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. Cheryl Walker

    My Journalist friends: Why do you continually ask the legislators what they think of the BailOut Bill? Look it up and read it to America. We cannot trust the elected folks. America needs to read the bill to view all the perks written in. Oh how I would love to turn on the TV and actually have journalistic news and not some partisan hogwash. Please report the facts, read the BailOut Bill as it is, not what is being 'sandwiched' in to satisfy some party member. By the way, what became of the Ohio Congresswoman's new plan for the Bill?

    October 1, 2008 at 10:27 pm |
  2. CaroleK FL

    I was delighted and relieved that the Senate passed the bill. I am disappointed that my Senator, Bill Nelson of Florida voted, AGAINST it.No one is happy that we are in such an economic crisis. However, rehashing how we got "here" isn't productive. We're HERE. I hope the House will follow the Senate example and put partisan politics aside. Doing nothing isn't an option. Our economy, as well as, global economies, would grind to a halt leading to a world-wide depression.

    October 1, 2008 at 10:27 pm |
  3. Rob W

    I am currently disabled and not able to work at all. I read that the original bail out bill would have cost every tax payer in this country over $17,000.00 dollars each. Now this ammended bill adds another $150 billion. I don't have, nor will I be able to afford to "give" the government $20,000.00 for this new bill. We must flood our representatives of House again with phone calls telling them NO WAY! And also be prepared to clear the house next election!

    October 1, 2008 at 10:25 pm |
  4. Grant

    If the citizens of this country does not want a 700 billion dollar bailout, what the hell makes them think we want an 850 billion dollar bailout? They are "NUTS" and way out of touch with mainstream voters. It's time to fire all who do not remember to do the "WILL OF THE PEOPLE".


    October 1, 2008 at 10:24 pm |
  5. Mike

    I realize that there is a serious problem here, but this bill has now morphed into something that will be an even greater burden to us taxpayers. I was outraged with Paulsen's proposal, angered by the House bill, and I am not assuaged by what the Senate has now done. Too many "may's" and "can's", not enough "wills" and "musts" or "required's
    in the current bill. And to top it all off, another $150B burden added through the "sweetening" process.

    Why cannot these representatives of the people, protect the people?

    October 1, 2008 at 10:24 pm |
  6. Liv

    why -we people have to pay for others mistakes? Why the richest ones do not sell part of their lavish properties, or touch their fat savings and return the money where it belongs? Those do not have any scruples, any conscience, any shame. This bill is not right, people will suffer even more, -for those who swim in money.

    October 1, 2008 at 10:24 pm |
  7. James Wjilkins

    I know that we have to bailout these iresponsible financial compainies, but they should have to pay back this money with interest for every penny they get and no CEO or other managers should be able to recieve on penny of this money. You know, years ago when people took money from companies they called it embezzlement, now they call it severence packages and bonuses. Somebody needs to pay besides the poor working people of America. People that are working and barely making enough money to buy gas to get to work shouldn't have to pay so the big wigs to be able to eat steak. They need to foot the bill. What really puzzles me is that no one is looking at the oil companies in all this, they are one of the major contributures of this economic disaster with the high gas price and they should have to fork up some of those outrageous profits. Let the rich bail out the rich. Its plain to see that all of American bisness people are nothing book crooks and the law makers are in bed with them. I hope everone remembers this come election day and anyone who votes for as incumbant is a fool.

    October 1, 2008 at 10:23 pm |
  8. rich

    Can't we put the guy's that got us here in JAIL? How about every bank that ask for money, we put the vp's,president and it's board of directors inJAIL. How about having all the CEO's that got those big golden chutes and pay check give back three quarters of the money they got? Mr Paulson included. How about The head of the sec? He should go to jail for not seeing this comming. It's his job?

    October 1, 2008 at 10:23 pm |
  9. Shela

    It's unfortunate that the situation and the remedy has not been adequately explained to the American people. Are you people not concerned that banks and other financial institutions have been going out of business for the past month? Are you not concerned that the actions or lack thereof by the US can cause a global depression? This is not a bailout. It is survival. I agree we need to understand how we got here so it doesn't happen again but the first thing that must happen is that the bleeding is stopped.

    I'm looking forward to investigations, arrests and jail time for some Wall Street folks but let's get through this problem before public hangings. If not, the result could be terrible.

    Oh, by the way, all of you that voted for the current occupant of the WH if you're suffering you're getting exactly what you deserve. What goes around definitely comes around.

