I'm a Republican, but I have to say I'm pretty ticked at the Republican House right now for voting down the bill. They claim it's in the interest of tax payers, but they didn't see my retirement fund just plummet and the fact that we could fall into a deep recession or even depression. That would be _way_ worse that a 700 billion dollar bailout. Plus, the Senate bills gives some ownership in the companies being bailed out, so the bill could become profitable. Those Republicans need to stop acting so ideological and realize this is a crisis.

Justice...

Bailout the PEOPLE, NOT the Banks!!!

I'm sorry Daddy Bush, we are not paying for old favors!

For once, the majority of Americans (not the politicians) have finally been heard. I agree that something has to be done, but not with this socialized puppy. It was "dead on arrival" and the administration, along with all those liberal democrats, just did not get it.

Wow. Wow! I have to say that while I am scared to death about what the future holds and how bad this all could get I am kind of glad that this bill was rejected. To me it doesn't make alot of sense to take out a $700,000,000,000 mortgage on our country when no one really knows if that will fulfill the purpose of "rescuing" the economy or if it will be the best thing for the american economy and the people in the long run. I think we need to wait a little longer for the dust to settle on this mess and do some more research before we start spending this kind of money to fix it.

The bailout was not well crafted to begin with, the economy is going through some difficult times but it will recover. The republicans and the Democrats need to come together and keep working until acceptable legislation is drafted.The economy is going to continue to sputter and struggle and there will be more business failures in the months to come, but we will survive. The message is that there are tough times ahead but we will emerge from this battered and bruised and hopefully we will have learned a thing or two along the way.

The Community Reinvestment Act forced lenders to issue high risk loans. Fanny Mae and Freddy Mac would buy these loans, assuming the risk. These loans were repackaged and sold on the market. They also sold mortgage backed securities. They spread theough the system like a cancer.

The government caused this problem. They should fix it.

There is an excellent video on YouTube called "Burning Down The House" that explains this very well. Watching it may well be the most important 10 minutes you spend this year.

What I don't understand is the urgency level. I understand Wall Street wants to act quickly, but there is no reason for this bill to be patched together over a weekend and crammed down our throats. There needs to be enough time to review it and shore up weaknesses, even if you buy into the necessary-evil argument. It's a ton of money, you have to get right.

And after this mess, no WAY any incumbents on the ballot ought to make it through November. Wake up America...the problem isn't "every Congressman but mine" - yours is the problem too.

The market is falling because the market is poisoned, not because they didn't 700 billion dollars of tax payer money.

This plan would have looted the treasury and not done a thing about the crooked deals and lax regulation that have permeated Wall Street since the 1980's.
We have had at least 3 severe "corrections" as the street likes to call them, and nothing was ever done to fix the problems, is it a suprise that a more money went in the problems got bigger?

The banks must be regulated and brought down in size, too big to fail is just plain "too big".

Credit Swaps must be regulated if they cannot be outright banned. Parties involved must contribute to a solvency fund, for they are the ones making the money at putting others at risk.

The taxpayer was not invited to the party, the taxpayer should not be the janitor paying the street for the chance to clean up their mess.

These wall street crooks should be in jail, not in line for a loan.

And what do the banks learn if the government bails them out? They learn that it doesn't matter what they do, the government will always bail them out.

Dear Mr. Stupid House,

I hate to be the bearer of bad news but the House is DEMOCRAT controlled. If the Democrats had enough votes they could have passed the thing without any Republicans.

And the vote was pretty well split down the middle. It didn't go along party lines. Some D's and R's supported the bill, some D's and R's didn't.

You can blame the politicians if you want but you can't blame any one party for this because they BOTH voted it down.

Thanks to the tail covering house GOP millions of Americans will lose their jobs and business's across the county will FAIL because the credit markets are now FROZEN! All you simple minded people who think this is a victory for tax payers, wait until your company NOW calls for layoffs and you lose you job!!! We will see how "heroic" this action seems then. These house GOP members need to be removed from office on Nov 2!!!I am (used to be a Republican) but NO MORE!!!

