Despite arm twisting by president George Bush and others, Bush's $700 billion bailout plan went down in flames today.

Senate majority whip (Republican) Eric Cantor blamed House Speaker Nancy Pelosi's speech for the rejection of the bill. "This is not a partisan crisis, this is an economic crisis," he said in a press conference following the vote.

Cantor noted that 92 Democrats voted against the bill following Pelosi's speech blaming the Bush administration for the current economic crisis and for not protecting the middle class who lost their homes, savings, pensions and their retirement.

Cantor called Pelosi's words "inappropriate". Bush is determined to get the bill passed to rescue his friends and their companies before he leaves office.

Bush claims if the bill doesn't pass, the economy will collapse. But he's not talking about "our" economy, he's referring to "their" economy.

This time "they" will be affected instead of "us" and it feels good.

In truth, the working class won't feel the pinch as much as Bush and his millionaire friends who caused millions of people to lose their homes, pensions, mom and pop stores and savings.

Upon news of the bill rejection, the Dow dropped over 700 points but rebounded 200 points.

Thanks to loyal reader Angela Watts for the tip!

  • LovelyLady

    Ohhhhh Holly Sh*t,,

    Does this mean we bout to be a 3rd world country? lol

  • kitty4shigady

    holly shit is right

  • LovelyLady

    This time “they” will be affected instead of “us” and it feels good.

    -------------

    Ok I guess I can breathe, but they'll find a way to make us pay instead.

  • http://myspace.com/hune916 HunE916

    [counting down the days]

    Okay. Just about 28 more days until I close on purchasing my new house. Please don’t let this political coonery f*ck up deal up! :(

  • mizzdallas

    They did say it will come a time when the rich will be azz out

  • mrsdawn

    I agree with you totally. They are not interested in protecting us. Just like Obama said on the debate, if you are not making 250,000+/yr the bailout wont help you anyway. I so agree!

  • http://myspace.com/ckarinwhite ckarinwhite

    Majority of Americans didn't agree with this bail out plan when it was first drafted!...Very unfortunate :(

  • Krysi J

    Well DAMN, I wonder whats next?!....sh*t, it may sound good, but I have a bad feeling about this one...it may affect us more than we think. @HunE916, I just brought a new home too, so I think you'll be fine, some institutions are as affected as others...at least Bank of America isn't. I wonder will we still get that $7500 credit on our taxes for buying a new home in 2008 though?

  • shunda

    Some of you may or may not agree with me. With that being said, the bailout plan was just a band aid in a major crisis we are facing. Some people have said give the people the money to pay their bills but we see how well that went over. I was talking to a lady yesterday who spent her stimulus check on a $200 pair of jeans.
    @HunE
    Congrats on the house. I purchased my first home 2 years ago. Being a homeowner is a wonderful thing :)

  • http://myspace.com/ckarinwhite ckarinwhite

    IMO..We are headed for the next Great Depression!...

  • LovelyLady

    I still don't understand how they can take out 7 billion to help rich folks but the poor is getting poorer.

  • kwallace577

    why auntie got my president looking at dubya like "chile please?"

  • Kymystry

    From CNN :
    The measure, which is designed to get battered U.S. credit markets working normally again, needs 218 votes for passage. But it came up 13 votes short of that target, as the final vote was 228 to 205 against. About 60% of Democrats voted for the measure, but less than a third of Republicans backed it.

    Speaking to reporters, Pelosi said that both Democratic and Republican leaders had pledged to get more than half their members to support the package and that only the Democrats had lived up to that promise. She said the lines of communication with administration and Republican House leadership to try to pass the measure.

  • kwallace577

    @lovelylady we BEEN heading towards being a 3rd world country for some time now in my opinion.

    i was done when i found out that stores take euros in nyc. you can spend them just like dollas and get more stuff with them since the american dollar is so weak.

  • Kymystry

    Yall know Auntie posts only what could negatively hurt the Dem's and Obama.

  • candi21

    They finally got some balls and stood up to bush,I can't believe it.what they need to do is go back to 2001 till 08 and bailout the people that really need it and help them to keep their homes and pensions. Those banks and insurance companies thought they was gona make billions and that shh backfired and now its causing them to take major Ls and they want taxpayers to pay for it.

