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Bailout Bill Rejected in House; Stocks Suffer Record Fall Save Email Print
Posted: 1:30 PM Sep 29, 2008
 Last Updated: 11:01 PM Sep 29, 2008
 Reporter: Associated Press
45 comments
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WASHINGTON -- In a stunning vote that's sent shockwaves throughout markets worldwide, the House has defeated a $700-billion emergency rescue for the nation's financial system.

Most Democrats voted for it, but most Republicans voted against it. Lawmakers who voted no ignored urgent warnings from President Bush and congressional leaders of both parties that the economy could nosedive without the plan. Responding, the Dow Jones industrials plunged 777 points, the most ever for a single day.

Democratic and Republican leaders alike are pledging to try again. And President Bush is huddling with his economic advisers about a next step. The House will reconvene Thursday instead of adjourning for the year as planned.

Today's 777-point decline surpasses the 684-point drop on the first day of trading after the 9/11 terror attacks.

Here's how your representative voted on the bailout bill.

Three Brazos Valley Congressmen opposed the bill.

U.S. Representative, District 31 John Carter, U.S. Representative, District 10 Michael McCaul and U.S. Representative, District 6 Joe Barton all voted against the bill.

U.S. Representative, District 17 Chet Edwards and U.S. Representative, District 8 Kevin Brady voted in favor of the bill.

