Open thread: Senate bailoutmania! Update: Bailout passes, 75-24
posted at 7:02 pm on October 1, 2008 by Allahpundit
The vote’s set for 7:30 ET on C-SPAN, assuming the windbaggery on the floor is finished by then. It should pass with 70+ votes, three of which will come from McCain, Obama, and Biden. Will it pass the House on Friday? All signs point to … no:
House Majority Leader Steny Hoyer said Wednesday he was “personally disappointed” that the Senate added a package of tax breaks to the bailout bill.
However, Hoyer said he had spoken to House Minority Whip Roy Blunt “four or five” times on Wednesday and expressed hope that they could come to an agreement on the bill.
Tapper delved into this a bit further earlier today:
While the Senate will pass its version of the rescue bill with more than 70 votes, according to Senate sources, Senators have taken the partisan bickering over the rescue bill and added a stalled disagreement over a separate issue — “tax extenders,” or extending various tax relief provisions that are due to expire — into the mix…
But some conservative Democrats have expressed serious concerns about the fact that extending these tax cuts is not being paid for in the budget. Adding the provision may attract House Republicans, but it could alienate these fiscally-conscious Democrats, causing them to abandon the 140 House Democrats who voted for the bill to join the 95 who voted against it…
The implication: not only will Boehner need to provide the entire 13-vote margin that the bill lost by on Monday, but also that the addition of the unpaid-for “tax extenders” could cause up to 17 Democrats who voted for the bill Monday to walk. If not more.
Will the Senate bill clear the House? Will the economy be rescued? Will your humble correspondent succeed in his reckless gambit to hold onto his retirement portfolio until the bailout passes and the market spikes, whereupon he’ll duly unload his shares before the S&P inevitably tanks? Tune in tonight for episode one!
Update: The bailout clears its first hurdle, 75-24, and an anxious blogger lowers the revolver pressed to his temple. Tomorrow night: Russian roulette, as Palin takes the stage against Biden and the House tries to choke down this fat, greasy piece of pork. If it doesn’t? Expect Pelosi to come back with a third iteration of the bill even less palatable to conservatives than this one was. Something’s going to pass soon; we might as well get the best deal we can.
Check here soon for the roll of glory reluctance!
Blowback
Note from Hot Air management: This section is for comments from Hot Air's community of registered readers. Please don't assume that Hot Air management agrees with or otherwise endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose their posting privilege.
Trackbacks/Pings
Trackback URL
Comments
Comment pages: « Previous 1 2 3 4 … 7 Next »
Look on the bright side:
George Soros (and his sockpuppet Barack Obama) believe all drugs should be legalized. So all of us conservatives can look forward to a 4 year acid trip. And if it goes badly, we’ll have free mental health care via tonight’s bailout.
//sarcasm off//
NightmareOnKStreet on October 1, 2008 at 8:30 PM
You can find some very straight talk about the treasonous legislation here FedupUSA.org
Main Street will never see the $700 billion. It will be used to bailout foreign investors. That’s right, the U.S taxpayer is bailing out the world…
Here is partial transcript from Kudlow and Co. where Representative Brad Sherman blows the lid off this treasonous act.
Rep. Brad Sherman, D California:
Larry I am glad you have a few seconds to talk to someone who voted against this bill. I am not changing my mind. I want to thank my colleagues who stood up to the purveyors of panic and voted against a very bad bill and voted with 400 eminent economists including three Nobel laureates who wrote to us and said don’t panic, don’t act hastily, hold hearings, work carefully. The fact is Larry if you read this bill, even you would have voted against it.
It provides hundreds of billions of dollars of bailouts to foreign investors. It provides no real control of Paulson’s power. There is a critique board but not really a board that can step in and change what he does. It’s a $700 billion program run by a part-time temporary employee and there is no limit on million dollar a month salaries.
Larry Kudlow:
Let me just ask you one question. I think you are referring to foreign banks headquartered in the United States. I do not see how foreign investors get bailed out.
