“The House on Monday defeated a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry. Stocks plummeted on Wall Street even before the 228-205 vote to reject the bill was announced on the House floor.” [MSNBC]
Failure.
Help make sure LGBTQ+ stories are being told...
We can't rely on mainstream media to tell our stories. That's why we don't lock Queerty articles behind a paywall. Will you support our mission with a contribution today?
Cancel anytime · Proudly LGBTQ+ owned and operated
BillyBob Thornton
I really don’t know if it’s a good thing or bad that it wasn’t passed. I do however have problems with the government using our tax dollars to bail out private companies whose top executives rake in millions.
ggreen
Hummm lets see, millionaire Congressmen, millionaire Senators and millionaire news readers/reporters that cover them. Who would have thought that the rich would bail each other out on the backs of the poor? To pay for the wealthy not losing any money look for Social Security cuts, education cuts, infrastructure cuts and a healthy increase in taxes for working families and people that earn under $100,000 per year.
Darth Paul
I’m almost proud of our legislative branch again.
Tim in SF
Well now that the Paulson plan is dead, maybe Congress could write a bill that is actually, you know, is a good plan, and try to pass that.
Rock
This is a colossal FAILURE of leadership across the spectrum…..Pelosi,Boehner, Bush, McCain – you’re FIRED!!!!!
rayrayj
We are told by the current administration that we should not provide healthcare for every American, because that would reinforce irresponsibility; also we shouldn’t provide free lunches for every school child in America. However, it is suddenly the responsibility of middle class and impoverished Americans to rescue the financial industry when they finally experience the consequences of the deregulation they pushed for? Did I miss the part where they wanted to share the profits? I’ve been poor before, it’s not fun but I lived through it. I don’t really believe any or at least many of the wealthy will truly suffer poverty but if they do; maybe it won’t be an awful, terrible, very bad thing.
Alacer
PEOPLE! There is a large part of this caused by the rich irresponsibility on Wall St. but the bailout is about THE ECONOMY…THE FINANCIAL SECTOR. WE, the American people should not have to be the ones to do it, but this isn’t just about the rich losing money. Do you really want to suffer in order to teach Wall St. a lesson?
Darth Paul
Alacer- I think you’re missing how inarticulate this bailout is and glossing over the fact that millions of Americans have already suffered. We’d be rewarding the Old Boys Club for bad behavior with this, amongst many bad things.
Tim in SF is totally on the mark. Shooting down crap legislation is a good start, but Congress needs to seriously apply themselves and find a solution that isn’t a parroting of banking execs and their lobbyists.
Tara
@Alacer
We are suffering already, so yes. I would.
CHURCHILL-Y
Courtesy of those intimidating banks into home lending practices to minorities who are known
to be lousy mortgage payers or non-payers, to be exact.
Tara
@CHURCHILL-Y
Hey, guess what you racist pig. Fuck you.
michael
Churchill-Y, T
How does it feel to be a fucking piece of shit? Your mother must have tried to abort you and botched it up. Sorry she did not succeed.
marcus
Churchill is a coward. He says these things here because he can hide behind his stupid handle. If he really had any guts and believed in what he said he would start a blog where all would know the person who is making such absurd statement. He just
the cowards version of a Fred Phelps.
anokie
RE: The minorities and mortgages, if you like I can provide stats that state that the majority of minorities were the ones who paid the mortgages on time, it was the flippers who defaulted on them. There is blame to be laid on everyones feet, but the root cause was the de-regulation of the banking system. There is a reason why we have regulations…and that is humans can’t be trusted. Greed paid a major reason to this financial crisis. Not to get into an economic lesson, but something needs to happen and resloved to bring liquidity to the credit market. Now this will to some extent prove the whole trickle down economy but in a very bad way.
scott
The stock market lost ONE TRILLION yesterday. That’s effin’ huge. If it’ll stop the bleeding, I say pass the bill.
There are people who rely upon their 401k for retirement money. SS only carries someone so far. Think bigger picture here.
I’m pissed that people are living in huge homes and got mortgages when they shouldn’t have while I’m stuck in a small studio, scrimping pennies but bigger picture, man.
tallskin
I sort of sympathise with all of your protests about bailing out the rich pig bankers, but unless we do (here in Europe and in the USA) then we really do face a 1930s type depression.