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US Senate passes financial bailout, but markets still gloomy
AFP
Thursday, Oct 2, 2008
The US Senate passed a new version of a 700-billion-dollar bailout of the debt-stricken financial system, but the measure failed to lift global market gloom on Thursday.
As Europe struggled to agree its own measures and Japan’s central bank pumped vast new amounts into the money market, Asian shares fell and volatile European bourses were little changed at the start of trading.
The Senate voted 74-25 late Wednesday to back an amended bailout, aiming to ease the credit crunch that has shaken the world economy and brought the bankruptcy of Wall Street titans such as Lehman Brothers.
(Article continues below)
The vote increased pressure on the House of Representatives to pass the legislation, after it rejected a first version on Monday.
President George W. Bush called on the House to vote before the end of the week to avoid further damage to the US economy. But there were conflicting signals over the bill’s prospects.
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32 Responses to “US Senate passes financial bailout, but markets still gloomy”
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October 2nd, 2008 at 3:41 am
700 billion, now we’re serfs, our children and unborn grandchildren are serfs. We’ll never get the national debt paid. Lol, to bad they don’t just print enough money to pay it off, works for everything else!
October 2nd, 2008 at 4:00 am
5000 people executed
http://ca.youtube.com/watch?v=a5Nl7_NK0jU
October 2nd, 2008 at 4:39 am
these bastards WONT STOP until this bail out is passed. just keep ringing the members of the house of representatives over and over and over again.
the cost of a phone call or insurmountable debt for you, your children and their children.
October 2nd, 2008 at 5:01 am
umm…where are the other senate votes?…74-25 seems kinda low imo
October 2nd, 2008 at 5:23 am
NO doesn’t mean NO anymore. If your senator voted for this piece of shit, let ‘em know that IF there IS another election that they can clean out their desks. I did.
http://webcenter.polls.aol.com.....plate=1381
This is bailout to keep the Chinese happy, people. Nothing more. Instead of getting the money back form the sons’of bitches that stole it all on the front end, we’re supposed to cover the Chinese holding a bunch of bad paper they bought from Goldman Sachs when Paulson was the CEO. Screw that. Let Paulson pay for it. The message here is loud and clear: CRIME DOES PAY!!!
I remember a speech given by a councilwoman in San Diego back when Bill Clinton was giving the country away to the Chinese Chincom shipping lines. She said in effect: “There is going to be a revolution in this country. In any revolution, the first thing you do is round up all the lawyers, the judges and the politicians and you shoot them in the back of the head.”
No shit.
October 2nd, 2008 at 5:35 am
…the slimy worms all take their turn…
in the game of Tax Control’
…they crawl around with our money to burn…
then they hide back in their hole’
…FIRES, FIRES, from 74 LIARS…this is their desirer
to burn down our land, from worms with no hands’
…when will we ever learn…
( trusting Congress…is like playing ping-pong; with nitroglycerine in the ball! KA-BOOM!)
October 2nd, 2008 at 5:55 am
Booya- 99 votes is low? there are only 100 senators. Boy you guys are stupid.
October 2nd, 2008 at 6:12 am
ok not an american just wanted to know…..quite frankly i am glad i am not one too…now i wanna add typical dumbass american response…..wasnt it something liek 228-205 on first one?
Michael….educate people about it….dont put in stupid insults
October 2nd, 2008 at 6:21 am
organize to vote out those reprobates !!!!!!!!!!!!!!!!!!!!!!!!!!!
http://www.youtube.com/watch?v=gf6xadMwGz0
October 2nd, 2008 at 6:36 am
What’s another 850 billion when we’re already 53 TRILLION in debt? The talking heads keep talking about the need to restore “confidence” in the system. So I gather that “confidence” is the only thing holding up the economy. Talk about a “confidence” game. This is it. The markets are no longer about supporting business….stocks and bonds themselves are being used as the commodity, with NO inherent worth, as they were in the dot com bubble. POP!!!! Regardless of what is done by Congress, the debt economy is going to fail, and in it’s place will rise another economy based on actual worth. Get rid of the “federal” reserve and the IRS, and return to the gold standard. You know……like it says in the Constitution.
October 2nd, 2008 at 6:45 am
2 booyah
the small count is one part of the law makers known as the senate. There still is the house that is where the big numbers come from.
As for the fact that so many of these crap holes stood up and said most of my constituents want me to vote no, but there is some pork in this bill that will help our state so I’m voting yes.. All of those senators are traitors. Representing their friends on wallstreet and big government nothing to do with the citizenry.
October 2nd, 2008 at 6:53 am
Tonight the Senate passed the $700 billion Wall Street bailout bill by a vote of 74-25. This follows the rejection of the bill by the House on Monday. In an MSNBC poll, 62 percent of Americans oppose the giveaway, but the lobbyists are doing everything possible to assure the rejection is overturned. According to Bob Borosage, co-director of The Campaign for America’s Future, House leaders “are bringing in the small business lobby and the banking lobby to buy the twelve Republican votes they need.”
