Open thread: Senate bailoutmania! Update: Bailout passes, 75-24
posted at 7:02 pm on October 1, 2008 by Allahpundit
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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!
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McCain is a fool he has a golden opportunity to win this election today and what does he do? He caves
rsdm9154 on October 1, 2008 at 9:49 PM
We have to hope the kook democrats in the House really just hate Bush so much they refuse to vote for this.
SouthernGent on October 1, 2008 at 9:49 PM
ah, same idea as the shotgun :)
neuquenguy on October 1, 2008 at 9:49 PM
Main Street is getting hurt with this crummy bill. WE ARE SCREWED!
jencab on October 1, 2008 at 9:50 PM
Dodd should go to jail and Frank to a nunnery!
CCRWM on October 1, 2008 at 9:50 PM
Like a kidney stone.
CliffHanger on October 1, 2008 at 9:50 PM
Please let the stock market plummet tomorrow. Yes, I mean it.
SouthernGent on October 1, 2008 at 9:50 PM
Dodd is a crook. These people have no shame. What can we do?
Dodd is coming out a hero-god damn it.
ndulik on October 1, 2008 at 9:51 PM
It hurts me to see McCain turn into such a pussycat. Where is the Maverick? The guy who called a fellow republican out as “chickens***.”
Come on MCCAIN! Wake up!
jencab on October 1, 2008 at 9:51 PM
Government just got, potentially, a whole lot bigger.
carbon_footprint on October 1, 2008 at 9:51 PM
Is that a rhetorical question?
neuquenguy on October 1, 2008 at 9:52 PM
that’s one of the worst parts of this thing and people don’t even realize it.
government demanding insurance to cover this?
and republicans voting for it?
in a few years; you’ll have the health insurance companies going out of business and what’ll happen?
Yep. National healthcare.
And republicans set the stage.
Hey. Congrats on that. Jerk offs.
Reid having the nerve to say that “a major insurance business is going out of business” then demanding that insurance companies cover mental treatment. a$$hole.
lorien1973 on October 1, 2008 at 9:52 PM
I hate them all.
ndulik on October 1, 2008 at 9:52 PM
The heat is now on Pelosi and Boehner, more so on the Botox Witch Queen. And she won’t be able to spin her way out of this one without needing four or five more injections.
either orr on October 1, 2008 at 9:52 PM
Well I guess we are going to have to burn down the House between now and Friday so they know we do not want this POS passed. If anyone from the House is reading Hot Air, or anyone affiliated with a House member that is up for election send them this message-DO NOT VOTE FOR THIS BILL!!!!!!!!!!!!!!! Please save yourself and do not vote to pass this bill!!!!!!!!!!!!!!
freeus on October 1, 2008 at 9:52 PM
JellyToast on October 1, 2008 at 9:48 PM
Then McCain would bring up Obama’s promise to rip apart our missile defense and then going against it by basically saying it was a necessity he would keep. Or he can grab his sharpie and underline Obama’s name on the list of democrats that got the most money from Fannie May and Freddie Mac, shouldn’t be hard to find him on it considering he is second on it.
Cardiganfox on October 1, 2008 at 9:52 PM
I can’t stand seeing the faces of these crooks who caused this. It’s like a murderer saying to the victims family he’s going to find the killer who did this.
jaboba on October 1, 2008 at 9:53 PM
Dodd and Frank will be taken out of office one way or another. The Boston paper ran a poll and he is toast to the people of that state.
wepeople on October 1, 2008 at 9:53 PM
Well the good news is that, under a Socialist Government, I will die a lot sooner and not have to suffer here.
carbon_footprint on October 1, 2008 at 9:53 PM
Welcome to the USSA?
dtestard on October 1, 2008 at 9:53 PM
Still a Maverick, remember how he earned that name? and who gave it to him?
neuquenguy on October 1, 2008 at 9:54 PM
Yeah, he’ll only win with 82% of the vote instead of 85%. tragic.
lorien1973 on October 1, 2008 at 9:54 PM
Yeah, at least until the next big, fat piece of pork he delivers for them.