  • carmelita79

    Kymystry Says:

    Yall know Auntie posts only what could negatively hurt the Dem’s and Obama

    Good look on putting the FACTS out there

  • Charles

    MY mom and dad will be affected pass the BILL My Parents do not need anymore taxes on their income!!!!!! As they amke 6 figures.........

    Anywho my money and my job are not affected by this as i work for the DOD and i get paid and a pay raise regardless so its hard to relate.

  • http://myspace.com/tamarlese Peachizz

    I stress now, I know it's only gonna get worst,what do we do now?

  • Charles

    And as far as this being a "THEY" and not a
    "US" Problem, uh seriously?? Trust me it will affect the way you go about things in your life, i hope none of you plan on buying a home or car anytime soon as you might find yourself, REJECTED!!!!!! Its a sad state and as i have said in prior posts it is all over the spectrum, i would dare to say greed is the main factor involved in all this, but america likes greed, thats why they nominated 2 of the greediest people i have ever seen to be president.

  • LovelyLady

    Does n e 1 know if i can sue the USA?

  • DivaMama

    @ HunE, I just closed on my house LAST WEEK and it almost didn't happen for us. I hope that all goes well and you close before they shut down on mortgages indefinitely.

  • Kymystry

    Charles Says:

    ... its ok because when McCain wins and you or your benefactors get laid off im a be laughin!!!

    ********************************************************

    Charles ... it's comments like this that makes me ask you this ..

    Why would or should we care about your parents when you'll be laughing at ALOT of people that might be laid off ?

  • kwallace577

    sweetface reincarnated.

  • Charles

    LovelyLady Says:

    Does n e 1 know if i can sue the USA?

    -----------------------------------------------------------

    NO you cannot and hypothetically if you even tried to sue the USA they would have a FLEET of attorneys all over your ass and you would never win and you would have to pay th elegal fees of those attorneys, but you cant sue them anyway unless they have harmed you in a Rodney King kind of way..............

  • karaz

    @#6 Obama said his tax increase plan wouldn't affect those who make less than $250K a year, not that the bailout wouldn't help the same group.

    The failure of the bailout plan affects us all, don't think that if the owner of your company is facing going broke that you will still receive your check. If you own your own business you're screwed; check to see who any of your insurance policies are ultimately underwritten by because you might be screwed there too. This is not us vs.them, it trickles down to even the working class at the end of the day.

    PS: we're already in a depression; stock market is kaka, unemployment claims have steadily increased, commodities are scarce and the pinktoes are running like chicken with their heads cut off.

    On another note, I'm so glad that McCain's camp said he was integral in coming up with the now failed plan that was sht anyways :)

  • Charles

    "Why would or should we care about your parents when you’ll be laughing at ALOT of people that might be laid off ?"

    ------------------------------------------------------------
    1)I was being a smartass

    2)because i care about my parents and so should you, and i doubt many people will get laid off but i definatly think the lending system is going to be scrutinized and naturally changes will come. What to you are signs of a failing economy?

  • Charles

    "@#6 Obama said his tax increase plan wouldn’t affect those who make less than $250K a year, not that the bailout wouldn’t help the same group."

    ------------------------------------------------------------

    If i make over 250K a year why should i be taxed to hell? I would naturally have a lifestyle commensurate with my income and how would that be fair to me? I can see why the wealthy are republicans. Dont tax some, tax all!!!

  • Krysi J

    DAYUM YOU GEORGE BUSH....you better pray GOD has mercy on your heartless soul or you are going to BURN in HELL for this. LOOK AT THIS COUNTRY....how the hell can anybody with common sense even think about voting for MCCAIN??!!

  • http://myspace.com/thegameoncw Bird

    I honestly think we need a Great Depression Part II for the market to be adequately corrected. Inflation has outpaced salaries in this country. I keep hearing about CEO's but ALL executives get outrageous bonus' while their subordinates are struggling. The fat cats need to fall on there faces to turn this thing around. Don't save them. Save us little guys, if anyone.

