October 1st, 2008
09:08 PM ET

Evening Buzz: Bailout Vote

Maureen Miller
AC360° Writer

We're just moments away from the Senate vote on the $700 billion plan to rescue America's banks.

The RSVPs were legit.  John McCain, Barack Obama and Joe Biden are all on Capitol Hill for the vote.

The bill is expected to pass due to the add-ons – including a temporary raise in the FDIC insurance cap to $250,000 from $100,000.

Senators who approve the updated plan will encourage the House to do the same.
The other chamber is expected to vote on Friday, four days after it rejected the original bill.

But there are some House republicans who are still not happy with the new version.

"While some of the language and the length of this bill may have changed in the last week, it is still the same old bailout for Wall Street with a few extra sweeteners intended to buy off votes," said Sen. Jim Bunning, R-Kentucky. "In the end, this bill still puts the taxpayers on the hook for Wall Street's losses and takes America's free market system down the path toward socialism. I cannot and will not support that", he added.

What do you think of the revised bill?

We'll have the breaking details on the vote tonight on 360 at 10pm ET.
Hope you'll join us.

Filed under: Maureen Miller • The Buzz
soundoff (67 Responses)
  1. Valerie

    The true disgrace is that in the beginning when the foreclosures began the MBA’s and Ivey league pack had the audacity to judge and begrudge the average American who attempted to purchase a $300,000 home. That these executives viewed Foreclosures as pennants for “main streets” greed or ignorance is sorrowful. This is by far the most disgraceful component of this travesty. The entitlement these executives feel to their home ownership, exorbitant salaries, and bonus’s is truly astonishing. Yes, they may work hard but so do mechanics, construction workers, and teachers who will probably never be rightfully compensated. But will these executives see bankruptcies that will garnish their credit for 10 years?, will their executive homes be foreclosed on?, will they have to apply for unemployment insurance? No they will not because they will have our 700 BILLION dollars to cushion their discomfort.

    October 2, 2008 at 12:54 pm |
  2. Kim Brindley

    I'd like to hear more reporting on ALTERNATIVES TO THE BAIL OUT PLAN currently before congress. If so many representitive are against the bill then I wan to know why. Clearly something needs to be done, but what? I'd like to know what economists who are not in bed with either Wall Street or the current administration suggest we do. I would like those alternatives to be reported to us in language that "Main Street" can understand. Are you guys up for the task?
    Kim Brindley / Alameda, CA

    October 2, 2008 at 12:32 pm |
  3. Kim Patrice

    Why is it the government is asking to bail out companies with American taxpayers money, when its these companies that are foreclosing on so many TAXPAYERS homes? These companies didnt make any effort to come up with a solution to keep all these people in their homes, so why should this become a Taxpayers debt? "Save The Needy Not The Greedy"

    October 1, 2008 at 10:55 pm |
  4. Gabriel Nguyen

    How come they keep neglecting the people who caused the problems and why they are still getting their golden parachute of $28,000,000 +.

    The bill stated a limit of $500,000 after the bailout, but the current golden parachute is going to be honored. So, the question is, how much of the $850 billion is going to pay off these golden parachutes of the executives that got the financial industry to where it is now.

    They seem to be using fear to deflect how much of the funds are to help out the rich and does nothing for the industry or the poor. So much for not being a bail out.

    October 1, 2008 at 10:54 pm |
  5. Jan

    I think Biden should go after Sarah Palin just like he would do any one else. After all she said that she can stand up to the good old boys. I spoke to a person who is from Alaska he said he has been keeping a list of things that she has said and so far he has a list of 18 things she said she has done and they are all lies. Also he said that almost no one in Alaska even know who she is. Only those in the Capitol know anything about her. He also added that we would be stupid to vote for her and McCain.
    I am a senior citizen (woman) and I feel that McCain thought a woman any woman could get him elected.

    October 1, 2008 at 10:53 pm |
  6. lupe

    The goverment has no righ to ask the tax payers to bail out Wall Street, all the CEO should give back the millions of dollars that they did not ear.

    October 1, 2008 at 10:52 pm |
  7. Margaret

    I just don;t know how much more this free country wants from us. The bailout helps no one except wall street. Let them crash we as americans crash do they bail us out. No we lose and keep on working to recover. I'm really tired of working for nothing and not being able to have nothing due to being tax to death now I know why. We have to pay for our country to get richer and richer while we get poor as poor can get. What if I decide not to pay taxes anymore what happens then? Will they bail me out. I think this bailout should be something the american people should vote on not just congress. After all we are the ones it will hurt the worst. Well so much for nothing. What we say doesn't matter anyway.

