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House Passes $700B Bailout Bill

4 comment(s)

Originally Published Oct 3, 2008, 2:56pm
(Updated Oct 3, 2008, 2:56pm)

According to FoxNews.com, the House has passed the complex $700B bailout bill by a vote of 263-171, allowing the Treasury Department to buy up bad debt weighing down the nation's financial institutions.  The stock markets peaked in the moments before the House signed off on the financial rescue plan, falling sharply after it became clear the bill would pass.

Source: www.FoxNews.com


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Comments

4 comment(s) on this page. Add your own comment below.

forsyth countian
Oct 3, 2008 5:45pm [ 1 ]

The stock market is going to be volatile before a presidential election, always has been.. bill or no bill. There was another bill in the hopper that received little or no press coverage from main stream media, a bill that would have done all the things this bill claims to be at no cost to the tax payer, called the No Bailouts Act by Congressman Defazio of ORegon. But this was big money, and big news, the mainstream media perpetuated the 'dire straights' mentality once again from the Bush administration , and here we are creating another type of welfare, except on bad debt. God Bless America.

Katie Patton
Oct 4, 2008 6:49am [ 2 ]

This whole "bail out" situation was handled very badly and took way too long. The storm clouds have been gathering on the horizon for some time - it's not like we had another 9/11. When you look at the markets, they've been struggling all year. This time last year the market was around 14,000 - now down 3000 plus points. All I can hope is that the markets respond positively next week and that credit will become more readily available again to consumers, and to businesses large and small. We may need to acknowledge we are truly in a recession now. I'm all for capitalism and the free market, but when citizens struggle to make ends meet just for basic needs (food and shelter), something has to be done.

forsyth countian
Oct 4, 2008 1:01pm [ 3 ]

If congress thinks that what they do influences the market, we are all in for real trouble. Maybe in order to run for office in this country you have to have a God Complex. Isn't it about time that banks only lend to qualified people in the first place. Now we have congress artificially puffing the people up After they are the ones that perpetuated this crisis. Let's all go back to Clinton who felt everyone should be in a house, whether they can afford one or not and then Bush who further perpetuated the ownership society. I can't bear to vote for either McCain or Obama right now.

Main stream media provided little proof of the 'crisis' and barely gave any airtime to the 50% of economists that have stated a 'bailout' is n't going to solve anything. But why should mainstream media publish the truth-- when they are so heavily invested in the stock market themselves.

Bruce
Oct 4, 2008 10:39pm [ 4 ]

"We have the best politicians money can buy" Mark Twain

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