Open Thread . Wachovia Bank Bought By Citibank
By NancyA on September 29, 2008 at 1:45 PM in Current Affairs, Economy, Open Thread
This is an open thread on the House vote today, and more. Among the hottest stories today — Drudge Report titles it “CITI EATS WACHOVIA” — from Fox News:
This morning, further financial disaster was averted with the intervention of Citigroup. They agreed to buy the assets of Wachovia Bank. With Washington Mutual failing last week, the economy did not need another bank to fail.
The U.S. Treasury Department Office of Public Affairs released this statement by Secretary Paulson:
Washington - Treasury issued the following statement by Secretary Henry M. Paulson, Jr. on the sale of Wachovia Bank:
I commend the action taken by Chairman Bair and the FDIC today to facilitate the sale of Wachovia Bank to Citigroup in an orderly fashion to mitigate potential market disruptions. I agree with the FDIC and the Federal Reserve that a failure of Wachovia would have posed a systemic risk. As a result of this transaction, all Wachovia depositors will be protected and Wachovias senior and subordinated debt will be assumed by Citigroup. The FDICs actions help to mitigate potential systemic risk to our financial system. As I have said before, in this period of market stress, we are committed to taking all actions necessary to protect our financial system and our economy.
There should be no question whether we need a bailout bill or not.
And, if Wachovia Bank had been allowed to close, this would have affected everyone with accounts in the bank. Deposits up to $100,000 dollars are covered by the FDIC, but if the bank had failed, it would have interrupted customers’ ability to access funds.
If there are readers who have money in Wachovia Bank, please share your personal stories with us.
http://blogs.wsj.com/washwire/
Wall Street Journal poll…who won the debate.
McCain was leading…please vote to make sure he stays up.
Bail Out FAILED!
This article.
http://news.yahoo.com/s/ap/20080929/ap_on_bi_ge/financial_meltdown
This article previously had quotes from members of the congress saying they’d gladly vote for the bill but only after 4 November - they didn’t want to do something unpopular with their constituencies even if it was the right thing.
It’s since been removed.
How about them apples?
Test….I posted a comment thrice, but it hasn’t appeared. hmm
I am so discusted with the party I used to belong that I am sick. what I am more angry at is all the blind lemmings that can’t see that this is all the dems fault since long ago. TRAITORS who want to sell us off to the highest bidder because they hate this country. I’m voting strait republican from now on.
I advise against joining the Republican Party. They’ve been committing treason ever since Ronald Reagan. Reagan sold nuclear secrets to the communist Chinese. The Republicans later tried to pin this on Bill Clinton.
BWAHAHAHA!
Sure Perry, It was Regans fault that the Chinese got the blueprints for the MD-88…sure thing. That happened under President Clinton’s watch.
What the Chinese need, they steal. Or haven’t you noticed they do just fine getting things on thier own?
Both parties are rotten to the core.
Nobama!!
Mary Cusack: I am completely with you on this. Republican straight down the line. I haven’t done that since Reagan’s first bid. I am disgusted, and sickened by the Dems. What makes me sickest of all is that I really believed in the Party. I feel so much hope has been shattered this year.
PLEASE DO NOT DO THAT! The Democrats have been a bunch of wimps, but the Republicans are still controlled by crackpots. Moderates in the Republican party have to toe the line or get defeated.
The economic mess we are in is a direct result of the policies of Republicans. Their irresponsible tax cuts ballooned the debt, their deregulation in the belief that the market is always rational has led to one meltdown after another and the rest of us have to keep bailing the crooks out or face a worse financial disaster.
McCain had it exactly right. Money is corrupting the system. If he wins and there is still a Democratic majority he may actually clean some of this mess up. Although he does claim to think Phil Gramm is an economic genius. I hope he is just saying this to pander to his base.
BernieO, the bill was defeated today because of Pelosi. Its plain and simple. And both the repubs and dems are to blame for this crisis. You say dems are wimps…..sorry, thats a bad excuse. they are our elected representatives. so I blame both. and the crackpots right now on the dem side make the repub crackpots look like sweet, peaceful folk.