Rep. Brad Sherman:
Larry you have to read the bill. It’s very clear. The Bank of Shanghai can transfer all of its toxic assets to the Bank of Shanghai of Los Angeles which can then sell them the next day to the Treasury. I had a provision to say if it wasn’t owned by an American entity even a subsidiary, but at least an entity in the US, the Treasury can’t buy it. It was rejected.
The bill is very clear. Assets now held in China and London can be sold to US entities on Monday and then sold to the Treasury on Tuesday. Paulson has made it clear he will recommend a veto of any bill that contained a clear provision that said if Americans did not own the asset on September 20th that it can’t be sold to the Treasury.
Hundreds of billions of dollars are going to bail out foreign investors. They know it, they demanded it and the bill has been carefully written to make sure that can happen.
voiceofreason on October 1, 2008 at 8:31 PM
welp…let the games begin! here’s hoping for a surprise and the Senate does the right thing and we all get to see Dodd, Durbin, Reid, and McConnell get all sullen!
Pilgrim on October 1, 2008 at 8:34 PM
Why are people not screaming about Paulson’s ties to China. He made a fortune there. Why was Goldman Sach’s the only one in the room when the decisions were made about AIG?
WTF are we doing and WHY is our candidate supporting this crap!?
OSUBuciz1 on October 1, 2008 at 8:34 PM
Live
Kmarion on October 1, 2008 at 8:38 PM
Nah. Sorry offroadaz. The C-span feed had the Bailout info on the screen, but the vote was for something else. Now they’re voting on the India/Nuc thing.
IrishEi on October 1, 2008 at 8:39 PM
voiceofreason on October 1, 2008 at 8:31 PM
Good info. Here’s an indication of what’s happening in Europe. This is not just a US problem.
Financial Crisis: So much for tirades against American greed
Ambrose Evans-Pritchard says it is ironic that European banks have turned out to be deeper in debt than their US counterparts.
(snips)
“It turns out that European regulators have allowed even greater use of “off-books” chicanery than the Americans. Mr Paulson may have saved Europe.
Most eyes are still on Washington, but the core danger is shifting across the Atlantic. Germany and Italy have been contracting since the spring, with France close behind. They are sliding into a deeper downturn than the US.”
It turns out that European regulators have allowed even greater use of “off-books” chicanery than the Americans. Mr Paulson may have saved Europe.
Most eyes are still on Washington, but the core danger is shifting across the Atlantic. Germany and Italy have been contracting since the spring, with France close behind. They are sliding into a deeper downturn than the US.”
Cody1991 on October 1, 2008 at 8:48 PM
Is Obama going to phone in his vote?
Seven Percent Solution on October 1, 2008 at 8:51 PM
Cody1991 on October 1, 2008 at 8:48 PM
Sorry, the link didn’t copy: http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/3118994/Financial-Crisis-So-much-for-tirades-against-American-greed.html
Cody1991 on October 1, 2008 at 8:51 PM
Cool! Sounds like we’re going to bail out Europe. Again.
el hombre on October 1, 2008 at 8:54 PM
O. M. G.
http://michellemalkin.com/2008/10/01/obama-has-his-own-channel-on-the-dish-network/
I’m on overload.. wake me on Nov 4, or in January when it’s FINALLY all over.
Damn.
pambi on October 1, 2008 at 8:54 PM
Depending on the outcome–are you sure you will want to be awakened?
m064404 on October 1, 2008 at 8:57 PM
McConnell is such a stooge. His race is TIED in Kentucky and his opponent is responsible for all KINDS of wickedness.
Good luck in YOUR retirement Mitch.
Pilgrim on October 1, 2008 at 8:58 PM
if John McCain votes for this its OVER!!!
rsdm9154 on October 1, 2008 at 9:00 PM
and I think it’s over. I was just telling a buddy that we might just see a better turnout of a third party than Perot and Anderson
Pilgrim on October 1, 2008 at 9:01 PM
i have to brush up on my socialism
rsdm9154 on October 1, 2008 at 9:02 PM
I wonder if Reid is going to do a Pelosi here…
[watching on CSPAN2]
Pilgrim on October 1, 2008 at 9:03 PM
Did anyone else just hear what Reid said?
