POOR NANCY POLOSI-SCAPEGOAT FOR ALL THE CROOKS CRIMES
Ever since Senator Polosi became Speaker of the House the Republicans have made their opinions loud and clear of how much they hate her and her policies. Today they blamed her for her speech being the deciding factor of certain Republican senators against this bill resulting in the failure of the biggest scam that has ever been attempting on the U.S. and her people. Unfortunately for you ole boys and fortunately for us, we haven’t forgotten. And what’s more, you’ve made your own Republican senators look like fools and suck-titty babies that have to be led by the hand. I don’t believe these senators will forgive lightly those who have made them look like fools. I’d move to a different country if I were you….To the American People I say; GOOD JOB! You have learned soooo much in the last few years. Don’t EVER let them call you stupid again, you’ve shown them for the crooks and theives they are today and they won’t like that much and will try all the old tricks on you again, but be patience. They’ll finally settle down. If not, I’m sure you can find something these crooks have done to throw them in the pokey and shut them up.
Again Kudos! The American People have spoken!
Bailout bill slapped aside; record stock plunge
By JULIE HIRSCHFELD DAVIS, Associated Press Writer 2 hours, 11 minutes ago
WASHINGTON - In a vote that shook the government, Wall Street and markets around the world, the House on Monday defeated a $700 billion emergency rescue for the nation's financial system, leaving both parties' lawmakers and the Bush administration scrambling to pick up the pieces. Dismayed investors sent the Dow Jones industrials plunging nearly 800 points, the most ever for a single day.
"We need to put something back together that works," a grim-faced Treasury Secretary Henry Paulson said after he and Federal Reserve Chairman Ben Bernanke joined in an emergency strategy session at the White House. On Capitol Hill, Democratic leaders said the House would reconvene Thursday, leaving open the possibility that it could salvage a reworked version.
All sides agreed the effort to bolster beleaguered financial markets, potentially the biggest government intervention since the Great Depression, could not be abandoned.
But in a remarkable display on Monday, a majority of House members slapped aside the best version their leaders and the administration had been able to come up with, bucking presidential speeches, pleading visits from Paulson and Federal Reserve Chairman Ben Bernanke and urgent warnings that the economy could nosedive without the legislation.
In the face of thousands of phone calls and e-mails fiercely opposing the measure, many lawmakers were not willing to take the political risk of voting for it just five weeks before the elections.
The bill went down, 228-205.
The House Web site was overwhelmed as millions of people sought information about the measure through the day.
The legislation the administration promoted would have allowed the government to buy bad mortgages and other sour assets held by troubled banks and other financial institutions. Getting those debts off their books should bolster those companies' balance sheets, making them more inclined to lend and ease one of the biggest choke points in a national credit crisis. If the plan worked, the thinking went, it would help lift a major weight off the national economy, which is already sputtering.
Hoping to pick up enough GOP votes for the next try, Republicans floated several ideas. One would double the $100,000 ceiling on federal deposit insurance. Another would end rules that require companies to devalue assets on their books to reflect the price they could get in the market.
In the meantime, Paulson said he would work with other regulators "to use all the tools available to protect our financial system and our economy."
"Our tool kit is substantial but insufficient," he said, indicating the government intended to continue piecemeal fixes while pressing Congress for broader action.
Stocks started plummeting on Wall Street even before Monday's vote was over, as traders watched the rescue measure going down on television. Meanwhile, lawmakers were watching them back.
As a digital screen in the House chamber recorded a cascade of "no" votes against the bailout, Democratic Rep. Joe Crowley of New York shouted news of the falling Dow Jones industrials. "Six hundred points!" he yelled, jabbing his thumb downward.
The final stock carnage was 777 points, far surpassing the 684-point drop on the first trading day after the Sept. 11, 2001, terror attacks.
In the House, "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. Several Democrats in close election fights waited until the last moment, then went against the bill as it became clear the vast majority of Republicans were opposing it.
Thirteen of the 19 most vulnerable Republicans and Democrats in an Associated Press analysis voted against the bill despite the pleas from President Bush and their party leaders to pass it.
In all, 65 Republicans joined 140 Democrats in voting "yes," while 133 Republicans and 95 Democrats voted "no."
The overriding question was what to do next.
"The legislation may have failed; the crisis is still with us," said House Speaker Nancy Pelosi, D-Calif., in a news conference after the defeat. "What happened today cannot stand."
Republican leader John Boehner, R-Ohio, said he and other Republicans were pained to vote for such measure, but he agreed that in light of the potential consequences for the economy and all Americans, "I think that we need to renew our efforts to find a solution that Congress can support."
Sen. Chris Dodd, D-Conn., said there was scant time to reopen legislation that was the product of hard-fought bipartisan negotiations.
"What happened today was not a failure of a bill, it was a failure of will," said Dodd, the Banking Committee chairman. "Our hope is that cooler heads will prevail, people will think about what they did today and recognize that this is not just scare tactics — it's reality."
A brutal round of partisan finger-pointing followed the vote.
