WASHINGTON - The House on Monday defeated a $700 billion emergency rescue for the nation's financial system, ignoring urgent warnings from President Bush and congressional leaders of both parties that the economy could nosedive into recession without it.
Stocks plummeted on Wall Street even before the 228-205 vote to reject the bill was announced on the House floor.
Bush and a host of leading congressional figures had implored the lawmakers to pass the legislation despite howls of protest from their constituents back home. Despite pressure from supporters, not enough members were willing to take the political risk just five weeks before an election.
Ample no votes came from both the Democratic and Republican sides of the aisle. More than two-thirds of Republicans and 40 percent of Democrats opposed the bill....
Americans live on so much credit, that the few who took out their money from banks would make little difference. Ah, for one man's opinion the financial guru from Omaha! [URL=http://www.charlierose.com/shows/2008/10/01/1/an-exclusive-conversation-with-warren-buffett]]]An exclusive conversation with Warren Buffett[/URL], since I got my DTV converter box, I've had more opportunity to watch more bad shows than anytime since I had Cablevision. This one isn't too bad, many of you will like the comments about the show, I don't like Warren's choice of Presidential candidates, Ah, but he can't be right on everything. You might be able to catch The Nebraska Whiz Kid of Economics on your PBS station, for that matter.
The Senate approved the $700 BILLION DOLLAR bail out after sugar coating it a little more. -- Now it will go to the House of Representatives for their vote.
Funny thing too, those clowns didn't listen to "We The People" -- they just ran with their own agenda -- sounds like business as usual for "Our" rogue servants in D.C. !!! --- --- IT'S TIME FOR A COMPLETE CHANGING OF THE GUARD --- IT'S TIME TO VOTE THEM OUT AND PUT NEW '''SERVANTS''' AT THE GATE !!!
Call your Representatives in the House and tell them to vote ""N O"" on this bail out bill !!! -- The House was where the bill was blocked last time --- let's hope they aren't a bunch of FOOLISHLY HEEDLESS SELLOUTS as those in the Senate have proven to be !!!
It's a sad day for America and it will just keep getting worse with treasonous self-serving sellouts at the helm navigation us toward sure and impending doom... --- They have this ship steaming at full speed with no thought of the rocky shoals ahead !!!
"GREED" is an all consuming character flaw that blinds the heart and ultimately leads to a disastrous shipwreck (complete and total loss) and these are those "We" have as servants in D.C. - -
****What would Washington do if we all withdrew all our money from the banks and kept it at home for a week in shoeboxes?****
I just heard SC Republican Senator Lindsey Graham say that his phone is ringing off the hook with voters OPPOSED to the bailout. But he said he knows better than his constituents so he is going to vote FOR the irresponsible, dollar devaluating, greed rewarding bill.
If the Senate passes this bill tonight contrary to the majority will of American citizens, what if we all went to our local banks and withdrew our money. THAT would show then what a liquidity crisis is.
Don't go below your minimum balance. Don't bounce any checks. Don't miss any scheduled EFT payments.
But go to your bank on Thursday and take out as much as you can. Take it home and put it in a shoebox for a week (or until they give up the bailout idea).
They may not listen to voters, but we can let our dollars speak.
Bloggers, post this idea on your blogs.
Somebody with talent put a creative video on You Tube.
Anybody with an "in" get your local media to know about this.
And tell your friends.
If only the sensible people do it we can send a message to Washington that they are not hearing via phone calls and email.
I know one thing, there aren't many Christians in Congress.
Mark 10 42 And Jesus called them to him, and saith unto them, Ye know that they who are accounted to rule over the Gentiles lord it over them; and their great ones exercise authority over them. 43 But it is not so among you: but whosoever would become great among you, shall be your minister; 44 and whosoever would be first among you, shall be servant of all. 45 For the Son of man also came not to be ministered unto, but to minister, and to give his life a ransom for many.
They are much more interested in keeping their jobs!
George Washington wrote: All see, and most admire, the glare which hovers round the external trappings of elevated office. To me there is nothing in it, beyond the lustre which may be reflected from its connection with a power of promoting human felicity.
[URL=http://www.sermonaudio.com/sermoninfo.asp?currSection=sermonssource&sermonID=11005171618]]]The Believer and Politics[/URL]
I heard about this the other day and you're right, this truth was swept under the rug by the liberal media accross America... --- It says a whole lot about the dishevelled state of "Our" system and those "We" have in D.C. who are supposed to be "SERVING" "Us" and aren't !!!
"We" have a bunch of "OVEREDUCATED THUGS" in D.C. who have but one aim ------- SERVING THEMSELVES AT "OUR" EXPENCE !!! --- --- THEY CAN'T BE TRUSTED AS FAR AS YOU CAN SPIT INTO THE WIND ------- YOU KNOW, THAT JUST BLOWS EVERY WHICH-A-WAY AND GETS ALL OVER YOU !!!
