BREAKING… Bailout Vote Fails in House

The vote is still open for arm twisting, but as of this moment the bailout bill is failing 199 to 223.  More coming…

UPDATE:
207 to 226… Dems 141-94, Republicans 66-132.  Time has expired, and members can be heard hollering for “regular order”… in other words, calling for the vote to be closed.

UPDATE, UPDATE (11:05AM):
The bailout bill fails 205-228.

UPDATE, UPDATE, UPDATE:
It should be noted that while there was a bipartisan rejection of the bill in its current form, President Bush could only muster about a third of House Republicans behind his proposal.  Considering the circumstances, this was about as close as we come in the US to a vote of no confidence, and was this a parliamentary system, our government would have just collapsed.  Fortunately, we have new elections already scheduled for six weeks from tomorrow.

WHAT’S NEXT?
The Dow is currently down 450 points at 10,692.  That’s not so surprising considering the gains at the end of last week had already built in anticipation of the bailout passing… and the expectation remains that a bailout plan, in one form or another, will eventually pass Congress, and probably soon.  Just not this one.

Again, I’m not necessarily opposed to some sort of rescue package, I just want one that focuses on the core problems, protects taxpayers, and doesn’t hamstring the Obama administration from effectively acting later, as this ongoing crisis unfolds.  If it takes another week or two to do this right, we’ll all be better off for it.

WA DELEGATION:
Aye: Baird, Dicks, Larsen, McDermott, Smith.  Nay:  Inslee, McMorris-Rodgers, Reichert.

And it should be noted that before the vote, Darcy Burner told the Seattle Times’ Emily Hefter that she would have voted against this package:

“We need to do something,” she said. But she said the compromise package being pushed by Democratic leaders in Congress doesn’t go far enough to protect taxpayers.

Burner said it doesn’t fix the underlying problems that caused the financial crisis, namely too much deregulation of the financial industry. And she said it doesn’t do enough to limit executive pay.

Burner’s opposition marks one of the first times she has come out against the House Democratic leadership, especially House Majority Leader Nancy Pelosi, who is championing the bailout package and has supported Burner’s Congressional bid.

It’s not really the first time Burner has opposed the House leadership, but it is the first time the press has reported it.  So I guess it’s easy to understand how Hefter might conflate the two.

And while I’m happy Reichert voted no, just listen to this pathetic interview gave this morning to NWCN, in which he answers every question with a question.  I dunno, it sure looks to me like he was waiting to see whether it would pass or fail before he determined how he was going to vote.

WA DELEGATION UPDATE:
Oops, forgot about Hastings, who also voted nay.  But then, who doesn’t forget about Hastings?

Comments

  1. 1

    spews:

    hahahaha…..this is so funny. republiturds vote no on the bailout (also known as Bush’s Folly) and the stock market drops almost 700 points. Lets all go and vote for Elmer McFudd and Yosemite Palin. hahahahaha

  2. 2

    Roger Rabbit spews:

    The Dow Average was down over 700 points a few minutes ago — not sure what it is now, because it’s changing by the minute.

  3. 4

    The Sponsors spews:

    OK, sure. This Wall Street bailout measure was rejected due to the massive, unknown costs, the lack of protections for taxpayers, and the fact that an unelected, unaccountable appointee (the Treasurey Secretary) would be in charge of all spending without appropriate oversight.

    However, that does not mean ST2 should be rejected. We all know, it also features massive, unknown costs, a lack of any protections for taxpayers, and it would be an unelected, unaccountable group of appointees doing all the spending without any appropriate public oversight.

    But ST is DIFFERENT. It has GREG NICKLES in charge. And maybe in twenty years we’ll get a shiny, shiny train set out of the deal! That’s like when you go to the bank and put your money in and you get a little gift. All the good banks like SeaFirst and WAMU give you little gifts!

  4. 7

    spews:

    sponsors @4,

    You’re an asshole. ST is the most audited agency in the state, and the tax is not open ended.

    Furthermore, ST actually build needed transportation infrastructure while all the bailout built was more wealth for the folks that created this crisis.

  5. 9

    Roger Rabbit spews:

    McCain Goes Ballistic, Screeches Like Drunken Monkey

    “COLUMBUS, Ohio – Lagging in the polls, Republican presidential candidate John McCain unleashed a blistering attack Monday on his Democratic rival, saying the race comes down to a simple question: ‘Country first or Obama first?’

    ” … McCain said Democrat Barack Obama advocates tax-and-spend policies that ‘will deepen our recession,’ and voted against funding for equipment needed by troops in Iraq and Afghanistan. ‘That is not putting the men and women of our military first,’ he said. …

    “The Arizona senator spoke at a joint rally with running mate Sarah Palin, who said she is looking forward to this Thursday’s debate with Sen. Joe Biden of Delaware. ‘I’ve been hearing his speeches since I was in the second grade,’ the 44-year-old Alaska governor said of [Biden].”

    (Quoted under fair use.)

  6. 10

    SeattleJew spews:

    My friends …

    well, this is a unique event to have happen DURING an election.

    Obviously the country is now badly in need of a leader.

    Obama does have a party behind him, now is the time to take advantage of this and make a decision.

    He should ask J MCC to convene the leadership of his party and he should convent the dems. The two groups need to meet independently and, if they can, make a proposal that is for the good of the country.

    The problem is … John McC is a leader of the Maverick party and that is not one of the two parties to this debate.

  7. 12

    ArtFart spews:

    If McCain wishes to distance himself from the crowd that got us into this mess, he needs to stop sounding like them. The rhetoric’s the same, whether he speaks in a civil tone or hollers at the top of his lungs.

  8. 13

    Mark the racist redneck republican goat fucker spews:

    Strange times alert: The far left, Dennis Kucinich, and the far right, Michelle Bachmann, are in agreement. They hate the bailout bill.

