It passed...

[c_lazy_r]

http://www.msnbc.msn.com/id/26987291?GT1=43001

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BREAKING NEWS
By Alex Johnson
Reporter
MSNBC
updated 1 minute ago

The House passed a $700 billion bailout of the financial services industry Friday, reversing itself after members who voted to kill the measure earlier in the week came around to a Senate version that offered more protection for individual investors and small businesses.

Stocks were up moderately after the successful vote, paring earlier gains.

After a week of reversals and intense lobbying, the measure ended up passing comfortably by a vote of 263-171. After seeing the bill go down to defeat Monday, House Speaker Nancy Pelosi, D-Calif., had said she would not let it come up for a vote Friday unless it was clear that it would pass.



White House spokesman Tony Fratto said President Bush would “like to sign it as quickly as possible — as soon as they get it to us.” House staffers said it would be sent to the White House as early as Friday afternoon for Bush’s signature.

Under the plan, the Treasury Department would be authorized to spend as much as $700 billion to buy bad mortgage-related securities, which have slowed and, in some cases, dried up the flow of credit.

The Senate dramatically changed the measure Wednesday, adding an additional $110 billion in additional tax breaks, incentives and other measures, including an expansion of coverage of individual bank deposits by the Federal Deposit Insurance Corp.

Leaders sought 12 new votes
The calculus for Pelosi and other House leaders was whether the additions would lure enough support to overcome new objections from conservative members to the added costs.

“House and Senate leaders promised the bill wouldn’t be a Christmas tree of add-ons, and in a matter of days it’s gone from a Charlie Brown Christmas tree to Rockefeller Center,” said Rep. Steve LaTourette, R-Ohio, who led efforts to strip out what he called “egregious” tax breaks. “It’s Christmas in October.”





But Majority Leader Steny Hoyer, D-Md., said compromise was needed. He said that while he strongly opposed the Senate’s decision to pay for many of the tax breaks with debt, he could not forget everyday Americans at home who were struggling.

“For their sake, we must act,” Hoyer said in a floor speech shortly before the vote.

In the end, that argument turned the outlook of 55 House members, including Zach Wamp, R-Tenn.

“We’re out of choices. Our backs are up against the wall,” Wamp said.

House leaders said the difference was lawmakers’ work to shift the focus from the bailout of financial companies to the boost it would give homeowners, small businesses and individual investors.

“All the attention was on Wall Street, and we wanted to turn that attention,” Pelosi said after the vote.

Financial institutions were “recently left unregulated and undisciplined and unsupervised, and they created chaos,” she said. “That was then. This is now. We’re about the future.”

Rep. Jim Clyburn, D-S.C., the Democratic whip, concurred, saying that “‘bailout’ is an inaccurate way to describe this package.”

“I think that we have come up with an incredible piece of legislation that addresses not just Wall Street but also Broad Street,” the main business district of his hometown, Sumter, S.C.






Bad news spurs urgency
Pressure on holdouts grew Friday after the Labor Department said the economy lost 159,000 jobs in September, the most in more than five years, a worrisome sign that the economy is hurtling toward a deep recession.

That came on top of Thursday’s Commerce Department report that factory orders in August plunged by 4 percent.

Bush lobbied aggressively for passage of the bill, which Fratto, his spokesman, said was not necessarily intended to boost the economy. "It’s to avoid a crisis," he said.

The two major party presidential candidates, Sen. Barack Obama, D-Ill., and Sen. John McCain, R-Ariz., also supported the bill and worked to ensure its passage.

The vote was House leaders’ second stab at the legislation after the Senate jumped the line and passed its revised version Wednesday.

“The Senate may have taken us hostage,” said Rep. Barney Frank, D-Mass., chairman of the Banking Committee. “They may have us at arrow-point, and we may have to vote for this even with their obnoxious provisions.”

Some of those provisions were not so obnoxious to business owners like Carl Adams, a real estate agent in Paducah, Ky. Preserving banks’ ability to fuel the economy is crucial, he said, but to do that, the banks have to stay healthy.

“If the banks’ money dries up — in other words, they can’t afford to lend us money for our clients — then you're going to see everything snowball from there,” he said.

[Rohirrim]

Should we start a pool to guess how long before the next one? I say January. I'll bet those Caribbean Banks will be busy the next couple of months.

[TailgateNut]

^*%$#@#$ ()*^$#%& MF *&%## SOB #%^&( Bastards

I guess now I need to come up with another couple thousand dollars to pay for BS created by the GOP (greedy old party).

First it was approx 30 grand for the debt now its 2300 more for this BS.

****ing azzholes

[Hotrod]

were ****ed

[bronco militia]

and the market is heading south again

[BroncoBuff]

Now if Bush can put down the crayon, find a pen and sign his name right ....

