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House Passes Financial Rescue Plan Save Email Print
Vote is 263-171, president will sign it into law
Posted: 12:42 PM Oct 3, 2008
Last Updated: 2:31 PM Oct 4, 2008
Reporter: Dennis Wilden
Email Address: sixonline@wowt.com

A | A | A

By a vote of 263-171, the U.S. House of Representatives Friday passed a financial rescue plan to help stabilize the American economy.

In a vote that stunned the financial markets, the House earlier in the week had rejected the $700 billion plan. Many members said their constituents saw it as a bill that did much for Wall Street, but little for Main Street.

Over several days of negotiations, several items were added to the bill that attracted wider support in the Congress. The bill passed the Senate Wednesday night.

Rep. Lee Terry (R-Nebraska) voted for the bill. Congressman Terry says it was with reluctance. In remarks on the House floor he said, "I now know that to save ourselves we must also save the pigs. Those greedy pigs on Wall Street (who) do not deserve help from hard-working Americans."

"But allowing them to fail will cause so many other businesses...to lose access to credit, lose business and eventually may have to close their doors. Even in Nebraska, far away from Wall Street ... I have heard from several business leaders ...who say they will have to layoff some employees if liquidity in our financial system is not restored."

Nebraska's 3rd District Congressman, Adrian Smith (R-Nebraska), voted against the package. So too did Iowa's 5th District Congressman, Steve King (R-Iowa), whose district includes Council Bluffs and much of western Iowa.

President Bush says he will quickly sign the bailout bill into law, applauding Congress for clearing the measure. The president said he believes in a free-market system and that the government should intervene "only when necessary." He thought it represented "decisive action" by Washington to ease the widening credit crunch across the country.

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Posted by: John on Oct 6, 2008 at 07:37 PM
Just saw the stock market reports and I must say the bail out plan is working swimmingly.

Posted by: LLR on Oct 6, 2008 at 09:31 AM
Actually, I am well aware of the fact that government passed the laws that said banks had to loan to sub-par credit risks. And yes, quite the socialistic move, that one. And actually, Bill Clinton had a full four years before the tide turned and the Republicans took over Congress. Still, any lender worth his salt would have found a way to secure even some form of collateral with these risky loans.

Posted by: WakeUpRepublicans on Oct 4, 2008 at 08:54 PM
When are the Republicans of Nebraska going to partake in the failures of the people they voted in the White House? The Senate and HR are being controlled by Democrats by the slimmest of margins and we know that a political party needs at least 60% of the votes to be in true majority in either of the Federal chambers. I hear from Republican lunatics that Bill Clinton is now responsible for gravitation. The White House came to Congress with a 3 page bill authorizing a REPUBLICAN administration to spend $700 billion of our tax dollars. What else is left to prove? Facts speak by themselves and Republicans have always decried 'big' government and this action by a Republican administration will do just what they claim they hate most: big government. If you vote for Republicans you get what you pay for: big government and nothing in return. If you vote for Democrats at least you get healthcare for all of us.

Posted by: Jess on Oct 4, 2008 at 12:56 PM
Did anyone check out Bill O-Reilly on YOUTUBE.COM when he freaked out on Barney Frank. You should! This mess started a long time ago and now they are using OUR money to clean up THEIR mess. Also, I can't believe Lee Terry voted for this. :(

Posted by: Robin on Oct 4, 2008 at 12:44 PM
Lee Terry -- WHAT ARE YOU THINKING?! I can't believe it. I will not be giving him my vote this year as I have always in the past. The reality is sooner or later we will have to pay this debt, I would rather do it now without the 700 billion dollar price tag later. Also, why are people like Barney Frank not being held accountable like they were during ENRON? These guys got away will billions! Do you know most of these CEO's were given severance pays that was outrageous? One of these guys has 42 million dollars in stock. I say give that back to the people!

