Breaking: Bailout vote underway; Update: 218; Update: 263-171
posted at 1:07 pm on October 3, 2008 by Allahpundit
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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.
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Go with the one on your right hand, less distracting.
*eats*
Grue in the Attic on October 3, 2008 at 1:55 PM
I’m buyin’ stock in wooden arrows and wool.
saint kansas on October 3, 2008 at 1:56 PM
The Dow swings up and down regularly. Wait to see what happens during the last 2 hours, and how it ends.
trailboss on October 3, 2008 at 1:56 PM
Reuters: Obaco just announced that if he wins, he will appoint Robert Mugabe as his Finance Czar.
Bishop on October 3, 2008 at 1:56 PM
“amerpundit on October 3, 2008 at 1:54 PM”
different folks are using different feeds/delays/formulas — and yes on an active trading day it really does vary by that much — split the middle and you’ll be close …
Buckaroo on October 3, 2008 at 1:57 PM
S. Pearce (R), my rep, voted no. He is running for senate. Hopefully he will win.
HornetSting on October 3, 2008 at 1:58 PM
Up the corn chute, I tells ya.
We’re taking it up the corn chute.
madmonkphotog on October 3, 2008 at 1:59 PM
All I know is that my IRA doubled over the last 2 days.
Unfortunately, that’s because my previous 2 years worth of contribution had lost 1/3 of their value and I maxed out my contribution for this year yesterday.
But, the math is still true and that’s what I’m going to tell all my liberal friends when they start whining about the economy.
JadeNYU on October 3, 2008 at 1:59 PM
The time for secession approaches.
ManlyRash on October 3, 2008 at 1:59 PM
The story line tomorrow will be a bunch of economists and politicians telling us not to expect too much improvement, too soon, and maybe never. Nancy Pelosi is already out there saying this is just a first step.
Obama gets elected, she ain’t kidding, folks.
And another thing — there are 56 more states lined up behind California looking for federal money.
BigD on October 3, 2008 at 1:59 PM
Go with the one on your right hand, less distracting.
*eats*
Grue in the Attic on October 3, 2008 at 1:55 PM
I don’t know, every time I spooned a glob of government-provided soy mush into my mouth, I would see the mark and be reminded of how the mighty have fallen.
Bishop on October 3, 2008 at 2:00 PM
Governments and central banks can smooth the transition but they cannot prevent the necessary adjustments taking place. Like King Canute, central bankers and ministers cannot hold back the tide.
KentAllard on October 3, 2008 at 2:00 PM
Uhm sorry. One bailout per lifetime. You missed it. Have a nice day.
JiangxiDad on October 3, 2008 at 2:00 PM
Well, good. Then you can pay mine, ya spud.
trailboss on October 3, 2008 at 2:00 PM
This reminds me of the scene towards the end of “Terminator 3″.
That look that says, Too late, we’ve started something that we don’t know where it’s going to take us.
Truly a said day for this country of ours. If the people don’t get rid of these politicians, we only have ourselves to blame.
HarryStar on October 3, 2008 at 2:00 PM
Oh I know. But not a few economists and politicians stood in front of cameras to say that the DOW had been swinging widely from week to week with volatile triple digit movements. I just wanted to point out that the market has yet to act as though it’s been “stabilized” (whatever that concept means in reality).
Weight of Glory on October 3, 2008 at 2:01 PM
This shouldn’t be a problem. Just go and find a house that you can’t afford, get a loan that you can’t hope to pay off from some lending institution that has to give it to you and then just don’t make the payments. You may even be able to get a book deal.
Oldnuke on October 3, 2008 at 2:01 PM
again, I appreciate your point–but I’ve had my Vision Focused too many times, if you catch my drift.
meanwhile, this is a ‘Dover Beach’ day today…..
Janos Hunyadi on October 3, 2008 at 2:01 PM
Let’s see then……….If it’s not going to work, why spend the money?
Any chance a lawsuit could stop it?
Dr.Cwac.Cwac on October 3, 2008 at 2:02 PM
Pelosi just said it’s time to shine the “bright light of accountability” on the financial markets.
Are you effin KIDDING ME, you bug-eyed moron? With Dodd and Frank standing nearby, you have the seeds to say something like that?