I am not excusing the Dems, but I would have to overlook a lot to say the Republicans are better. Their war on science, pushing creationism, their extremist economic policies, etc. are unmitigated disasters and very dangerous for our democracy. I am not saying I will not vote for any Republicans (but I sure am voting for Kay Hagan over Liddy Dole).
As bad as the Dems are, Bush, Cheney, Phil Gramm, etc. epitomize what is wrong with our country. The Dems are just cowards.
If you like McCain, you should realize that he will have a hard time governing if he has to deal with a Republican majority. He knows there are a lot of extremists calling the shots. If Democrats still control the House and Senate, it will give him cover to govern rationally.
I agree. McCain would have a very hard time with the GOP. He would get along much better with the Dems.
What we have to remember is that it is our apathy that has allowed both sides to fail our country. Whatever the results in November, if we fail to keep watch and hold them accountable, it will be back to business as usual. We allowed these jackasses to govern for themselves and their cronies, allowing them to forget of the people, by the people, and for the people!. I will be voting for McCain because I believe he has a moral compass, where I believe Obama is a puppet for anti-American, anti-democracy activists, and he is as deep into corruption as his corrupt friends.
How did Pelosi defeat the bill?
Amy, please watch TV, listen to Pelosi’s speech, and then watch the repubs respond. It was an extremely partisan speech for a bi-partisan deal.
She was too partisan given the situationa although what she said was true. I doubt that this she why the Republicans voted against the deal. Here is one explanation:
Representative Darrell Issa, a Republican, said he was “resolute” in his opposition to the measure because it would betray party principles and amount to “a coffin on top of Ronald Reagan’s coffin.”
So some voted for ideology and many others were just cowards. They get that this is a huge crisis, but their constituents oppose the bill.
If they really voted against it because they found her speech offensive they put their own feelings above the good of the country.
It makes me sick that we need to bail out all these fat cats, but I know the worldwide economy will crash if we don’t. I just got back from two weeks abroad and people are freaked out. Our markets affect the world.
Pelosi didn’t do due diligence as Speaker by COUNTING her own party’s votes before bringing the bill to the floor. She didn’t KNOW that 95 Democrats (40%) were voting against it, until it was all over.
Even Dennis Kucinich was saying yesterday that this bill was not going to pass, because so many Dems were against it.
Pelosi completely blew it. HUGE failure as Speaker of the House.
She really bugs me. She can’t be outta there fast enough.
Deregulation has kept the system alive so far. The banks that diversified are the ones who survived. The problem is defaulted loans. That was the Dems.
I should say it was the booming housing market that kept it alive. The CRA from 1977 is the culprit. You just don’t lend money when you know you won’t get it back. It’s called THEFT.
But as long as the housing market soared everything was OK. When the market peaked it of course was suddenly all over.
Banks in Europe have been failing for a year now because they bought securities from Fannie and Freddie. Northern Rock and Halifax in the UK, other banks elsewhere.
They’re dropping like flies. And yes, W ruined the federal economy, but this has no bearing on this current crisis.
On the contrary: W and his people have been warning of this for years. As have many. But the trouble is rooted in a policy of the Democratic Party which many of us knew little about - this business of literally giving money away through the CRA and ACORN.
It’s not only crazy - it’s also a sure-fire way to collapse the world economy. And the people behind this have succeeded.
“It’s not only crazy - it’s also a sure-fire way to collapse the world economy. And the people behind this have succeeded.”
Perhaps this was the plan all along.
Some deregulation works, but the mortgage meltdown could have been prevented by sensible regulations. After the bank meltdown in the 20’s the government stepped in a stabilized the system with the FDIC. Bank deposits were insured but only if they agreed to some rules (like having 20% on hand to cover withdrawals). Before that banks were engaging in really risky lending. This restored faith in the system and has worked well until recently.
The Republicans have been extremists on this issue. They believe that totally free markets are magic.
http://www.youtube.com/watch?v=_MGT_cSi7Rs&eurl=http://savagepolitics.com/
you might want to watch this video - repubs trying to regulate and prevent the disaster. dems saying oh no, oh no. obama’s favorite advisors at the head of the class.
the loan money to anyone, whether they can pay or not, to make home ownership available to everyone, especially minorities, is all on the dems.
