Bailout Passes House 263 to 171

Breaking on CNN:

The House of Representatives has approved a $700 billion bailout of the U.S. financial system. The vote was 263-171. The dramatic vote came five days after the House stunned Washington and Wall Street by rejecting the administration’s proposed bailout. That sent the Dow Jones industrial average down 777 points — the largest single-day drop ever.

UPDATE from Squarestate.net:

Colorado delegation holds with their strange alliances.

DeGette, Perlmutter, Tancredo: Yea

J. Salazar, Udall, Musgrave, Lamborn: Nay  

38 Community Comments, Facebook Comments

  1. Middle of the Road says:

    His office just confirmed it.

    And I really, really do applaud him for it. We need a rescue package but this one isn’t it, for me.

    I’m thrilled for the lovely tax breaks to Puerto Rican rum distributors–at least we have locked up the pirate vote.

    John Salazar’s office does not know how he voted.

  2. Nancy L Baldwin says:

    so much for the wall street bailout.

    • Nancy L Baldwin says:

      I see this was a real big hit with the market.  Dow closed down 175.  

        • bob ewegen says:

          is that it rises on the rumor, falls on the event. By their nature, markets overreact, everybody tries to outguess everybody else.  It plummeted when the bailout failed because it had anticipated the bailout and built that expectation into the price. When the discounted event failed to materialize, panic (and overreaction) set in and it plummeted.

          The next day, the smart money realized Congress would have to reverse field and the bargain hunters moved in, regaining much of the loss.  Today, the event occurred as anticipated and already discounted and once again the market dropped.

          There are, of course, other factors than the bailout. But this time, the market worked exactly like the textbooks said it would.

           

    • Ray Springfield says:

      You don’t understand the market.

      If no bailout then banks fail in chain reaction.

      If Congress had voted what was good for the USA rather than what was good for re elections, or political, careers this would have passed on Monday saving the world 1 trillion dollars in lost value.

      Paulson will begin with a debt auction of fannie mae and freddie mac securities on Monday. The governemnt announced the hiring of barclays and state street securities to handle the progeam today.

      Credit markets should begin to flow by next week.

      and by the way, the McCain campaign is doomed.

  3. RedGreen says:

    Udall and Salazar both voted no. Musgrave and Lamborn also stuck with their no votes.

  4. Peromyscus says:

    I applaud the Colorado legislators who voted against this bill, and will support them.  I feel very strongly this bill was exactly the wrong solution, and was done because of fear.  Overall I’m disgusted with my government, and afraid for my country.  

  5. divad says:

    That didn’t take long.  

  6. divad says:

    ‘The bailout bill also gives the Internal Revenue Service new authority to conduct undercover operations. It would immunize the IRS from a passel of federal laws, including permitting IRS agents to run businesses for an extended sting operation, to open their own personal bank accounts with U.S. tax dollars, and so on. (Think IRS agents posing as accountants or tax preparers and saying, “I’m not sure if that deduction is entirely legal, but it’ll save you $1,000. Want to take it?”) That section had expired as of January 1, 2008, and would now be renewed.’

    –TalkLeft

  7. changeourploticians says:

    I hope you two enjoyed your campaign contributions so wew the people can bailout your mess for a mere $1 Trillion dollars

    http://www.taxfoundation.org/b

    • Fidel's dirt nap says:

      that is a cornerstone of the Republican mantra.

      Own it.

    • bob ewegen says:

      to solve the problem.

        from railing at “ploticians” to WEW the people, this troll is going from vvvbbbbaaddd to Worzzzeeeee.

      Get a spelling checker, idiot.

      A brain wouldn’t hurt either.

      • kstrait says:

        illiteracy is contagious.  

        If you’re not the lead dog the view never changes.

        This is just one of your own gaffes.

        the grand j mayor

        was not on the signature list I got from the mountain mayors but it did cite the approval by their city council. I assume GJ isn’t one of the members of the mountain mayors, organization but they wanted to endorse it because of the immense impact oil shale development wopuld have on their community.

        Speak on changeourploticians we all have a voice here on colorado pols.  I don’t see anywhere that it says that only Dems can post here.

        Man, what a bunch of TROLLS!!

    • Ralphie says:

      You should try reading for a couple of weeks before you write.

      It helps your credibility.

    • kstrait says:

      http://www.foxnews.com/oreilly

      Look Bob, even Bill O’Reilly spells it out correctly.

      • DavidThi808 says:

        The Republicans controlled Congress for 12 years up to ’06. They controlled the White House for the last 7 years, and the 12 years before Clinton. They’ve controlled the judiciary forever.

        And yet, even with all that power, you’re claiming that the Dems were able to take over control of our financial system, including forcing the Republican administration to ineptly handle oversight?

        You sure don’t think much of the Republicans do you?

        • Western Way says:

          We are all complicit…  But we need to get beyond the bickering, we need to look for solutions: 1) the Mark-to-Market rule needs to go the way of the Dodo (Fannie and Freddie drove us into this mess and the mark-to-market drove us deeper);  2) Fannie and Freddie can’t be allowed to “cook” their books (and no Barney, they are not political creatures that U! can control, they need to privatized because the implicit agreement that they would be backed by the “full faith and credit” of the US Gov. was one of its downfalls–and ours as well–see moral hazard);  and 3) the US Gov. needs to stop subsidizing our lifestyle for votes.  

          However, this is just the beginning, because it is deeper than people are willing to admit.

          • Barron X says:

            .

            if we just pour enough cash in, like $700 B, then the bottomless pit will begin to fill up ?  

            It’s bottomless.  

            No amount will fill the pit.

            The way to fix this involves structural changes.  This is not a job for Max Factor or Revlon.  

            Did you see that AIG has pretty much used up the $85 B that George Bush loaned them 2 weeks ago ?  

            And they are also figuring on tapping into the $700 B added today.  

            That will never be repaid; it went to making stockholders and company officers whole.  Next, they will sell off what they can, and the rest will go into bankruptcy.  

            Something was needed to do something to free up credit, but throwing money up in the air, with a brisk wind blowing, or into a pit with no bottom,

            how was that supposed to fix anything ?  

            What should Congress do when the new Treasury Secretary announces in 4 months that he needs another Trillion $ ?  

            Is this something Barney Frank and Chris Dodd should be anticipating, starting now, or do we just wing it again next time ?

            And are these really the right people to be deciding how to fix this ?

            .

            • kstrait says:

              Somebody that talks with reasoning.  This crisis was forseen long before it happened.  John McCain warned about Fannie and Freddie back in 2005 and nothing was done then.  

              Barney Frank has sat on this board for many years and had still done nothing except say that Fannie and Freddie are a risk at this time but the future looks strong.  

              This crisis could have been slowed if not stopped if our government would have just acted sooner.  

              John McCain could only warn but he needed support from both sides of the isle to work on the problem when he warned them about this.

            • kstrait says:

              No wonder they were trying to fix this problem on their own.  

              We need to stand up to these crooks and say:  NO MORE will we tolerate this type of behavior, NO MORE will we be taken advantage of, I say NO MORE.

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