Gawd I hate these people.
Bishop on October 3, 2008 at 2:02 PM
Same here. The real people getting screwed are those with no debt to welch on.
…wait. Student loans. BUH-BAH!
MadisonConservative on October 3, 2008 at 2:02 PM
What are the odds Obama actually pares back his spending plans to cover the outlay?
phronesis on October 3, 2008 at 2:02 PM
Isn’t this the cowardly way out? Better to fight then to just take ball & go home.
Spirit of 1776 on October 3, 2008 at 2:03 PM
I think theres a lot more information about both the bill, and whats going on with the economy than we had last week.
EVERYONE was saying its armagedon last week, now some dissenting voices have been heard.
Romeo13 on October 3, 2008 at 2:03 PM
Reality. What a concept.
trailboss on October 3, 2008 at 2:03 PM
Keep repeating this to yourself, “Most Ethical Congress Evah.” Don’t forget to click your heels three times and load a round into the chamber.
Dr.Cwac.Cwac on October 3, 2008 at 2:04 PM
JianxiDad said:
I’ve mentioned that in my comments for two days and virtually no one has picked up on it. You can scroll back to a comment I made at 1:30 in this thread. Or watch this two minute Youtube video of Sen. DeMint and Rep. Brad Sherman discussing this very thing.
If what they are saying is true, the American people have royally lied to by a whole lot of people. Senator DeMint is not crazy. I don’t believe he would mention something like that without cause. Mark Levin mentioned again last night that he agrees with Senator DeMint.
flyfisher on October 3, 2008 at 2:04 PM
How do you propose we “fight?” Run for office? Riots in the streets?
Nothing cowardly in declaring the independence of a New Republic.
ManlyRash on October 3, 2008 at 2:05 PM
There is a light in the darkness!! (Argh, not in my eyes, I’m a Grue for God’s sake!!)
I for one would rather leave and let the Socialists have their little paradise than try to force them back into Conservatism. A purging of the populace, so to speak.
*eats*
Grue in the Attic on October 3, 2008 at 2:05 PM
At least my Congressman (Rob Wittman 1st District-VA) voted no on both bills. I’ll have no problem voting for him this fall. Senators?…now that’s another story.
sdd on October 3, 2008 at 2:05 PM
for the world, which seems
To lie before us like a land of dreams,
So various, so beautiful, so new,
Hath really neither joy, nor love, nor light,
Nor certitude, nor peace, nor help for pain;
And we are here as on a darkling plain
Swept with confused alarms of struggle and flight,
Where ignorant armies clash by night.
Matthew Arnold as a psychic in the last lines of “Dover Beach
Janos Hunyadi on October 3, 2008 at 2:05 PM
October 3, 2008-American taxpayers screwed by their elected leaders.
October 3, 1995-OJ Simpson found not guilty. American justice system screwed by stupid jury.
October 3 a very BAD day!
HornetSting on October 3, 2008 at 2:06 PM
I noticed the other day, during the previous House vote, that the market tanked during the day when it was thought the bill would pass, then began to rebound once the bill was defeated.
It seemed to me that investors were hoping it would not pass.
It was spun in the media that the market dropped because the bill failed, but it didn’t happen in that sequence.
cntrlfrk on October 3, 2008 at 2:06 PM
I’ve taken note, and place a lot of weight behind DeMint and what he says.
Weight of Glory on October 3, 2008 at 2:06 PM
Should I stop paying my mortgage and wait for Congress to pass a bailout bill for me?
sdd on October 3, 2008 at 2:06 PM
No, just foolhardy, and premature. And reactionary. And foolhardy.
trailboss on October 3, 2008 at 2:06 PM
and now Bush is on tv praising Pelosi and Frank. I worked on both of his campaigns and my support for George W. Bush officially ends today.
Texas Rainmaker on October 3, 2008 at 2:07 PM
So, why is the market tanking? Shouldn’t it be going up?
Blake on October 3, 2008 at 2:07 PM
Buckaroo on October 3, 2008 at 1:50 PM
I admire both men but that doesn’t stop me from getting annoyed from time to time. Especially since I can’t think of a single time that the strategy has been to our benefit. W is on warning us that this isn’t going to help overnight.
