Breaking: Bailout vote underway; Update: 218; Update: 263-171
posted at 1:07 pm on October 3, 2008 by Allahpundit
Share on Facebook | printer-friendly
Magic Eightball says all signs point to yes, with both Hoyer and Blunt expressing “confidence.” If it fails, we’re likely looking at the Dow falling off a cliff and calls for Pelosi to quit.
A sweaty, panicky blogger chambers a single round and waits for the paddles to hit an economy in cardiac arrest…
Update: The vote’s not done yet but they’re already at 231. Unless a swath of members switch to no at the last minute, it’s a done deal.
Update: Sugary Senate pork made the medicine go down: 263-171 as the gavel comes down, with some 90 Republicans voting yes. The Dow has suddenly dropped by 80 points or so, but I think I know why — it’s pessimists like me unloading their portfolios to capitalize on the post-bailout spike ahead of what they expect will be another downturn next week. (I didn’t unload, but thought about it.)
Standby for the roll of glory bitter resignation!
Update: Democrats predictably credit The One, who leaned on members to switch and push this through.
You must be logged in to post a comment.
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 ... 6 Next »
I, for one, welcome our new socialist overlords.
ManlyRash on October 3, 2008 at 1:32 PM
“LimeyGeek on October 3, 2008 at 1:31 PM”
r u really that stupid?
Buckaroo on October 3, 2008 at 1:32 PM
Bye bye USA hello USSA.
(I blame Canada)
VolMagic on October 3, 2008 at 1:32 PM
So, does this mean Ahnold gets his SEVEN BILLION DOLLAR BAILOUT to pay services for ILLEGAL ALIENS. Why don’t we just send the money directly to Mexico?
HornetSting on October 3, 2008 at 1:33 PM
CliffHanger on October 3, 2008 at 1:33 PM
Monday morning Palin clearwater fl rally (near tampa) has already given out 10,000 tickets. They expected 5,000
lorien1973 on October 3, 2008 at 1:33 PM
As Rush just said, it is hard to disprove the theory that McCain is trying to lose the election.
Angry Dumbo on October 3, 2008 at 1:33 PM
I am proud to see that Congressman Mike Pence voted NO!
Well now maybe McCain will start naming names and get back on the attack.
HoosierCon on October 3, 2008 at 1:33 PM
“phronesis on October 3, 2008 at 1:32 PM”
um, the 4th quarter is 3 days old, can we not write the obit just yet?!
/eyeroll
Buckaroo on October 3, 2008 at 1:33 PM
You’d think that people would wonder “hey, why are we always bankrupt?” and stop, oh i dunno, spending so much money.
lorien1973 on October 3, 2008 at 1:34 PM
Don’t fear the Reaper. Take His hand…
CliffHanger on October 3, 2008 at 1:34 PM
**SMACKS Limey**
I am going to have your wife shoot you in the butt with an arrow!
upinak on October 3, 2008 at 1:34 PM
Is it just me or is the Dow actually done from before the passage? It was up over 200+ before and now it’s at +102.74 on Yahoo! Finance.
amerpundit on October 3, 2008 at 1:34 PM
My powder is dry, I have seen the enemy. The tree of liberty will be nourished… You pinheads who wanted the bailout got your wish… now prepare for payment. Where IS John Galt? Oh wait… I AM John Galt.
MNDavenotPC on October 3, 2008 at 1:34 PM
Gosh, I admit that for a moment there, I thought it might be worth it to have the economy tank completely if it meant we could get rid of Pelosi. But Hoyer might actually be more effective, so I guess trying to save the economy is a better trade-off after all.
aero on October 3, 2008 at 1:35 PM
Pass the bill, and the Dow drops. That’s right, we just saved the world with this rescue bill and the market doesn’t like it.
Spirit of 1776 on October 3, 2008 at 1:35 PM
After everything else we’re taking in the ass, an arrow might be a refreshing change
LimeyGeek on October 3, 2008 at 1:35 PM
I need a bailout …
darwin on October 3, 2008 at 1:35 PM
Back to +107 at 1:35
JiangxiDad on October 3, 2008 at 1:36 PM
And according to Rush, the Dow Jones began to plummet the instant the pass was announced.
Down to +70ish as of 10:35 Pacific.
*eats*
Grue in the Attic on October 3, 2008 at 1:36 PM
Pelosi: Barney Frank is a “maestro”.
CliffHanger on October 3, 2008 at 1:36 PM
The dollar won’t drop: it will rise, especially against the Euro and ‘pound’. The Euros are in worse shape than we are, jacking up interest rates, etc
except the Irish, who will probably be pulled down eventually with the rest of Europe. Maybe the Anglish will send the Black & Tans back…..
Janos Hunyadi on October 3, 2008 at 1:36 PM
Damn bunch of WHINERS.
trailboss on October 3, 2008 at 1:37 PM
Heil Obama.