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Posted by: Anonymous on Oct 4, 2008 at 09:26 AM
WE ARE HEADED FOR A DEPRESSION AND IT WILL BE WORSE THAN THE ONE IN THE 20'S
Posted by: co Location: cs on Oct 3, 2008 at 10:47 AM
what we need to do is KICK out ALL the senators and congressmen, both Dems & Reps! And start over with people that have some COMMON SENSE and can sit down together to figure out problems!
Posted by: Anonymous on Oct 2, 2008 at 05:14 PM
TREASON is the offense of attempting, by overt acts, to overthrow the government of the state to which the offender owes allegiance; or of betraying the state into the hands of a foreign power.
Posted by: Anonymous on Oct 2, 2008 at 10:44 AM
Now who's on OUR side?! McCain & Obama both approved this bill. So did our TX Senators!
Posted by: Al on Oct 1, 2008 at 10:57 PM
By now, you may now that Senate passed the new bailout bill. It is actually worst than the first one as this one also includes tax cuts. So you think from where the money shoudl come? This bailout policy is like the kind of policies that countries like Kuwait usally adopt every while. Every one shoould be hold on his/her own decisions. Also don't forget that while some poor people may benefit few thousands dollars from this law, rich crooks will get most of it.
Posted by: VW Location: B/CS on Oct 1, 2008 at 09:19 PM
Read it and weep: the bailout bill passed the Senate.
Posted by: Bekah Location: cs on Oct 1, 2008 at 01:54 PM
Don't forget, the Senate votes today. Call Senators. The bailout allows for the US bailout foreign companies as well. My $$ helping banks overseas on bad foreign deals. NO WAY!
Posted by: Anonymous Location: Iola on Oct 1, 2008 at 12:39 PM
Kudos to those of you living within your means. I do NOT want to pay for all the people out there who bought houses, cars, boats, etc. that they could not afford.
Posted by: DT on Oct 1, 2008 at 11:20 AM
$700 billion divided by 300 million (every man, woman, child in the US) comes to about $2300 or an average of about $6,300 per U.S. household. That's the down payment for taxpayers to bail out those who took out loans they couldn't afford. I'll take my chances with a free market (American) system.
Posted by: with you brian Location: college station on Oct 1, 2008 at 09:36 AM
I agreed with EVERYTHING you wrote...and when I write my "elected" I get a canned response. GREED is the reason we are here, on every level. Elaine you are so right, maybe being forced to do without because there's no credit avialable would be an eye opener. I hate to think about it, because like a idiot I've lived within my means. The thought of bailing out those that haven't makes me sick. Why I should have bought a BIG house and charged to the max allowed so that everyone else can now pay for it. People need to wake up and take a good long look in the mirror and stop blaming politicians. If they don't do the job they are elected to do then it's OUR job to know it and remove them! Its sad we cannot depend on the media to report the truth,as it is they taint and report what is good for them and their ideals. Voting records need to be made public and in a way that is easily understood and explained. I could care less about the opinions and editorials. Just print the facts w/o the spin.
Posted by: No Worries Location: BCS on Oct 1, 2008 at 09:14 AM
I am with you Brian. When my husband and I purchased our house last year, we picked one that was modest and left us with a monthly mortgage payment that we were comfortable with having to pay. Yes, we could have opted for a more expensive house, but we didn't want that payment. We are careful with our finances and do not live off credit cards. If we can not afford something, we go without it. We do live a comfortable lifestyle and have all that we really need. I have no pity for those who are careless with their finances. I do not feel like I should have to bail anyone out! Especially those that make more money then my husband and I or those that have more expensive houses, cars, etc. My family manages to function with what we have and I think more people should be more realistic and not enter into transactions that they really can not afford.
Posted by: Denise Location: Brenham on Oct 1, 2008 at 09:00 AM
Economy/Jobs Let it happen. The criminals will float helplessly to the top. First we say "we gave too many loans" now we say "on no now we can't give as many loans." Local banks and Credit Unions are giving loans to the credit worthy. The people who are not credit worthy need to change their lifestyles to survive. This is a real opportunity for the average American to get out of debt. There are lots of entry level jobs out there that are not so glamourous that most of us are used to doing. Strength will come from the struggle. It will pull families together! Children will have new, much needed respect for their parents. The ONLY real motivation in the world is need. The people of this country have spoken. The bailout legislation has been defeated. They oppose the bankers' bailout. Backroom arm-twisting is an unacceptable hijacking of democracy. I will not accept any vote change in favor of the bailout. Don't let the weathly use the scare tactics! They are the ones who have the most to lose. We are used to eating beans and hamburger. :)
Posted by: Brian Location: Bryan on Sep 30, 2008 at 05:26 PM