    October 1, 2008 at 10:22 pm |
  10. carl lahser

    A friend of mine received her economic incentive check this week. I cannot see the big hurry to pass the bailout when there are other less expensive options that should have been considered. When will the bailout be available? Christmas? Easter?

    October 1, 2008 at 10:19 pm |
  11. Sundee Rae

    I am angry that the bailout has been passed by the Senate. It is about time we let those whose greed,and gain for power , and put us in this whole mess pay and go down. I am willing to suffer to see this come about. Bailing out is only a clear message of approval for all those who put the American public in this mess to continue and do it again.

    October 1, 2008 at 10:18 pm |
  12. Vicki from NJ

    Well I just watched on Larry King the disgusting way that all the Senators were congratulating each other for passing the vote on their new bill which became more costly. They also forgot to mention the sweeties they added to it and they forgot to mention that we the taxpayers will still pay for all of this so it's easy for them to be ready to party.

    Look, most of "we the people" don't really trust any of our government officials since I think they belong to Wall Street and all of the other Interest Groups. Believe me, they didn't do all this for us "the people." You can be sure of that. It's their own interests they are worried about and I will inform my representatives that I'm not interested in their new ideas which equals more money, by the way.

    We need hearings from a panel, and we need financial experts to oversee what this bill is and how it will affect us for years to come, since most of us average Joes out here still don't know what this bill is and who it's really for.

    In fact, I think it's time the government had an "Internal Affairs Department" created just as the police have so that "we the people could have another view of what's really going on in our government and to keep them in line as reminders that they work for us the people, not themselves. I along with many others feel that the government is owned by Wall Street and Special Interest Groups or anyone with money to give them (i.e., we no longer trust our own Government).

    October 1, 2008 at 10:18 pm |
  13. Karen

    In reading these blogs, I wonder how informed many of you are. If this bill does not pass MAIN STREET will feel this and soon. It is the paycheck to paycheck workers who will lose their jobs, and will soon feel the impact of WALL STREETS and WASHINGTON mistakes. Think about it like this if you lose your job, will you be able to pay any of your bills. We can go back and forth about how we got here, but we HAVE to get out of this mess and NOW! Lets all calm down and remember that we will see a return of investment down the line, remember 1988 the S& L, we made money off a similar bailout.

    October 1, 2008 at 10:18 pm |
  14. jonny

    i believe this is the sadest days of our generations lives

    October 1, 2008 at 10:17 pm |
  15. LeslieM

    What is going on here? I've been watching for days and what I get out of it is that Politicians are all for this and 'We the people' are saying NO! This is Socialism at it's best. The senate is out of touch with the people of this country. Thank God for the republicans in the house of reps, and I'm a democrat. Let wall street fail, fix this for the people of America. Senators do your job and represent the interests of the 'main street American'.

    October 1, 2008 at 10:17 pm |
  16. Daniel Chapman

    I agree with Representative Ron Paul, buying debt is the wrong solution. I believe we should listen to Ron Paul when he says there are better was to solve this. H. R. 2755 would be a start, if congress would move it through and bring it to a vote.

    Check it out H. R. 2755 at THOMAS (Library of Congress).

    October 1, 2008 at 10:17 pm |
  17. Maureen / Newman, California

    I think this bill is a start. Obama will fine tune it after he is elected. I am amazed at how many people either don't know, or don't care about all of the potential job losses and company closures that will happen if this bill is not passed. Do these people actually think that they are immune to any negative consequences of doing nothing to fix this crisis? Well if it's not passed, then a lot of people will be in for a rude awakening when they lose their jobs, homes, property, etc. I'm glad that the legislators were watching out for us tonight.

    October 1, 2008 at 10:15 pm |
  18. Sandra D.

    People are so wrapped up in there every day lives that they seem to have forgotten the first thing they learned about our governement way back in elementary school. The declaration of independance says " government of the people, for the people" It also says " No taxation with out representation". Which is probably most likely where this money is coming from. Well the common people didn't want this bail out. The government isn't listening to the people any more. It seems that our thoughts and our votes don't matter. Where is our share of that 700B? Nobody bailed us out when whe were behind on our bills! We are, every day , one more step closer to a socialistic government where our so called representives do what they want and dont listen to what the people say. There is no government of the people any more!

    October 1, 2008 at 10:14 pm |

    Who is holding these portfolios of sub-prime mortgages? My bank doesn't have any.