Seven Percent Solution on October 1, 2008 at 9:07 PM
In between farting dust, he just said something about “Mental Illness” in the bill………….
WTF?????????
What does this have to do with a “financial crisis” that the Democrats caused………….. oh, never mind.
Seven Percent Solution on October 1, 2008 at 9:09 PM
is this it?
offroadaz on October 1, 2008 at 9:10 PM
Roll Call:
Lot’s of abstentions…. what’s going on?
BTW, Go Brownback and Inhofe!!!!
VolMagic on October 1, 2008 at 9:11 PM
Boo Mack! :(
VolMagic on October 1, 2008 at 9:12 PM
i guess these guys dont really care about what we stupid people have to say about this
rsdm9154 on October 1, 2008 at 9:13 PM
What is happening???
Are they going over again?
tru2tx on October 1, 2008 at 9:14 PM
have to wait for the vote on final passage
rsdm9154 on October 1, 2008 at 9:15 PM
Guess it’s over since he voted yea.
tru2tx on October 1, 2008 at 9:16 PM
What the heck is going on? There’s a protest on Wall Street? People chanting, “The bailout/is b___s___/you broke it/you bought it”.
It looks pretty big!
http://www.liveleak.com/view?i=096_1222744802
capitalist piglet on October 1, 2008 at 9:18 PM
does anyone believe McCain wants to win?
rsdm9154 on October 1, 2008 at 9:18 PM
We’re donked!
It’s on the house republicans with a sense of duty to save us.
(shudder)
VolMagic on October 1, 2008 at 9:19 PM
It passed 74-25.
SoulGlo on October 1, 2008 at 9:20 PM
Senators voting No
Brownback
Cantwell
Cochran
Crapo
Bunning
Dole
Dorgan
Enzi
Inhofe
Barasso
Landrieu
Roberts
Sanders
Sessions
Shelby
Wicker
Wyden
Stabenow
Tester
Vitter
DeMint
Johnson
Allard
Feingold
74 Yea
25 No
Dr.Cwac.Cwac on October 1, 2008 at 9:20 PM
Can we suspend pay for all senators and reps. until this crisis is over?
Can we suspend the budget for the upkeep of the senate and the house?
Yeah, it won’t solve anything, but it’ll make me feel better.
VolMagic on October 1, 2008 at 9:25 PM
Why does FNC show vote in progress and CNN and such have it concluded?
flyboy777 on October 1, 2008 at 9:25 PM
Unless the Barney Frank/Chris Dodd story breaks open, or Obama’s illegal campaign contributions come to light, it is probably over.
Vashta.Nerada on October 1, 2008 at 9:26 PM
Gawd,I’ve been on C-Span for an hour,
probably would of happen sooner on the
vote if Reid would of shut up!!!!
canopfor on October 1, 2008 at 9:28 PM
Only if someone remembers to call him and tell him, he’s waiting…
neuquenguy on October 1, 2008 at 9:30 PM
…Dr.Cwac.Cwac also…McCain voted No on the measure, didn’t vote on the cloture measure…all that voted No were Republicans, including Graham of SC, which surprised me.
Interesting.
Puritan1648 on October 1, 2008 at 9:31 PM
Free mental health care???
The best thing that could happen to the country would be if they all just went on recess for a couple years.
JellyToast on October 1, 2008 at 9:31 PM
You know what? Everyone here is a bandwagon jumper. People who jump on a bandwagon, but bail at any sign of trouble.
Well, y’know what? Get the hell off my wagon. I don’t want you on here if you’re not gonna support McCain through unpopular decisions. It’s over, get over yourselves.
Sakaki on October 1, 2008 at 9:32 PM
I habe been suspecting for a while now that McCain is in the tank for Obama
neuquenguy on October 1, 2008 at 9:33 PM
Major Garrett is reporting that McCain is just about ready to release swing-state ads laying a trail of bread crumbs pointing the finger at the Dems. He added that Palin got asked about McCain’s 2005 position against Fannie and Freddie, and she drew another blank.
And the hits just keep on coming.
BuckeyeSam on October 1, 2008 at 9:33 PM
PREDICTION:
House rejects bill, minority GOP blamed mercilessly
battleoflepanto1571 on October 1, 2008 at 9:33 PM
…whoops…wrong motion…Railroad Safety….
