Congress passes Bailout Bill, Bush signs

[WA_Vol]

Congress OKs historic bailout bill; Bush signs it

WASHINGTON (AP) - With the economy on the brink and elections looming, Congress approved an unprecedented $700 billion government bailout of the battered financial industry on Friday and sent it to President Bush who quickly signed it.

"We have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country," Bush said shortly after the vote, although he conceded, "our economy continues to face serious challenges."
Underscoring that somber warning, the Dow Jones industrials, up more than 200 points at the time of the House vote, had fallen into negative territory an hour later. They fluctuated as the afternoon wore on. The final vote, 263-171 in the House, capped two weeks of tumult in Congress and on Wall Street, punctuated by daily warnings that the country confronted the gravest economic crisis since the Great Depression if lawmakers failed to act. There were 58 more votes for the measure than an earlier version that failed on Monday.

 

[MontereyVol]

I guess BPV was right we should've voted for this last time. If only to keep the pork out of it.

 

[615 Vol]

I guess BPV was right we should've voted for this last time. If only to keep the pork out of it.

True. What's up with the sweetners in this thing? Race track owners? Wooden arrow makers? Where do they come up with this stuff?

 

[TheDeeble]

I was doing my best to remain somewhat positive.

And then I checked out Nouriel Roubini's economic website.

And it destroyed any bit of hope. :no:

 

[VolsNSkinsFan]

The stock market sold off on the news and broke some key support levels... Look for further downside next week...

Also wouldnt be surprised if the fed does an emergency meeting and cuts another 50 basis points sometime next week

 

[BigPapaVol]

I guess BPV is always right. I knew I should have picked a different service.

fyp

 

[vader]

fyp

lol: Nice edit.

 

[MontereyVol]

fyp

lol: Nice edit.

Well that seals it! I'm off to the Army recruiters office!

 

[KingNick865]

As Zach Wamp said, "This bill is disgusting, and I hate it, but we're out of options at this point."

Not sure if that's an exact quote, but it's gotta be close.

 

[AgentOrange007]

At least it only took $150B worth of pork for them to get it passed. I wonder how much more it will take the next time a bailout bill is up for a vote.

 

[WA_Vol]

I dont know what it will take to make Congress be frugal with our money, but we are teetering on the edge of some kind of financial collapse if things don't start changing. You cant keep deficit spending forever. It's the road to ruin and we are on it.

 

[KYVolFan]

Strange how we were told the Bill was to Bailout the Lending and Credit Industry but what we got turned out to be just another Congressional Spending Scam.

Is it Bailing Out the Lending and Credit Industry when:

1. Give a 48 Milliion Dollar Tax Credit to the Wooden Arrow Manufacturers.
2. Give a 100 Million Dollar Tax Credit to Race Track Owners.
3. Give a 192 Million Dollar Tax Rebate to the Rum Producers of Puerto Rico and Virgin Islands.
4. Give a 148 Million Dollar tariff reduction to Wool Producers.
5. Give a 49 Million Dollar Tax Cut to Fishermen
6. Give a 33 Million Dollar Tax Reduction to folks doing business in American Somoa.
7. Give a 478 Million Dollar Tax Break to TV and Film Makers

Those numbers aren't mine they came from the "San Francisco Chronicles" websit SFGate.com.

WHAT A F:censored:G SCAM of the American People:banghead2:

Pelosi, Biden, Dodd and Yo-Baby Frank came in singing "here we come to save the day"

NOW WE KNOW THE REST OF THE STORY.