October 1st, 2008
03:41 PM ET

Congress to the rescue! (Maybe)

House Minority Whip Roy Blunt, center, accompanied by House Minority Leader John Boehner, Rep. Eric Cantor, and Rep. Adam Putnam, speaks to reporters on Capitol Hill in Washington, Monday, after the House vote on the financial bailout package failed.

House Minority Whip Roy Blunt, center, accompanied by House Minority Leader John Boehner, Rep. Eric Cantor, and Rep. Adam Putnam, speaks to reporters on Capitol Hill in Washington, Monday, after the House vote on the financial bailout package failed.

Barclay Palmer
AC360° Senior Producer

The Senate plans to vote on bailout Plan B between 8:30pm and 9pm tonight. A strangely precise schedule for a legislature so confident but so wrong in predicting that it had a bailout package on Monday. Especially since it has a couple other thingy-dingy bills to pass first tonight. If the Senate can function like a Swiss watch today, why can't it every day?

Or can it?

And the House plans to vote on the Senate bill on Friday. That is, if leaders believe they have the votes to pass the bill. If they don't, one of our most esteemed planning managers said, with irony and pith worthy of Ben Franklin,"Times are fungible."

Filed under: 360° Radar • Bailout Turmoil • Barclay Palmer • Economy
soundoff (9 Responses)
  1. Pablo Vitaver

    The 'huge risks" that Wall street took, are with your money, not theirs. They made money regardless of the results for us, even if we went broke. The money did not dissapear in a black hole, nobody burned it. Money has to move, or their owners don't make money. They can't hold to their cash for too long, they will have to lend it. BTW, loans, even though restricted, are being made right now. Did they stop you from using your credit card? Did you visit a car showroom and they refused to finance your car? No, we should not bail them out. Even Paulson says that this enormous bail out may not cure the problem, so we will be left in the same position of incertitude and fear we are today, but we would have spent nearly a trillion dollars. We won't have that money available for another, more sensible program. If we have to live in 'fear', let's do it on the cheap. Let's not give up on Capitalism, let's give it a chance to work.

    October 2, 2008 at 8:58 pm |
  2. Carolyn Mims

    Defeat this poor bill and let the chips fall where they may!

    Our economy MUST re-align itself. The bankers who put us there should be put out of business and be put somewhere that they can no longer harm us!

    Sure horrible things will happen: prices on everything will fall! No, many of us won't have money to buy anything anyway...it will be a really rough winter...BUT...

    The false inflation will pass. Wall Street will lose some of their control: lol...blame them for jumping up the price of oil!

    Lets just let life happen.

    The news media needs to stop shouting "the sky is falling...the sky is falling!"

    October 2, 2008 at 11:58 am |
  3. Steven Rea

    Re: "Rescue Plan" and gaining voter/congressmen support

    Someone needs to talk in common speech to the people of America to explain very clearly WHY this is on the verge of a national financial disaster. All the politicians are saying it, but the average and even above average (education-wise) American doesn't understand how you go from a Bank collapsing to them suffering in their own lives. It's been vaguely talked about, but it is clear that people need a step by step explanation.

    The trust in both media and politics is lost to simply listen and follow, so SOMEONE in either Politics of Media has to start communicating in a way that the normal people can connect the dots, therefore understanding how the Wall St. bailout DOES and WILL affect them. This is not even about if the Rescue plan is good/bad, but it sure sounds like the majority of Americans aren't making judgements based on a clear understanding, which is not good.

    Someone at CNN, PLEASE HELP as it seems that everyone on TV, whether media person or politician doesn't get this key communication point.

    Thank you most sincerely!