Cindy Munford on October 3, 2008 at 2:08 PM
Perhaps. But great men have done great things for great causes and been called worse.
*eats*
Grue in the Attic on October 3, 2008 at 2:08 PM
Don’t forget who suspended his campaign to push this giant, socialistic piece of crap through the Senate and the House.
John McCain just signed his political death warrant. Even if he could bring Reagan back from the dead to campaign for him, it still wouldn’t matter.
Tom Blogical on October 3, 2008 at 2:08 PM
Look on the bright side, Obozo is up by 10 in New Hampshire, and by 7 in the Gallup polls.
What could go wrong?
cntrlfrk on October 3, 2008 at 2:08 PM
Today? How about promoting amnesty? That’s when I finally said-Adios, muchacho.
Once again, the republicans are a “no show”.
HornetSting on October 3, 2008 at 2:09 PM
Sadly, and reluctantly, me too.
Weight of Glory on October 3, 2008 at 2:09 PM
Don’t count on it.
This is a one-time bail out the same way the 80’s amnesty was a one-time amnesty.
All it is is a precedent that people will point to the next time some industry or another does something really foolish and ends up bankrupt.
JadeNYU on October 3, 2008 at 2:09 PM
Not necessarily. It could be viewed as taking the country back by a shorter road. Fighting it out in the halls of government will be long and painful but fighting it out for real may be shorter albeit with a larger casualty rate. Not advocating it just saying it may not be the cowardly way out. Depends on the way you view it.
Oldnuke on October 3, 2008 at 2:09 PM
I didn’t say secession now, rather, when the time is right. And when the time is right it will be neither foolhardy nor reactionary.
ManlyRash on October 3, 2008 at 2:09 PM
Besides, he’s dead… so that means he’s voting Democrat this year.
Texas Rainmaker on October 3, 2008 at 2:10 PM
What I don’t understand is why this isn’t a huge story? Two responsible leaders on Capitol Hill have mentioned this, yet it’s been largely ignored. If it’s true we have essentially been extorted by foreign countries. Or to put a nicer spin on it, we’ve been given a margin call.
flyfisher on October 3, 2008 at 2:10 PM
Peaceably assemble. Run for office. Hold your representatives accountable. Discuss political theory with your neighbors.
My country and my countrymen shouldn’t be abandoned. It’s not just about us, but future generations of Americans. You suit yourself, of course, but I don’t believe that an Obama term will bring nirvana, I think it will lead to trouble and a big chance for conservative rebound. Hell, we can win in this election cycle if McCain had 1/2 Palin’s spirit.
Spirit of 1776 on October 3, 2008 at 2:10 PM
Then again, there is Alaska. I can see them seceding if the mainland goes down the crapper.
ManlyRash on October 3, 2008 at 2:11 PM
ROTFLMAO!
Tom Blogical on October 3, 2008 at 2:12 PM
Democrats: The Party of Big Business and Wall Street Fatcats.
thirteen28 on October 3, 2008 at 2:12 PM
On Fox, bottom box…is Barney Frthrank still talking? He got his ass handed to him by O’Reilly last night. First time in a long time I actually cheered for O’Reilly.
Keep talking, Frthrank. Jail awaits you.
HornetSting on October 3, 2008 at 2:12 PM
Peter Schiff’s skeptical take on the bailout:
Liquidity is in Eye of the Holder
flyfisher on October 3, 2008 at 2:13 PM
I agree with you for all intents and purposes. I’ve just come to the awareness recently that this – while it likely won’t happen soon unless an Obama presidency is not only worse but much much much worse than any of us imagine – is an inevitability. As the Dems themselves have said, there are Two Americas. They can’t stay together forever. It’s a sad truth but it’s undeniable.
*eats*
Grue in the Attic on October 3, 2008 at 2:13 PM
Probably for the same reason that Franks gets away with holding investigations on “What Happened”. Keep posting the info, however, flyfisher. It’s important.
Weight of Glory on October 3, 2008 at 2:13 PM
Good luck with McCain. If Obama gets elected, the Democrat party will entrench itself so thoroughly in government that i will never be dislodged. Don;t forget that talk radio will end. And expect Congress to try to regulate the internet. Then there’s Obama’s National Security Force. Truth Squads. And so forth.
