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Bush signs bailout bill
by Luiz Castro | October 3, 2008 at 09:23 am | 886 views | 23 comments | 49 recommendations
Bailout is law ( Update)
Bailout is law President Bush signs historic $700 billion plan aimed at stemming credit crisis.
Senate has approved on Octuber 1st a massive $700 billion rescue plan for the nation's finance system , but only after tacking on another $110 billion in tax breaks to lure votes from both parties.
263 yea to 171 nay
The House of Representatives has approved a $700 billion bailout of the U.S. financial system. The vote was 263-171. The dramatic vote came five days after the House stunned Washington and Wall Street by rejecting the administration's proposed bailout. That sent the Dow Jones industrial average down 777 points -- the largest single-day drop ever.
See also: US Senate Approves $700B Bailout
Wall Streat reaction:
The House approval of the government's $700 billion financial rescue plan Friday gave stocks a brief lift, but overall failed to set off much euphoria in financial markets that are facing the reality of a prolonged economic downturn. The Dow Jones industrial average was up only marginally in volatile trading after having been up more than 300
Before the approvation:
At least 17 House members said Friday they had switched positions and would now support the proposed $700 billion bailout of the nation's financial system.
Crises spread:
California may need a $7 billion emergency loan from the federal government to pay for "teachers' salaries, nursing homes, law enforcement and every other state-funded service" this month, Gov. Arnold Schwarzenegger warns
Biggest drop in jobs in more than five years:
Employers made deeper cuts in their payrolls in September, according to the Labor Department's monthly jobs report, as the economy experienced the biggest drop in jobs in more than five years.
There was a net loss of 159,000 jobs in September, the ninth straight month the U.S. economy has lost jobs. The August job loss was revised to 73,000 jobs, taking year-to-date job losses to 760,000.
October 3, 2008 at 09:23 am by Luiz Castro, 886 views, 23 comments
Crowd Power
asterix611
Long Island City, New York, United States
Most RecentMost Recommended Comments (23)
at 09:27 on October 3rd, 2008
Luiz Castro, thanks for getting this story out so quickly. It will now show up on the home page for four hours. If new developments justify it, I'll renew this flag for another cycle.
at 09:28 on October 3rd, 2008
Luiz Castro, I like this story. It's good stuff.
at 09:37 on October 3rd, 2008
After the bill passed the House, Speaker Nancy Pelosi said the intent had been to turn attention from Wall St to Main St. "Our eye now is to the future to shine the bright light of accountability on what has happened in our financial markets so that it doesn't happen again."
at 09:48 on October 3rd, 2008
Source: biz.yahoo.com
Wall Street Reaction:
Source: biz.yahoo.com
at 09:51 on October 3rd, 2008
Luiz Castro, I like this story. It's good stuff.
Great job getting it up so fast!
at 09:53 on October 3rd, 2008
HOW MUCH SUPORT FINENCIALS GET FROM THIS BAILOUT?
at 10:02 on October 3rd, 2008
Betrayed by Pork! Predict a lot of new faces in Congress next year.
at 10:06 on October 3rd, 2008
In a press conference, President Bush thanked legislators for their hard work in completing the bill in a timely manner. He added: "By coming together on this legislation we have acted boldly to prevent this crisis on Wall St from becoming a crisis across our country."
at 10:23 on October 3rd, 2008
Luiz Castro, I like this story. It's good stuff.
at 10:24 on October 3rd, 2008
Luiz Castro, thanks for this. Good stuff.
Happy bailing, my southern neighbours!
at 10:30 on October 3rd, 2008
Luiz Castro, thanks for your updates on this story.
Members can also check out our channel on the bailout.
at 10:33 on October 3rd, 2008
Wall Street doesn't know what to do. If the bailout is approved the market weakens. If the bailout is not approved the market weakens. Does anybody know how to fix this so we can continue to party like there is no tomorow?
at 11:00 on October 3rd, 2008
Doesn't matter how much lipstick you put on this pig... "It's still a Pig!" The taxpayers just bought one fat hog for $700 billion USD.
at 11:13 on October 3rd, 2008
"Funny" how that number crept up from $700 billion to $810 billion in just three days! Maybe we need a new word to describe this particular state of the economy, pilferflation.
at 11:57 on October 3rd, 2008
That would be a pretty nice term to call it moonwolf!
at 12:43 on October 3rd, 2008
Here is a Word Cloud I created of the Bailout law. Let me know if you all like it.
http://www.flickr.com/photos/carreon/2909813837/
at 13:05 on October 3rd, 2008
Ricardo,
Bravo! I like it!
at 12:47 on October 3rd, 2008
Moon... its simple, the additional $1.1B is the "Vigorosa" on the principal... let's see, that's bout' 13.5 points on the gross loan (loan, now that's a misnomer), no doubt, paid in advance by Paulson.
-END-
at 13:03 on October 3rd, 2008
bally,
Wrong math. It is actually an additional $110 Billion, that's $110,000,000,000!
at 12:56 on October 3rd, 2008
Luiz Castro, I like this story. It's good stuff.
at 14:36 on October 3rd, 2008
Luiz Castro, I like this story. It's good stuff.
Its so nice to see america bailout President George Bush and the elite at Wall Street. (tongue in cheek). Perhaps when he stands down he can be put forward for the Nobel peace prize and of course a gold medal or two. lol
Did I just see George Bush blackmail america, pay up for my and my puppet masters mistakes (or were they mistakes) or america goes to hell.
Well thats one for the history books.
- reply
martdod (not verified)at 18:42 on October 3rd, 2008
Why we need to have a bailout.
http://www.youtube.com/watch?v=1RZVw3no2A4
- reply
Connie McBride (not verified)at 13:43 on October 4th, 2008
Student loan borrowers no longer have bankruptcy protection, under the logic that the loans are government loans. Due to the corruption in the government and the payoffs of Sallie Mae(among others), these loan companies have collection powers that would 'make mobsters envious', in order to collect the outrageous fees they add to the original balances.
Now.
Given that the student loans are not dischargeable in bankruptcy, that the borrower's social security and disability checks can be garnished, and a borrowers wages can (and often do) get garnished without the loan company even having to justify the amounts owed, all because the 'government' backed the loans, what happens when the 'government' owns your home loans?
We (student borrowers) don't have a voice, don't have a choice (these changes went through without grandfather clauses, and without us consenting to the contract changes), and many of us will never get out from under. If the government now owns your home loan, will you be happy to lose all your basic consumer rights as well? Is that going to be the next step?
If so, welcome to our hell.
www.studentloanjustice.org
Single parent of 3, borrowed 45,000 to get through school and off of welfare in the late 80's. Have gone from getting 2,000 an year earned income credits to paying 1000+/month in taxes. Bankruptcy in 2003 due to catastrophic medical expenses. Owe 175,000.