The Senate took up the bill in order to pressure House members who voted against it to change their positions when it returns to a vote on the House floor on Friday. This procedure may be unconstitutional, because revenue bills must originate in the House, but there is no time or political will for anyone to mount a challenge on constitutional grounds. As another means of inducement—or blackmail—the bill includes the repeal of the wildly unjust alternative minimum tax.
Every reputable economist commenting on the bill opposes it, including NYU’s Nouriel Roubini, who says the plan is “totally flawed.” He says the plan is:
“a disgrace: a bailout of reckless bankers, lenders, and investors that provides little direct debt relief to borrowers and financially stressed households and that will come at a very high cost to the US taxpayer.”
My own view is that the plan is worse than that: a crime; grand larceny on a monumental scale.
Here’s why: We know that the debacle started with homeowner defaults on subprime mortgages and that it has now spread to other types of mortgages as foreclosures spread. We know that the unhealthy use of subprime mortgages started during the Clinton administration, as did the bundling and sale of these mortgages into mortgage-backed securities sold in the financial markets.
What has not been reported is that the Bush administration turned these acts of reckless lending into a national program of mortgage fraud. Soon after George W. Bush became president in 2001, meetings at the White House between Federal Reserve Chairman Alan Greenspan and administration officials became more frequent. According to mortgage industry insiders I have interviewed, direction soon began to come down from the banks to mortgage brokers to falsify borrower income information to allow them to qualify for loans that were otherwise out of reach.
“Grand Larceny” on a Monumental Scale: Does the Bailout Bill Mark the End of America as We Know It? – by Richard C Cook
http://globalresearch.ca/index.....;aid=10413
October 2nd, 2008 at 7:04 am
Michael,
you’re brilliant. It’s obvious.
October 2nd, 2008 at 7:14 am
435 members in the House and 100 members in the Senate and both vote separately.
with 74 out of 100 votes the Senate passed the Bill.
Fri. oct.3rd the House will vote and they need 2/3 out of the 435 members for the Bill to pass or be turned down.
(bottom line: 535 members and 9/10 of them are nothing but con-men and women)
October 2nd, 2008 at 7:19 am
They want a fascist planet with the superwealthy ruling it all
Since we’re too independent, America must be led to fall
When our credit’s been exhausted to subdue the Middle East,
They’ll install our debtor nation in the body of The Beast
Traitor…Dare call it treason
http://www.youtube.com/watch?v=uw5dP5gy2Vs
October 2nd, 2008 at 7:31 am
would someone please post this article from last year? Read this it’s more than IRONIC! I have no clue how to do it on here.
http://www.reuters.com/article.....7720070912
October 2nd, 2008 at 7:50 am
Look at Sec. 112 of the bill. It clearly states that the money can be used here in the US for the central banks and for any FOREIGN FINANCIAL AUTHORITIES. ESSENTIALLY THERE ARE NO GUIDELINES ON WHO GETS THE MONEY AND FOR WHAT. FOR EXAMPLE: THE MONEY COULD GO TO A GERMAN BANK FOR A BAD DEBT LOAN ON A GERMAN CITIZEN! The money will go to whoever Paulson wants it to go to. There is NO GOVERNMENT OVERSIGHT. Paulson being the former CEO of Goldman Sachs, has a ton of people that he is connected to. The looting of our country has never been so high. Call your Congressman TODAY! LOOK THEM UP AND CALL, FAX, EMAIL THEM. LET THEM KNOW THAT YOU ARE AWARE OF IT AND THEY WON’T GET AWAY WITH IT!!
October 2nd, 2008 at 7:56 am
If the 800 billion rescue dollars would have been distributed to the homeless. We then would have seen the greatest spending spree in history and the speedy recovery of the American economy.
October 2nd, 2008 at 8:15 am
A MONEY-FREE ONE-WORLD UTOPIA
Open your mind and learn Alex:
We have the technology. We have the wave. Add something new to push out the old dead-to-life days. Money must be eliminated. It causes too much pain.
Births and auras and histories are reviewed. A plot of land and a mission to each new group.
Like-minded people are brought together, but some diversity is observed so that people don’t fall into a mindless herd.
Your new group has a loosely-attuned mission and its own banner flag. This way, we all live for something dear to our hearts, and our talents won’t waste away or be nagged.
Many will be willingly grouped as farmers, but we can all receive well-worded instruction to grow our own food. And as our groups have their own banner and plot of land, so many will have the drive too.
Currently hidden technologies will account for many other things, like free electricity and clean water, and fast traffic-jam free transportation.
Groups will be encouraged to mingle and learn from each other, and if your heart is truly swayed by another, you will be given the freedom to move.
And what if you are married and have young or old ones in your family? There is a free place for you too — a like minded group of a few other families, so the children can play and learn together, and their hearts can move freely to what future path they choose.