[Hotrod]

and the market is heading south again

thats odd no???

[theAPAOps5]

Sweet I just bought some irresponsible idiots house. There are a few in my neighborhood to pick from. I wonder which one I will take.

[Hotrod]

Sweet I just bought some irresponsible idiots house. There are a few in my neighborhood to pick from. I wonder which one I will take.

Its too early the sales will get better when winter hits.

[TailgateNut]

thats odd no???

What did ya think? That this horse manure of a plan was going to fix the economy?

Jeeeezus, were are a bunch of gullible lab rats.

[bronco militia]

thats odd no???

I don't get it.....the market tanked on the 1st vote.....tanked when the senate passed the bill.

and it's headed down again...

edit...it's up, it's down, it's up again.....I guess we should wait and see


http://ichart.finance.yahoo.com/instrument/1.0/%5EDJI/chart;range=1d/image;size=239x110

[TailgateNut]

I don't get it.....the market tanked on the 1st vote.....tanked when the senate passed the bill.

and it's headed down again...


We've been ****ed since 2000. I guess we should be used to it by now.

[Hotrod]

What did ya think? That this horse manure of a plan was going to fix the economy?

Jeeeezus, were are a bunch of gullible lab rats.

I think you need to cut down on the caffine :giggle:

[Hotrod]

Stocks are acting like balls in a pin ball machine right now

[TailgateNut]

I think you need to cut down on the caffine :giggle:


This is the "de-caffinated" me.

[Hotrod]

This is the "de-caffinated" me.


LOL

[TailgateNut]

Stocks are acting like balls in a pin ball machine right now


You do know what happens to pinballs when they stop bouncing around, don't ya?

[Rohirrim]

Stocks are acting like balls in a pin ball machine right now

If we installed a STET on the damn market it would cool out.

[Beantown Bronco]

Its too early the sales will get better when winter hits.

Winter of 2010.....maybe, but still doubtful......zero chance the residential market makes a rebound any time soon.

[theAPAOps5]

You do know what happens to pinballs when they stop bouncing around, don't ya?

Or better yet what happens when you intervene in pinball. Yeah you tilt. We all know what happens with that too.

[theAPAOps5]

Winter of 2010.....maybe, but still doubtful......zero chance the residential market makes a rebound any time soon.

No what I mean is by passing this bill. Me, Joe sick pack, just bought some irresponsible idiots house he couldn't afford. So I am going home grabbing the wife and staking claim to mine before the good ones are gone.

[BroncoBuff]

I don't get it.....the market tanked on the 1st vote.....tanked when the senate passed the bill.

and it's headed down again...

edit...it's up, it's down, it's up again.....I guess we should wait and see


http://ichart.finance.yahoo.com/instrument/1.0/%5EDJI/chart;range=1d/image;size=239x110
The markets will rebound ... they're just understandably concerned whether W can sign his name in the right place.

[Hotrod]

The markets will rebound ... they're just understandably concerned whether W can sign his name in the right place.

LOL now that was some funny ****

[TailgateNut]

LOL now that was some funny ****

I heard an even better one this morning about Bush speaking.

Here it goes: When Bush starts a speech he usually starts out well, then all of a sudden he starts hearing the bells of an ice cream truck in his head.


That's it.

[Denver Crush]

Here comes the NAU and the Amero.

[Hotrod]

Another big **** you to the American taxpayer. Somethings never change.

[frerottenextelway]

I don't get it.....the market tanked on the 1st vote.....tanked when the senate passed the bill.

and it's headed down again...

edit...it's up, it's down, it's up again.....I guess we should wait and see


http://ichart.finance.yahoo.com/instrument/1.0/%5EDJI/chart;range=1d/image;size=239x110

The market's down over the unemployment numbers that came out today.

Anyways... the biggest myth is that this plan was about ''the market''. The market is a symptom of the problem, not the problem itself. The problem was the freezing of credit that could've essentially collapsed the country by the month's end.

[Denver Crush]

I guess you think the fundamentals of the economy are still strong then???

[Hotrod]

So do we have to call each other comrad yet???

[bronco militia]

So do we have to call each other comrad yet???

it's now comrad with a 'K'

[elsid13]

http://l.yimg.com/us.yimg.com/i/us/nws/p/ap_logo_106.png (http://us.rd.yahoo.com/dailynews/ap/brand/SIG=br2v03;_ylt=AgXXUXVnGvVyu2jlM1F1lhhv24cA/*http://www.ap.org)
Congress OKs historic bailout bill; Bush signs it
http://news.yahoo.com/s/ap/financial_meltdown

http://l.yimg.com/a/i/ww/news/2008/10/03/bush.jpg

[Dudeskey]

http://l.yimg.com/us.yimg.com/i/us/nws/p/ap_logo_106.png (http://us.rd.yahoo.com/dailynews/ap/brand/SIG=br2v03;_ylt=AgXXUXVnGvVyu2jlM1F1lhhv24cA/*http://www.ap.org)
Congress OKs historic bailout bill; Bush signs it
http://news.yahoo.com/s/ap/financial_meltdown

http://l.yimg.com/a/i/ww/news/2008/10/03/bush.jpg

Where's the part where Paulson withdrew the money before the ink dried...™:flush:

[Beantown Bronco]

Where's the part where Paulson withdrew the money before the ink dried...™:flush:

He's already on a plane to the Caymans.

