House Rejects Bailout Deal

[Milk3]

Whats next?

[NotSoSilentBob]

WASHINGTON "? Stocks spiraled downward as much as 685 points on Monday a $700 billion bailout of Wall Street appeared headed toward defeat in the House of Representatives.

House leaders held open the vote as they tried to sway reluctant lawmakers to support the plan, which was failing 207-226 after the vote clock expired but arm-twisting continued.

Opponents said part of the reason for the opposition from Republicans was what they termed a partisan speech by House Speaker Nancy Pelosi, said one GOP source.

"Pelosi's partisan speech has caused our members to go berserk and may cost us any remaining chance to pass the bill," the source said.

Pelosi had said that Congress needed to pass the bill, even though it was an outgrowth of the "failed Bush economic policies" of the last eight years.

Supporters of the bailout bill had said they didn't like it but didn't want to play with history or risk an economic collapse.

"I'm not willing to put that bullet in the revolver and spin it. I will take the political risk," said Rep. Spencer Bachus, R-Ala., the ranking member of the House Financial Services Committee.

[Diets17]

Is it time yet to go pull the 401k? Because at this rate, the market will crash by the end of the week...what will be left?

[greencrest1272]

The market will recover...

The American people need to make some decisions about their lawmakers this November. The presidential election should be the least of our concerns, the House and the Senate are in desperate need of an overhaul.

[plantsman]

Pelosi is undoubtedly the most worthless, ignorant politician in the history of this country. And she's whupped some worth competition!

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: boney</div><div class="ubbcode-body">Pelosi is undoubtedly the most worthless, ignorant politician in the history of this country. And she's whupped some worth competition! </div></div>
I thought so too, but then I ran across this line. Doesn't mean she is great, but changes the light of what the media is saying.

"Pelosi proposed that whoever is president five years from now will have to submit a plan for recouping money from the companies who have been helped by any of the $700 billion not already paid back. Republicans had earlier rejected her suggestion to impose a fee on financial transactions to recover the money, calling it a tax increase."

http://www.msnbc.msn.com/id/26932722/
So they are unhappy with a tax increase on their companies, but it is okay it Reg Joe for 700 billion?

[Diets17]

Yeah, I believe everything will be fine. I just wish 401k's weren't so limited to what the account holder can invest in and instead of pulling money out and taking a penalty I wish you could just "turn down" your investments percentages to protect yourself in times like these. I'm afraid that were all going to lose a big chunk of it, I know lately it has went down a lot. I bet the next statement I get will just have LOL stamped on it. [img]/LDPforum/ubbthreads/images/%%GRAEMLIN_URL%%/grin.gif[/img]

[plantsman]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: greencrest1272</div><div class="ubbcode-body">The market will recover...

The American people need to make some decisions about their lawmakers this November. The presidential election should be the least of our concerns, the House and the Senate are in desperate need of an overhaul. </div></div>

What's the source of your confidence that the market will recover? Not saying you're wrong, just looking for answers.

[greencrest1272]

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">What's the source of your confidence that the market will recover? Not saying you're wrong, just looking for answers. </div></div>

American History.