ManlyRash on October 3, 2008 at 2:14 PM
Good news: The Republic of China forces the United States Federal Government to kneel
but hey
look at this. Panasonic 150 inch high def plasma TV. Price yet to be determined. (Financing available.)
rockhauler on October 3, 2008 at 2:14 PM
Texas Rainmaker on October 3, 2008 at 2:10 PM
Good one.
Cindy Munford on October 3, 2008 at 2:14 PM
I follow your point, but succession is not fighting for it. It’s saying f you to the rest of the country.
Spirit of 1776 on October 3, 2008 at 2:14 PM
How many Republican congressmen “flipped” because John Boy leaned on them? If this is an example of what I can expect from McCain if he gets elected, I may go back to sitting this one out. Yeah…I know that Obama will get elected if too many of us conservatives take a pass but at least we’ll know what were getting. Screw this bi-partisanship hooey.
sdd on October 3, 2008 at 2:14 PM
Ben’s Statement:
I wonder if that means there will be another Fed funds cut.
phronesis on October 3, 2008 at 2:15 PM
Sooner or later the split will come. Obama’s election will accelerate it.
ManlyRash on October 3, 2008 at 2:15 PM
Ewww… can I be Sec State? Theirs a few things I’d like to say to certain world leaders…
Like to ArmadinnerJacket… you have called for the destruction of America… I suggest you start to run and hide, because I just contacted the American underworld, and put a 10 million bounty on your head.
To the UN… the New country will be a member, but will NOT support you with dues. We just wanna have a seat there to b1tch from, like the rest of the world.
To the entire Islamic world… Grow up. Take care of your Jihadists, or we will consider you complicit in everything they do… its time to choose, you are either against them, or not, and we will judge you by your actions.
Romeo13 on October 3, 2008 at 2:15 PM
Amen, brother.
fossten on October 3, 2008 at 2:15 PM
Make them secede. Then we can pull a “West Virginia” on all of the states they try to take with them … leave them with nothing but rotting socialist infected urban sh*tholes.
I’m sure folks in eastern OR/WA, upstate NY, rural NJ, NorCal, etc, would prefer it.
Kristopher on October 3, 2008 at 2:16 PM
It’s what the red states will be saying to the blue states and what the colonies said to Britain. What’s your point?
ManlyRash on October 3, 2008 at 2:16 PM
I wrote more than 25 conservative pundits about it. The only one who responded told me it was conspiracy theory stuff. And may be it is. I have no way to independently ascertain the truth of it. All I know is that Senator DeMint is a serious man, not a crank. He is probably the most trustworthy conservative leader on Capitol Hill and he shouldn’t be dismissed out of hand.
flyfisher on October 3, 2008 at 2:16 PM
Yeah, yeah, yeah. We fight these things when they come, unless we’ve already folded.
We are deeply divided, I agree. But when has there been one America? The first 3 years of Washington’s first term? When else?
Spirit of 1776 on October 3, 2008 at 2:17 PM
When will the time be right to split our country again?
trailboss on October 3, 2008 at 2:17 PM
Once again, the republicans are a “no show”.
HornetSting on October 3, 2008 at 2:09 PM
Not completely, 108 Pubs voted against it, though I’m not sure how my peeps voted.
Bishop on October 3, 2008 at 2:18 PM
You were expecting a different outcome from McCain? LOL!
Fletch54 on October 3, 2008 at 2:18 PM
Even during the Civil War Americans wee not a fundamentally divided on so many issues as they are today. Not even close. We are becoming two separate nations.
ManlyRash on October 3, 2008 at 2:18 PM
wee not a = were not as
ManlyRash on October 3, 2008 at 2:19 PM
That’s crap. The colonies had moral and legal cause. The red states are just losing votes to blue states. There is no moral equivalence. It’s like listening to Susan Sarandon say she and Tim Robbins are running to Canada if Bush the devil wins again.
Spirit of 1776 on October 3, 2008 at 2:19 PM
So is McCain going to begin campaign again?