LimeyGeek on October 3, 2008 at 1:37 PM
people — it’s 2+ hrs. to the closing bell — much of the 200 pt. runup was PREMISED on the thing passing …
/move away from the ledges …
Buckaroo on October 3, 2008 at 1:37 PM
BARNEY FRANK TO HOLD HEARINGS? WTF?!
lodge on October 3, 2008 at 1:37 PM
Yes.
This is an ugly day.
carbon_footprint on October 3, 2008 at 1:38 PM
Yup. And after we allow that, then Michigan will line up behind them, then Penn. Pretty soon the US Treasury will be financing much of the local and State budgets, while the local and state tax burden remains the same, and the federal tax burden increases to pay for all that financing.
Weight of Glory on October 3, 2008 at 1:38 PM
What we need is heaping does of “Common Sense”, Thomas Payne-style, y’all.
The Second American Revolution
If you have not read “Common Sense”, buy it, read it, study it, memorize it, live it.
Dr.Cwac.Cwac on October 3, 2008 at 1:38 PM
LOL! And sheep shearers.
Fletch54 on October 3, 2008 at 1:38 PM
He REALLY wants to go to jail. Talk about the patients running the mental institution.
HornetSting on October 3, 2008 at 1:38 PM
If this socialist crime can pass, Obama can win.
LimeyGeek on October 3, 2008 at 1:38 PM
And the Democrats are going to hold hearings. Please.
Cindy Munford on October 3, 2008 at 1:38 PM
Of course, this was all a political stunt by the house democrats to make Obama look like a leader.
carbon_footprint on October 3, 2008 at 1:39 PM
Not a chance. They will all get re-elected and screw us even more the next time around.
ManlyRash on October 3, 2008 at 1:39 PM
Browncoat For Life. Come and get me, Socialist Alliance scumbags.
*eats*
Grue in the Attic on October 3, 2008 at 1:39 PM
I know. It’s beyond words.
Weight of Glory on October 3, 2008 at 1:39 PM
Here lies the United States of America
July 4, 1776 – October 4, 2008
Filipino, Filipino, Filipino…bee-bop, bee-bop…bee-bop, bee-bop.
My collie says:
Here we come Philippines. Are you ready for a talking dog?
CyberCipher on October 3, 2008 at 1:39 PM
I like your style, soldier.
LimeyGeek on October 3, 2008 at 1:40 PM
Buy on the rumor, sell on the news.
rockmom on October 3, 2008 at 1:40 PM
HornetSting on October 3, 2008 at 1:38 PM
There is no way anyone that will blame them will be called to testify. This is will be text book description of a stacked deck.
Cindy Munford on October 3, 2008 at 1:40 PM
It’s been a set-up all along. They’ve been playing politics for Teh One’s favor.
Dr.Cwac.Cwac on October 3, 2008 at 1:40 PM
Now they are slapping each other on each other’s backs for sticking it to the American Tax Payer. There is no Freeze on Credit, it was all scare tactics.
Dr Evil on October 3, 2008 at 1:41 PM
Champagne corks popping in boardrooms, car dealers, luxury goods stores, anyplace that people can buy things on credit they can’t afford. Happy Days are here again.
King plastic.
JiangxiDad on October 3, 2008 at 1:41 PM
It’s all well and good to go on about the evils of this bill, but the bottom line is that if the GOP cannot get enough people elected to either body(or the Presidency) then they can’t change a thing. This is one time that they should have looked beyond their principles and come down on the side of common sense. I’m very much afraid that the GOP has cut off its own foot and as far as the left is concerned it’s “lets party”. This is what the GOP did to itself during the primary and is doing again.
jeanie on October 3, 2008 at 1:42 PM
This was a silent, bloodless coup.
The theater on Monday was to interject Obama’s ‘leadership’ to make him look like a genius today after he talked his party’s dems into voting for it.
carbon_footprint on October 3, 2008 at 1:43 PM
Great food! Don’t know about the dog food, however.
Weight of Glory on October 3, 2008 at 1:43 PM
Is anyone having a problem with the fact that Sec. Paulson is both a Dem and a former Goldman Sachs CEO or am I just being tin haty?
Cindy Munford on October 3, 2008 at 1:43 PM
With enough hot sauce, you can eat anything, I guess.
LimeyGeek on October 3, 2008 at 1:44 PM
How many of these Representatives ever took a Civics’s class and passed it?
Dr Evil on October 3, 2008 at 1:44 PM
Paulson’s a DEM!?!?!
No I did NOT know that!
Skywise on October 3, 2008 at 1:44 PM
Because you are intelligent, they can never get you. Kafka navigated these waters, as did Natan Sharansky. Your mind keeps you free. The others have no minds, and have always been slaves.
