Monday, September 29, 2008


We had a major breakthrough today when the House of Representatives voted down the bill by a 228 to 205 margin (across the aisle). This is a real opportunity to keep pushing for more reforms.

Please call Congress at 202-224-3121 and demand -- "Bailout homeowners, not the bank owners." The U.S. needs to build its economy from the ground up not from the top down. Tell Congress to reconsider this bill and develop a bill that builds the economy not bails out speculators who undermine the economy.

We have made a lot of progress since Bush-Paulsen came forward with their 2 page blank check. The more than 100 page bill is moving in our direction but not far enough. If this bill is to pass it needs to put emphasis to ensure homeowners have their mortgages rewritten so they can afford to stay in their homes rather than lose them to the banks.

This populist revolt is heartening. Let's keep up the pressure. Call 202-224-3121 and go to and send a letter to Congress. Tell your friends to do the same.

The people are having an impact.

Kevin Zeese, Executive Director Campaign for Fresh Air and Clean Politics

Corporation: n. An ingenious device for obtaining individual profit without individual responsibility. ~Ambrose Bierce, author and editor (1842-1914)

Washington Post, United States: Why the Bailout Bill Failed 2008-09-29

The administration was also too eager and ambitious with its initial proposal, alienating many lawmakers right from the start by seeming to ask for the moon -- give us everything we want, with no oversight. This White House has long played political hardball, but this was not the time for hardball.
House ignores Bush, rejects $700B bailout bill

By JULIE HIRSCHFELD DAVIS, Associated Press Writer 8 minutes ago at 1:14 PM ET Monday

In a stunning vote that shocked the capital and worldwide markets, the House on Monday defeated a $700 billion emergency rescue for the nation's financial system, ignoring urgent warnings from President Bush and congressional leaders of both parties that the economy could nosedive without it.

Stocks plummeted on Wall Street, beginning their plunge even before the 228-205 vote to reject the bill was officially announced on the House floor. The Dow Jones industrials sank nearly 700 points for the day.

Democratic and Republican leaders alike said they were committed to trying again, though the Democrats said GOP lawmakers needed to provide more votes. Bush huddled with his economic advisers about a next step.

In the House chamber, as a digital screen recorded a cascade of "no" votes against the bailout, Democratic Rep. Joe Crowley of New York shouted news of the falling stocks. "Six hundred points!" he yelled, jabbing his thumb downward.

Bush and a host of leading congressional figures had implored the lawmakers to pass the legislation despite howls of protest from their constituents back home. Not enough members were willing to take the political risk just five weeks before an election.

"No" votes came from both the Democratic and Republican sides of the aisle. More than two-thirds of Republicans and 40 percent of Democrats opposed the bill.

The overriding question for congressional leaders was what to do next...(end excerpt)

See rest of this article under UPDATES & ACTIONS for TODAY on BAILOUT/Planned Ignorance (in archives & just below) ALL WEEK...

"Even if they believe that something must be done right now, lawmakers should still vote no on this specific bill, and force one of the very prudent alternatives to the forefront. They shouldn't just vote no on Paulson's proposal -- they should vote hell no. Our economy's future depends on it." More at Alternet dot org

Also keep watching Congressional Quarterly's Midday UPdates: IN NOW:
# Hill Leaders, White House Vow to Try Again on Bailout as Stocks Plunge |
# Transcript: House Democrats’ News Conference on Bailout Bill Failure |
# Bailout Bill Posed Whipping Challenge for Both Parties |
# Transcript: House Republicans’ News Conference on Bailout Bill Failure |
# Rep. Paul: ‘Lipstick’ on a Bailout

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