Yay! The People spoke and CONgress, most of them, listened. The market will correct all by itself. Afterall, didn't those smart bankers go to Harvard? They just won't use my money to do it now.

Stupid House | 12:22 p.m. Sept. 29, 2008
I'm a Republican, but I have to say I'm pretty ticked at the Republican House right now for voting down the bill.]]- Nancy Peloski, Harry Reid, and Barney Frank need to sit back and keep their mouths/traps shut.- McCain doesn't need to be here! Obama is with us on this! America is going to be destroyed! -
With a 10 percent approval rating in Congress, no wonder 90 percent of Americans were against it.
Did you hear her stupid speech?

!hseeeeeehS- That is Sheeeeeeesh! spelled backwards.

It is good to see the House is stilling looking out for the people we need to start calling this what it is a Debt Crisis not a Credit Crisis and more Debt never fixed a debt Crisis. It only makes it last longer and hurt more. America survives one more day as a free market society thanks to the House.

I am so glad the bailout failed. Those companies who ran themselves into the ground deserve to go bankrupt. The consumers who were stupid enough to buy loans without understanding them deserve to lose their homes.

BE RESPONSIBLE FOR YOUR OWN ACTIONS. The CEO's of those banks need to go to jail, where they belong.

I am so relieved to see this fail. What precedent do we send to future CEOs if this had passed? That as long as you are big, your golden parachute is guaranteed. No matter how risky the deal.

My children should not have to pay for the mistakes of a greedy baby boomer generation. Kudos on listening to America on this one! If we truly believe in capitalism, this was the right answer.

Excellent comment---I am a Republican and could not agree with you more.

The House republicans are fools--people arging against the bailout need to do more research on how doing nothing will affect us all.

Bush--vote for it
Republican Senate--vote for it
Democrat Senate--vote for it
Democrat House--vote fot it

Republican House--vote AGAINST IT

Republican house needs to start listening to some Economists. What a bunch of fools.

Re: Stupid House..... If you think your retirement plan has dropped and recession is imminent now you need to think about the "ex nihilo" creation of 700 billion dollars to bail out the fat cats!

It will cause a crunch for small business in the short term, but letting the failures fall is what needs to happen.

Thank you, Rep. Bishop. I thank you for your. You have mine.

Does anyone know how Utah's House members voted?

For Pelosi to become very partisan is her speech on the floor, during the debate, does not demonstrate good leadership. In essence, she single-handedly poisoned the well, and whatever Republicans might have voted for the bill, told her in no uncertain terms, with their "no votes," to stuff it. The best thing the Democrats could do when Congress reconvenes in January is to choose a new Speaker who knows how to work with Republicans across the aisle so that something can finally be accomplished for the benefit of the Country as a whole.

I just want to go to a deserted cave and hide until this is all over!

To the comment about watching your retirement plumment, for that I am truly sorry.

Another person posted in the Dnews today that they were employed by AIG, had been for 28 years. And their secretary had spent 40 years putting retirement money into AIG. AIG received a bail-out of $85billion but the retirement is still gone.

In either case we are in for a rough road. The question is which is rougher? Doing the bail-out or not. Whichever is rougher, we do the other.

For me the bigger questions remain:

How much is the final bailout? Wall Street is saying in excess of $2trillion.

Where are they going to get the money? China buys $2trillion in T-notes, not going to happen. Raise taxes $2trillion, not going to happen. The Fed prints the money, will happen and cause $6-8/gal gas with hyper-inflation.

What reforms are they going to put in place? Comptroller of the Currency? SEC? Fractional banking/reserve rates? Fannie Mae/Freddie Mac? Naked short-selling? Derivatives?

No reforms we have not fixed anything.

By killing this bill we force Congress to be more thoughtfull. When bills are passed in haste we always lament them later.

Do it right the next time.

all of you simple minded people who are now celebrating with the defeat of this rescue plan, I doubt you are going to be celebrating long after you LOSE YOUR JOB and watch for 401K disappear!! Oh and don't plan on getting a loan anytime soon (including student loans) because the credit markets for ALL BANKS are now frozen for the long term. CAN YOU SPELL "RECESSION" ?? By the way, there is NO OTHER plan in the works people.... NONE! Congress decided to cover their tails and plunge the US into the deepest and worst recession since 1983. Many predict this will be worse than 1983. Every economist I listened to said that NO ACTION by congress was a DEATH SENTENCE for main street americans -- that's US! NICE JOB CONGRESS. You can blame this one on the GOP!!!!