Posted by: get a clue on Oct 4, 2008 at 10:21 AM
Please people, get the facts here. The government forced the banks to lend to the poor with the Community Reinvestment Act passed in 1977. In 1995, Clinton made more changes to the Act that forced more lending to poor communities with bad credit and little means to pay back their debts. It was a bad move then and now we're having to bail it out. There were financial analysts at the time who predicted that this would happen in the long run. IT WAS NOT THE BANKS THAT DID THIS. Check out this site: http://en.wikipedia.org/wiki/Community_Reinvestment_Act

Posted by: Lynda on Oct 4, 2008 at 09:36 AM
To Wow...well clearly you and your most likely "fat IRA or 401K would falter and that would cause you to have a less lavish lifestyle? No one is asking for a hand out here other than Wall Street and the money on paper economic banking system. We don't need a system where most of what we do is on credit! Regardless of how large our world is today it can still be operated on wise principles...pay for it up front! We do not live beyond our means because we do not use credit cards that are nothing but money people DO NOT HAVE! You need a swift kick in the butt or hit your knees and pray for wisdom!

Posted by: barney on Oct 4, 2008 at 02:41 AM
let the shopping spree begin. we'll see you later for the next round.

Posted by: OmahaAnnie on Oct 4, 2008 at 01:35 AM
Read this article. It is the begining of this fiasco. Fannie Mae Eases Credit To Aid Mortgage Lending By STEVEN A. HOLMES

Posted by: Wow on Oct 3, 2008 at 11:53 PM
As I read these comments, I'm slightly embarrased at the ignorance of the people in this city. I know, let's Bush bash and Terry bash, blah, blah, blah. Get a clue. The houses of congress have been controlled by Democrats for years now and their inability and unwilingness to act with a Repulbican Executive Branch is their own problem. If any of you have a 401k or an IRA, the reason that this had to pass it obvious. If you need a personal bail-out, I suggest you live within your own means and stop whining or looking for a handout. Economics however, is a different story. Get an education and think for yourselves and stop the talking-point BS that you are continually handed by the media. Get educated, think for yourselves, prove that you are more than mere robots marching to the beat of an ignorant drum. Even the left wing, hanging chad, Michael Moore following zombies knew this bill was necessary. Take some personal responsibility.

Posted by: cody on Oct 3, 2008 at 11:50 PM
so let me get this straight. They do the wrong, wreckless thing and they get this HUGE check as a reward. Yet we do the right thing and we have to bail theses idiots out!

Posted by: Lynda on Oct 3, 2008 at 09:28 PM
HEY! Where's our bailout? Correctly stated none of those wall street thugs that have caused us so much trouble and the BANKING SYSTEM ARE HELPING US! tHIS IS SUCH A LOAD OF CRAP! So let it fall then. We will survive and come back...not necessarily business as usual for wall street and those greedy disgusting banks who flaunt our money where they choose, lavish vacations...god knows how many cars ect and then ask us for money AGAIN!!! Clearly 263 of them made a cripplimg choice for the rest of us. LETS VOTE THEM OUT...AND LET WALL STREET AND THE BANKING SYSTEM FALL TO IT'S FACE. WE AMERICANS LIVING RIGHT HAVE BEEN THROUGH IT BEFORE AND WE'LL COME BACK!!! wHERE ARE THE AMERICAN PEOPLES GUTS? LET'S BOSTON TEA PARTY! WE'LL START IT UP AND SEE WHO HAS THE GUTS TO DO THE RIGHT THING HERE OR THOSE WHO ARE TRULY WHIMPS WHO STAND BY AND DO NOTHING!

Posted by: sue on Oct 3, 2008 at 08:56 PM
If Congress felt they needed to pass this "bailout' package, could'nt they at least have charged interest, on the 700 billion and called it a loan. Even 2% would have been better than just giving it away.

Posted by: Sally on Oct 3, 2008 at 08:43 PM
To bad we can not tar and feather those that voted yes and ride them out of the country.