[SJ Bronco]

I like how the broke is bailing out the bankrupt. The irony is thick! It would be like me and my 10,000 in student loans loaning my friend all the liquid funds I have to help him stay rich.

[c_lazy_r]

The market's down over the unemployment numbers that came out today.

Anyways... the biggest myth is that this plan was about ''the market''. The market is a symptom of the problem, not the problem itself. The problem was the freezing of credit that could've essentially collapsed the country by the month's end.

Blah, blah...

Doesn't matter now, anyway. Hopefully our trusted leaders won't **** this thing up any worse than it already is.

**** it, we're ****ed. I'm gonna start drinking now.

[Hotrod]

Blah, blah...

Doesn't matter now, anyway. Hopefully our trusted leaders won't **** this thing up any worse than it already is.

**** it, we're ****ed. I'm gonna start drinking now.


Now your catching on. :)

[baja]

Should we start a pool to guess how long before the next one? I say January. I'll bet those Caribbean Banks will be busy the next couple of months.

Isle of Man bro Isle of Man

[baja]

^*%$#@#$ ()*^$#%& MF *&%## SOB #%^&( Bastards

I guess now I need to come up with another couple thousand dollars to pay for BS created by the GOP (greedy old party).

First it was approx 30 grand for the debt now its 2300 more for this BS.

****ing azzholes

You forgot that you will have to pay your fair share for those guys living under the bridge.

[baja]

You do know what happens to pinballs when they stop bouncing around, don't ya?

If they bounce around enough the machine "Tilts" and it's <b> Game Over</b>

[Hotrod]

http://i59.photobucket.com/albums/g296/edge06/comment/funny/funny-09.jpg

[Taco John]

It's called Planned Economy (http://en.wikipedia.org/wiki/Planned_economy), or central economic planning. It's a huge hurdle towards Socialism (http://en.wikipedia.org/wiki/Socialism) -- one of the hardest to get a population like ours over. In fact, as we've seen, the people weren't actually in favor of this - they were overwhelmingly against it.

This is just the first foot in the door. But because of this intervention, government will be managing financial crisis after financial crisis, rather than letting the market levers work. The result is going to be hyper-inflation, and eventually the end of the dollar - just like we saw the end of the Russian ruble.

Prices will go nowhere but up from here if left to their natural devices. Government will probably be asked to intervene to keep prices down - and the will - but the end results of this additional intervention will be collapsing industries.

We didn't have an easy choice here. We could have taken the hard way - or the harder way.

We chose the harder way.

[baja]

It's called Planned Economy (http://en.wikipedia.org/wiki/Planned_economy), or central economic planning. It's a huge hurdle towards Socialism (http://en.wikipedia.org/wiki/Socialism) -- one of the hardest to get a population like ours over. In fact, as we've seen, the people weren't actually in favor of this - they were overwhelmingly against it.

This is just the first foot in the door. But because of this intervention, government will be managing financial crisis after financial crisis, rather than letting the market levers work. The result is going to be hyper-inflation, and eventually the end of the dollar - just like we saw the end of the Russian ruble.

Prices will go nowhere but up from here if left to their natural devices. Government will probably be asked to intervene to keep prices down - and the will - but the end results of this additional intervention will be collapsing industries.

We didn't have an easy choice here. We could have taken the hard way - or the harder way.

We chose the harder way.

What a surprise I'm shocked!!

[frerottenextelway]

Blah, blah...

Doesn't matter now, anyway. Hopefully our trusted leaders won't **** this thing up any worse than it already is.

**** it, we're ****ed. I'm gonna start drinking now.

Started? Reads like you started drinking about 2 hours before that post! :griese:

:D

[TheDave]

It's called Planned Economy (http://en.wikipedia.org/wiki/Planned_economy), or central economic planning. It's a huge hurdle towards Socialism (http://en.wikipedia.org/wiki/Socialism) -- one of the hardest to get a population like ours over. In fact, as we've seen, the people weren't actually in favor of this - they were overwhelmingly against it.

This is just the first foot in the door. But because of this intervention, government will be managing financial crisis after financial crisis, rather than letting the market levers work. The result is going to be hyper-inflation, and eventually the end of the dollar - just like we saw the end of the Russian ruble.