I am glad that the "bailout" did not pass. I have been faithful paying my mortgage and chose to purchase a modest home that we could afford without a risky subprime loan. Sure, we could have gotten a subprime loan and bought something that was too expensive for my salary, but that would have not been wise! I think that those who are loosing homes to foreclosure due to wanting more than they can afford have "made their own bed" and now must live with their decisions. That goes for the lending institutions as well. They choose to make these Highly Risky loans to 1,000's of people who had very poor credit and little or no ability to realisticly repay. Don't raise my taxes to pay for this! It will not benefit me. As far as "my" congressman, I have been trying to speak with him as my elected representative for 2 YEARS, but he does not have time for me and my concerns. I am not a good Photo Op since I am Male, White, and in my 40's. I won't vote for him!
Posted by: Marti Location: c.s. on Sep 30, 2008 at 05:16 PM
I am a widowed retiree on small pension and social securiy. I have (unfortunately)made some very bad decisions in the stock market...and no one bailed me out of it. I personally am glad it didn't pass. I think that's ONE MORE thing our government should stay out of.
Posted by: Jd Location: Bryan on Sep 30, 2008 at 05:14 PM
Stock market cant keep on like this, we are headed for a major crash and soon! And it will be worse than the 20's
Posted by: To Buggy (VW) Location: B/CS on Sep 30, 2008 at 04:57 PM
Thanks, Allen! I knew that couldn't be right! Stuck some extra zeros in there somewhere! Still, $3500 is a healthy sum, would still solve a lot of my problems, and I'm still not inclined to give it away to bail someone out! (off to study my TI-83 Plus manual)
Posted by: Anonymous on Sep 30, 2008 at 04:25 PM
KBTX wouldn't post my earlier comment. There is a video on YouTube showing this debate on Fannie Mae and Freddie Mac between the Dems and the Reps IN 2004!! They knew way back then!!!! I tried to give you all the link but apparently they won't let me.
Posted by: Old Timer Location: Iola on Sep 30, 2008 at 04:08 PM
I'm glad it didn't pass. Chet is getting way to good at giving our money away. time for him to get a real job , maybe one in Siberia.
Posted by: John G. Location: College Station on Sep 30, 2008 at 03:27 PM
I have a better idea of what to do with 700 Billion instaead of giving it to Wall Street. 700B payed out to each U.S. citizen would come to $2,000 per person. And better yet,if we just divide the money among taxpaying citizens, we would each get $5000.
Posted by: Allen Location: Bryan on Sep 30, 2008 at 12:02 PM
To Buggy - $700 billion divided among 200 million people comes up to about $3500/person.
Posted by: Early Location: College Station on Sep 30, 2008 at 11:31 AM
Leave the market alone!!! the govt messed it up and now they want to fix it???? Rejecting the bailout seems the only thing congress has done right in many years.
Posted by: elaine Location: cs on Sep 30, 2008 at 10:59 AM
A good, long depression would be healthy for our greed filled society.
Posted by: Doris Location: Wellborn on Sep 30, 2008 at 10:31 AM
Okay, let's see. It's our money. Are we agreed on that? Well, let's have them give it to us. By my calculation, that would be nearly $4000 for 200,000,000 folks. I could pay off my motorcycle, buy new furniture, etc. I want the folks who wheeled and dealed to pay!! Does anyone remember the words, Come and Get It? Yea, that's how I feel. I don't think this is armegeddon, so let 'em crash! Since I am not a gazillonaire, I don't figure I'll hurt too bad. I'm ready, I'm prepared, let 'em fail
Posted by: Bekah Location: CS on Sep 30, 2008 at 10:25 AM
The stock market is already beginning to rebound. Looks like a bunch of politicians (with the help of the media) tried to start a panic. The free market works, if you let it.
Posted by: Mike on Sep 30, 2008 at 07:06 AM
I'm glad the bill didn't pass. I don't want my tax dollars bailing out bad loans made by greedy, overpaid bankers. Perhaps those bankers sitting pretty and earning millions each year should soak up the cost of the bail out. Perhaps they should take a reduced salary to say, oh maybe 30K yearly until the situation improves. I don't think the average blue collar worker and especially the one denied any type of loan should suffer the ill decisions made by greedy bankers.
Posted by: To Buggy Location: B/CS on Sep 30, 2008 at 06:12 AM
I'd heard a similar proposal, but dividing it amongst those 18 years old or older. If we say there are 200,000,000 in that category, that would mean we each got... let's see...no, it boggles the mind...my math has got to be wrong...$3.5 million??? Well, that would solve a lot of MY problems!!! Why should we in essence EACH pay that to bail someone else out? And what's with the depression threats?? Are we being blackmailed or what? Pay it out to each, and the ones in trouble will have some to solve their OWN problems, then deep-six AIG. Add the having-voted condition for good measure, and we'll ALL be good to go! Problem solved, and we didn't even need Chet.
Posted by: Justin Location: Bryan on Sep 30, 2008 at 03:13 AM
I think before we all decide on how to save our economy, we should learn the difference between "their" and "there."
Posted by: Life Long Native Location: Bryan on Sep 29, 2008 at 10:12 PM