Yes. And anyone who was FOR reforming Fannie & Freddie were painted as “racists” who didn’t care about poor people.
Sound familiar?
Yes, and it is the poor people who are facing foreclosure. Tricked into the American Dream by unscrupulous lenders who got their commissions and ditched the bad loans.
The poor are never going to benefit from these kids of programs.
I’m sorry to say this but sometimes the “poor” have to be held accountable. If you know how much money you make and you sign a legal document obligating you to pay the terms of a loan, knowing full well you will not have the means to pay it, then is it your fault?
Yes.
Poor does not equal stupid.
I saved my 20% down over 5 years, bought a house I could afford and worked hard to renovate it, sacrificing nights and weekends to do it a little at a time. It may not be a McMansion or a starter castle, but I can afford it. I cannot have sympathy for someone who got too much, with no money down and now cries about it.
And then they got this shit Obama speaking kindergarten truisms and lies to people on the stump. To think we will have to endure that lying shit for 8 years. It’s too much. Gonna sell the television.
If Obama wins, then there is no balance act in Washington. Democrats are in complete control and that means America turns into a socialistic country… shall we say communistic?
The blame for this mess lies directly with the democrats… there is just too many documented videos and recorded speeches where the Republicans tried to get the dems to listen.
Sorry, A vote for a democrat at this point is a vote for socialism. Bring back democracy and let there be a balance of Republicans and Democrats.
I am not sure about the socialism. Obama has such a weird approach. One of his economic advisors is Goolsbee from the U of Chicago, the heart of free market fundamentalism. He refused to call for a mandate on health care because is was too socialistic. When he proposed a bill to force nuclear power plants to report radioactive leaks, he watered it down to making reporting voluntary after the industry lobbied him. He voted for Cheney’s energy bill. Then he hangs around with radical leftists like Ayers. Go figure.
Obama seems to be willing to do whatever he thinks will get him ahead politically. I have no clue what he really believes, aside from thinking his mere persona will cure all of our ills if he is elected. All politicians have to do some compromising, but he seems to have no core beliefs. He reminds me of Bush. I think both of them aimed for the presidency for their own problems with personal identity and daddy issues. It is not about the rest of us. In comparison, Bill Clinton, while having a big ego like most pols, genuinely cares about ordinary people.
Epic Madness
Back in time, over two hundred years,
By documents which a nation reveres,
A more perfect union’s foundations were laid
By which a great people a Republic was made.
Lest all the power be seized by the one,
A rigorous separation was done,
So that three branches all power would share,
And no man to seize the totality dare.
Our founding fathers, though it’s little discussed,
For popular vote had exiguous trust,
“Democracy” for them a mob rule would denote,
Instead, they ordained the electoral vote.
Securely in history, then, you will trace
This madness of the quadrennial race,
Hardly new were the campaigning or strife,
Only the actors were larger than life.
Now a senator has established her fame,
When she’s known sufficiently by her first name,
So Hillary let the gambit begin,
Announcing that she was in it to win.
From Chicago her chief competition emerged,
Whose popularity had recently surged,
With fanfare announcing his candidacy,
Though he spoke from Springfield, no Lincoln was he.
Opposing them, an old warrior with scars,
Who had been tortured for the Stripes and the Stars,
A maverick known to all parties was he,
Though few thought the final triumph he’d see.
The toast of the big town, America’s mayor,
Not long took his candidacy to declare,
He seemed to have vanished some time in the fall,
One wondered if he’d been campaigning at all.
The governor of Massachusetts declared
Himself in the race but unevenly fared,
With much money spent and few primaries won,
He exited promptly– like father, like son.
By custom, Iowa winnowed the field,
A folksy Arkansan the victory sealed,
But when other victories he could not secure,
Naught but his own loss he’d proved to ensure.
The maverick senator had won after all,
His party’s standard he’d carry this fall,
The other side still had no nominee,
Barry or Hillary– who would it be?