    October 1, 2008 at 10:52 pm |
  8. Robert

    I am truly disgusted. Both candidates in the last debate talked about wasteful spending. Yet they both just vote for a bill loaded with "extras" for the expressed purpose of bribing those on the fence. It is amazing what can be bought with money and promises. Pitiful. They couldn't pass a $700 billion dollar plan because of voter outrage. So now they try to push thru a $810 billion dollar package including the tax breaks. Vote them all out of office. This is truly the end of our once great society!

    October 1, 2008 at 10:47 pm |
  9. jonny

    NO KAREN we dont all want to lose our jobs and no we dont want bla bla bla but if thats what it would take for us taxpayers to say something in this do nothing till its to late no listening government.........then so be it we are tired of being ignored

    October 1, 2008 at 10:44 pm |
  10. Ann Marie

    I am just as disgusted as the other individuals writing in, especially since I see nothing done about the caps on exec compensation nor anything on prohibiting golden parachutes. When I read about how Richard Fudd from Lehman bros. walked away with $22M bonus while through the years he took $500M while driving the company into the ground-it just burns me up. Alan Fishman worked only two weeks and walked out of WaMu with $7.5M bonus and $6M in severance pay. This is what infuriates taxpayers. It should be against the law. I called my reps and emailed them telling them NO Bailout for the scumbag Wall Street tycoons. The senate still voted to pass it. I think we need to change the whole of Washington.

    October 1, 2008 at 10:42 pm |
  11. kimberly

    Looks like Christmas is coming early for Wall Street & the Senate seems to be very pleased with themselves..But what about the rest of us?
    I'm wondering if I can contact my credit card company and tell them that because I am paying $850 Billion to bail them out that now they can bail me out and zero out my balence, What do you think their response will be? HA!
    I am really confused about WHO is protecting the public??
    Congress needs to get a ear test, they obviously did not hear all the American people saying NO to this bail out..

    October 1, 2008 at 10:42 pm |
  12. Vicki from NJ

    Karen, I hate to disagree with you, but this is not similar to S&L, 1988. That was on a much smaller scale and less greedy folks, where as today greedy folks owe out favors. Maybe back then, it helped you personally, but I was out of work for quite some time and never received a high-paying check since then, but now the climate of companies and businesses today are such that they want more than ever out of you today for much less. CEO's, CFO's, Presidents, and Vice Presidents of companies weren't making millions back in the 1980's either, but they do now.

    And, as I said in my last blog note above, have you noticed that the Senators new version of the Bill gave more money to the FDIC to keep business afloat, but no protections for our 401k's and nothing was mentioned about our taxes which we pay way too much as it is already. Doesn't that tell you something?

    So, maybe you do want a quick bill rushed through, but most of us don't.

    October 1, 2008 at 10:40 pm |
  13. jessica Hausman

    Dear Anderson;

    No matter how they express the worthiness of this bill, it still primarily presents as a prop for the well heeled at the expense of the working class who are struggling more than ever before and cannot make the ends meet. Now They will be fleeced again, and at the mercy of this very slanted bill.

    October 1, 2008 at 10:39 pm |
  14. Mike in NYC

    It's more than a bit annoying when I hear people heap all the blame on Wall Street and "fat cats." This problem is systemic and long-term, and the fault lies with the way the "American Dream" has been sold to the masses. It is a privilege, not a right, and much of it has been leveraged and debt-driven, as much of our economic growth has been. A paradigm shift will and must occur, as we learn once again to live within our means. A cut in our standard of living is inevitable, as home prices will have to come down to realistic levels, and unfortunately, those that played "by the rules" will suffer along with those that did not.

    October 1, 2008 at 10:36 pm |
  15. Canadian View

    I find it very interesting reading comments that say they are against the Bail Out and patronizing Wall Street so have changed their vote from Independent to Republican!

    Who was running the Nation for the past eight years – Republicans. Who authorized spending 10 billion per month on the Iraq War – Republicans. Did they not realize 10 billion per mo. for seven long years would bankrupt the economy?

    And those who blame the Dems for not doing anything – What should they have done when every bill they tried to pass to do something was Vetoed by the Decider. They might have the majority but if the President won't even recognize their Bill or put it before the House, they also don't have a chance of changing anything!

    My view – Republicans knew they were bankrupting their Nation but continued irresponsibily, recklessly, doing the same things and expected change! Like a miracle on Fourth St.!

    October 1, 2008 at 10:35 pm |
  16. Paul C

    No No No. Paulson is a former well paid Wall Street Exec. He is bailing out his friends.

    October 1, 2008 at 10:33 pm |
  17. Mary

    So what exactly does it mean for this new bill when they say, "Limited imposition on CEO pay" ? What, they might have to live on 30,000 a month for awhile instead of 100, or 200k ? ?? ? What a joke !!!!!!!!!!!!!!!

    October 1, 2008 at 10:32 pm |
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