If we are lucky, looks like pinto beans, rice & cornbread for the unforeseen future for a lot of us, myself included. I'm sure that most/all of those responsible for the mess won't be among us! With today's crime rate already out of control, we haven't seen anything yet should 1929 like times hit us.
Posted by: Roll'on on Sep 29, 2008 at 10:03 PM
The free market system would die with passage of this bailout bill. So most Democrats voted to put a $700 billion tax bill on tax payer's shoulders and move us another step towards socialism? Bekah's right on. The government has no place butting in and making things worse. Disagree? Name one time where Federal bureaucrats rescued anything!~
Posted by: concerned Location: college station on Sep 29, 2008 at 09:54 PM
Those who are quick to blame President Bush and the Republicans, might want to read these articles. Check out: http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=1 http://www.nypost.com/seven/09292008/postopinion/editorials/the_meltdowns_acorn_131274.htm
Posted by: Mike Location: Brazos County on Sep 29, 2008 at 09:07 PM
How did Chet Edwards vote?
Posted by: Paul Location: B/CS on Sep 29, 2008 at 06:40 PM
According to NY Times (warning of this very thing) back in 1999, the banks had been pushed by the Clinton administration to provide loans to people with poor credit and rules were changed to accomodate this. The CEO of Fannie Mae that swindled $50 million dollars out of that company and is a close friend of Barak Hussein Obama had his hands in it as well. (Franklin Raines) HUD then proposed that Freddie Mac and Fannie Mae make up 50% of their business of the poor credit loans by the year 2001 and they followed the guidlines. Read it for yourself http://ncane.com/x8v
Posted by: Stunned Location: CS on Sep 29, 2008 at 06:23 PM
I agree with EVERY single post, to date, so far, on this topic! Everyone leaving a comment here is right, in my opinion. WOW, this is tough, and the answers always seem clearest to everyone except the politicians. I'm voting for NO ONE in this next election, and I'm saving every dime I earn in a mayo jar, too! Lost, Ugh.
Posted by: Bekah Location: CS on Sep 29, 2008 at 05:37 PM
It will be a tough ride, but we did what is right. We are a free market society. Our Constitution does not allow for government intervention in business. Chet Edwards was one of the few TX Reps that voted in favor of this bailout. Pack your bags Chet, a lot of people plan to fire you!
Posted by: I'm Ready Location: B/CS on Sep 29, 2008 at 04:38 PM
1929, here we come!
Posted by: help us on Sep 29, 2008 at 04:11 PM
they are a bunch of kids.
Posted by: LW Location: Bryan on Sep 29, 2008 at 04:06 PM
How about using the $700 Billion to assist the GOOD BANKERS to absorb the current market place. Then the corrupt bankers and the overspending Joe six packs can sort out there own problems. As noted by some factual politicians from JFK to Reagan/Bush TAX CUTS puts more money into the market than any tax hikes. This would spur the market more than any buyout sceem.
Posted by: Bob Location: Wellborn on Sep 29, 2008 at 04:06 PM
Why is no one in the media asking questions like: 1) Why are adjustable rate mortgages still legal? 2) How did our Congressman (Edwards) vote today on the "Bail Out" measure? 3) Were our US Senators for or against the measure that failed today in the house?
Posted by: Buggy Location: Flynn, TX on Sep 29, 2008 at 03:55 PM
700 billion bailout should read as follows, 35,000.00 to 20 million working class people to catch up on bills and stimulate the economy. You could pay your loans at the bank. Catch up your mortgage. And buy 10 gallons of gas at these high gas prices. I bet that would fix the problem rather than bailout failed corporations, how about BAILOUT THE WORKING CLASS. Now correct me if I'm wronge but if the financial institutions got there loan payments paid by us wouldn't that get them out of hock ? Here is something else to think of. Wild Bill Clinton played with an intern but he IS the only American President to EVER balance the budget. Maybe somone should send Bill's cell phone number to Crawford, TX. Thank you for you time and letting me get my 3 cents worth in!
Posted by: LW Location: Bryan on Sep 29, 2008 at 03:50 PM
Now Now children, someone will be crying if you don't stop that !!!! When will politicians learn that they are there to do the NATIONS business, NOT THERE PARTY'S I'm for voting in Ross Perot and his crowd.
Posted by: Anonymous on Sep 29, 2008 at 03:11 PM
Pelosi's got diarrhea of the mouth.
Posted by: Eric Location: Elkton,MD on Sep 29, 2008 at 03:04 PM
If it is the republicans fault, why did 40% of dems vote against the bail-out?
Posted by: Kyle Location: Bryan on Sep 29, 2008 at 02:26 PM
Nice going Congress. Guess a depression is preferred to doing the right, even if it was a distasteful thing.
Posted by: kay on Sep 29, 2008 at 02:13 PM
When i make bad investments, no one bails me out. Time for Wall Street and politicians to grow up. Take responsibility.
Posted by: Allen Location: Bryan on Sep 29, 2008 at 01:55 PM
If they really want to jump-start the economy, maybe they should just split the $700 BILLION among everyone who votes in the next election. That should be enough to pay off bills and catch a breather.
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