IrishEi on October 1, 2008 at 9:54 PM
The United States Constitution no longer applies
rsdm9154 on October 1, 2008 at 9:54 PM
From American Spectator Blog:
They are flushing our country down the toilet!
flyfisher on October 1, 2008 at 9:55 PM
Its funny how people are surprised McCain voted for this… considering hes been saying all day he was hopeful that it would pass. What did you think he would do all day long? Get to the vote and vote no for something he was publicly hoping would pass.
Cardiganfox on October 1, 2008 at 9:55 PM
Why does my ass all of the sudden hurt real bad?
lorien1973 on October 1, 2008 at 9:55 PM
We need to call the House and threaten their re-election if they vote for this bill. This is a horrendous turn into socialism. Marx must be doing his happy dance in hell.
Our forefathers are turning over in their graves.
jencab on October 1, 2008 at 9:55 PM
I’d bet a considerable sum that Franks is going to be reelected handily.
Vashta.Nerada on October 1, 2008 at 9:55 PM
Everyone who voted for this bill should be kicked the hell out. They truly do not care.
WisCon on October 1, 2008 at 9:55 PM
And you’ll get free Mental Health Care in the state sanitarium (whether you need it or not)
neuquenguy on October 1, 2008 at 9:55 PM
KGB theory of what is happening to bring socialism to this country:
Stage 1: 15-20 years to strip a generation of its morality through the education system. Check.
Stage 2: 2-5 years to wreck the nation’s economy with bad policy. Check.
Stage 3: 6 weeks to destabilize the economy so that the following are scarce: capital, gas, food, jobs. [What happens if Pelosi kills the bill again?]
Stage 4: The government takes over to “stabilize” the country in its time of need, replacing freedoms with “stabilizing the economy.”
Freaky weird, I tell you…the video is from 1985!
JustTruth101 on October 1, 2008 at 9:56 PM
If Obama wins, I am really, really afraid for our country.
I am stocking up on weapons and ammo for the forthcoming holocaust.
carbon_footprint on October 1, 2008 at 9:56 PM
Actually, yesterday and today, I’ve been taking that tone too. McCain seems as if he’s flatlining. For me, McCain’s not making his case. Time is running out, and may have run out. Obama is useless, but McCain’s been looking daffy on the only issue that’s of any importance.
BuckeyeSam on October 1, 2008 at 9:56 PM
Ah, Liddy Dole – I love you!!!
uncivilized on October 1, 2008 at 9:56 PM
So, I know I am ignorant, but what happens if the House does not pass this bill?
jewells45 on October 1, 2008 at 9:56 PM
I’ve seen it and said it, but get used to it; USSA.
Star20 on October 1, 2008 at 9:56 PM
They’ll try again.
It’s gonna pass though.
lorien1973 on October 1, 2008 at 9:57 PM
This is McCain being McCain. We knew what we had. No surprises here. He’ll run things his way no matter what the people or the polls say, so sure he is of his own “principles.” He will not call Obama, or Dodd, or Frank, or any other Democrat out because he wants to preserve his bipartisan image. He foolishly thinks that all Americans want is for Congress to get along and work together.
Well kumbaya sucker. You lose. Again.
I don’t give a damn what happens to McCain at this point. But I will never forgive any of them for what they have done to my country.
IrishEi on October 1, 2008 at 9:57 PM
Don’t call her “Liddy”, please. She prefers Elizabeth. As it is, she just guaranteed her re-election. Hagan is toast.
SouthernGent on October 1, 2008 at 9:57 PM
Oh, I am going to need it.
carbon_footprint on October 1, 2008 at 9:58 PM
McCain is still toast, and the dems ram through a bill with their majority and plenty more pork, so they can claim the conservatives hate the country.