In caucus and primary, victory they sought,
In epic manner the battles were fought,
When Barry’s soldiers overpowered their foes,
Hillary’s quest was soon in its last throes.
So Barry emerged on top in the race,
His party’s majority gave him the embrace,
A gun to a knife fight he boasted he’d bring,
Like Virgil, “of arms and the man” must we sing?
The voters, to whom the definitive voice
By tradition belongs, now establish their choice,
Their country’s fate in the balance now hangs,
Of anguish, patriots groan in their pangs.
The poet, perhaps, but an idler seems,
Of goodness and beauty abstractly he dreams,
As the heart moved him, so did he relate
The epic campaign of two thousand and eight.
The quadrennial madness now having braved,
Naught but his country’s salvation he craved,
And howbeit those running for office behaved,
Heaven he prays that the Republic be saved.
Nice work.
KUDOS !!!!!!!!!!!!!!
John,
I hope you are saving your work. I love it when you share your thoughts with poetry.
What an amazing way to chronicle these times.
Thanks for sharing!
http://www.youtube.com/watch?v=p4p1G3r0948
It’s abit off topic… but thought a good laugh (it’s at the very end…), was needed at this point.
Thanks. Nice. What a bunch of ugly evil fa(e)ces.
Ha!Ha! McCain banned MoDo from his plane!
http://edgeoforever.wordpress.com/2008/09/29/bravo-mccain-modo-banned-from-his-plane/
I recently took money out of an AIG retirement annuity and today deposited the funds in our Wachovia checking account. Tomorrow I am going to write a Wachovia check on those funds to be rolled over into an IRA at Morgan Keegan. I hope we are doing the right thing. I almost want to take the cash and put it in a safe deposit box. However, we are seniors and will have to pay high taxes at tax time for the annuity if we don’t roll it over.
Obama makes me feel like we may never see cash again and he will issue chips with that logo of his and we will begin dealing in Obama chips and gold coins with his face on it. (This is my recurring nightmare.)
I have been afraid of the same thing. Look at every single person who has ever influenced his life, and he is undeniably a socialist. I even wonder about some of the hard line left Dems in Congress. Can they be that ineffectual, or do they want this to happen?
I urge everyone to read this link to: “George Soros: Barack Obama’s Money Man and Agenda Puppeter”.
In it, you will find that, if things aren’t going BO’s way toward the end of October, Soros will enter with an October Surprise of his own that will help Obama:
http://raymondpronk.wordpress.com/2008/09/18/goerge-soros-barack-obamas-money-man-and-agenda-puppeter/
Scary because it’s plausible!
since its an open thread….
How low can obama get…..
Barack Obama’s campaign earlier this month sought to find a r a p e victim to appear in a campaign commercial, according to an email obtained by Politico.
Kiersten Steward, director of public policy at the Family Violence Prevention Fund, served as a conduit between the campaign and victims and women’s advocates.
“Obviously, this is a big ask and I haven’t seen a script but presumably it will be a brief this is what happened to me, we need someone who will fight for women like me, these are the guys to do it,” Steward wrote in a September 15th email. “Again, that’s just my assumption given how these things
usually go.”
Steward, a former top aide to Rep. Maurice Hinchey (D-NY), said the Obama campaign would have a crew in Washington and was hoping to film that week.
She didn’t respond to a message.
The Obama campaign wouldn’t detail the strategy behind finding an individual to discuss such a sensitive topic, but did suggest the ad may be aimed at underscoring their candidate’s support for abortion rights and ongoing effort to retain those women that backed Hillary Clinton in the primary.
“Choice is an important issue and we’re going to continue talking about it in battleground states through the election,” said spokesman Bill Burton.
Virginia is one of those swing states that Obama is especially focused on, and that’s where one r a p e victim received the request to appear in an ad. Mikele Shelton-Knight declined to do so.
http://www.politico.com/blogs/jonathanmartin/0908/Obama_sought_rape_victim_for_ad.html#comments
If this is true, it sucks. There is more than just a single issue for women. Where was Obama when Hillary was being metaphorically raped by the mostly misogynistic press?