BuckeyeSam on October 3, 2008 at 2:19 PM
Not sure. All I know is that as far as I can see it’s gotten worse and worse, especially within the past century. Everything has a breaking point, unless something is done to reduce the stress there will eventually be a fracture… either peacefully or not so.
*eats*
Grue in the Attic on October 3, 2008 at 2:19 PM
Oh by the way. With nearly one trillion smackers going to D.C. on the fast track, how many lobbyists and special interests are going to flood the place looking for their “fair share?” It.Will.All.Be.Wasted.
Weight of Glory on October 3, 2008 at 2:19 PM
I meant getting in front of the microphones and not allowing the democrats to “skew” public opinion. NOW, Boehner and Co. need to NAME NAMES…looks like Johnny boy is still being “bi-partisan”.
HornetSting on October 3, 2008 at 2:19 PM
Not even close? Uh-huh.
Spirit of 1776 on October 3, 2008 at 2:20 PM
So do we:
http://www.gmu.edu/departments/economics/wew/articles/00/company.html
*eats*
Grue in the Attic on October 3, 2008 at 2:21 PM
Hard to say. Following Obama’s election you will see increasing division between red and blue states. As the Democrats continue to push the federal government into becoming a socialist tyranny there will be a tipping point and the red states will rebel.
ManlyRash on October 3, 2008 at 2:22 PM
Don’t agree, but that’s beside the point. Talk realities, for a moment. Where will the new Mason-Dixon lines be drawn? Will you force your liberal neighbor to change parties or leave town? What differences do we have now that will inevitably force a division?
trailboss on October 3, 2008 at 2:23 PM
Totally agree.
Weight of Glory on October 3, 2008 at 2:23 PM
Read the second paragraph of the D of I.
ManlyRash on October 3, 2008 at 2:23 PM
And some commentary worth reading:
http://www.freerepublic.com/focus/f-news/2093527/posts
*eats*
Grue in the Attic on October 3, 2008 at 2:23 PM
There is room in the political system for groundswells etc. If the impetitus is there, the government will change.
People like to quote TJ’s ‘tree of liberty’ line, but he was wrong. The violence he supported wasn’t supported by Washington and when push came to shove the populace overwhelmingly supported peace and Union. That quote has aged well over time, but he was radical with it at a time when people actually did fight!
Spirit of 1776 on October 3, 2008 at 2:23 PM
When is the next season of American Idol? We may have to postpone the revolution until after the season finale. OR, we, the red states, could just slip out and start our new republic without notice from the blue state masses.
HornetSting on October 3, 2008 at 2:25 PM
Blue states ill become bluer. Red states, redder. Blue states will continue to expand socialist policies, along with the federal government. Red states will do what they can to halt creeping socialism.
ManlyRash on October 3, 2008 at 2:25 PM
+1
Mike Honcho on October 3, 2008 at 2:26 PM
I’m familar. Make your point.
Spirit of 1776 on October 3, 2008 at 2:26 PM
HornetSting on October 3, 2008 at 2:19 PM
Emphatically agree, the GOP should be shouting it from the roof of the Senate building.
This is Mac’s time to name names, but he will probably spew some shit about being bipartisan.
Bishop on October 3, 2008 at 2:26 PM
Great analogy.
There is absolutely no reason not to believe that the Chinese and others made it very clear they wouldn’t continue to finance our high living if we didn’t make good on our debts. I find it extremely likely that that was a significant factor in the bailout.
JiangxiDad on October 3, 2008 at 2:26 PM
Might as well buy a herd.
upinak on October 3, 2008 at 2:26 PM
And my state will be split in two, the north will be blue and the south, red. Good riddance, Sante Fe and Albuquerque, you dumb asses.
HornetSting on October 3, 2008 at 2:27 PM
Well, like a marriage with trouble, people would rather bail out then work on the marriage.
Spirit of 1776 on October 3, 2008 at 2:27 PM
Yep. Jefferson was too idealistic. All revolutions are not morally equivalent. The American revolution was a good thing. The French one, for example, not so much.
phronesis on October 3, 2008 at 2:27 PM
Too late. The gummint’s just too big, like a Golem. And it will get way, way bigger – especially in light of this recent bailout.
ManlyRash on October 3, 2008 at 2:27 PM
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