Vashta.Nerada on October 1, 2008 at 9:58 PM
They need to get this done and over with.
I think that it would be bad thing to not pass it. I really do.
I know a lot of folks think this all hype or whatever, but I don’t think so. This bill might not be something to be thrilled about, but the alternative could be even worse. And more costly and bring about more government intervention.
Besides, this is helping Obama, we need it out of the news.
Terrye on October 1, 2008 at 9:58 PM
We win.
SouthernGent on October 1, 2008 at 9:58 PM
McCain just lost any possibility I was going to vote for him. I’m writing my candidate in for President and voting conservative only for the rest of the ticket. Hopefully, real conservatives will be able to fix this socialist mess someday when my great grandchildren are adults. If the Constitution still exists by then.
Tom Blogical on October 1, 2008 at 9:59 PM
I believe this is what sent HAL over the edge in 2001. No?
jerseyman on October 1, 2008 at 10:00 PM
Here’s hoping the House has members who will stand on principles.
carbon_footprint on October 1, 2008 at 10:00 PM
carbon_footprint on October 1, 2008 at 9:56 PM
Save it for The Great Texas Secession of 09′
jewells45 on October 1, 2008 at 9:56 PM
Stocks go down double what they did Monday and these old men go to work again, try to pass a bill that inst so full of sh** and do it before ATMs stop working, and we cant use credit cards to pay for anything. Basically.
Cardiganfox on October 1, 2008 at 10:00 PM
unfortunately very true my friend! but if you know Jesus, its like Carlos the Jackal said: you go to a better place
I think mccain just gave the election to the messiah…this country is toast, we’re done, we have become a fascist/socialist state. we’ve reached the tipping point, I’m afraid and there is no going back.
right4life on October 1, 2008 at 10:01 PM
Well, I’m already here so that’s a plus.
carbon_footprint on October 1, 2008 at 10:01 PM
that carbon section is interresting wonder what else is in this “rescue” bill
rsdm9154 on October 1, 2008 at 10:01 PM
I hope so, it’s not looking extremely great here in NC
neuquenguy on October 1, 2008 at 10:01 PM
Carbon……………. you forgot one, of many.
Jamie Gorelick
…………….. Treason!
Seven Percent Solution on October 1, 2008 at 10:01 PM
Both of my senators voted yes.
Why would mental health be included? Do democrats expect to lose in November? Because it is typically democrts who need therapy after they lose an election.
Sue on October 1, 2008 at 10:01 PM
Mister Senator, can I get a free house too?
I’ll stop paying my bills. Promise!
lorien1973 on October 1, 2008 at 10:01 PM
FAIL
Fletch54 on October 1, 2008 at 10:01 PM
Tom Blogical on October 1, 2008 at 9:59 PM
By making it easier for Obama to win you are gonna do your special part in ensuring the Constitution is gone by then.
Cardiganfox on October 1, 2008 at 10:02 PM
I wish you guys would support the bailout (sigh).
We need to get the financial sector going again… and shut down Fannie Mae & Freddie Mac as well. Put in new standards saying that if you’re going to take out a loan, better prove having equal collateral in case that loan defaults.
The sad thing is that more government requires more government. At least Sen. McCain voted for this bill… it better work.
HotAirJosef on October 1, 2008 at 10:02 PM
I do know Jesus and I agree with you about McCain.
carbon_footprint on October 1, 2008 at 10:02 PM
Conspiracy theory of the night:
Harry Reid called for an orderly vote precisely so McCain would vote before 0bama. And 0bama could vote Nay if he wanted.
p0s3r on October 1, 2008 at 10:02 PM
IrishEi:
No, this is not McCain being McCain. For one thing, McCain was one of the few lonely Republicans who actually tried to do something about all this in recent years. Now, we are in the middle of a crisis and people want him to put dealing with the problem on hold, while he acts like Nancy Pelosi and pulls some partisan attack on the floor. Do you really think that will help right now? Did it help Nancy when she blamed Republicans?
