em>by Mark Silva
The House has cleared the path for a $700 billion bailout of the nation's financial institutions today, warming up to a sweetened plan it rejected Monday.
With a 223-205 vote this morning, the House has blocked any amendments that might alter a plan that passed the Senate this week by 74-25. President Bush is posed to sign it.
The roll-call signals that the House stands ready, midday, to approve a bailout that it rejected by a 228-205 vote on Monday. Since then, more than $100 billion of tax relief for individuals and businesses has been added as an incentive.
The White House today encouraged the House to pass the plan - saying the president "strongly supports and urges swift House passage" - based on a rescue that Treasury Secretary Henry Paulson first outlined two weeks ago Saturday.
In debate on the House floor this morning, Rep. Steve Cohen (D-Tenn) cited "a great philosopher,'' Mick Jagger of the Rolling Stones, for inspiration:
"Sometimes you get what you want, and sometimes you get what you need,'' Cohen told the House. "This time, the American economy is going to get what it needs.''
(Photo of Mick Jagger and girlfriend L' Wren Scott at a screening at The Cinema Society in New York on Sept. 11, 2008 by Peter Kramer / AP)
• 
• 
• 
Comments
THIS GOES AGAINST THE CONSTITUTION Article 8 section 1 . This is not something they are doing EVENLY THRU OUT THE UNITED STATES....they are NOT OFFERING BAILOUTS FOR EVERYONE....just a select group of industry. NO BAILOUT>
Section 8.
The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be ***uniform throughout the United States**;
To borrow Money on the credit of the United States;
To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;
To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States;
continued.......
I'm watching C-span and these jokers are full of BS.
One actually got nasty about TRUMP. I know the other day TRUMP said gas prices would drop down to nothing and no one could change that....as long as GOVT stays out of THE MARKET.
HOW FUNNY this little fella from the HOUSE fussing about TRUMP who knows way the hell more than he does about MAKING MONEY and the MARKET.
Posted by: NOT CONSTITUTIONAL BAILOUT | October 3, 2008 11:58 AM
Why must every big corporation that goes under get bailed out. Let the chips fall where they may. Don't try to scare the public into thinking this is some big disaster. It's only a disaster for the rich. Too bad I say. I hope they don't all jump off the roof tops like they did back in the depression but I believe if you make your own bed you lie in it. We don't need to bail out every rich guy that screws up do we? That was a retorical question so please don't answer it for me , because I already know the answer. Here it is straight up, Money is supposed to be used to trade for material goods not for gambling in speculationin stocks , commodities, not for other types of casinos, hedge funds, parasitic interest rates that banks and credit card companies charge, bonds, or any of that other crapola. It's was made to trade goods like food, land, homes cars etc. Anything else is a fictitious economy. CONGRESS GET IT RIGHT THIS TIME
Posted by: BIGFOOT | October 3, 2008 12:11 PM
Apropos.
Jagger attended the London School of Economics.
Posted by: Kenny Bunkport ☮ | October 3, 2008 1:45 PM
Well, the economy wants heroin, but it needs methadone, ( at least thats what it's going to get. )
Posted by: C. Morris | October 3, 2008 2:18 PM
♬You can't always get what you want, (Heroin)
But you might find, you get what you need♪ (Morphine)
Posted by: C. Morris | October 3, 2008 3:09 PM
MOST EXCITING PART IS THE MARKET SHOWING A NEGATIVE AFTER THE BAILOUT !
The MSM are saying that it's the CREDIT part of the market that REALLY COUNTS.....hmmm, but all they show on TV are the regular market numbers which are down ha. In fact they use those numbers in a lot of their bias spin in the election too hmmmm. So much to ponder.
Posted by: THAT'S CURIOUS | October 3, 2008 3:21 PM