700 Billion Dollar Bailout Bill Bombs

Stock Market Makes Biggest Plunge In U.S. History - Drops 777 Points

Back To The Drawing Board For The Bill

Black Monday Part 2

September 29. 2008

Treasury Chief, Henry Paulson, pictured above flanked by U.S. Senators. I remember in July 2008 he stated the markets weren't that bad and would correct themselves in a few months, implying economists and pundits were overreacting.

I wrote in that article two months ago, "This is not a problem the current administration will solve by the time Bush leaves office, as the damage is so far reaching. A follow up a few months from now by analysts and market speculators will reflect that." Now he's sounding a dire alarm two months later, as Bush's presidency expires in 36 days.

The proposed, dizzying $700 billion bailout bill that would in essence have provided a cash infusion to Wall Street, failed in the House Of Representatives today. President Bush and Wall Street are very upset at the news. By all accounts, the bill failed to garner enough Republican support to get it approved.

President Bush asked for the bill, but according to the stats released today at a press conference, his Republican contingent in Congress overwhelmingly rejected it. According to reports 133 Republicans in Congress voted no with 65 voting yes. While 140 Democrats voted yes and 95 no.

Too many false alarms destroyed President George W. Bush's credibility, from alleged Weapons of Mass Destruction in Iraq to Patriot Act abuses at home and thus many of his fellow Republicans ignored his dire pleas for passage of the bailout bill today. Maybe they know their boy too well.

Either way you slice it, there is a problem. He overspent and under-planned during his administration, engaging in corruption at every turn, partaking in outlandish acts of treason against the Constitution. It is clear he is mentally ill and it is very sad what he and his cohorts (Cheney and others) have done to the nation and the world.

Nancy Pelosi

House Speaker Nancy Pelosi, a Democrat, is being blamed by Rep. John Boehner and his fellow Republicans for "poisoning the vote" with an incendiary speech she made before the proceedings, condemning George Bush and his party's reckless spending, that wiped out the financial surpluses former President Bill Clinton left behind, leading to the current crisis.

While I don't agree with Pelosi's beliefs and some of her conduct in other things, it's not like she lied this time. Bill "Bubba" Clinton left big surpluses behind. This is established fact. The Treasury was bursting with money...that deceitful George Bush obliterated on foolishness that has amounted to nothing.

He lied to get his way in the world and the fallout from it is horrible. He traded on his family's name, especially his father's reputation and turned out to be a complete lunatic with a greedy streak so strong and virulent, it has just about financially wiped out America.

John McCain (Republican) and Barack Obama (Democrat). Both candidates supported the bailout:

STORY SOURCE

McCain, Obama in cautious support for bailout

September 29 2008 at 07:26AM - Washington - Republican John McCain and Democrat Barack Obama have tentatively supported the $700-billion plan to bail out the United States financial system.

"This is something that all of us will swallow hard and go forward with," McCain said on ABC's This Week. "The option of doing nothing is simply not an acceptable option."

"My inclination is to support it," said Obama, his Democratic rival in the November 4 US presidential election. "While I look forward to reviewing the language of the legislation, it appears that the tentative deal embraces these principles,"...

http://www.iol.co.za