…the way I read, you’d think I was a member of the Senate Finance Committee….
I promise to give myself a really serious Indian burn later….
Puritan1648 on October 1, 2008 at 9:34 PM
Tomorrow night: Russian roulette
With a S&W 1911
Cardiganfox on October 1, 2008 at 9:34 PM
This has happened in other parts of the world, with disastrous consequences.
Dorvillian on October 1, 2008 at 9:36 PM
Pardon my ignorance, is that a shotgun? should it be?
neuquenguy on October 1, 2008 at 9:36 PM
Get the pitchforks!!!!
grapeknutz on October 1, 2008 at 9:37 PM
……… in the Senate.
………. it still has to go to the House, and a lot of them are up for re-election.
I’m thinking that pretty much same conversation going on around the ‘ol kitchen table across the nation tonight:
…………….. how is that a 30 second commercial for you Carl?
……………. Pathetic. Like Rush said today, name names, spell it out like the electorate are three year old, sing a damn song if you have to…………. the DEMOCRATS CAUSED THIS PROBLEM AS A CASH COW TO FINANCE ACORN AND LA RAZA AND OUT OF WORK POLITICIANS!!!!!
Either you want to win the election and save the country from socialism………………… or you don’t.
Seven Percent Solution on October 1, 2008 at 9:37 PM
OMG did this really happen? Most people I know who don;t follow this that closely even know this
flyboy777 on October 1, 2008 at 9:37 PM
Free mental health care??
I am voting McCain.
I am expecting a big Republican landslide.
I have a sign in my yard.
I put a bumper sticker on my car today. I never put bumper stickers on my car.
I am wasting my life at this computer staring at websites and polls because I love my country and cannot think of anything else until tomorrow night and the debate.
Free mental health care????
So,, how may more billions will all the other stuff raise the 700 billion to??
JellyToast on October 1, 2008 at 9:38 PM
What are you people talking about, I see that McCain voted Nay.
MobileVideoEngineer on October 1, 2008 at 9:38 PM
Conservatives need to call for Bush’s impeachment before he can sign it. I don’t think Bush’s facial expressions of deep injury can fool conservatives into coming to his rescue anymore.
The house Republicans need to demand an impeachment vote before the bailout vote is taken. If libs come to Bush’s rescue on impeachment, the Democrats are toast. At least the good guys will win something out of it.
Buddahpundit on October 1, 2008 at 9:39 PM
This is what happens when the police detectives are the bank robbers.
Superpower to Banana Republic in 3…2…1
econavenger on October 1, 2008 at 9:39 PM
You watching this on FOX?
Seven Percent Solution on October 1, 2008 at 9:40 PM
I am getting dizzy with the $700 billion bill, Senate, McCain’s lack of gravitas in fighting back against the liberals, Palin’s attackers, Palin’s interviews/quizzes, fake conservatives, tomorrow’s VP debate, Gwen Ifill’s lack of scruples, polls, corrupt liberals, and the House vote coming up!
jencab on October 1, 2008 at 9:40 PM
Hey Harry Reid……………. the War is lost?
Seven Percent Solution on October 1, 2008 at 9:40 PM
Ugh…. Harry Reid giving props to his merry band of thieves.
*wretch*
tru2tx on October 1, 2008 at 9:41 PM
Reid praising Dodd. Dodd helped caused this mess.
madmonkphotog on October 1, 2008 at 9:41 PM
Nope. That was on another bill. He voted YES for the Bailout. Along with 73 other socialists.
IrishEi on October 1, 2008 at 9:41 PM
Ass kissing all around.
madmonkphotog on October 1, 2008 at 9:41 PM
You know why she is probably drawing blanks????
You know why??? Cause this is a smart woman!!
She is having conflicts!!!!
She is having conflicts with what her values are and with what she has been told to say and not say!!
Like when she drew a blank when Couric asked her what other SCOTUS decisions you dislike!! I bet the first one that came to mind was McCain/Feingold!!!