JiangxiDad on October 3, 2008 at 1:44 PM
Take a deep breath. We will prevail. I’m not sure how I’m just sure that we will. If McCain won’t unleash Palin then we’ll do it for 2012. We WILL find a candidate who will lead and that’s all it’ll take. Buck up and throw that defeatism out your window. All of life is just a series of problems waiting to be solved. We will solve this one.
Oldnuke on October 3, 2008 at 1:45 PM
I just refreshed the DOW number 4 times within 5 minutes and the number went from +150 to +100. Is that bad? How can it lose 50 points in five minutes?
Buddahpundit on October 3, 2008 at 1:45 PM
Nope, Champaign corks in China, Hookas being fired up in Saudi…
Follow the money. Paulson has full discretion WHERE to spend the money… he CAN use it on other things, but does not have to. He’s going to use it to buy up bad debt from Chinese and Saudi banks.
And hmmm…. another co inky dink…
Suadi walked out of the OPEC meeting a couple of weeks back, which is why oil started to fall… is this the payoff? They are sitting on a lot of both these assets, and American bank stock.
Romeo13 on October 3, 2008 at 1:45 PM
What a bunch of crap. The donks are patting each other on the back and making it into a campaign commercial for obama.
Blake on October 3, 2008 at 1:45 PM
“Cindy Munford on October 3, 2008 at 1:43 PM”
hey, w stood by shifty hank just like he stood by norm mineta, and we are poorer for it …
:-(
Buckaroo on October 3, 2008 at 1:46 PM
It’s not defeatism, it’s anger….and the red mist of violent rebellion boiling away in my veins.
LimeyGeek on October 3, 2008 at 1:46 PM
dow +30
JiangxiDad on October 3, 2008 at 1:46 PM
I don’t know how much more I can drink to escape this nightmare.
awake on October 3, 2008 at 1:47 PM
Bless you, Oldnuke. I hope you’re right.
Weight of Glory on October 3, 2008 at 1:47 PM
Wouldn’t it be funny if someone tried to fight it in court?
Cindy Munford on October 3, 2008 at 1:47 PM
I am surprised all the democrats are not having a cigarette. They look so happy,they just screwed the American taxpayer.
HornetSting on October 3, 2008 at 1:47 PM
DOW was up 280. Now…21.
Weight of Glory on October 3, 2008 at 1:48 PM
Well that’s it. Another nail in the Republic’s coffin. Of course the Republic’s been dead for over 100 years anyway. We just can’t bring ourselves to bury it quite yet. We actually live in a congressional/judicial dictatorship masquerading as a federal democratic state. The corrupt congress does what it wants, when it wants to and all we can say is “Thank you sir, may I have another?”
sdd on October 3, 2008 at 1:48 PM
They realized they shoulda bargained for 1.4 trillion, instead of 700 billion. If it was gonna be this easy…
lorien1973 on October 3, 2008 at 1:49 PM
Now it’s five minutes later again and it’s at +22. Has the market ever crashed that much in ten minutes?
Buddahpundit on October 3, 2008 at 1:49 PM
Buckaroo on October 3, 2008 at 1:46 PM
I know, I know, this bipartisan argument drives me crazy. And Sen. McCain embraces it also.
Cindy Munford on October 3, 2008 at 1:49 PM
That’s what I was hinting at earllier. Tie up this bill in court. Push it all the way up to the SCOTUS. Challenge its constitutionality on the fundamental basis that it is naked socialism.
LimeyGeek on October 3, 2008 at 1:49 PM
Interesting…
The vote, the Dow drops over 200 points…
Lets see where it ends the day… but this is indicative that Wall Street and investors don’t think this is going to work.
Romeo13 on October 3, 2008 at 1:49 PM
TIME FOR JOHN MCCAIN TO “NAME NAMES” AND “MAKE THEM FAMOUS”…
Texas Rainmaker on October 3, 2008 at 1:49 PM
“Cindy Munford on October 3, 2008 at 1:49 PM”
That’s why we like John for OTHER reasons …
Buckaroo on October 3, 2008 at 1:50 PM
Good point, but They can lock you up and get you fired and sic the IRS on you and ruin or end your life, all while you keep your mind free
Janos Hunyadi on October 3, 2008 at 1:50 PM
Damn them.
Bishop on October 3, 2008 at 1:50 PM
When in the Course of human events it becomes necessary for one people to dissolve the political bands which have connected them with another and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature’s God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.
We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. — That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, — That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.
Need I say more..
Viper1 on October 3, 2008 at 1:50 PM
Now it’s up over 100! I thought this was to bring stability? We’ve had two triple digit swwings in ten minutes.
Weight of Glory on October 3, 2008 at 1:50 PM
I’m gonna stop paying my mortgage.
csdeven on October 3, 2008 at 1:50 PM
Forgive me for leaving out those important constituencies. You are right I believe.
