Congress Rejects 700 Billion Dollar Corporate Bailout!

On Monday President Bush's 700 Billion Dollar Bailout went before Congress:

WASHINGTON - 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. The Dow Jones industrials plunged nearly 800 points, the most ever for a single day.

Democratic and Republican leaders alike pledged to try again, though the Democrats said GOP lawmakers needed to provide more votes. Bush huddled with his economic advisers about a next step. The House was to reconvene on Thursday instead of adjourning for the year as planned.

The stock plunge began even before the 228-205 vote to reject the bill was officially announced on the House floor. The decline for the day surpassed the 721-point previous record, on the day after the Sept. 11, 2001, terror attacks, though in percentage terms it was well short of the drops on Black Monday of October 1987 and at the start of the Depression.

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 (95) opposed the bill. Thats a total of 134 representatives.

Here's what the candidates has to say:

McCain: "I urge congress to go back 'immedietly' and reconsider."

Obama: "When I'm president, on the first day I'll make a plan and find a way for us to pay back so the people don't suffer."

All I can say is "Yes We Can" the rejection of the 700 billion dollar bailout is by far the best thing to happen since Bush got in office. All his other bonehead ideas have been embraced with open arms, so it’s good to finally see congress wake up and shutting his ass down (Too Little, Too Late). Its amazes me daily that they wanted to impeach Clinton over a halfway blow job (she didn’t even swallow) but we have a grocery list of Bush fuck-ups/miscues and no one is even talking impeachment. What the hell? But again it’s too little too late, I can’t wait for the geezer to get fuck out of office. Obama 08!