Evening Buzz: Bailout Rejected
[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2008/POLITICS/09/29/bailout.fallout/art.gop.leaders.ap.gif caption="Republican leaders speak to reporters on Monday after the bailout bill failed to pass."]
AC360° Writer
Whoa! My advice: Don't check the 401K plan. Stocks sank 778 points today, the worst single-day point loss ever. Here's another tough reality: investors lost $1.2 trillion, the most ever in one day. The deep decline came after the House rejected the $700 billion bank bailout plan.
How did it get this bad? It depends on who you ask.
Republicans and Democrats are pointing fingers at one another.
It's sorta like when you ask your kids, "Who broke the lamp?" And, each child blames the other.
But, in this case, trillions of dollars are at risk.
Here's some of the blame game for you.
House Republican leaders say Nancy Pelosi, the Democratic speaker of the House, caused the vote to fail. "The Speaker had to give a partisan speech... that poisoned our caucus," said Rep. John Boehner, the House minority leader in a news conference after the vote.
The number-two Democrat in the House, Rep. Steny Hoyer, rejected that accusation as "absurd."
Rep. Barney Frank, the House Democrats' main negotiator on the bill, was even more critical.
"Because somebody hurt their feelings, they decided to punish the country?" Frank demanded, saying the explanation was an excuse. "I don't believe they had the votes. They are covering up the fact that
they don't have the votes," he said.
Do you think the House should have approved the bailout or did it take the right step?
We'd love to hear your thoughts.
Tonight, we'll have all the angles on this ugly day on Wall Street. From the politics to your pocketbook, find out what this means for you and America's economy.
Hope you join us at 10pm ET.
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Filed under: Maureen Miller • The Buzz |
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I don't think the government should bail them out. It may hurt the country for a while but maybe the people making these decisions on wall street would be a little more careful. My home was in the path of the last two stroms that hit the gulf coast. I had to take my family and leave. It cost me alot to be gone. When I was finally let back into my area my house had been spared but someone broke into it and robbed me. The federal government turned me down for any type of renbursement becauce I have a job and a little money in the bank. I lost 3 freezers full of food. They were giving out food stamps to people who needed help,for the month, but I did not qualify because I had a job and a little money.The working peope in this country don't have a chance with the system we have in place.This is a sad place we live in.
I can't find a cell in me that thinks it is OK to bailout the big money people. I want to hear WHY congress hasn't said they will be investigated, and their riches taken to help recover. Who cashed in their stocks recently in foresight? Get that money back. They KNEW what was going to go down and you can bet they protected theirselves.! Those of us that made smart decisions with our money CAN NOT be made to fix problems for those that didn't. I also want to know that these criminals are not at the helm still.