House votes down bail-out package

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Discussion Overview

The discussion revolves around the House's decision to vote down a Republican-sponsored bailout package, exploring the motivations behind the votes, the implications of partisanship, and the broader political context leading up to the elections. Participants examine various perspectives on the bill's merits and the reactions of both Republican and Democratic members of Congress.

Discussion Character

  • Debate/contested
  • Exploratory
  • Political analysis

Main Points Raised

  • Some participants question why a Republican-sponsored bill, supported by many Democrats, was voted down by Republicans, suggesting motivations may include partisanship or concerns over Wall Street interests.
  • Others argue that Republicans opposed the bill partly due to upcoming elections, fearing backlash from constituents who might view the bailout as favoring Wall Street over local interests.
  • A participant notes that House Republicans are concerned about their presidential candidate's handling of the bailout negotiations, which may have affected their unity and decision-making.
  • Some express frustration over perceived partisan statements from Democratic leaders, suggesting that such comments may have hindered bipartisan support for the bill.
  • There are claims that the proposed bailout was fundamentally flawed, with participants criticizing the financial implications and questioning the rationale behind the amount allocated for purchasing bad loans.
  • Some participants reflect on the ideological divide within the Republican party, suggesting that adherence to strict economic conservatism may be detrimental to addressing the current financial crisis.
  • Concerns are raised about the lack of clarity regarding the specifics of the bailout plan, including the valuation of bad loans and the overall financial strategy.

Areas of Agreement / Disagreement

Participants express a range of opinions, with no clear consensus on the motivations behind the vote or the merits of the bailout package. Disagreements persist regarding the implications of partisanship and the effectiveness of the proposed solutions.

Contextual Notes

Participants highlight the uncertainty surrounding the financial details of the bailout plan, including the valuation of assets and the rationale for the proposed funding amount. There is also an acknowledgment of the political pressures faced by Congress members in light of the upcoming elections.

  • #31
jimmysnyder said:
He's outta here. He is going to take such a beating from this one vote that last year he announced that he was retiring.
:smile:
 
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  • #32
Why are they taking a couple of days off?

I thought this was important.
Cancel a campaign important.
 
  • #33
Alfi said:
Why are they taking a couple of days off?

I thought this was important.
Religious holidays.
 
  • #34
There are going to be some amazing riders added to the bill today, the govt wants to get a $700B bill through urgently and needs your vote!
 
  • #35
Evo said:
Religious holidays.

The US government is taking time off because it's Ramadan - how culturally sensitive of them.
 
  • #36
mgb_phys said:
The US government is taking time off because it's Ramadan - how culturally sensitive of them.
It's for the Jewish holiday of Rosh Hashanah when no work is supposed to be done. It celebrates the anniversary of the creation of Adam and Eve.
 
  • #37
Art said:
It's for the Jewish holiday of Rosh Hashanah when no work is supposed to be done.
I know, I thought it was ironic that an instution famously consisting of white protestants should honour another religion like that and wondered why they picked one middle eastern religion and not the other other one.
 
  • #38
Following yesterday's bailouts European gov'ts had to step in again today, this time to rescue the Franco-Belgian financial services group, Dexia, at a cost of more than $9bn.
 
  • #39
mgb_phys said:
I know, I thought it was ironic that an instution famously consisting of white protestants should honour another religion like that and wondered why they picked one middle eastern religion and not the other other one.
Good point. You would expect them to pick a European religion like Christianity.
 
  • #40
mgb_phys said:
I know, I thought it was ironic that an instution famously consisting of white protestants should honour another religion like that and wondered why they picked one middle eastern religion and not the other other one.
Probably a lot of creationists amongst all those Republicans?
 
  • #41
The only thing these Communists are missing is a dozen votes in Congress. They didn't pass the bill this time because their constituents don't want it, and they won't ignore their constituents this close to election day. Unless the price is right. The folks in Congress are cheap whores and can be had for a slice of pork. I expect the next version of the bill to pass with 12 riders.
 
  • #42
The bill, with an amendment increasing the sum insured by the Fed for savers to $250K, will be voted on in the Senate tomorrow.
 
  • #43
Well it's passed the Senate and by a big majority,
US Senate backs new bail-out bill

The Senate has approved a new version of a $700bn (£380bn) rescue plan for the troubled US financial system.

Senators voted 74 to 25 in favour of the emergency legislation designed to stabilise volatile markets and limit further damage to the economy.
http://news.bbc.co.uk/2/hi/americas/7647622.stm

Now will the lower house pass it? The difference seems to be there are relatively few senators up for re-election in Nov.
 
  • #44
Art said:
Well it's passed the Senate and by a big majority, http://news.bbc.co.uk/2/hi/americas/7647622.stm

Now will the lower house pass it? The difference seems to be there are relatively few senators up for re-election in Nov.
Only 1/3 of Senators are up for re-election every two years. The term of a senator is 6 years, while a Congressperson must face re-election every 2 years.
 
  • #45
So 8% of those facing re-election voted FOR or they are retiring anyway.
 

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