    I loathe the Republican party but I say thanks to them today for stopping this taxpayer ripoff, and no thanks to the Democrats who have demonstrated their usual spinelessness.

  9. 15

    Roger Rabbit spews:

    Senator Warns Bush On Pardons

    Although the defeat of the bailout package and the stock market crash is dominating today’s news, another noteworthy item is Sen. Patrick Leahy’s warning to Chimpface against issuing pardons in the U.S. Attorney scandal: “The American people will see any misuse of the pardon power or any grant of clemency or immunity to those from his administration involved in the U.S. attorney firing scandal as an admission of wrongdoing,” he said.

  10. 16

    Roger Rabbit spews:

    @10 Inviting McSame and the Goopers to the meeting would be like inviting the Mafia to a law enforcement strategy conference on organized crime!

  11. 17

    rhp6033 spews:

    I’m interested in finding out exactly why the Republicans in the House voted against the bill. Was it because they were philosophically opposed to the vast expansion of executive power included in the bill? Was it because they favored a system where the banks kept the debt but the taxpayers were “merely insurers” of the debt? Was it because they objected to the limits on executive pay? Or was it because they feared taxpayer anger in next month’s election, and by voting against the bill, they could argue that they were “Mavericks” who “stood up to George Bush” and “protected the taxpayer’s money”, regardless of their prior record in contributing to the mess?

  12. 18

    rhp6033 spews:

    My wife called, and said that the Senate voted today to extend Social Security benefits to illegal alians. Was it true?

    I haven’t heard anything about any votes today regarding Social Security, illegal alians, or such. My guess is that it’s right-wing gyberish intended to deflect attention from the current crisis. In other words, a typical Rovian strategy, probably sent by chain e-mail.

  13. 19

    rhp6033 spews:

    Shortly before noon, DJIA off 542.32 points, at 10,600.81. Only 13.22 points above the level it was at when Bush took office, almost EIGHT YEARS AGO.

  14. 20

    SeattleJew spews:

    @16 Roger Floppytail

    Roger,

    I am a bit more devious than yo give me credit for. Obama does lead his party and will be able to produce a cogent proposal. He may even be strong enough to birng in the conservative Dems and get a unanimous vote from HIS party.

    McC’s only party the Arizona/Alaska Mavericks have no representation in Congress. He certainly cannot function as the leader of the RadicalRepricans.

  15. 22

    Jack spews:

    the world according to Goldy

    Burner is toast – on the same side as her opponent – wow – how stupid

    Global fiscal meltdown in action – and Congress is in a bickering mood

    What a shit house this govt. has become

    Progressive Dems that don’t follow Barney Frank – on the banking committee – boy what the hell does the smartest man in Congress know?

    Darcy knows better than Barney Frank? Whew.

    I want my money back.

  16. 23

    kirk91 spews:

    I’d be interested in reading these other times Burner went against the DCCC/Democratic leadership.

    Wasn’t it a week or two ago she trotted out Pelosi in some video ad or another?

    22 Jack…maybe they were listening to the hundreds of economists that said this ‘plan’ was another give away to the same criminals who caused the crisis, run by the same criminals who caused the crisis and using the same rules that caused the crisis.

  17. 25

    rhp6033 spews:

    Wow. I’m not sure if this is the final figure, because the DJIA seemed to drop another 100+ points AFTER closing. A high volume of sales seems to have clogged the system at the end.

    But as of 1:25 p.m. (25 minutes after closing), the DJIA is off 777.68 points, closing at 10,365.45.

    That means that as of today’s close, the DJIA has closed -222.14 points below the level it was at when George W. Bush took office 8-3/4 months ago, a negative 2.10% return on investment over the course of almost eight years. This dubious achievement solidifies Bush’s place in history, as the worst economics President since Hoover. The DJIA even performed better under the Carter administration than it did under the Bush administration, and he only had four years with which to work with it. Bush’s legacy is a negative DJIA growth during BOTH of his terms of office (-0.78% during the first term, and -0.44% during the second term).

  18. 26

    My Left Foot spews:

    First, I don’t know which of our regulars this is, but Mark the racist redneck republican goat fucker is the best moniker on this blog.

    Second, I am glad this bill failed. I firmly believe that letting some of these Wall Street “goat fuckers”, well, actually go fuck goats is in the best interest of the country.

    These guys need to learn that sometimes in life, you fail and no one bails you out. A lesson most of us have already learned.

    The DOW finished down 777.68 points. That, in the words of some Republican, is a real crap sandwich.

  19. 27

    Mr. Cynical spews:

    Ummmm…Goldy
    You are mighty clever with words…but not very ept at math.

    Looks like YOUR Democrats overwhelmingly voted YES for this Bailout Plan….while the Republicans overwhelmingly voted NO.
    Seems like with Goldy & his ilks strong belief that NO was the right answer on this critical Legislation, perhaps the Republican Party can expect on onslaught of $5 donations from the KLOWNS!!

  20. 28

    My Left Foot spews:

    27:
    JEEZUS H KEY-RIST. Cyniclown. Do you think before you type? Stupid question, no you don’t.

    This what I got out of your post, you think APT is spelled EPT.

    You think there is a word spelled ILKS. “ILK” has no plural. IT IS PLURAL you gecko fucking moron.

    Post away and do tell how much you made today as the market cratered.

  21. 29

    Mr. Cynical spews:

    MLF–
    I spelled it correctly dumba$$
    Ept is the opposite of inept.

    Seems like you are worried about the small stuff…rather than Gregoire’s $8 BILLION of increased spending and the State Retirement Fund being underfunded by $9 BILLION or so.
    Get your priorities straight MLF!