JellyToast on October 1, 2008 at 9:42 PM
Reid said he’s incredibly impressed with Chris Dodd!!! This man should resign for goodness sake
flyboy777 on October 1, 2008 at 9:42 PM
Country First.
phronesis on October 1, 2008 at 9:42 PM
Dear Democrats:
Tax cuts pay for themselves in overall increased revenue from consumption taxes.
Tax increases reduce overall revenue.
Reagan proved this. Get with the program.
Oh wait, that might cut down on socialism and pork significantly…
BKennedy on October 1, 2008 at 9:42 PM
I’ve paid for my ticket with campaign contributions. As long as I’m civil, I’m well within my rights to boo McCain’s anemic performance in the past two to three weeks.
Unless a horrific national security issue arises in the next four weeks, McCain’s strength on that issue is irrelevant to swing-state voters. If McCain’s not ready to start clubbing Obama on their differences on domestic issues and to unleash the 527s to highlight Obama’s unacceptable liberal stands, we better get some sheet music for the creepy songs that those Obama kids were singing.
Oh, Reid is complimenting Chris Dodd. I have to puke.
BuckeyeSam on October 1, 2008 at 9:42 PM
Well, that’s pretty sad. It will be the second time for her, and at least one for John.
Sarah was asked “Specifically (funny how they always want her to be specific)name regulation the John McCain was in favor of?”
She said she would get back to Katie on that one.
John missed an opportunity at the beginning of his first presidential debate to mention it. Then managed to get in a vague “me too” moment without naming the bill specifically.
How can two seemly intelligent people act so foolishly?
Dorvillian on October 1, 2008 at 9:42 PM
Hannity stated that Dodd wanted to hold hearings on how this happened.
Doesn’t he watch the news and the archive footage of him and other lefties saying over and over there is nothing wrong with Fannie and Freddie?
madmonkphotog on October 1, 2008 at 9:43 PM
More praise for Dodd, the criminal in this matter.
madmonkphotog on October 1, 2008 at 9:43 PM
they all are useless
rsdm9154 on October 1, 2008 at 9:43 PM
Thank Dodd for his work on it?
Oh yeah – he REALLY worked the system.
That’s not what he meant? harumpf
tru2tx on October 1, 2008 at 9:44 PM
The GOP has no backbone. They’ve all lost their balls.
madmonkphotog on October 1, 2008 at 9:44 PM
Dodd speaking…what a jerk.
jencab on October 1, 2008 at 9:44 PM
the mastermind speaks.
madmonkphotog on October 1, 2008 at 9:44 PM
They all make me sick and I don’t believe the whole story is being told here. It makes me sick to see Dodd who is responsible for a lot of this standing in front of the camera like a hero…now talking…Back to calling and emailing the House!
CCRWM on October 1, 2008 at 9:45 PM
Now we have to listen to these assholes patting themselves on the back. Arg…
deedtrader on October 1, 2008 at 9:45 PM
neuquenguy on October 1, 2008 at 9:36 PM
Its a semi automatic pistol, therefore defeating the purpose of Russian Roulette.
Cardiganfox on October 1, 2008 at 9:45 PM
Barney Frank? Co-conspirator.
madmonkphotog on October 1, 2008 at 9:45 PM
They’re on national TV. It’s like watching Eddie Haskell talking to Ward and June Cleaver.
BuckeyeSam on October 1, 2008 at 9:45 PM
Landrieu is up for re-election. She’s no fool.
SouthernGent on October 1, 2008 at 9:46 PM
I so, so agree with you! I vomit in the direction of Washington!
JellyToast on October 1, 2008 at 9:46 PM
Dodd sucks!!!
rsdm9154 on October 1, 2008 at 9:46 PM
How can the republican of Florida, a Cuban American, vote for this socialist bill, yet the democrat voted Nay?!
What the hell is wrong here?!
Our republican nominee who claimed to be against earmarks and held his Sharpie, voted for this bill!!!!!!
jencab on October 1, 2008 at 9:46 PM
So, does McCain withdraw from the race tomorrow, or wait a few days?
Vashta.Nerada on October 1, 2008 at 9:46 PM
Should there be a revolution, Dodd’s head would be on the first pike. This thief shouldn’t even be with 1,000 miles of Washington D.C.
