House starts debate on bailout bill

Eddie Evans
Reuters
Friday, October 3, 2008

NEW YORK (Reuters) – The House of Representatives started work on a $700 billion bailout package for U.S. banks, under pressure from all sides as the effort to head off a spreading financial crisis hung in the balance.

With a vote expected around noon, the White House, congressional leaders and even foreign leaders pressed wavering members to vote for the package, after the House defeated a similar one on Monday.

The bill would allow the Treasury to buy toxic debt from U.S. banks, which many economists said is needed to head off the worst financial crisis since the Great Depression.

In Paris, French Prime Minister Francois Fillon said the world stood on the “edge of the abyss.”

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House leaders were still working the phones as the bill was being considered. “I’m optimistic about today. We’re not going to take anything for granted,” said House Republican leader John Boehner. “We’re going to continue to talk to our members but it’s time to act.”

Earlier, the United States reported its biggest monthly job loss in 5 1/2 years, coming on top of a pile of economic data pointing to an approaching recession. Data showed the U.S. services sector holding up.

“The data has been horrible all week long. It absolutely does put pressure on them to get this rescue act passed,” said Fred Dickson, market strategist at D.A. Davidson and Co in Lake Oswego, Oregon. “It’s a bill with risks, but it’s a plan and the market needs a plan.”

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3 Responses to “House starts debate on bailout bill”

1. Ken D. Webber Says:
   October 3rd, 2008 at 10:00 am

   If it is TIME TO ACT, I suggest that we ACT by getting rid of all the traitors and domestic enemies within Congress that are suggesting we jump into SOCIALISM by rewarding corrupt bankers with money. This will have the effect of further expanding the money supply, WHICH IS INFLATION, and it is the poor who will pay for the bill, for ANY “bailout” plan. To call this a “rescue” is a flat out lie! To reward evil at the expense of the poor and to destroy the value of the dollar is the act of an ENEMY of the people of the United States of America. It IS economic TREASON!

   Let the banks collapse!
   Let the stock market crumble!
   Arrest the guilty CEO’s.
   Learn how to profit in a down market.
   But do NOT jump into socialism and communism for your answers.

2. nescio Says:
   October 3rd, 2008 at 10:28 am

   it just passed

3. rich Says:
   October 3rd, 2008 at 11:10 am

   we all must make sure we pay our income taxes to pay for the bailout !!!!!!!!!!!!!! or the bailout won’t suceed.

   http://www.youtube.com/watch?v=razF08A-9Is