    Why can't the Federal Reserve just loan money to banks as the European Central Banks are doing. This will restore bank liquidity and provide the ability for banks to make loans to customers.

    October 1, 2008 at 10:13 pm |
  20. Andrea Mraz

    I am not a speed reader by any means, 451 pages to peruse on this Bill....oy. They added a few "sweeteners," to goad the other side of the aisle to vote for this "Emergency Economic Stabilization" package. Can I insert the analogy of the lipstick and pig, without fear of reprisal?

    The Bill still uses monies to bail the Wall Street companies out, maybe the analogy should be "gloss on swine lips?"

    When everyone looks back and wonder how we got into this mess to begin with, then change our ways accordingly, then and only then, we will know that progress has been made.

    Anyone want to buy a house?

    October 1, 2008 at 10:12 pm |
  21. J.W.

    Get rid of them all, get new one's in office

    October 1, 2008 at 10:11 pm |
  22. Scott

    Senator Bernie Sanders speaks for most of middle class America. Tonight, his amendment suggested increasing the tax on those that make more than $1million dollars a year. This would have eliminated the $700 billion dollar payback that middle America will be responsible in paying back. We need more of Bernie Sanders.

    October 1, 2008 at 10:11 pm |
  23. George

    FDIC insurance was raised because pressure from Mutual Funds. It was not designed to protect tax payers. Just the Big Fat Wallstreet Mutual Fund Managers. Give me a break.

    October 1, 2008 at 10:10 pm |
  24. Al

    There's no more clear evidence that we as citizens have no say so in any affairs of our government. The only concerns being raised are those of the very people that are in trouble while we get stuck with the tab. Someone please explain to me how we are being represented here. I'll have a very good laugh next year when they break us again and need another 700 billion. All i need is about 100,000. Anybody willing to bail me out.

    October 1, 2008 at 10:10 pm |
  25. John S. in GA

    The bailout bill says: “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.” Translation: the Secretary can buy up whatever junk debt he wants to, burden the American people with it, and be subject to no one in the process. This is insanity, but some other legislation called HR 2755 under consideration in the House right now can help. HR 2755 is a bill to abolish the Board of Governors of the Federal Reserve System and the Federal Reserve banks and to repeal the Federal Reserve Act. While it is unlikely that this bill as a stand-alone piece of legislation will make it out of committee, it is possible that similar language be written into the “solution” that the committee is now re-working. Please call the office of these financial services subcommittee members and and encourage them to incorporate language from HR 2755 into any solution that they craft to address the current financial crisis. You should ask to speak to the “financial services” staffer. In addition also contact Barney Frank (Mass.), the Financial Services Committee Chairman and Spencer Bachus ranking minority member (Alabama).

    October 1, 2008 at 10:10 pm |
  26. Dee Montgomery

    I’m hearing the banks have no money to loan. In my mail today I received an offer from Bank of America. They say they will loan me $50,000 at an APR of 8.99% (not variable based on prime).

    We are leaving more $9.5 trillion in debt to our kids already!! Don't do this to them.

    October 1, 2008 at 10:09 pm |
  27. Dan Mysiuk

    You can put lipstick on a bailout, but it's still a bailout!!

    October 1, 2008 at 10:05 pm |
  28. Martie

    The difference between The Great Depression and now is that most of Americans lived in rural farm areas in the 1930's. There certainly was no money, but folks like my grandparents had small farms so they were never actually short of food. Now that we're mostly city dwellers and highly dependent on delivery of all necessities, my biggest fear is that the Great Depression will begin to look like the good old days if these stabilization efforts fail.

    October 1, 2008 at 10:05 pm |
  29. Jeremy Trumble

    I cannot believe the Senate just added $150 Billion onto this $700 Billion dollar JOKE! $850 Billion!!!!! All on a 50/50 gamble.

    Every poll and everyone I've spoken with have said this is a disaster. No one wants this bill passed yet our Wonderful Senators think the "unwashed, uneducated, and confused" constituents aren't thinking straight and they decide to vote how they feel.

    BOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!!!! I'm voting Sen. Rockefeller out this fall.

    Yeah it's that important.

    October 1, 2008 at 10:02 pm |
  30. jim chebuhar

    They passed the bill... Oh nooooooo! I have to try and find a second job to start making money so we can bail out those who handle money but don't have to worry that it is other people's money.