Republicans blamed Pelosi's scathing speech near the close of the debate — which assailed Bush's economic policies and a "right-wing ideology of anything goes, no supervision, no discipline, no regulation" of financial markets — for the defeat. It was not much different from her usual tough words against the president and his party.
"We could have gotten there today had it not been for the partisan speech that the speaker gave on the floor of the House," Boehner said.
Rep. Roy Blunt, R-Mo., the whip, estimated that Pelosi's speech changed the minds of a dozen Republicans who might otherwise have supported the plan.
That amounted to an appalling accusation by Republicans against Republicans, said Rep. Barney Frank, D-Mass., chairman of the Financial Services Committee: "Because somebody hurt their feelings, they decide to punish the country."
More than a repudiation of Democrats, Frank said, Republicans' refusal to vote for the bailout was a rejection of their own president.
The two men campaigning to replace Bush watched the situation closely — from afar — and demanded action.
In Iowa, Republican John McCain said his rival Barack Obama and congressional Democrats "infused unnecessary partisanship into the process. Now is not the time to fix the blame; it's time to fix the problem."
Obama said, "Democrats, Republicans, step up to the plate, get it done."
Lawmakers were under extraordinary pressure from powerful outside groups, which gave notice they considered the legislation a "key vote" — one they would consider when rating members of Congress.
The U.S. Chamber of Commerce said opponents of the bailout would pay for their stance.
"Make no mistake: When the aftermath of congressional inaction becomes clear, Americans will not tolerate those who stood by and let the calamity happen," said R. Bruce Josten, the Chamber's top lobbyist, in a letter to members.
The conservative Club for Growth made a similar threat to supporters of the bailout.
"We're all worried about losing our jobs," Rep. Paul Ryan, R-Wis., declared in an impassioned speech in support of the bill before the vote. "Most of us say, 'I want this thing to pass, but I want you to vote for it — not me.'"
"We're in this moment, and if we fail to do the right thing, Heaven help us," he said.
If Congress doesn't come around on a bailout, more pressure would fall on the Federal Reserve.
The Fed, which has been providing billions in short-term loans to squeezed banks to help them overcome credit stresses, could keep expanding those loans to encourage lending. And, it could keep working with other central banks to inject billions into financial markets overseas.
It also has the power to expand emergency lending to other types of companies and even to individuals if they are unable to secure adequate credit.
And the CROOKS that support open borders and the breaking of our laws ESPECIALLY immigration laws, the people who support lawbreaking illegal immigrants are in the open now that they SUPPORT THE CROOKS ON WALL STREET. THEY ARE DELIBERATELY MANIPULATING U.S. social policie
with their crooked and unlawful not to mention immoral business laws, the U.S. Chamber of Commerce! (Who by the way has NOTHING to do with government, aside from buying our political leaders with lobby money.) Check it out:
Business hits back after Congress bailout vote
Mon Sep 29, 2008 7:33pm EDT
By Kevin Drawbaugh
WASHINGTON (Reuters) - Business lobbyists scolded the U.S. Congress and threatened political payback after lawmakers handed the financial services industry a stunning defeat by killing a $700-billion Wall Street bailout.
The vote Monday in the House of Representatives to reject the rescue plan, proposed by the Bush administration September 20 and modified by congressional leaders over the past week, came as a rude shock to powerful and deeply entrenched interests.
Major banks and executives from the financial sector overall donate heavily to political campaigns and spend a lot of money on government lobbying to push their agenda.
The titans of high finance don't always get their way on Capitol Hill, but the 228-205 House vote was unexpected and drew a flurry of private sector counter-punches.
The U.S. Chamber of Commerce, the nation's largest business lobbying group and a vocal bailout proponent, responded quickly after the vote with a letter to all members of Congress.
"Make no mistake: when the aftermath of congressional inaction becomes clear, Americans will not tolerate those who stood by and let the calamity happen," said the letter, urging reconsideration and passage of "financial rescue legislation."
"The chamber will score votes on, or in relation to, this issue in our annual 'How They Voted' scorecard," it said.
House members who supported the bailout have received about 50 percent more in campaign contributions from the finance, insurance and real estate sectors in their congressional careers than those who opposed the emergency legislation, said a campaign finance watchdog group after the vote. .....more at website
THE U.S. CHAMBER OF COMMERCE IS A SUBVERSIVE GROUP OF BUSINESS PEOPLE WHO HAVE BANDED TOGETHER TO SUBVERT AND DESTROY OUR CONSTITUTION AND THE SOCIAL POLICIES OF THE UNITED STATES AND HER PEOPLE. DEDICATED TO NOTHING LESS THAN THE INSTITUTION OF A THIRD WORLD COUNTRY IN OUR NATION FOR FINANCIAL GAIN. THESE ARE THE MASONS OF THE ILLUMINATI…THIS IS WAR
(BTW; would someone please tell me why they want to keep growing a 'global' economy when they say our population is shrinking????)
Watch CBS Videos Online