THE TRUTH BE TOLD "We The People" AREN'T SAFE WITH SeRvAnTs SUCH AS THESE !!!
[URL=http://townhall.com/columnists/MonaCharen/2008/09/30/acorn,_obama,_and_the_mortgage_mess]]]ACORN, Obama, and the Mortgage Mess - Mona Charen[/URL]
"The financial markets were teetering on the edge of an abyss last week. The secretary of the Treasury was literally on his knees begging the speaker of the House not to sabotage the bailout bill. The crash of falling banks made the earth tremble. The Republican presidential candidate suspended his campaign to deal with the crisis. And amid all this, the Democrats in Congress managed to find time to slip language into the bailout legislation that would provide a dandy little slush fund for ACORN.
ACORN stands for the Association of Community Organizations for Reform Now, a busy hive of left-wing agitation and "direct action" that claims chapters in 50 cities and 100,000 dues-paying members. ACORN is where Sixties leftovers who couldn't get tenure at universities wound up. That the bill-writing Democrats remembered their pet clients during such an emergency speaks volumes. This attempted gift to ACORN (stripped out of the bill after outraged howls from Republicans) demonstrates how little Democrats understand about what caused the mess we're in. "
Not too much exposure of this aspect of the mess, yet... interesting
It seems they have all adopted the phrase "It's not about Wall Street, it's about SAVING Main Street" ...
.......... WHAT A BOUNCH OF BLUNDER HEADED IDIOTS !!!
The truth be told, none of them can be trusted !!! --- What a sad state of affairs.
This has been building up for many years now and those imposters in D.C. are as much to blame for this mess as those who have committed these crimes against Americans !!!
It's just out and out greed that has brought this about !!!
Each and every one of them are "South Ends of North Bound Horses" !!!
It's time for "We The People" to wake up to the sobering fact that if "We" don't get involved and stay on top of things that are going on in "Our" Nation the unscrupulous antics of a bunch of dunderheads will take "Us" to all time lows...
Just look at America today, so many companies have moved to other countries abandoning Americans and "We" can thank all the boys and girls in D.C. for allowing this _ _ _ _ (crap) to happen. --- Funny thing too, "We" just keep on buying their goods
"We" have a failed system on "Our" hands and most people are in denial --- especially those in their 501c3 pulpits !!!
What will come of this mess if sober minded Godly men fail to STAND ???
Scott McMahan wrote: Does Wall Street have the guts to pull its own plug and cover its bluff?
Of course, they wouldn't get the opportunity if the government truly called the bluff of the capital marketeers and the failed banks and [URL=http://news.bbc.co.uk/2/hi/business/7642394.stm]]]nationalised[/URL] the failed banks at these rightly reduced market prices.
"BBC business editor Robert Peston said it was a good deal for taxpayers, and that the risk was "quite close to nil". "
House defeats $700B financial industry bail out ??? ---
ONE OF THE BEST THINGS TO EVER HAPPEN !!! --
......................... THANK YOU JESUS !!!
The proposed bail out had many deep pockets getting their fill !!!
Word is, there were provisions for Auto Makers, Organized Labor Unions ... you name it, all the "BIG BOYS" were getting their fist full of giveaway dollars in this bail out tomfoolery. --
LET US NOT FORGET ALL OF THIS LEADS TO "BIGGER GOVERNMENT" ... AND GREATER GOVERNMENT CONTROL OVER OUR LIVES !!! -- NO THANK YOU VERY MUCH !!! --
I don't care how President Bush and all the stooges in D.C. spin it, a bail out isn't the answer !!! -- Americans can withstand the adjustment !!! -- The problem is, all the "FAT CATS" want to stay "FAT" at the expense of "We The People" -- -- I say let them reap the whirlwind that is the result of their greed, for this is what led them to their floundering business antics !!! --
NO BAIL OUT EVER !!!
KEEP CALLING YOUR REPRESENTATIVES -- TELL THEM... ....................... ""ABSOLUTLY NO BAIL OUT"" !!!
LET YOUR REPRESENTATIVES KNOW YOU ARE WATCHING TO SEE HOW THEY VOTE !!!
THERE'S A MEMORY PROBLEM IN D.C. -- THEY'VE FORGOTTEN "US" !!!
This is fantastic! (If it sticks!) I'm thrilled that the House stood up for taxpayers and said "no!" to the give-us-$700B-immediately-or-we'll-destroy-the-economy extortion. Does Wall Street have the guts to pull its own plug and cover its bluff? I doubt it. They'll muddle through. Already, JP Morgan bought WaMu for $2B, and got $300B of assets on the cheap (even if they have to write off 60% or more, they'll come out okay).
My prediction - in 5 years or less, there will be a book describing how a few Wall St insiders gamed the government system (with the help of Wall St insiders in government) to destroy banks and seize their assets. Oh, we have not even scratched the surface of the scandal that is going to rock the nation when investigative reporters get to the bottom of what's really going on. Just wait. Make a note to revisit this in a few years.