Cardiganfox on October 1, 2008 at 9:46 PM
This is good news. It ensures that our movement towards socialism and loss of freedom will be a slow one. I don’t think that the House GOP will be able to stand up against the Senate, too much pressure. If Obama is elected, and Dodd, Franks, and Schumer are sitting on the “bipartisan” oversight committee, overseeing how the new Treasury Sec. is spending his booty, I hope we’ll all still be here when they find, and are thus shocked, that the 700 billion bailout of 08 was fraudulently wasted and/or didn’t work. For, I’ll need some company at that point.
Weight of Glory on October 1, 2008 at 9:46 PM
I’d like to sum up the words of Harry Reid, Mitch O’Connell and Chris Dodd;
“I’d like to say how proud I am of all of the Senators who worked soooo hard to straighten out the terrible F****ing mess we have made of your economy, your tax burden, your retirement funds and our image in the world. Yes, we have taken money from Fannie and Freddie, as well as many other lobbyist, but we are very proud of the work we have done tonight and we thank you for your vote.”
Star20 on October 1, 2008 at 9:46 PM
madmonkphotog on October 1, 2008 at 9:44 PM
You know, this whole thing is just so outrageous that I am fairly convinced that the Republicans are loath to finger Dodd, Frank et al because there is something even worse that they are afraid will be revealed about themselves.
What the hell else could it be?
IrishEi on October 1, 2008 at 9:47 PM
Vashta.Nerada on October 1, 2008 at 9:46 PM
Didn’t you hear? He already did.
Cardiganfox on October 1, 2008 at 9:47 PM
blah, blah, blah.
the left created this mess, and is now taking credit for saving it. why would Dodd say that Reid “invited” McConnell to help solve the issue? THEY’RE SENATORS. IT’S THEIR JOB.
madmonkphotog on October 1, 2008 at 9:47 PM
Chris Dodd
Barney Frank
Nancy Pelosi
Harry Reid
Chuck Schumer
Rape
Cancer
Vomit
Shit
Murder
carbon_footprint on October 1, 2008 at 9:47 PM
I hate these people! Do they think we’re stupid? Do they think they can make us think we’re happy they passed this? I rather suffer for two years than for ten and bailout people who don’t deserve it!
CCRWM on October 1, 2008 at 9:47 PM
So, are we getting Free Mental Health or not? I really need to know.
neuquenguy on October 1, 2008 at 9:47 PM
Dodd. Gack! If they praise him one more time, I’m going to barf.
Sue on October 1, 2008 at 9:48 PM
How can McCain go out there and talk about pork and earmarks!! this whole “I’m gonna name names” thing is now a joke!
If I were Obama,, the next time McCain talks about earmarks I would bring up free mental health care!
JellyToast on October 1, 2008 at 9:48 PM
I’m getting tired of the term ‘main street’. it’s beginning to sound like ‘out of the shadows’.
madmonkphotog on October 1, 2008 at 9:48 PM
Here’s at least one of McCain’s ads for swing states: In Ohio, Michigan, and PA, you can’t vote out Frank, Dodd, Reid, and Pelosi, but voting for McCain is the next best thing.
BuckeyeSam on October 1, 2008 at 9:48 PM
Where is DeMint? He is one of the few patriots that voted against this bill. It is up to the House to kill the bill.
jencab on October 1, 2008 at 9:49 PM
You can boo all you want, but do not be like the others on this board who whine and moan that “It’s all over” like they’re the arbiters of what’s over or not.
It wasn’t people like you who I was targetting. It was the idiots on here who seem to think that a campaign is over just because of this one event. I’m sorry, but those are the type of people we don’t really need on our side right now.
Sakaki on October 1, 2008 at 9:49 PM
You only need to know one thing: Don’t get arrested.
RushBaby on October 1, 2008 at 9:49 PM
Watching them parade before their cameras as rescuers the very same pols who caused this problem in the first place makes me ill.
petefrt on October 1, 2008 at 9:49 PM
Comment pages: « Previous 1 2 3 4 … 7 Next »