    Steve Rea

    October 1, 2008 at 7:54 pm |
  4. Edrick

    The sad thing about this Bailout is that no one truly knows what will happen if the bill doesn't pass. The taxpayers shouldn't cover the asses of those responsible for putting the country in this mess. I tired of seeing the these so-called wealthy companies getting into trouble and then lean on the American people to give them money and then in return not even help those in need. What will happen is a that 800+ Billion dollars will be spent poorly and Americans will ask: What did this bailout do for me, I still have a home in forclosure? I truly think the largest companies in the world will get only bigger monopolizing our economy one sector at a time. The middle class again will be without. Those with massive wealth will gain a better position.

    October 1, 2008 at 7:48 pm |
  5. Michael

    It's uninformed opinion's like Pablo's that will put us into an economic black hole. Sure, the system that allowed Wall Street bankers to take huge risks and get huge paychecks is flawed. Unfortunately it is the system that we are tied to right now, like it or not. You simply can't let it die because you want to stick it to them. If you do it will soon filter through to you, me and everyone we know. Maybe not tomorrow but within the next 12 months you would see and economic tsunami to rival the great depression. Perhaps you have forgotten that some of the biggest financial insitutions on the planet, let alone the US have died in the past 6 months. If you listen closely you can hear the sound of cash being sucked out of the economy. Libor spreads are at historical highs and credit is frozen. The economy needs to be saved and once it is, then and only then can we change it so that the problems that got us here in the first place don't happen again.

    October 1, 2008 at 7:47 pm |
  6. Pablo Vitaver

    Vote no on the bailout of Wall Street.

    Agreeing to this bailout means that we played capitalism, and we accept that it failed. This is a repudiation of capitalism and embracing socialism. This is admitting to the failure of our way of life and concedes to China, the old Soviet Union and Cuba.
    For too many years we saw the self-important, legends-in-their-own-eyes, arrogant wallstreeters driving their red Ferraris and burning fuel by the hundreds of gallons on their cigarette boats. We were wondering how people who did not create anything, did not produce a single sack of potatoes or planted a single tree, who did not add any value to the world, could live that way. Now we know, they party and they leave it to us to pay for the musicians.
    This is the largest money heist in the history of the world, rushed down our throats because it is an ‘emergency’. We should not allow them to get away with it.
    The value of true corporations did not disappear overnight. The money that is not being lent did not get sucked into a hole in the earth. The money is still there, and money that is not let, generates no interest. They can hold to the money for so long, then they will need to lend it again. This is playing chicken with the rest of us, waiting to see us blink first.
    The money is somewhere, and can’t stay still for too long, or they really have to close their doors.
    They are scaring us, this are the departing shots of President Bush and his friends, who want one last bounty before leaving office. Vote no, no way, no how.

    October 1, 2008 at 4:02 pm |
  7. Nam

    The majority of the average Americans are against this plan; but the senators who supposed to be for the people try to make Bush happy and want to pass this bail out package. They come up with a new revised plan try to convince the middle class Americans to buy their B.S. First, "the bank can have money to lend if you want to buy a car or house"; are they insane. The average middle class don't even have enough cash to pay their mortgage right now not talking about buying car or house. Second, "increase the FDIC up to $250,000.00"; they must be kidding. Do they think the average middle class americans have that much in their account? The senators for sure are not from the people. All of these make me wonder the senators are for the people or who else....

    October 1, 2008 at 4:01 pm |
  8. Austin.

    God help us all if it does not happen this time around! Folks just do not understand the ramifications if this deal does not go through! Not just for the U.S. Markets but International Markets as well. Americans aren’t alone in this crisis.

    October 1, 2008 at 3:55 pm |
  9. larry

    NO bailout if it includes coverage on defaulted mortgages. If Fanny Mae had not accepted bad banking that was a result of 1999s collusion of Illinois State Senator Barack Obama, the 'community organizing' company ACORN, and seated POTUS Bill Clinton to make banks give mortgages to people that would not have qualified for a mortgage; through threat of being tagged as racist.
    Even today ACORN is a major player in Obama's campaign, supplying him with continued sponsorship. Barney Frank is no angel in this crisis either, he took $$ from Fanny Mae, as did his partner.

    October 1, 2008 at 3:48 pm |

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