Posted by: Savannah on Oct 3, 2008 at 08:06 PM
for the 1st time, I worry about the future of all. I see crime, killings, suicide, starvation, depression, war, divorse all climbing rapidly. I also see wages, love, homes, family,jobs, respect & kindness, holidays, vacations all declining rapidly. So hold on tightly! this is going to be the ride of our lives!!

Posted by: rustyfan on Oct 3, 2008 at 08:06 PM
This whole mess was created by the banking system, and now they are being rewarded for their short-sightedness. They loan out other peoples money, collect the interest first to pay themselves, and then wonder where the liquidity is. It's out on loan! The pigs here are not so much wall street as it is the banking system, and throwing money at the problem will only postpone the enevidable. Banking is in need of reform, THAT is the core of the problem. "Absolute power corrupts absoloutly." In today's world, money IS power, and it has corrupted our banking system and our government as well.

Posted by: Shana on Oct 3, 2008 at 07:22 PM
Now that this has passed...it will happen again and again. Of course We the tax payers have to pay this back. How nice of you Mr. President to leave us with such great memories of you! Your the guy! Great job! Actually you suck old man...

Posted by: John on Oct 3, 2008 at 06:45 PM
What was the biggest heist in history? The Brinks robbery of 1950 in Boston, The Lufthansa robbery at JFK Airport 1977, or what Congress did today? One side note, Congress didn't use a gun in their heist.

Posted by: J on Oct 3, 2008 at 06:43 PM
Please Jon, enough of the Republicans caused this BS. I think there is plenty of blame to go around to both parties. I so sick of politics I could barf.

Posted by: Bob on Oct 3, 2008 at 06:33 PM
Covering tracks, that is all this is. Politics as usual and once again at the tax payers expence. This is not write. If someone could give a non-political detailed explaination to the country of why the dollar amount is important as well as the reasoning, I would love to hear it.

Posted by: midtown on Oct 3, 2008 at 04:52 PM
simply amazing I get $600.00 they get $700 billion. what the hells wrong with this picture?

Posted by: Jon on Oct 3, 2008 at 04:50 PM
Who Forced banks into lending money? (Who can?) Isn't that illegal? Sounds like someone is trying to rewrite history...again! Wasn't both the house, and the senate run by Republicans during this time (Clinton era), or are we going to change that fact, too?

Posted by: Tim on Oct 3, 2008 at 03:51 PM
No, Chris needs to get his facts straight. Fortenberry and Smith voted nay (http://clerk.house.gov/evs/2008/roll681.xml). You're welcome to your opinion of Chuck Hagel, but a lot of us thank him for his service in Vietnam and look forward to seeing the carpetbagger's taillights as he leaves Nebraska. I don't for a second believe that Esch will be that different than Terry, but if we re-elect Lee we might never get another principled conservative in the office.

Posted by: Anonymous on Oct 3, 2008 at 03:42 PM
Why does Wall Street which makes money out of nothing require a rescue from tax payers who work longer hours all the time just to keep food on the table and a roof over their heads. Not one of these Washington idiots acts smart enough to even know to be ashamed. They're all priviliged and sheltered. Including Obama and Palin. None of them would last 2 seconds in the real world. I hope they all get a taste of the real world someday, and then they die slow painful deaths. That would'nt even begin to pay for the wrongs this President, Senate, and Congressional house have bestowed upon the American people.

Posted by: John on Oct 3, 2008 at 03:31 PM
e, to answer your question. The answer is the dollar will lose even more value, so we'll all be working more for less. The rich will continue to rape the enviroment and erode the rights (as if we really had any to begin with)of the working class.