A congressman was on Larry Kudlow’s show. He claimed he was against the bill primarily because it allowed Chinese banks in China to transfer ALL their bad mortgages that they bought from us to their American affiliate banks, and have them taken over by the gov’t. According to this Congressman, we are not only bailing out American financial institutions, and foreign financial institutions with American branches, but also ALL foreign banks in foreign countries that have American branches.
I have no way of independently knowing if this is true, but it is a terrifying thought.
JiangxiDad on October 3, 2008 at 1:51 PM
“Buddahpundit on October 3, 2008 at 1:49 PM”
yes, it has …
/i’m thinking lorien has a point — “shoot, they did it? we shoulda asked for more!”
Buckaroo on October 3, 2008 at 1:51 PM
-….eeeeeeeeeEEEEEEEEEEEEEEEEEEEEEEEEEEEE
KABOOOOOOOOOOOOOOOOOOOOOOOOOMMMMM!!!!-
*eats*
Grue in the Attic on October 3, 2008 at 1:52 PM
Doubt it. If they didn’t think it’ll work, why did the Dow fall 777 points after it initially failed in the House? Investors like Buffet have been pushing for the package, too.
amerpundit on October 3, 2008 at 1:52 PM
I’m gonna stop paying my federal taxes.
LimeyGeek on October 3, 2008 at 1:52 PM
Buddahpundit on October 3, 2008 at 1:49 PM
Darlin, don’t fret too much. In 1987 it dropped 20% in one day. It will be all over the map. But to answer your question it has happen before.
Cindy Munford on October 3, 2008 at 1:52 PM
Need I say more..
Viper1 on October 3, 2008 at 1:50 PM
Eh, that’s just old fashioned talk from a bunch of guys wearing wigs about 1000 years ago.
Where do I go to get the mark on my forehead?
Bishop on October 3, 2008 at 1:52 PM
YYZ on October 3, 2008 at 1:52 PM
Stocks are tanking, and why wouldn’t they now that our government is there to bail us out?
CliffHanger on October 3, 2008 at 1:53 PM
I wish I had a mortgage so I could stop paying it. My apartment landlord ain’t so forgiving.
Buddahpundit on October 3, 2008 at 1:53 PM
It’s by no means a cure all. As I said I think the recesssion is upon us already. The job numbers are bad and probably getting worse. Corporate profits estimates are too high and will have to come down. It’s going to take at least 15 days to get this mechanism up and running, and even then credit will probably be far tighter than normal.
phronesis on October 3, 2008 at 1:53 PM
If Wells Fargo can buy Wachovia without Federal help, then the Citigroup/Wachovia FDIC package was really a hidden bailout of Citigroup.
chsw
chsw on October 3, 2008 at 1:53 PM
csdeven on October 3, 2008 at 1:50 PM
Don’t become one of them. You will never be sorry for doing the right thing.
Cindy Munford on October 3, 2008 at 1:53 PM
He voted NO? It was indicated on his website yesterday that he was going to vote YES. I emailed him and expressed my disappointment in him. I just figured it was a done deal! HOORAY!
Oink on October 3, 2008 at 1:54 PM
I’m with him.
*eats*
Grue in the Attic on October 3, 2008 at 1:54 PM
Yes indeed. But the most humble of people are often surprisingly heroic. Sometimes evil can bring out the best in others–it focuses their vision.
JiangxiDad on October 3, 2008 at 1:54 PM
Next stop: the Obama-cropolis, where a bull is sacrificed spilling blood all over Obama. The signs are read and it is determined that Obama must be proclaimed the savior of the economy – and all else. In January, 2009 Obama dons the Grass Crown.
Caesar!Obama!Caesar!Obama!Caesar!Obama!Mr_Magoo on October 3, 2008 at 1:54 PM
Viper1 on October 3, 2008 at 1:50 PM
Tears.
Cindy Munford on October 3, 2008 at 1:54 PM
Naw. That’s how you end up in federal pound-me-in-the-ass prison.
Pay your taxes and stop paying all your debt. It’s time to get ours.
csdeven on October 3, 2008 at 1:54 PM
CNN Money: +112.06
BBC News: +109.91
Yahoo! Finance: +89.44
Forbes: +123.85
All at the same time. Anyone happen to know what the DJIA is actually at?
amerpundit on October 3, 2008 at 1:54 PM
Where is the list of how they voted? Link, bitte?
Bishop on October 3, 2008 at 1:55 PM
JiangxiDad,
This is actually a golden opportunity for all of us. It’s time to stop living like suckers and to start living beyond our means!
Mike Honcho on October 3, 2008 at 1:55 PM
Comment pages: « Previous 1 2 3 4 ... 6 Next »