Don't bail out anybody, the people or the banks.

We need a sustainable economy, not one based on racking up more debt.

Sure the economy will slow and even shrink as we no longer fuel it with growing debt, but if we patch this crisis with more borrowed money, then next one will be even worse. How long do you think we, as a nation, can continue spending more than we earn? At some point the credit will run out and we'll need to start paying it back.

A shrinking economy will hurt, our standard of living will go down. but that is because our current standard of living is artificially high. We need balance, as individuals as well as our government.

I'm not prepared for a Depression. Are you? I hope so, because I may be on your doorstep begging for food in a couple of years.

This is the result of the change Americans persuaded by the media in November 2006 voted for. Enjoy!!!

Where were the Government watchgods (not misspelled) when all this was happening? Where was this 700 Billion going to come from. Are we just going to print more worthless monopoly money? When the Bank Executives and CEO's and Wall Street types making 6 figures start having to seriously bite the bullet for their greedy decisions then I'll support some decent proposal. Until then well have to wait out the last year + of this 8 year lame duck administration. History won't have much nice to say about George except he's soon to be gone.

no package has been approved, or an alternative proposed, yet all our current lawmakers are afraid to act because of the politics (i.e. the election is coming up in a month.)

The answer for us is to vote out the incumbents in this election, regardless of party. It is so very obvious that these jokers have their own interests at heart and not the interests of their constituents.

Also, WTH is wethepeople talking about in his/her post? I'm afraid the average citizen doesn't understand very much about the financial markets and that bailing out banks is not the only result. In the proposed plan the US buys the mortgages held by the banks so that the banks have liquidity to continue operating (i.e. so people with saving deposits don't lose their money) while in the meantime, these mortgages get paid back by the homeowners so that the total cost to the tax payers is far less than the $700 million everyone keeps talking about. It's essentially a loan, and if all the mortgages end up being good, the US govt buys $700 million of loans, but receives $800 million back over the next 20 years (earlier if banks buy back)

This is another inmoral, unethical, ignorant approach of the Republican administration to a complex economical crisis CREATED BY THE REPUBLICAN ADMINISTRATION.
Nown "intelligent George" wants TO BAIL OUT HIS FRIENDS.
NO I do not beleive the president, neither his party.
Shame on the American citizens who vote for this man.
Shame on religious and journalistic institutions that give support to this man.

I am glad the will of the people was heard on this matter. We do not want to bail out wall street. Let them suffer and IF....IF we suffer so be it. We want our leaders to listen to our voice/choice and let the consequence be they bad or good follow!

I am so glad that the House voted this bill down. This bill would just be a "big" Band-Aid for the problem and not the solution. These bankers and Wall Street tycoons don't need this money. If they would have used good business sense in the first place, none of this would be happening. What Congress needs to do is put all of the regulations back in place on these guys, and make it easier for middle class Americans to live on their incomes. Therefore, the middle class, which has always driven the economy can do it once again and everything will take care of itself. Big business has now proven that it cannot take care of itself without government regulations, so we need them back to get this economy running again.

Just remember credit is the grease that lubes the gears of capitialism. If the credit market tightens up, the economy will grind to a halt.

Yes yes yes. JPmorgan, bank of America, and citi. Eat the liability. Instead of getting hundred of billions out of this, you will only get tens of billions.

I am done voting for conservative republicans. Finished. Fine. Let's let the economy go in the toilet. Hope everyone keeps their job.

Reply to Stupid House,

Hey, it's not my fault you invested badly. My taxes don't go to bail you, or anyone else out of poor financial decisions. It goes for military, defense, you know, things that the government is SUPPOSED to do with tax payers money. I lost a $40k so far. You don't hear me complaining. Heck, I was furious when they even considered the bill. I was happy they shot it down. Call it idealogical, but it was the right, and hard, thing to do. Good for them!

