Monday, September 29, 2008

Good! Bailout FAILS in house.

This is a bipartisan rebuke. 60% of Republicans said no. 40% of Democrats also said no. Maybe Paulson can quit pushing to bail out Goldman Sachs and we can get something we can work with.

I'll update the votes on the state level. This is a strange combination.

NO
Mike Rogers
Carolyn Kilpatrick
John Conyers
Thad McCotter
Pete Hoekstra
Bart Stupak
Tim Walberg
Joe Knollenberg
Candice Miller

Aye:
John Dingell
Dale Kildee
Vern Ehlers
Dave Camp
Sander Levin
Fred Upton

3 comments:

Red Or Dead said...

Lets look at how we got to were we are today.
The Truth

Time Line

CuriosityCat said...

The Cat suggests adding the following to the failed bill so as to amend it in a way which will actually pass it:

1. Add a stay on foreclosure on of mortgages for 6 months. The stay on short selling helped stop the market tailspin. Now give ordinary people a similar benefit.

2. Say that at least a quarter of any dollars spent in any rescues, take the form of insurance guarantees as the minority rebellious Republicans wanted. So if a firm wants $1 billion of overpriced mortgages to be taken onto the government`s book, then at least $250 million must be in the form of an insurance guarantee by Freddie and Fannie.

3. Allocate an additional $100 billion to the bailout package which will be used only to pay interest on mortgages of ordinary people who face foreclosure because they cannot pay the interest. This $100 billion ordinary person support fund must be recovered by increasing taxes on all financial corporations – no exceptions – until it is fully repaid to the government.

4. Say that an intensive effort must be launched immediately to hunt down any persons who broke any laws while designing and selling subprime mortgages, and lay charges against them, with suitable punishment (including significant financial penalties).

These four changes should do the trick.

Adam said...

I am very disappointed that Fred Upton voted for this bill