House rejects $700B bailout

[USA TODAY]

House rejects $700B bailout

By Kathy Kiely and Sue Kirchhoff, USA TODAY

WASHINGTON — In a stunning rebuke to President Bush, congressional leaders and Wall Street, the House rejected a $700 billion financial bailout package Monday, with a coalition of conservative Republicans and liberal Democrats refusing to grant the government sweeping powers to buy up distressed loans.

The vote was 228-205 against the measure, with one member not voting. There was broad bipartisan opposition to the measure, with more than 90 Democrats and more than 130 Republicans voting against the bill. Republicans voted more than 2-1 to oppose the bill.

The vote came even though the measure was backed by Bush and House leaders in both parties. But opponents said the package granted the U.S. government too much power and and was beyond the cost the government should pay to address the worldwide financial crisis.

Wall Street reacted immediately to the news. The Dow Jones Industrial Average fell by more than 700 points at one point as the outcome became clear. After the vote, the Dow remained down by more than 550 points.
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http://www.usatoday.com/news/washington/2008-09-29-bailout-congress_N.htm

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Washington, D.C. -

In a suspenseful vote of 205-228, the House of Representatives squashed a bill granting the Treasury $700 billion to shore up the U.S. financial system. Clearing the House was seen as the bill's biggest hurdle, and now the proposed bailout is thrown into disarray.

The bill had majority support from House Democrats, at around 140-95. It was killed by staunch opposition from House Republicans, 65-133. The voting was left open for several minutes, while congressional leaders tried to get members to change nay votes, and the tallies shifted slightly but not enough to pass.
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http://www.forbes.com/2008/09/29/bailout-congress-credit-biz-beltway_cx_bw_jz_0929vote2.html

[CBS News]

McCotter Compares Bailout To Bolshevik Revolution In Russia
By John Bresnahan
Sep 29, 2008

(The Politico) Rep. Thaddeus McCotter (R-Mich.), a vocal opponent of the Wall Street bailout bill, just gave a rambling speech outlining his reasons for voting against the legislation.

McCotter referred to President Andrew Jackson and the battle over the Bank of the United States, Fyodor Dosteovsky and "The Brothers Karamazov," and finally, Lenin and the 1917 Russian Revolution.

McCotter's point was that the bailout was an infringement on the freedom of individual Americans and a threat to majority rule in the United States, although his reasoning was somewhat hard to follow. But it sure was quotable.

"In the Bolshevik Revolution, the slogan was 'Peace, land, and bread,'" McCotter said. "Today, you are being to choose between bread and freedom. I suggest the people on Main Street have said they prefer their freedom, and I am with them."

http://www.cbsnews.com/stories/2008/09/29/politics/politico/thecrypt/main4485790.shtml

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