{"id":596,"date":"2008-10-03T14:41:41","date_gmt":"2008-10-03T18:41:41","guid":{"rendered":"http:\/\/www.jasetaro.com\/blog\/?p=596"},"modified":"2008-10-03T14:41:41","modified_gmt":"2008-10-03T18:41:41","slug":"crap-sandwich-20-passes-the-house-263-171","status":"publish","type":"post","link":"https:\/\/www.jasetaro.com\/blog\/2008\/10\/03\/crap-sandwich-20-passes-the-house-263-171\/","title":{"rendered":"Crap Sandwich 2.0 Passes The House 263-171"},"content":{"rendered":"

The Wall Street Journal has the details<\/a>:<\/p>\n

WASHINGTON — U.S. House of Representatives lawmakers wary of growing signs of the nation’s economic distress voted Friday in favor of a $700 billion Wall Street rescue package, sending the biggest government intervention in the financial markets since the Great Depression to President George W. Bush for his signature.<\/p>\n

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The 263-171 vote was a reversal from Monday, when House lawmakers shocked investors and their own leaders by voting against a more narrow version of the plan to buy up distressed assets from financial institutions. That vote sent financial markets tumbling and forced the Bush administration and congressional leadership to scramble and salvage the rescue plan.<\/p>\n

The result: a $700 billion bailout for financial firms combined with $152 billion in unrelated tax breaks and broader tools for federal regulators to deal with the growing economic crisis. The Senate passed the bill with a strong, bipartisan tally of 74-25 Wednesday evening.<\/p>\n

The vote in the House was closer, in part a reflection that lawmakers are less than five weeks away from federal elections and voters are increasingly focused on the economy. Supporters of the rescue plan in recent days made a concerted effort to draw a line between Wall Street’s woes and the concerns of everyday taxpayers.<\/p><\/blockquote>\n

I don’t think its any secret that I’m not a fan of this bill… It does nothing to address the root causes problems in the mortgage market and it puts too much power in hands of the Treasury Secretary with to little oversight.<\/p>\n

I’ll add the roll call vote as it becomes available.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Wall Street Journal has the details: WASHINGTON — U.S. House of Representatives lawmakers wary of growing signs of the nation’s economic distress voted Friday in favor of a $700 billion Wall Street rescue package, sending the biggest government intervention in the financial markets since the Great Depression to President George W. Bush for his […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[26,7],"tags":[174,123],"class_list":{"0":"post-596","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy","7":"category-politics","8":"tag-bailout-plan","9":"tag-george-w-bush","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pfpI7-9C","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":573,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/10\/01\/senate-passes-crap-sandwich-20-74-25\/","url_meta":{"origin":596,"position":0},"title":"Senate Passes Crap Sandwich 2.0 74-25","author":"Jeff","date":"October 1, 2008","format":false,"excerpt":"From the Wall Street Journal: Senate Passes Bailout Package House Passage Remains Less Certain WASHINGTON -- The Senate's revamped bailout package drew support from 74 lawmakers in a roll call vote Wednesday evening, and the measure will now return to the balky House of Representatives for another vote following its\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":477,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/09\/25\/newsflash-wall-street-journal-reporting-agreement-in-principle-is-reached-on-700-billion-bailout\/","url_meta":{"origin":596,"position":1},"title":"Newsflash: Wall Street Journal Reporting Agreement in Principle Is Reached on $700 Billion Bailout","author":"Jeff","date":"September 25, 2008","format":false,"excerpt":"From the Wall Street Journal: Congress reached an agreement in principle on a $700 billion package to bail out the financial industry, leaders from both parties said Thursday. They plan to present the deal to the White House later Thursday, hoping for a vote within days. Lawmakers said there were\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":660,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/10\/06\/bush-we-dont-want-to-rush\/","url_meta":{"origin":596,"position":2},"title":"Bush: “We don’t want to rush”","author":"Jeff","date":"October 6, 2008","format":false,"excerpt":"Say what??? Oh the irony... As global markets plunged, President Bush on Monday said \"it's going to take awhile\" for the government's $700 billion financial rescue plan to bolster the troubled U.S. economy. Bush said the purpose of the package was to unlock the nation's credit freeze \"to get money\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":776,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/10\/15\/dick-armey-bush-plan-to-buy-bank-stocks-should-face-constitutional-challenge\/","url_meta":{"origin":596,"position":3},"title":"Dick Armey: Bush Plan to Buy Bank Stocks Should Face Constitutional Challenge","author":"Jeff","date":"October 15, 2008","format":false,"excerpt":"Via CNSNews.com: Former House Majority Leader Dick Armey (R-Texas) said that the Bush administration\u2019s plan to buy $250 billion in stock in U.S. banks should be challenged in federal court as unconstitutional. \u201cI think that it is subject to a serious constitutional challenge,\u201d Armey said in a conference call with\u2026","rel":"","context":"In "Money & Investing"","block_context":{"text":"Money & Investing","link":"https:\/\/www.jasetaro.com\/blog\/category\/money-and-investing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":521,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/09\/28\/bailout-deal-reached\/","url_meta":{"origin":596,"position":4},"title":"Bailout Deal Reached?","author":"Jeff","date":"September 28, 2008","format":false,"excerpt":"The Wall Street Journal is reporting that lawmakers reached a tentative bailout deal overnight: Top U.S. policy makers emerged from hours of tense negotiations with a clear message just after midnight Sunday morning: A deal to bailout U.S. financial markets has been agreed on and all that remains to be\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1051,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/11\/24\/creeping-socialism-bush-defends-citigroup-bailout\/","url_meta":{"origin":596,"position":5},"title":"Creeping Socialism: Bush Defends Citigroup Bailout","author":"Jeff","date":"November 24, 2008","format":false,"excerpt":"I'm at a loss for words here... From the AP via Michelle Malkin: President Bush argued Monday that the government\u2019s dramatic rescue of Citigroup was necessary to \u201csafeguard the financial system\u201d and help the economy recover, and he said there could be more such moves if other institutions need help.\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/596","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/comments?post=596"}],"version-history":[{"count":0,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/596\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/media?parent=596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/categories?post=596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/tags?post=596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}