Good Job Cannon...

While I agree that Congress is responsible for part of the mess in the 1st place, for requiring loans to higher risk homeowners, it isn't that simple. The Fed lowered rates for long enough for many people to get lower, variable rate loans, and then the feds raised the rates, 3% in a short few months. That caused many people to not be able to afford the loans. They started failing, and housing values, due to the forclosures, started sliding, which made it worse. Sub-prime mortgages, were like hot potatoes, and no one wanted them. Banks couldn't loan more, as they had these loans they couldn't even sell.

In Utah, that has started to slow down construction financing, and other business loans. When they can't get credit, the companies start failing. Other industries have been effected.

If they buy up the worst of the sub-prime mortgages, (There are reportedly $2 Trillion of them) and interest rates are kept low by the Fed, and most homeowners/taxpayers pay back the loans, the government and the tax payers will be OK.

The more the Democrats talk,
The further the stock market falls.

I thought they had a deal before John McCain came to Washington?

hope everyone keeps their job. I personally will never, ever vote for a conservative Republican again. Putting idealogy ahead of everything else.

We have been told this will push us into a depression, I guess now we will see if this is really true. whoa it feels like a scarry ride at lagoon.

Over 150 economists including some Nobel Prize winners DID send a letter to congress and asked them NOT to pass the bailout package because it was fatally flawed. I don't care if I do loose my house, my job, my 401K and every dime in my bank account. It's about time we quit pawning our problems off on our children and grandchildren. I'm proud of America today!.

Cannon backed Bush with a yes. Bishop and Matheson voted no.

We are all being held hostage to the bad loans made by greedy mortgage lenders and consumers that have bigger eyes and appetites than is reasonable. It upsets me that I'm paying financially for these peoples faults. I don't agree with any bailout for a greedy nation, however I know that it will likely result in future financial turmoil for me and my family. As much as I don't want to go through it, I think it is in the best interest of the nation to suck it up and pay for our bad decisions be it through recession or even depression. Our children will learn from it and I hope it will give us a better and brighter tomorrow (years from now, of course). Our nation is already in debt in the trillions and we don't have the money for a bailout to begin with even if you view it as an investment. Sounds like a roll of the dice to me. Time to let the market correct itself. It will be painful and I'm willing to grind through it if it results in a better America for my children. A bailout sends the wrong message.

Pathetic... The House republicans claim that Pelosi offended a few of there own, and so to get back at her, the vote against the bill, and in turn punish the whole country. These house republicans are acting like kindergarten.

Am I the only one planning to retire ever? What happens when YOUR small buisness can't access their line of credit to make payroll? What will happen to buisnesses that were going to buy a new piece of equipment to expand their buisness? What about those planning to retire soon? Look at the stockmarket - down nearly 700 points! If you were planning on retiring soon -Add 10 years. It is a horrible situation. With no clear win. Its time for people to be thoughtful and not reactionary.

I know we don't want to bailout these corrupt companies, but many of you people just don't understand the ramifications of this bill rejection!!! All you know is that it comes out of the taxpayers/our pockets. Educate yourselves before you jump to conclusions. I was against myself until I took the time to research it.

I am dissapointed to be considered a Republican right now. I am sick and tired of everything being about the election only. Care about the country!!! Democrats and Republicans are to blame for this. Quit pointing the finger and grow up politicians!!!

The system needs to be fixed as part of the solution, starting with the Community Reinvestment Act, Fannie, and Freddie. And people who have made loan commitments need to fulfil their obligations.

This day will live in infamy. House Republicans have voted for a deep recession, so as not to say Depression.

Thanks George Bush for destroying the economy, for inheriting surplus and turning it into deficit, for devaluing the dollar by 30%, for being an absolutely total idiot.

Shame on me for voting Bush twice.

Isn't the president in charge of the regulators? Why weren't the regulators doing their job. Why weren't these highly paid CEO's doing their job?

We need to reign in CEO pay and we need to say to the no regulation republicans who believe in minimal government regulation, enough is enough.

The last time this happened it was Reagan who deregulated the Savings and Loan industry.