    That is what this is all about. People we entrust our money with actually don't give a crap that it is our money not their money. Thank You Wall Street, you are so special with your, "Other People's Money" attitude. You owe us everything since we invest in your great houses of cards and you earn money on our backs. Sleep well rich people the poor folks are once again letting you walk upon our shoulders. We are the champions, we are MAIN STREET!!! You are chumps who gamble and lose!!!!!!!!!!

    October 1, 2008 at 10:00 pm |
  31. Alex Balla

    I am a student in college, the actions of our Congressmen & Congresswomen are a travesty; our Senators decision to gamble the future of my generation and possibly the children of my generation at the benefit of businesses who made bad decisions. Its possible to see the taxpayers make money, but also its possible for the taxpayers to lose their money and we shouldn't play that game. Wall St. did it and they failed, why should we as the American people now shoulder that risk?

    October 1, 2008 at 9:57 pm |
  32. Martie

    Call me uninformed, but why is no one talking about what happens to the value of the dollar when these "bailout" dollars are printed?

    October 1, 2008 at 9:56 pm |
  33. Ruth in Greeley, CO

    I don't like this bill and don't want to see it passed. Ideas from columnists on CNN, in the New York Times and The Washington Post have better ideas than Bush or Paulson.

    But, contradictorily, I watch these self-important Senators congratulating themselves for acting at all and wonder if they want applause for just doing their job.

    Hey, I understand. I do too.

    October 1, 2008 at 9:52 pm |
  34. Irene - Florida

    It is unbelievable that these Senators are so pleased with themselves for once again working in the interest of Corporate America and their own financial interests and not for the people that elected them.

    October 1, 2008 at 9:49 pm |
  35. Charles

    The Senate just passed the bailout 74-25, One would hope that if anything is to be learned by this, is that business/wall street cannot self-regulate. Greed makes self-regulation impossible. Hopefully, this is the beginning of the end of trickle down economics. Charles

    October 1, 2008 at 9:48 pm |
  36. Jo Ann

    It is now a $850 billion bill with a lot of "sweeteners" added in that will cost the taxpayers plenty. Some totally ridiculous.

    This has always been about "Wall Street" and had nothing to do with "Main Street." Senator Bunning is right, these "sweeteners" were put there in order to buy off votes and it worked.

    This bill will still allow for the creation of slush funds to help funnel money to the same organizations, like Obama's friends at ACORN, who contributed to this in the first place.

    Those senators who voted for this bill turned their backs on what is best for their constituents and the country in order to help their criminal friends on "Wall Street."

    Let's hope the voters have the balls to punish them in November.

    Jo Ann
    North Royalton, Ohio

    October 1, 2008 at 9:47 pm |
  37. Richard Marti

    I am a liberal from Connecticut. I have a questions someone should ask Chris Dodd, "as chairman of the banking comittee, where was he with oversite over the past few years while all this was happening?" Now the senators are thanking him?

    October 1, 2008 at 9:47 pm |
  38. Annie Kate

    I'm glad the Senate passed their bailout bill; maybe this will free up the credit markets and America can get back to business as usual. I pay my mortgage every month, having bought less house than I wanted but at a price I could afford.

    However, I realized early on that if there was no bailout and banks began to fail; unemployment started to rise into the high double digits; and credit companies jacked their interest rates up into what most of us would call usurious rates, that even I might not be able to pay my mortgage should I be laid off and not be able to find another job because no one was hiring.

    I've heard about the Great Depression all my life – it started on Wall Street but the suffering was concentrated on Main Street. I want to keep a depression in the category of something I heard about and not in the category of something I had to live through. I applaud the Senate's action today.

    Annie Kate
    Birmingham AL

    October 1, 2008 at 9:46 pm |
  39. Irene - Florida

    We the people are saying no, find a better way then making us the taxpayers pay for this. If we have to bail anyone out at least help homeowners that have seen the value of their homes almost drop to half of what we paid.

    October 1, 2008 at 9:41 pm |
  40. Derek Kauffman

    Let it be known I'm a democrat and I completely agree with Sen. Jim Bunning's statement you quoted.

    There's thousands, if not millions, of regular people out there that live pay check to pay check. These people do not get bailouts when they get behind on their bills or behind on rent.

    How is this fair to bailout Wall Street when they come into hardships. How can they take the money of taxpayers to bailout them out when the taxpayers never get bailed out?

    I think they need to calm down, not rush this bill, and just sit down and think about what is happening.