Terrye on October 1, 2008 at 10:02 PM
Free mental health care? Didn’t the Soviets pioneer that program? or was it the Chinese Communists?
jerseyman on October 1, 2008 at 10:02 PM
Okay more specificty. If it does not pass the House, do they try to re-write it, then go for a vote, then it goes back to the Senate? Or does it just not pass, go back to the Senate for re-write, then back to the House?
jewells45 on October 1, 2008 at 10:02 PM
They should have reduced the taxes on KY Jelly, we are gonna need it.
lorien1973 on October 1, 2008 at 10:02 PM
Oh, I was just doing Congress. But yes, Gorelick is involved in every tragedy, bad deal, disaster in the last decade.
carbon_footprint on October 1, 2008 at 10:03 PM
John McCain has stated Ronald Reagan is his hero. Bullshit. Reagan is spinning in his grave right now over this kind of government meddling.
Tom Blogical on October 1, 2008 at 10:03 PM
I think it’s going to happen soon enough. If the House rejects it again, the stock market tanks again and the bill with gain more popular support. Eventually it will be favored by a majority. The only question is how much damage the ideologues will be able to do to the economy in the meantime.
phronesis on October 1, 2008 at 10:03 PM
I KNOW the current situation we are in is NOT his fault. McCain tried to correct the problem before it got us into the mess we are in today. I am voting McCain.
artchick on October 1, 2008 at 10:03 PM
jewells45,
Here’s an invaluable primer on our legislative process.
Mike Honcho on October 1, 2008 at 10:03 PM
This crisis was not originated by Wall Street but by Congress.
Why punish Wall Street for it?
It’s entirely appropriate for taxpayers to fund this thing. The public is ultimately responsible for the excesses of Congress. We are the bosses and we have been asleep at the wheel, ignoring the abuses Congress has been perpetrating.
This is not socialism.
silverfox on October 1, 2008 at 10:03 PM
we’ve all gotta learn the WRIGHT way of speaking:
United Socialist states of ameriKKKA…looks like the brown-shirted chickens are coming home to roost!!
looks like the wrong rev. wright was right about what the Lord is doing to us…..and it ain’t gonna be pretty!
right4life on October 1, 2008 at 10:03 PM
Excellent. You have no idea if it’ll work but support it.
And you admit that it just makes government bigger; because of bigger government. Double awesome.
Government: If you think the problems we create are bad; just wait till you see our solutions.
lorien1973 on October 1, 2008 at 10:03 PM
People, seriously, given the choice of a depression or a socialist government, I am going to opt for the depression.
carbon_footprint on October 1, 2008 at 10:04 PM
Hey, that’s made from OIL! EVIL OIL! Even the bottle is made from a barrel of OIL!
SouthernGent on October 1, 2008 at 10:04 PM
I just heard Major Garrett on Fox say that BOTH candidates hope that the voters will let them move beyond this issue, during the debates!!! WTF????
Star20 on October 1, 2008 at 10:04 PM
They are going to do whatever damage to the economy necessary to ensure Obama wins in November.
Vashta.Nerada on October 1, 2008 at 10:04 PM
McCain also said he’s a Teddy Roosevelt Republican. TR is probably less upset than the Gipper.
dedalus on October 1, 2008 at 10:05 PM
I found it interesting how Reid handled this compared to Pelosi. I suppose the Senate is used to handling things more in by compromise considering the 60% threshold necessary. Pelosi by contrast ramrodded their bill without consulting the opposition, then tried to cast the bill as all the opposition’s fault as voting was to take place.
I’m no fan of either Reid or Pelosi, but this sure makes Pelosi look like a particularly ineffective leader by comparison.
BryanS on October 1, 2008 at 10:05 PM
Wall street did make bad choices as well. Yes, government created the situation, but Wall street knew it was writing bad loans and did so, so they could secure more good loans.
