s, and is designed to shore up a troubled economy suffering from a burst US housing bubble that has ravaged the global banking system.
The proposal grants the Treasury secretary authority to buy up toxic mortgage-related ets in troubled banks in hopes of easing the flow of credit and reviving the moribund housing market.
As the pivotal debate began in Congress, the shakeup of the US banking sector continued with Citigroup on Monday agreeing to takeover Wachovia Bank. US regulators backed the deal that grants the government a stake in one of the nations biggest banks.
The takeover came as Wachovia faced a near collapse of its share price and weakening confidence because of its exposure to troubled mortgage ets.
Congressional leaders, mindful of the approaching November 4 general elections, acknowledged the vote could be close while some conservative Republicans and liberal Democrats vowed to oppose the measure.
We now have a deal that promises to bring near-term stability to our financial turmoil, but at what price? Republican Congressman Michael Pence, a critic of the bailout, asked in a letter to colleagues.
White House hopefuls Republican John McCain and his Democratic rival Barack Obama have offered cautious backing for the plan, both claiming that demands they had made had been included in the new bill.
Despite the weekend deal, the financial crisis spread anxiety across global markets, prompting nationalizations and rescues of European banks while sending stocks down in Asia and Europe.
http://www.youtube.com/watch?v=lFh6PU6qM9Q&eurl=http://www.infowars.com/?p=4962
Duration : 0:7:53
[youtube 8wjx9S7Pjwo]
Millions of …
Millions of Americans are paying ridiculously high interest rates of 30% or more on credit cards!
Thanks to a 1978 U.S. Supreme Court decision, these the-sky’s-the-limit rate policies dominate the credit card business.
The lifting of state-imposed interest rate limits (usury laws) made it easier for credit card issuers to offer cards to customers from all over the country.
Save our economy! Cap credit card interest rates to allow consumers to pay down their bills, thus freeing up their money
SAVEUS6723
SAVEUS6723
Bailouts only …
Bailouts only increase inflation.Nice video.
I can’t believe …
I can’t believe that CEOs and other executives of AIG just spent 400,000.00 of the bailout to send themselves to vacations and spa treatments. Gready selfish jerks! I can’t wait to move to Canada or Australia. I’m so out of here!!!!!!!!!!!!!!!!!!
Bill, guys like you …
Bill, guys like you will only benefit from the depression! You are a carpenter/plumber/mechanic/handy man, NOT AN EMPTY SUIT! You’ll always have food on the table, and WOMEN WILL LOVE YOU! Your time is coming!
the bail out came …
the bail out came back and all they changed is added 100billion in tax breaks for stupid and a clause that states that if its not enough it can be increased WERE ED!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! if you dont have a gun get one..no fear mongering intended.. dow dropped 500points again today and its still falling! Enjoy!
BAILOUT CRISiS:
…
BAILOUT CRISiS:
STARRING:
Prince John = Bankers
Robin Hood = me and you
Sheriff of Nothingham = Bush
It’s time get outta Sherwood and return to the re-claim our gold.
You may get 1.000.000 views on youtube, but there are 305.000.000 people to reach!
FAX, SMS, MMS, Phone, voIP, Blogs, Chats, Feedbacks, Guestbooks, iReport, hi5, Facebook, using Ecrawl to get email addresses!
Get a message out: NO BAIL OUT!
“Switch to Gold, The Fed will Fold”
view ( eHTFrt4wGk4 …
view ( eHTFrt4wGk4 ) this was discussed in th secret meeting 7 months ago,.. next comes complete collapse of goverment. ron paul said the bailout will cause just this on 10-01-08. view ( 5BxZ57y42Ps )
The bailouts are …
The bailouts are the PRIVATELY owned Central Bank (Fed.) foreclosing AGAIN (1929 & 2008) with help from THEIR agents in Congress & the media!
The Fed is AGAIN stealing OUR ets in exchange for fiat currency and debt they created from thin air fraud.
Obama, McCain (McBama) and Biden all voted FOR this foreclosure. CHANGE after Nov? WHO?
Hello, Voting for this foreclosure is TREASON!
The 1st Amendment did NOT work!
Is it time to use the 2nd Amendment to replace the traitors?
got news for you, …
got news for you, it’s going to pass.
Martial law
Martial law
What saved us from …
What saved us from the last depression? WW2…. Think about it, Kinda scary.
FEDERALIZE THE …
FEDERALIZE THE FEDERAL RESERVE
The Russian threat …
The Russian threat is over-hyped as part of the New World Order’s scheme to manipulate us into more fear. 600 Bil. has been appropriated for next years military budget. They are planning more state sponsored terror, a police state in the United States, and anyone who dissents will be arrested. Don’t believe me? Wait 3, it is documented as part of their plan. The documents are available in plain sight for anyone who looks.
I wish the bailout …
I wish the bailout wouldn’t pass, but, unfortunately, Congress is just yanking Americans’ chain again.
By the end of the week they will pass it. The mind-controllers’ media will call it a “modified bailout package,” but there will be very little modification to it.
The criminals in Congress will save the criminals on Wall Street. The American taxpayer will think his voice was heard, and the economy will just crash a little later on – after they’ve bled the taxpayer as dry as is possible.
Americans with …
Americans with money should take their money and leave for Australia or some Pacific Island. The Russians now are aware that America cannot finance their military and Russia is deploying their most advanced weapons system now. This is Russia’s response to the Georgia crisis. Russia developed Tesla Weapons and can take out America in 10 minutes. Google “Russian Scalar Weapons” and you will see hundreds of informative websites on this. Evacuate America before it is too late.
bitter yes….. …
bitter yes…..sweet no.
you’re spot-on, …
you’re spot-on, tv69……..TRUTH!!!
Crashing now would …
Crashing now would be a quick depression.
Then, we need gold and silver, no more wars, less welfare and no bailouts. Government should start energy saving programmes in their offices and take taxpayer money way more seriously.
Revoke the vote on the grounds that people were not clear-minded and awake when they casted the votes.
Also, don’t train the police for martial law preparations – people are still sane and reasonable.
Republicans are …
Republicans are greedy jews and it shows.
1,500,000 americans went homeless in 2007 alone…but hey they can always fight for oil in iraq and iran.
Keep this ing …
Keep this ing bill out!!! The only people the loss of the $700 BILLION hurt was the NWO and it hurt them BAD. Lets make sure we don’t get scared and fall for another false flag attack like this market “crisis”. Now Bush and his s are calling this a resuce plan, it only will rescue the NWO. EM!!!
people please don’t …
people please don’t put any more f”"king democrats in office please!!! vote 3rd party
gold and silver got …
gold and silver got out of the stock and bond market last year also like corn and soy beans got out just in time I see I am sorry for anyone that didn’t but it was not like you were not put on notice guess you should have listen maybe you think?
WE ALL HAVE A VOICE …
WE ALL HAVE A VOICE!
RON PAUL!!!!!
Fuck that lunitic !
Live or Starve …
Live or Starve pretty much. We got to stop these people. Before they enslave us all and enfore the national id. Wake up folks Zionism is evil. That is why during the tribulation only 144,000 jews will survive. Cause Zionism is the roote of all evil. All about control. The Gentiles and Zews have been set apart. God never meant for us to be controled by evil men of the world. These evil men are all god’s despolers of war. We must see through this deception. Wake up Sheep. Heis correct.