He was working with Axelrod and directing the misogynistic press and telling them what to write.
I have a small account with Wachovia and this is an excerpt of the press release they sent us… hmmmmm….
At this rate, we are going to have just three or four
“Mega Banks”" Morgan/Chase, Bank of America, Citibank, and probably Wells Fargo. Just a few huge “too big to fail” monopolies controlling all commerical, investment and insurance banking in the country. Gramm-Leach Blilery deregulations gave birth to the “mega bank, not the mortgage crises like many assume.
FDIC has to up insurance way beyond $100,000.( Or maybe that’s the plan- merge all these banks and then the goverment’s insurance liability drops way down?) Is it any wonder people and company are parking money in T-bills? It feels like no where is safe at this point.
THE REPUBLICANS KILLED THE BAILOUT BILL
WOW. I never thought they would have the courage.
If anyone believes in Freedom, the govt cannot assume this debt in our name.
Actually, the Democrats killed the bill. It was known that the Republicans were opposed. 96 Democrats voted against it.
Apparently even Congress doesn’t realize how serious things will be for average Americans if the economy is allowed to collapse.
Enjoy your spot on floor of the boxcar! Or maybe it will Chinese containers this time around.
Don’t panic, that’s exactly what they want you to do. The underlying problem in this mess is the toxic subprime loans which make up only about 5% of mortgages. Is the stock market going to drop a lot - yes in the near term it will. Is the median house price going to continue to drop - yes in near and mid-term. Is the economy going to collapse - no, not even close. Capitalism is about risk and reward, this is the risk on full display.
This was a bad bill with WAY too much power for the Sec. of the Treasury. Do you know where they got the $700 billion figure? Out of thin air - they needed an enormous number to help stoke panic.
Stay cool, in a few days it may even be time to buy.
Well thank you very much but I don’t believe you know what you are talking about. And I am not interested in testing a political philosophy to the extent that I want to lose my house and my retirement fund.
Maybe you are 21 and don’t have to worry because after the next Democrat starts a world war you’ll only be twenty years older and can get in the munitions industry.
Not to mention, the crisis is spreading around the world. Our financial system depends on trust and confidence and the crooked and risky behavior by the financial geniuses in the US have destroyed confidence internationally. We are such a big player that we are dragging other markets down with us.
The whole world is watching to see if our government can restore confidence. If it doesn’t happen, this crisis will snowball. This is the kind of crisis that reinforces itself and we will spiral downward without intervention.
Tek, I’m 48 and I’m on your side here. But ‘they’ and by ‘them’ I mean political hacks in both parties and fake ‘capitalists’ on Wall Street and poverty pimps (aka community organizers) are trying to shove through a very poor bill that will saddle all of us with a mountain of debt and print a lot of Monopoly money to try and cover it over.
That mountain will lead to greater inflation that will eat away at our savings and home values each and every day for far longer than this plunge in the stock market.
You obviously do not understand how the Great Depression worked. It was exactly this scenario. Bush has let corporations run rampant and now we really are on the verge of financial collapse. Bush has revoked the safeguards that were put in place after the Depression and now we really could have another collapse.
Glass-Steagall was gutted under Clinton, not Bush. Calm down.
I liked the compromise bill they were working on where the money would be released in amounts of $250 billion, $150 billion and $300 billion with all the pork stripped and the insurance added. It really is a good thing the market was allowed to correct itself this week. The bad banks fell and were bought out, the strong survived and the world didn’t fall apart, did it? I think this was a BS bluff from Paulson to bail his friends out, and that’s it. Disgusting.
So far so good.
What drugs are you on?
But this is NOT risk and reward. This is about special interest groups literally forcing sound financial institutions to make BAD LOANS.
They’re dropping like flies. Fortis, Halifax, Lehman, FNMA, Freddie, B&B, Northern Rock - they’re dropping like flies and you know why.
The FDIC has sold off Washington Mutual and Wachovia in the last couple of days and the world is not going to fall apart. Like I said, they want panic — its how they shove through the giveaways of OUR money. The 700 billion figure? Pulled out of Paulson’s rear end.
