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House begins voting
UPDATE: Bill passes
UPDATE: President signs bill
The House of Representatives has started its roll-call vote on the $700 billion bailout plan.
UPDATE (1:27 p.m.): The bill passes 263-171.
UPDATE (2:04 p.m.): President Bush says he will sign the bill into law.
UPDATE (2:39 p.m.): Read Emily Belz’s report from Washington.
UPDATE (2:53 p.m.): President Bush has signed the bill.
Topic: Newsworthy, WorldMagBlog
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back to top34 Comments to “House begins voting
UPDATE: Bill passes
UPDATE: President signs bill”
Bill has passed 263 to 171, so passage was with plenty of margin. I will be back with party breakout as it appears.
I anticipate a bit of a stock recovery now, and the narratvie of the campaign is set ot change yet again.
It is a bit ironic that a staunchly Republican administration has effectviely nationalized our financial markets, but the neglect for 8 years has caught up with us.
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What once was creeping socialism is now boldly strutting.
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stubob post 2,
with President Bush and Secretary Paulson leading the way.
The alternative, however, was proving to be too awful to contemplate.
There will be plenty of time to dissect this failure and to apply corrections and additions as requried, but for now the bleeeding may stop.
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Welcome to the USSA: The United Socialist States of America. We are now a one party system, as both parties are parts of the same.
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Nooooooooooooooooooooooooooooooooooooooooooooo…
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We have now added $2,324.50 per American into the national debt.
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Yup – we increased the national debt by about 10%.
Of course the Republican added perhaps $2T during the last eight years:
http://www.cedarcomm.com/~stevelm1/usdebt.htm
so this is a moderate addition to their legacy.
What is more important than the overall size of the debt, though, is its size compared to the economy. Peculiarly enough, given the economic impact of not passing this bill and the resulting economic shrinkage, it would seem that this bill may actually have been quite reasonable.
It is certainly reasonable in the context of the approximately $1T loss to the economy on Monday.
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Is it $700 Billion still?
I had heard that they had “porked up” to about $1.2 Trillion in this go around.
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KRM post 8,
I had heard about $800B. There is some magic in this in that it is interestingly enough apparently less and more than the real amount depending on when you look at things.
We can say with comfort that it is a lot of money.
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#9 “We can say with comfort that it is a lot of money.”
Musing,
We can say that with confidence. But I think I would say it with discomfort.
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Musing, et al, Bush never had a conservative agenda. I posted on another thread last evening, a quote from The American Spectator: “When President George W. Bush nominated Henry Paulson to serve as Treasury Secretary, Republicans raised a red flag that Paulson, who, along with his wife, has strong ties to the Democratic Party, would not be an honest broker with Republicans.”
I voted for Bush twice, but only to keep Gore and Kerry out.
While meeting with a bunch of guys yesterday morning, one asked, “Who do you like for president?” I said, “I don’t like any of them, but I’m voting for McCane.”
Wednesday morning at the gym (YMCA), I overheard a conversation, I wasn’t part of it; a guy said to another, “I’m going to do something I’ve never done before, vote Republican.”
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I heard $840 billion.
Gosh, I hope you’re right, Chas!
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You’re correct about the unconservative Pres. Bush, Chas. We kept hoping he would somehow reveal the conservative principles he was downplaying during the campaigns, I guess, but he never did. He was less undesirable than Gore or Kerry, and I do appreciate his nominations of Chief Justice Roberts and Justice Alito. Also that he didn’t just wring his hands and fire off a few cruise missiles after 911. But he out-Democrat’d the Democrats on statist encroachments, and only tested his veto pen in the last year or so. While I realize many conservatives won’t join me on this, I don’t believe the Iraq invasion was justified nor necessary (altho I’ll grant he had plenty of bipartisan support on starting it).
But next January is a new day. Any cabinet spots you haven’t filled yet in your administration, Chas? Or here’s an idea our unbelieving friends on this blog are sure to love: would you appoint me Science Advisor?
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Here’s a good quote from Mona Charen in an op-ed today:
“If scientists were able to determine, beyond doubt, that the sky were actually going to fall on Monday, Oct. 6, Congress would pass legislation containing tax breaks for lobster fisherman in Maine and glue manufacturers in Paducah. It’s just what they do.”
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National emergencies and blatant alarmism always set the tone and stage for desperate moves (led by political ‘messiahs’) toward socialism and Marxism.
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Yep. Now we can be just like Europe.
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Jopel Mark post 15,
or like in Europe at the beginning of WW II, towards fascism.
During crises, the extremes offer certainty and the public seems to crave the comfort.
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RR, Science advisor it it.
In the spirit of bipartisanship, GLumps has Sec of Transportation. He reports that he has changed the oil in his car. That means he knows what grade oil to use, where the dipstick is, and how to empty the old oil. That is more transportation experience than Obama has diplomatic experience.
Remember, Vote Chas.
He’s for the little man.
He will stand up to special interest.
He’s doing for the children and future generations.
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Thank you Chas. I am deeply honored. I’ll buy a copy of Hot Rod Magazine to bone up on the important issues facing our nation.
I grew sunflowers in a styrofoam cup as a child. Could I possibly double up and be Secretary of Agriculture?
Vote for Chas in 2008!
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Can I be Surgeon General? As a true conservative, I’d probably do away with the uniform, since no one wore it before Koop.
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Well, at least Wall Street rewarded Washingtom for passing the Bill. Right before “the vote” the Dow was at 10,785. By the end of the day, 10,325. That is a pretty hardy “Thank You” if I do say so myself.
