House defeats $700 billion financial industry bailout

Alternate Title: The Big House Comes Crashing Down..

Someone is finally thinking with their head instead of their asses in Washington...

Well at least it looks that way on the surface.
Time will tell I guess...

I really do not understand Paul Ryan who is supposed to be one of the authors of the this new and improved bail out package....

Some quotes from the leaders in my neck of the woods:

......Kagen, an Appleton Democrat in a tight re-election race, said he too was thinking about his constituents when he cast his vote.
"I was elected to represent the hard-working people in Wisconsin, not billionaires on Wall Street," said Kagen, one of 95 Democrats who voted against the bill. "I'm convinced there's a better way of doing things."


......Ryan, a Janesville republican gave an impassioned speech on the House floor, asking his colleagues to set aside politics and vote for the bill.
"We're all worried about losing our jobs," he said. "Most of us say, 'I want this thing to pass but I want you to vote for it, not me.'"
Ryan, who worked to amend the rescue bill, said he was convinced that Congress needed to act quickly to avert economic disaster as the credit markets dry up and people across the country find it more difficult to obtain mortgages and car loans.
"We're in this moment and if we fail to do the right thing, heaven help us," he said.

There was an email that circulated last week that though it was in jest and was kind of funny, made a little common sense.

It had to deal with the matter at hand and suggested that the $700 Billion Dollar package be distributed evenly amongst all U.S. citizens 18 and older....this money would be taxed right away, putting money back into the federal coffers and the rest (which would amount to about $200,000 a person could (and would) be used to jump start the economy by letting people pay off bills, buy houses and or cars, put into banks to save for college, buy electronics and a plethora of other things that would in turn make the economy and it's wheels spin like it hasnt spun in a long time (think Regan era).

The more I think about it the more sense it makes to me. Now there is a plan that would help everyone including the rich bankers and the Wall Street firms (and the government......)

Add to all this at home, there is now some of the same things going on overseas.....

Wall Street found further reason for worry overseas.
Three European governments agreed to a $16.4 billion bailout for Fortis NV, Belgium's largest retail bank, and the British government said it was nationalizing mortgage lender Bradford & Bingley, which has a $91 billion mortgage and loan portfolio. It was the latest sign that the credit crisis has spread beyond the U.S.

Read more....
JS Online: House defeats $700 billion financial industry bailout

and this link as well:
http://hosted.ap.org/dynamic/stories/W/WALL_STREET?SITE=WIMIL&SECTION=HOME&TEMPLATE=DEFAULT