I’m not saying do nothing, but I’m saying this legislation gave a ridiculous amount of power to the Treasury Secretary — and now or in the future that is a BAD thing.
Jeffrey Miron on the mess
http://www.cnn.com/2008/POLITICS/09/29/miron.bailout/index.html
And yes I am linking to a Harvard economist, and yes, I stand by my previous statements that Harvard is an over-rated asshole factory.
But he does have a point, assholes can be right, on occasion
no, it was crazy pelosi’s speech just prior to the vote that got the repubs berserk. Pelosi must be nuts….giving a partisan speech just before a bi-partisan vote? She ruined it. Also, dont forget that 94 dems voted against the bill.
But if they do, they cannot say that the Treasure Czar is going to hold the assets until they can make a profit. They don’t own our country.
“Treasure Czar”?
Has a kind of nice ring to it.
Lord of the Exchequer, Duke of the Dough, Prince of the Pile
The really good part is the house was supposed to go on vacation this afternoon until jan 2009. Ha! Not so much.
Keep one very important thing in mind - democrats had the votes to pass this and they ELECTED not to. Not that they should have but what business do they have saying republicans blocked it when republicans gave them 60 plus votes and they still couldn’t pass it. They wanted a bi partisan pass and what they got was a bi partisan fail.
you’re absolutely right, shiloh. to pass the bill, you need 217 votes (simple majority). The total no. of dems add upto 235 votes.
Recheck your math. 435 House members divided by 2 equals 217.5, so you have to round up; therefore, 218 is a simple majority.
Sorry.
All media sources, including C-Span, announced that it took 217 votes for the bill to pass.
Get over yourself, darlin.
I’m LITTLE STUNNED!
I’m glad they’re not going to bail out the banks. We shouldn’t bail out the banks.
This is dooms day for Pelosi Reed and Obama - NO LEADERSHIP IN CONGRESS!
McCain/Palin could get this economy rolling again. They know how to let the failures fail and let the financial institutions with integrity rise to the top.
IMO they should bail the banks, yes, but not try to control the market. They should not be in the business of giving or taking. Just to move things around.
It’s obvious that Pelosi is playing political roulette with the precarious economy. In a political year, she is doing everything she can to make the Republicans look like the bad guys. In the meantime, while Nancy is playing political games, our economy is collapsing.
On Nov. 4, I am voting a straight republican ticket.
Let’s hope that’s Russian Roulette instead and that there’s a bullet in the chamber the next time she tries this. Notice that Frank and Emanuele took the podium when the press directed that question to her…They were trying to work this to make the Republicans look as if the whole deal was their fault…no mention of ACORN of course.
I hope McCain comes out fighting and busts the whole Democrat shebang. Obama deserves to tank to OOO.
Is there a link to Nancy’s speech? So much for Obama giving himself credit yesterday for solving the bailout crisis.
I wonder if the MSM will say anything about that. Wait, what am I thinking? Sorry.
pleasze go to previous thread. http://noquarterusa.net/blog/2008/09/29/open-thread-on-house-vote-obamas-knee-deep-in-this-housing-crisis/#comment-805134. 30yeardem has links to the speech.
The Dems have done nothing over the past two years but pimp Little Lord Fauntleroy. They already screwed this up before when Paulson’s office called Obama’s aides and leaked the House GOP opposition. Obama didn’t even know the specifics of the deal, just busted in like the KoolAid man, giving a partisan speech and making a jackass of himself. It shut down all talks for the day.
Bad bad bad. I am concerned at the economy crashing without the bailout. Then Obama will get elected and poof! Instant third world country complete with a banana republic style dictator.
They’ve called Obama a Messiah. He’s not. Today it’s clear he’s an Antichrist. Maybe we’ll have to dust off all that religious bullshit again. Obama is directly responsible for a worldwide financial crisis. The banks are dropping like flies.
Obama has to be the greatest evil in our times, in the New Millennium. I say clearly he’s the greatest threat to our civilisation since Adolf Hitler.
Hillary or Bust: you’re exactly right. The people on this thread mostly don’t understand this.