  • Kymystry

    Charles ... I do care about your parents .. as I care about mine and anyone else on here who are blessed to have their folks alive and kicking ... Both my parents are still alive as well as my Grandmother ... and you know what .. I may have to move back home to help them survive if all of this madness dosen't end soon...

  • terika83

    Sandra, I can't believe it...for once we agree on politics.

  • karaz

    Charles since you don't make over $250K sitchoazz down.

  • Kymystry

    @ karaz ... you owe me a bag of purple skittles ... hahahahahahahahahahah

  • Charles

    Bird Says:

    I honestly think we need a Great Depression Part II for the market to be adequately corrected. Inflation has outpaced salaries in this country. I keep hearing about CEO’s but ALL executives get outrageous bonus’ while their subordinates are struggling. The fat cats need to fall on there faces to turn this thing around. Don’t save them. Save us little guys, if anyone.

    ----------------------------------------------------------

    UH BIRD Do you know what got us out of Great Dpression I, Uh yeah it was called WWII, or di dyou know that and you want WWIII ????

  • Charles

    did*

    Depression*

  • Charles

    @karaz Says:

    Charles since you don’t make over $250K sitchoazz down.

    ------------------------------------------------------------

    You dont know what i make i could be a trust fund kid for all you know

  • Charles

    "Kymystry Says:

    Charles … I do care about your parents .. as I care about mine and anyone else on here who are blessed to have their folks alive and kicking … Both my parents are still alive as well as my Grandmother … and you know what .. I may have to move back home to help them survive if all of this madness dosen’t end soon…"

    -----------------------------------------------------------

    Why? Go into more depth

  • terika83

    Charles says:

    If i make over 250K a year why should i be taxed to hell?....Dont tax some, tax all!!!
    ----------------------------------------------------------

    You should be taxed to hell because for YEARS people who've made LESS have been taxed to hell. If they were going to tax all they should have BEEN doing that fairly. I still don't get the logic behind taxing the rich LESS than others...WTF kinda sense does that make??? Their @$$e$ are the ones who can afford that crap.

  • keely107

    @terika83:

    (hands clapping)

    @Charles:

    How are you gonna let that come out of your face?(logging off with disguist)

  • Kymystry

    @ Charles ... no

  • keely107

    Sorry so disgusted can't spell (disgust)

  • http://myspace.com/hune916 HunE916

    Charles Says:

    MY mom and dad will be affected pass the BILL My Parents do not need anymore taxes on their income!!!!!! As they amke 6 figures………
    ___________________________________________

    [rolls eyes]

    Tell them to buy you some CLASS and SPELL CHECK!

  • http://myspace.com/hune916 HunE916

    Charles Says:

    UH BIRD Do you know what got us out of Great Dpression I, Uh yeah it was called WWII, or di dyou know that and you want WWIII ????
    _______________________________________________

    WWIII? It's called The Iraq War! Where we're spending $10 billion a month!

  • iscream

    Wooo hooo..

    I'm so darn mad I been in that dumb TI post catching up on who's stuck up and who's not and I MISSED THIS!

    This just made my afternoon.

    @ bird you sound like a Dem... "come on in Bambi the waters fine." We still got room for you. :)

  • kwallace577

    "and i doubt many people will get laid off"

    well why the hell you would you doubt that @charles? the unemployment rate is at an all time HIGH. in almost every state. today the dow dropped the most points in a day in HISTORY. NOT since "xx year" but in HISTORY.

    again....getcho azz back to neva neva land and take a wall street journal with you so you can do your homework on the economy while you are gone.

    *poof be gone*

  • http://myspace.com/hune916 HunE916

    iscream Says:

    Wooo hooo..

    I’m so darn mad I been in that dumb TI post catching up on who’s stuck up and who’s not and I MISSED THIS!
    ____________________________________________________

    You just missed who's illiterate, who's got smart book, and who's got street sense.

  • karaz

    Umm charles, you aren't a trust fund baby, you made a comment about your parents, so we can throw that out the window.

    Why should people making less than a quarter a million a year be taxed as often as those with more? Especially since this group also enjoys other tax shelters and benefits that 95percent of the population don't qualify for?