And what of infrastructure? Won’t it deteriorate?
That can be remedied too. New ideas from like-minded infrastructure groups. But also, supply depots and a charge for your group to maintain its own ground. That’s why diversity is important, so you’re not stuck with a dirty, lazy few.
Plumbing might be the only real headache, but let us look to technology, make no mistake. Water can come from the air or deep underground. Hot showers may or may not be a thing of the past, but a hot bath is certainly not unsound.
But just imagine the overcompensating joy of living for your heart, not the mass crowd!
This is not old communism. This is populations uprooted and rearranged, so that hearts might break free and for people to be truly happy. It will only be stressful for a few weeks and days, but technology will still allow for contact to old family and personal visits all the same.
Yes! It is here and possible! We can have a world with very little suffering. For we are communal creatures, and this is the way to go where we feel at home. This is a way to reach for the stars with your new friends and some of your old crones.
Money is gone — we now live for our missions and for our collective joy.
All violence, theft and lies are heavily dissuaded. But with a place to call home and no more cancerous money, much evil will be destroyed.
Give a little and receive a lot. This change will happen with or without you, good-old boys.
October 2nd, 2008 at 8:16 am
It’s almost time for the Anti-Christ to stick his ugly head up and solve the Financial crisis! Are these Financial wizards REALLY this stupid? and They handle our money!! God help us!!
October 2nd, 2008 at 8:53 am
To booyah,
I’m sure it’s confusing to someone who’s not familiar with our fucked up legislative practices. One thing that hasn’t been mentioned yet is that the reason it was voted on in the 100 member of the senate instead of the larger House of Rep’s the second time is this: As directed by the Constitution, a bill must pass in the House of Rep’s and then be passed in the Senate before it can be passed on to the President to become a law. In this case, since the bill failed in the House of Rep’s the first time around, these cock-sucking piece of shit motherfuckers attached it as a sort of amendment to a bill (ironically concerning mental health care) that had previously passed in the House of Rep’s and was now up for a vote in the Senate. Fortunately when that happens, the ammended bill must go back to the House again, so it’s not foolproof… But it is very sneaky and underhanded. If the bail-out bill were any good, it should be able to stand on it’s own. Now, coincidentally, if the bill were to be defeated again back in the House of Rep’s, those voting against would be accused of voting against policies to help mentally ill people. It’s as clear as mud, isn’t it?
October 2nd, 2008 at 9:16 am
And we DO IT in your NAME… we Burden ourselves with more DEBT. For GOD and COUNTRY… we do it in GODS name…Go ahead hand over the Bankers 700 BILLION it is too little too late… THEY ARE BROKE
October 2nd, 2008 at 9:20 am
Send Flowers to American Families… to commemorate a day in which we gave 700 BILLION to cover any Foreign Bank Loses. Yes we all know theses loses are just trying to stay in Power for ONE MORE DAY…Thanks to all the Senetors who rallied to VOTE NO Bail Out 2008, Thanks for the MILLIONS who finally said no more money to CHINA.
October 2nd, 2008 at 9:22 am
The bush gangsters strike again , Once again the Wall Street crooks and bankers are handed billions of dollars of tax payer money.Bush with the aid of His ass wiping senate and the former wall street Bloodsucker, Paulson ,The Bush regime are handing trillions to fellow thieves faster
then the printing presses can print the monopoly money,Yet not one foreclosure will be prevented,not one job will be created for the working man.The fat cats can put away there golden parachutes,Bush has saved the day .
October 2nd, 2008 at 9:26 am
http://ca.youtube.com/watch?v=3rrWRNJ2lOs
October 2nd, 2008 at 9:26 am
the war between us ALL must Fall…
Living Color
October 2nd, 2008 at 9:32 am
If you look at the text of the bill, the Secretary of the Treasury will become economic czar, with sweeping powers.
He would be able to pass the SPP without a single whimper of rebuttal.
We need to oppose this bill on all fronts!
October 2nd, 2008 at 9:47 am
The War betwenn Us all Must FALL
October 2nd, 2008 at 9:49 am
This is how our world breaks down…The War Btween US all must Fall…
L.C.
October 2nd, 2008 at 9:49 am
Claudia says at 8:16 am:
“It’s almost time for the Anti-Christ to stick his ugly head up and solve the Financial crisis! Are these Financial wizards REALLY this stupid? and They handle our money!! God help us!!”
The Antichrist is already busy trying to get a bailout plan pushed through an unwilling congress to help his rich buddies that some call the elite, but whom he calls his base. I recently saw his stupid, smirking monkey-face on the television before I changed channels in disgust.
October 2nd, 2008 at 10:04 am
As a taxpayer, I’m still recovering from last evening’s GANG RAPE at the hands of the U.S. Senate.
October 2nd, 2008 at 10:28 am
To Bat Wrangler:
We can hear your words , please help us memorize your words.