I know. The bill, in its simple form (without any earmarks to ACORN) was the right thing to do. Now we are economically screwed.
People somehow think that Wall Street can crash and it won’t affect them if they don’t have a lot of money in the stock market. WRONG! The credit markets will dry up, large companies will have to lay off people and go bankrupt because they don’t have the cash flow to meet payroll, people will have no way to earn money…this is SERIOUS.
Obama will get elected if the economy tanks before Nov. 4 and the resulting depression will cause civil unrest and make even more people go nutsy over Obama in a Hitlerian kind of way.
We are in serious trouble…if something is not fixed soon it may well be a good time to leave the country.
i am so proud of the pubs’ for killing this, along with the 90 some democrats.
Pelosi, is a total idiot. Instead of rallying the house with a bi-partisan speech she trashed republicans and blamed everything on them.
She is the worst politician i have ever seen.
She killed it. Boehner said he expected 12 more republicans to vote but it did not happen because nancy got up and trashed them, even though the republicans have tryed to pass regulation laws on Fannie and freddie since 2003, and democrats were calling them racist for trying to stop lending to minority’s and folks who could not afford it.
I am happy it did not pass. They should pass the Cantor bill which would revolutionize the economy.
This election cycle has made me take off the partisan goggles and realize that dems have been so damn crooked and dishonest. I know republicans are crooked to, both parties have good and bad.
But this batch dems have in congress is the worst i have ever witnessed. Speaker pelosi deserves the blame for the failure of this bill and i am glad she blew it up with ignorant partisan rant.
12 more Republicans would not have saved this bill. What’s ironic is that the Republicans threw the country into this crisis by trashing regulation (Grover Nordquist and drowning government in the bathtub) which will affect every American, (average Americans will suffer from this meltdown, not politicians or corporate wealthy or journalists) make no mistake, with their stupid free market, no regulation nonsense and now in the name of free markets they refuse to do what is necessary to save the country.
It’s time to forget partisanship and save the country. The Dems are disgusting and corrupt, the Republicans in Congress are mostly disgusting and corrupt–the people who enabled George W. Bush to ruin the country. I don’t like any of them and it make me sick to see the Dems taking credit for the positives of the bailout but what’s needed is to rescue us first and then we’ll vote all the politicians out next.
Oh, and Obama’s comment on the failure of the bill is that it’s outrageous that this money should rescue the economy because he would rather use it for his programs when he gets in the WH and he says it’s all the Republicans’ fault. Very helpful, no?
McCain has made no comment.
Actually, tek, if Pelosi hadn’t lost 95 of her own Democrats…..or even if she kept 12 of them, along with the 65 Repubs who voted FOR, the bill would have passed.
Why do you think 95 Democrats deserted Pelosi?
Didn’t she COUNT votes beforehand?
If she had no clue she was going to lose 95 Democrats, then she shouldn’t be Speaker.
By the way when McCain went to DC, their were only 4 Republicans supporting the bill. Where do you think the other 62 came from, total was 66 Republicans supporting the bill….? McCain quietly making phonecalls and showing leadership, something Pelosi and Obambi have no knowledge of!
I listened to Pelosi’s speech….she blew it. What she said was insulting. She tanked the vote herself. If all Democrats were on board, with a majority in the House….the bill should have passed. I think Pelosi did it on purpose!
I’m sorry. As I listen to Pelosi, I’m getting more and more pissed.
Republican congressionals and surrogates need to stay out there and keep pounding Pelosi and the dems in the media.
True to form, the media are parroting, the dems; “Let’s FACT-CHECK the republicans on this - what exactly was SO BAD about what Pelosi was supposed to have said?” “Do the republicans mean that because Pelosi wasn’t nice to them the country should suffer?” Complete BS like that.
Get out there republicans - you can WIN this PR war if you stay on it - right is on your side!
So they voted down the bill because they were afraid they’d lose their elections?
This is a CONGRESS?
No, Amy.
They voted down the bill because their constituents sent them THOUSANDS of emails asking them NOT to vote for the bailout that had no provisions for helping Main Street.
95 Democrats got the same calls & emails.