    October 1, 2008 at 9:41 pm |
  41. earle,provincetown

    I have changed my affiliation from a Independent, back to a Republican. This,"bail-out bill" , is a terrible piece of legislation! Certainly, dire consequences soon will follow, and their will be no stimulus package ,or bail-out money left,unless we can find a way to convince the public,"that widow's,and orphan's", should be left out in the cold! Why not ,they've ransacked the "Social Security Piggy Bank",that just about insolvent as we speak! Truly discused....

    October 1, 2008 at 9:37 pm |
  42. Amanda

    150 billion in sweetners!! Sure what is another 150 billion dollars when we're talking
    700 billion dollars? These recent political antics of both political parties in my opinion have left a SOUR taste in the mouths of hard working middle class taxpayers! As for McCain and Obama-how many American workers can miss as many days of "work" and still have a job? There should be a law that all representatives(House and Senate) are required to vote on very issue during their term in office. Like its a big deal they showed up to vote tonight. It is their job right?

    October 1, 2008 at 9:36 pm |
  43. deborah in WV

    I think that as hard as it is to swallow, we MUST flood the financial system with the needed money to loosen up the credit markets that will allow main street to keep working and keep getting paid. It doens't make sense to just let everything cave in, because we are angry at the greedy financiers. We can deal with them later, with new regulations and most of all new leadership in Washington!

    I think Senator Obama was right in his speech tonight, that we also need to give more money back into the hands of the people who are struggling to meet their family's needs and to start working together as a united country to pull ourselves out of this financial mess.

    Our children's future depends on it.

    October 1, 2008 at 9:33 pm |
  44. Mary Eddins

    As a lifelong resident of Kentucky, I can't BELIEVE I agree with Jim Bunning .

    October 1, 2008 at 9:32 pm |
  45. EJ (USA)

    Ok – so they added tax breaks for these corporations and this is supposed to help urge the American people to get behind this bailout (so the House can vote for it)? I don't get it. I don't see how this passes the House.

    October 1, 2008 at 9:29 pm |
  46. Bret Peters

    Thats right folks. Left foot, right foot...Very good. Yes baby steps. I'm so proud ! Look your moving foward, yea!

    October 1, 2008 at 9:23 pm |
  47. Brian Clarkson

    If this bill is passed, we will once again be given the bill for some purpose which may or may not work.

    Remember we went to Iraq 6 years ago because we thought weapons of mass destruction was there. It was not, but we pay $10 billion a month for staying in this country.

    We paid $85 billion to keep AIG afloat and $200 billion to keep Freddy Mac and Fannie Mae in business. Now, the President and Congress is urging us to accept $700 billion dollars to buy bad mortgages.

    We are already in federal debt to the tune of $5 trillion dollars. And we are being forced to accept another trillion in debt to keep financial markets stable. And this is not including the $120 billion to keep our soldiers in Iraq waiting for the situation to stabilize.

    Naturally, they (Congress and the President) offer no solutions in paying down on the amount they already owe. I guess our children and grandchildren will have to foot the bill for Washington's free-spending ways.

    No wonder President Bush and Congress's approval ratings are both at record lows.

    October 1, 2008 at 9:23 pm |
  48. EJ (USA)

    Well, this is not going to pass the House. Oh well. At least I taped Law & Order SVU last night.

    October 1, 2008 at 9:23 pm |
  49. Heather,ca

    After calming down and seeing the world didnt end and the market moved on I think its a gigantic mistake to pass this bailout. We need to have hearings on how we got here so that it doesnt happen again. Because it will. Socializing this is a big mistake.Let the banks fail. We need to prevent this from happening again. I agree with the economists on Lou Dobbs and the fact that Paulsen has known about this for at least a year only hoping it wouldnt happen. We all have worked hard and have paid our taxes. This is wrong and it goes against our system of government.

    October 1, 2008 at 9:22 pm |
  50. Bret Peters

    More new ideas have been floated around almost hourly. But it is crunch time ! If we do not have a positive vote, we and the world will see 4x the lose of Mon. If that happens I am fearful that there will be no reasonable plan that will show major difference for years not months. Although the administration was aware of this crisis coming months in advance, and did not bring this out until the crisis hit, we were able to get the basics the American people want in the plan. "A house divided will fall." well it fell on Mon. hopefully we can prop it up long enough to save peoples jobs, and investments.

    October 1, 2008 at 9:14 pm |
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