"House minority whip Roy Blunt, a Missouri Republican, said that despite the setback, he would try to persuade members of his party to vote for a new version of the bill"
"Crashing down; Bailout rejected; new bill vowed" by Bryan Bender and Michael Kranish, Globe Staff | September 30, 2008
WASHINGTON - President Bush and congressional leaders, stunned by the defeat of a $700 billion Wall Street bailout plan yesterday, vowed to quickly craft a new proposal to win over skeptical lawmakers before the worst financial crisis in generations deteriorates into a widespread economic meltdown.
The stinging rejection of Bush's plan by the House of Representatives - by just 23 votes - sent the stock market into a nosedive of historic proportions. It also injected uncertainty into whether the Senate will take up the measure as expected tomorrow, or whether any bill can garner enough public support and calm a jittery market.
Except the Dow UP TRIPLE DIGITS!!!
Yup, DIDN'T GET OUR MONEY and now it is BACK to BUSINESS, huh?
The SKY DIDN'T FALL DOWN?!!!!
Sigh!
In the meantime, Wachovia Corp., one of the nation's largest banks, yesterday joined a growing list of leading financial institutions whose bad-mortgage-related debt has led them to the brink of collapse. In a deal facilitated by the Federal Deposit Insurance Corp., Citigroup will absorb as much as $42 billion in Wachovia losses, while the FDIC will cover the rest.
I wouldn't put too much "stock" -- if you will -- in the bankrupt FDIC, folks!
"The fund, which stood at $45.2 billion at the end of June, has been severely depleted."
Just what the looters want you to believe to keep the $$$ in their hands, not yours.
95 Democrats - including John Tierney, Stephen Lynch, and William Delahunt of Massachusetts - also voted no out of concern the plan would do nothing to help average Americans who have lost their homes in record numbers but were being asked to help foot the bill to save Wall Street firms.
Representative Henry Cuellar, a Texas Democrat, said the bill was too focused on helping Wall Street: "This puts the burden of all this on the taxpayers."
Wall Street reeled from the growing opposition to the bill, plunging as the votes were tallied. By the end of the day, the market posted its worst one-day percentage drop in more than a decade, while the Dow Jones Industrial average plunged nearly 800 points, the largest single point drop in American history.
House minority whip Roy Blunt, a Missouri Republican, said that despite the setback, he would try to persuade members of his party to vote for a new version of the bill: "We're going to be talking to our members and see how we can come together in the next few days to reverse whatever negative impact there may be in the economy over the next few days because Congress has failed to act."
These fucking guys are acting like a bunch of date rapists.