Posted by: Sad Day for USA on Oct 3, 2008 at 03:21 PM
To every senator and congressman who voted yes to the bailout: You should personally bail out 100 financially strapped families with a minimum contribution of $50,000 to each family every year for the next 20 years. What, that's too much? Can't buy your groceries or gas? Then get a second (real) job and start actually working to help pay back a part of this travesty. I am so angry at your lack of ethics, truth, and concern for the future generations of this country.

Posted by: ANON on Oct 3, 2008 at 03:17 PM
Sad, what a sad situation. All of these greedy pigs will walk away. While we struggle to put food on our tables. I hope they burn in hell.

Posted by: Chris on Oct 3, 2008 at 02:59 PM
Todd, Get your facts straight. Fortenberry voted for this as well. Hagel and Terry are both good republicans who have a tendency to follow what they believe is best for Nebraska and the United States of America. You just show your own ignorance.

Posted by: e on Oct 3, 2008 at 02:28 PM
i wish someone would come out and say how or even if this will effect the working class people

Posted by: Gunnar on Oct 3, 2008 at 02:25 PM
VB, you summed it up perfectly. Yet another "reward the losers & thieves" bill passed by our 9% approval rated congress. Pelosi, Reid, Bush, Frank, Dodds...all IDIOTS!!!!!!!!!

Posted by: to LLR on Oct 3, 2008 at 02:24 PM
The government forced the banks to lend to the "sub-par credit risks" during the Clinton era (1996). The government never should have made such a socialist move then, and it is regrettable that they have to make a socialist move to fix it now.

Posted by: RM on Oct 3, 2008 at 02:07 PM
Maybe Lee Terry can get some money from Washington to help pay for the sewer separation that the govt. is requiring cities and communities like Omaha to do.

Posted by: Arn on Oct 3, 2008 at 01:59 PM
His words shock me. I like that.

Posted by: Joe on Oct 3, 2008 at 01:56 PM
Thank God this part of the mess if finally over and congress finally grew a back bone and did not the popular thing but unfortunately the right thing. Though I'm still not voting for Lee Terry he finally said it all and something with substance.

Posted by: Michelle on Oct 3, 2008 at 01:27 PM
Nice to see good ol' President Bush is hammering the final nail into the coffin of the fiasco that was his presidency. Good riddance to him.

Posted by: Todd on Oct 3, 2008 at 01:24 PM
Wow, Lee Terry. Once again showing us he has no backbone, or is it no brains... Maybe both. At least we have Jeff Fortenberry and Adrian Smith to help balance against the RINOs Terry and that abomination Hagel.

Posted by: voting em all out on Oct 3, 2008 at 01:22 PM
I guess this answers the burning question of who I will vote for in November. Not Lee Terry. Wish I lived in the 3rd district - Adrian Smith - thanks for voting against this rediculas bailout. I am just so upset that as a law abiding tax payer that I have to help the "illegal" wall street people. I am only in my 20s but I will make sure to tell my great grandkids who to blame when they are struggling since tax rates will be 50,60,70% to pay for this stupid bill.

Posted by: LLR on Oct 3, 2008 at 01:18 PM
Grrrreeeeaaaaat. Just great. All I hope is that the lenders learned their lesson, and sub-par credit risks aren't ever given these types of loans, again.

Posted by: OmahaAnnie on Oct 3, 2008 at 01:06 PM
Lee Terry calls wall street "greedy pigs"; The other greedy pigs were people who bought homes that they could not afford, Bill Clinton into forcing lenders to loan money to people with lower credit scores, and all of the money suckers who added pork to this bill. Lee Terry states that he was voting for this "reluctance", Funny that did not appear to be his stand yesterday. He just voted himself out of office.

Posted by: VB on Oct 3, 2008 at 12:59 PM
What a sad, sad day for the American tax payer! Please remember this day as you cast your vote in November!

Posted by: Standing up for Middle Class on Oct 3, 2008 at 12:54 PM
This is still completely bogus. Over half of those people wouldn't come to our rescue if needed. And it IS needed, right now...I don't see a bailout for us!?!?

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