US Economic Bailout Bill Passes


Registered Member
We're screwed now. I don't see how in the world they can approve this. It is the banks fault for lending some Wal-Mart worker $400,000 to buy a home and it is the lendees fault for getting a loan they know they couldn't have paid for.

By JULIE HIRSCHFELD DAVIS and DAVID ESPO, Associated Press Writers 2 minutes ago

WASHINGTON - With the economy on the brink and elections looming, Congress approved an unprecedented $700 billion government bailout of the battered financial industry on Friday and sent it to President Bush for his certain signature.

The final vote, 263-171 in the House, capped two weeks of tumult in Congress and on Wall Street, punctuated by daily warnings that the country confronted the gravest economic crisis since the Great Depression if lawmakers failed to act.
Bush was poised to make a statement on the historic vote.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
WASHINGTON (AP) — Congress has passed complex and highly criticized legislation authorizing $700 billion in government money to shore up the nation's stressed financial industry.
The 263-171 vote by the House sends the Senate-passed version to the White House for President Bush's signature. Among many features, the measure would allow the Treasury Department to buy up bad debt from various lending institutions.
Many members of the House voted for the bill even though said it was very attractive to them and to their constituents back home. The measure had been defeated in the same chamber on Monday, sending stocks on Wall Street into a record slide.
Announcement of the vote was greeted by applause.
Congress OKs historic bailout bill - Yahoo! News


Hell, It's about time!
Congress and President nationalized the mortgage industry thus marking the death of the capitalist United States.

This was a long and drawn out death, of course... starting, as it did, in the early 20th century, but this marks the final passing of the capitalist USA and the birth of a new glorious socialist nation in its place.

Just another step closer to being the Soviet Union. Hey I can get into the mood tho... lol

YouTube - Soviet National Anthem

Seriously this is just another chip away at the stone :mad:... I'm not happy about this, at all.