Monday, September 29, 2008

Express Elevator to Hell! GOING DOWN!!!

From the OH SHIT! file! Most of these from LegitGov.Org <--GREAT site! Now don't go and jump out a window:

House Defeats $700B Bailout

The House on Monday defeated (227-206) a $700 billion emergency rescue package, ignoring urgent pleas from President [sic] Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry.

Stocks Plunge On Vote

Dow plummets up to 700 points as bailout package is rejected.

Mussolini-Style Corporatism in Action: Treasury Conference Call on Bailout Bill to Analysts (naked capitalism) 29 Sep 2008 Various readers wrote us, and it was confirmed by a detailed report on the call at DealBreaker, that the Treasury Department held a conference call this evening for analysts on the bailout bill. A memo was evidently sent to SIFMA members; others may have been contacted by other means... This is simply scandalous. To have a group of interested parties get a privileged briefing by government officials on a matter of keen public interest flies in the face of what a democracy is supposed to be about... The tap dancing is because they don't want it to get out that they'll be giving a sweetheart deal. The public won't be following each individual transaction to see exactly what price is being paid. So ridiculously overpriced asset sales can be hidden in the details, and by the time some reporter (or blogger) combs through and analyzes the transactions, the deed will have been done. But if [Henry] Paulson makes a statement that assets will be bought at par before the bailout's even begun, that will be reported and might kill the deal.

Breaking: Bailout bill fails on first House vote; what next is unclear 29 Sep 2008 The $700 billion bailout of the financial industry failed to win congressional approval on Monday, with the House of Representatives rejecting the measure. The measure could still be reconsidered today -- if the Republicans request it. It was unclear whether that would happen, however.

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