So, yes, they have blame here as well.
lorien1973 on October 1, 2008 at 10:05 PM
ouch!!!
right4life on October 1, 2008 at 10:05 PM
I think that all the conjecture of this bailout has spoiled the stock market. Do you really think it would have tanked 777 points without all this hype?
People will always opt for free money.
Except the money isn’t free; it is going to cost us our liberty.
carbon_footprint on October 1, 2008 at 10:06 PM
Yes, but don’t despair because after that they will have more solutions for the problems that they caused with their solutions.
neuquenguy on October 1, 2008 at 10:06 PM
very good, we will see each other in that better place someday…but with Obama as Leader (I’ll let you translate it to german) I think the EZEKIAL scenario is closer than we think…
right4life on October 1, 2008 at 10:06 PM
I predict we will all look like goatse before this is over.
carbon_footprint on October 1, 2008 at 10:07 PM
That. long. slow. suck. ing. sound. is. me. and my first joint in 29 years. //exhaling forcefully// Ahhh. That’s much better. Join me. Please keep passing joint to the right –>always pass to the right –>
NightmareOnKStreet on October 1, 2008 at 10:07 PM
We’ve got an existential crisis on our hands and the candidates don’t want to talk about it?
Bob Barr anyone? Chuck Baldwin?
flyfisher on October 1, 2008 at 10:07 PM
nightmare
ndulik on October 1, 2008 at 10:07 PM
Terrye on October 1, 2008 at 10:02 PM
Sorry Terrye, I’m just not buying it.
He promised to “Name names! Make them famous!”
Now he says: “Now is not the time to assign blame…”
He’s full of himself. He’s full of crap.
IrishEi on October 1, 2008 at 10:07 PM
I agree – Kay Hagan didn’t have a lot to work with before this, but now, Dole is walking the walk, while most of her colleagues are preening in front of the cameras.
uncivilized on October 1, 2008 at 10:07 PM
Maybe we can get a ‘none of the above’ write in campaign going….
Vashta.Nerada on October 1, 2008 at 10:07 PM
this was an opportunity to be the “Maverick” and McCain didn’t take it. and to prove hes’ not “More of the same”
jp on October 1, 2008 at 10:08 PM
Wait, does anyone know if pot is allowed in a socialist society?
carbon_footprint on October 1, 2008 at 10:08 PM
The last depression gave us FDR’s socialism that is still with us today. Give Obama the White House during a depression and he’ll really have a mandate to make the government the answer to every question.
It is best to get this passed and hope the market shoots up. An unpopular incumbent along with a tanking economy makes it very hard for the GOP to get a 3rd term.
dedalus on October 1, 2008 at 10:08 PM
daymare
ndulik on October 1, 2008 at 10:09 PM
Corrupt 8astards!
Does anyone care which bank loans you money? No we don’t. Well all this bailout is about is bailing out those banks and corporations that have bought and paid for our congress. If this bailout fails, their money machines will fail and a whole new group of banks etc come in and take their places (and start loaning money because they aren’t top heavy with toxic debt). Then they don’t have the money for their re-elections and have to play on an even field with their challengers.
I’ll say it again….
Corrupt 8astards!
csdeven on October 1, 2008 at 10:09 PM
lorien:
Excellent. You have no idea if not supporting the bill might actually bring about the greatest collapse of the global financial market since the Great Depression, but you want to chance it anyway.
And by the way, the only way to get the market to work is to bring the government into it. That is just a fact. Otherwise, we face capitalism with capital.
And there is no one who can change those rules and regs but government. There is no one who can raise the FDIC insurance but government. There is no one who can investigate Fannie and Freddie and a lot of these other thieves, liars and crooks, but government. That is not socialism, that is their job.
Terrye on October 1, 2008 at 10:09 PM
carbon_footprint on October 1, 2008 at 10:09 PM
If it keeps people poor, dependent on government and stupid.
Yes it’s allowed.
lorien1973 on October 1, 2008 at 10:09 PM
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