Prices will go nowhere but up from here if left to their natural devices. Government will probably be asked to intervene to keep prices down - and the will - but the end results of this additional intervention will be collapsing industries.

We didn't have an easy choice here. We could have taken the hard way - or the harder way.

We chose the harder way.

Well if thats the case then we have been a socialist country since the 1930's... government bailouts are hardly a new thing.

[Hotrod]

Well if thats the case then we have been a socialt country since the 1930's... government bailouts are hardly a new thing.

You realize its becoming increasingly difficult to start mass panic with your continus use of facts while posting. Please refrain from such tom foolery in the future.

[TheDave]

You realize its becoming increasingly difficult to start mass panic with your continus use of facts while posting. Please refrain from such tom foolery in the future.

My apologies...


Were ****ED!!!!!!!

[c_lazy_r]

Started? Reads like you started drinking about 2 hours before that post! :griese:

:D

whazzz ya tlkn bout..//??

[Rohirrim]

http://i59.photobucket.com/albums/g296/edge06/comment/funny/funny-09.jpg

I think I need about 10,000 mg.

[elsid13]

You realize its becoming increasingly difficult to start mass panic with your continus use of facts while posting. Please refrain from such tom foolery in the future.

It alright, I know that theDave is sitting on a story that he will soon release in November time frame that will cause mass panic and establishment of Mad Max survivor like world. The words - red Mercury, mutated GMO Taco Bell food, cause zombie fever, and Naked Spider/Sheep photo are tied in.

Be very afraid.

[TheDave]

It alright, I know that theDave is sitting on a story that he will soon release in November time frame that will cause mass panic and establishment of Mad Max survivor like world. The words - red Mercury, mutated GMO Taco Bell food, cause zombie fever, and Naked Spider/Sheep photo are tied in.

Be very afraid.

Shhhh... that kind of talk will get you on the Bilderbergs list.

[elsid13]

Shhhh... that kind of talk will get you on the Bilderbergs list.

`Dude that just the cover list. IF YOU DON"T know the codename of the real list, it might be time for you to take a little vacation on your own, before the NORTHCOM Blackrock unit arranges that vacation.

[TheDave]

`Dude that just the cover list. IF YOU DON"T know the codename of the real list, it might be time for you to take a little vacation on your own, before the NORTHCOM Blackrock unit arranges that vacation.

Just as a side note:

Assuming i was to push said boundaries to a point that the good folks at NORTHCOM felt the need to "Talk to me"... Do they accept Ron Paul bucks?

Not that i would ever consider bribing such individuals... ;D

[elsid13]

Just as a side note:

Assuming i was to push said boundaries to a point that the good folks at NORTHCOM felt the need to "Talk to me"... Do they accept Ron Paul bucks?

Not that i would ever consider bribing such individuals... ;D

It depend on the exchange rate with the AMERCO.

[Binkythefrog]

The bill features a lot of pork, this is what has me upset. I am dismayed when it comes to amazing amount of benefits that were given to certain companies.

However, when it comes to the mortgage side of the bill, this is not necessarily a taxpayer burden. We all know that the major problem when it comes to the mortgage crisis are the mortgaged backed securities.

Banks like Wachovia and Washington Mutal bundled many mortgages together into a security and sold them to other parties. Those other parties would then receive mortgage payments that people made on their homes. However, because many mortgages were defaulting, the market for these securities completely fell apart. No one wanted to buy any securities for feat that they would lose money. Therefore many banks were stuck with bad mortgage securities. These bad assets on their balance sheets were forcing them into bankruptcy.

The government is buying some of these toxic securities at an bargain price. I am not sure of the exact numbers but I would guess that they are buying some of these securities at 15 or 20 cents to the original dollar value. This means that mortgage payments related to those securities go to the government. Although we see 700 billion in the news, the government may see a return from its investments in these securities. The assets behind the securities, the mortgages, are still producing money because many people are still paying their mortgages even though many have defaulted.

The banks are escaping their responsibilities to these bad mortgages in the first place by letting the government purchase them. This sucks in my opinion because the banks who made bad bets on the housing market are getting a little something back for their poor decisions. However, the taxpayer burden is not something that I am worried about because I feel that the government will make money on these securities because they are purchasing them so cheaply.

[Bronco Bob]

The only thing I like about it is it raised the FDIC to $250,000.

Well, eliminating the 39 cent tax on wooden arrows was kind of neat too. :approve:

[L.A. BRONCOS FAN]

<center> http://www.bartcop.com/con-monkey-man.jpg
</center>

[L.A. BRONCOS FAN]

http://www.bartcop.com/wn-oversights.jpg

[mhgaffney]

Words fail...