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#17, Yes, Musing, you have made a good point. So, let me add to my comment at #15 to say:
National emergencies and blatant alarmism always set the tone and stage for desperate moves (led by political ‘messiahs’) toward socialism, Marxism and fascism (all basicially the same in moral and unlimited gov’t terms).
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Hey guys, did I see on the news that a new bureaucracy and hiring will take place because of this bill? If so, what kind of jobs will they be? Just checking…
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This was interesting.
http://www.snopes.com/politics/business/easescredit.asp
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John McCain says he would veto every bill with earmarks.
In his first vote in 6 months, John McCain just voted for a bill full of earmarks.
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Yup – we increased the national debt by about 10%.
That’s quite an accomplishment…*for ONE SINGLE BILL*.
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JOEL MARK (15): National emergencies and blatant alarmism always set the tone and stage for desperate moves (led by political ‘messiahs’) toward socialism and Marxism.
FRANK: Now maybe you know how conservatives like me felt about the USA PATRIOT Act and Operation Iraqi Freedom.
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GODLUMPS (25): John McCain says he would veto every bill with earmarks.
In his first vote in 6 months, John McCain just voted for a bill full of earmarks.
FRANK: I’m still PO’d about my other old Senator, Jon Kyl.
When he was my AZ Representative (and running for Senate) in 1994, he assured me numerous times and in writing (I still have the letters!) that he would never vote for any bill that infringed on the right to keep and bear arms.
But when the Klintoon Krime Bill of 1994 (which included the “assault weapon” and “high-capacity” magazine “bans”) came up for a vote, Rep. Kyl voted for it. “Why?”
Because it also contained the (unconstitutional) Prevention of Violence Against Women Act, which he had been trying for two terms to get passed, and he later wrote me (I’ll always keep that letter!) that thought it would be better to vote for the overall package, and “fight” (Haha!!) to reverse the bill’s unconstitutional anti-gun provisions at a later date.
(”How do you know the Prevention of Violence Against Women Act is ‘unconstitutional,’” you ask? 1. Because I can read the Constitution, and you can count the crimes it authorizes the federal gummint to legislate against, prosecute and punish on one hand. And 2. because the Supreme Court — in a rare moment of wisdom and sanity — struck part of it down in 2000.)
Anyhow, Kyl was elected to the Senate in ‘94. (The NRA supported him over a higher-rated libertarian candidate due to “electability.”)
And the “assault weapon” and “high-capacity” magazine “bans” eventually went away in 2004 — without Sen. Kyl lifting a finger to overturn them — due to a 10-year “sunset” provision in the bill.
Politicans lie and sell their principles to the highest bidder.
It’s what they do.
(Yes, even Republican politicians.)
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Glumps. Not Sec Agriculture. I expect you might want to cater to Big Agriculture and make ethanol from corn.
But I appreciate your enthusiasm in preparing for the Sec Trans. job. Maybe you could impress the Senators with a couple of used boarding passes. Do not mention the effeciency of rail transportation, it would just confuse them.
An AAA membership might help.
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National emergencies and blatant alarmism always set the tone and stage for desperate moves (led by political ‘messiahs’) toward socialism and Marxism.
Frank beat me to it but I still recommend you read The Shock Doctrine: The Rise of Disaster Capitalism by Naomi Klein. Essentially she argues that neo-cons use a crisis/disaster real or imagined to force through an agenda the people would not ordinarily approve but in a time of shock legislators can be convinced its necessary.
http://www.naomiklein.org/shock-doctrine
is well worth a read for a good leftist response to the bill.
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Frank, my judge always said the Violence Against Women Act was unconstitutional. He was proved right. But you and he are talking to people who do not understand the Constitution.
I heard this morning on those PBS talk shows that Wall Street is in a big change the same way Detroit has been experiencing a big change over the last decade. One guy said “Wall Street is dead.” He believes that NY is not the center of business anymore, that there will be hubs around the world. Any thoughts?
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NJL,
I know it ain’t Bible, but I still think it’s true:
“The millstone of the gods grinds slowly, but exceedingly fine.”
At Bretton Woods in 1944, we convinced the Allied nations to use the dollar — still tied to silver and gold (remember silver quarters and dimes? Remember Ft. Knox?) — as its reserve currency.
Over 30 years, we gradually unmoored the dollar to silver and gold, cutting the final string in 1971. But the world — and the US — still said, “The dollar is still the world’s reserve currency!” But we printed/created ever more dollars, always diluting the value of the dollars already circulating around the world.
“But isn’t virtually every other nation’s money also a fiat currency?”
Yup. But “every other nation’s money” isn’t also the world’s reserve currency.
People have floated the idea of dumping the dollar as the world’s reserve currency and going with something else — the Euro, e.g. (More than a few smart fellas have alleged that one of the reasons we invaded Iraq was because Hussien was going to start selling his … er, Iraq’s … oil for Euros instead of dollars and encouraging other OPEC nations to do the same.
Anyhow, all of which is to say: The American Emperor has had no clothes for a long, long time and his palace is a house of credit cards.
And the world is starting to wise up.
You can fool all of the people some of the time, and you can fool some of the people all of the time.
But you can’t fool the markets.
All of which is to say, my dear NJL, that I tend to agree that the world is — has been —becoming a much more economically decentralized place.
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“All paper money eventually reverts to it’s intrinsic value.”
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That, by the way, has already happened to our coins. Quarters & dimes are no longer silver. Also, be advised that it’s illegal to melt down pennies for the copper.
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