    You need not worry about people with a higher income bracket and focus on yourself because they're not worried about you!

  • Charles

    You should be taxed to hell because for YEARS people who’ve made LESS have been taxed to hell. If they were going to tax all they should have BEEN doing that fairly. I still don’t get the logic behind taxing the rich LESS than others…WTF kinda sense does that make??? Their @$$e$ are the ones who can afford that crap.

    How many people marke more than 250,000 a year in america as to how many make less? i think you would find its a very disproportinate number

  • Charles

    "You need not worry about people with a higher income bracket and focus on yourself because they’re not worried about you!"

    My parents are very worried about me

  • iscream

    @ Hun lol no I caught all that & missed this.. The important news. The real news. I'm so mad @ myself indulging in the drama.... sike! That post had me lmao

  • ReadTheBlog

    #1 - you laughing, but the dollar ain't worth shit right now. I hope the government doesn't furlough, because I work for the government, and I can't afford to be employed, expected to show up to work, and not paid - fuck that! Last I heard that was volunteering, and my 2 degrees, mortgage and childcare doesn't allow that. Hell to the naw *praying to win the lottery tonight*

  • kwallace577

    and THIS makes tiny's $1,500 dress and $3,000 bag look REALLY silly right about now. a historic day at the stock market and folks are just so WASTEFUL. it burns me up. all that money and she still look like she been shopping at rave or rainbow and went round the corna to na na's house to get that weave.

    forgive me yall i said i was gonna stick to "classy" from now on when dealing with her but i couldn't HELP IT.

    i'm going home to roll my dayum change and live off of that for the rest of the week so i won't have to touch my bank account this week.

  • editorialgirl

    Of course we will feel the crunch. These large banks provide credit and liquidity to small businesses, if they can't loan money to the business category that hires and pays most people, what happens: Layoffs and firing.

    Already private loan companies do not have money to give student loans. Check out Massachussetts (sp?) for details surrounding lending problems for individuals seeking private loans for college.

    In addition to layoffs and the student loan problem, a falling market impacts the dollar. When the dollar is down, what happens? It takes more dollars to get your goods. SO, your food, soup, and medicine get more expensive.

    Add the loss of advertising dollars, then bloggers, newspapers and etc. are impacted because the flow of money is not ready available.

    I'm not pro-bailout, I don't really know how I feel about it. But, the fact of the matter is, this time we all will be equally screwed.

    So, we'll all be poor together. Awesome.

  • editorialgirl

    Oh yeah, and if you have a retirement account, and you're set to retire this year, expect to lose double digit percentages. That means less money for you to survive.

    So, yeah, we're all screwed.

  • http://myspace.com/bwcoop Coop

    @HunE916

    I hope it doesn't effect your buying a new home but the way things are going it just may. I just heard that the FEDS are telling the major banks to stop lending to the little guy.

    Personally I watch the housing market and cheer every time I hear of a record drop in the price of homes because I'm going to get the deal of a life time

  • PAGESINADIARY

    why cant we comment on tiny?
    please !!!
    pretty please?

  • http://myspace.com/bwcoop Coop

    @Bird

    I listen to a lot of political talk radio (Left wing) and one of the shows is the Randy Rhodes show. The host of that show has the idea that no CEO should make more then 100x the lowest employee at that company because that way if you want to make more you must pay the little guy more.

  • http://myspace.com/bwcoop Coop

    @HunE916

    What we spend in Iraq is pennies compared to what we would spend if we really had WWIII but it would create millions of job and every American would have to sacrifice.

  • http://myspace.com/hune916 HunE916

    Coop Says:

    @HunE916

    I hope it doesn’t effect your buying a new home but the way things are going it just may. I just heard that the FEDS are telling the major banks to stop lending to the little guy.
    ______________________________________________________

    I just talked to my agent this morning and she said that everything has been fine. They're in the middle of a few purchases and closed on a few last week and nothing has halted.

    I don't think the Feds would stop banks from lending to the "little guy" because that's what this whole bail out is for- to liquidate money so the banks CAN lend out to the little guy. If they stop, the economy will stop for sure!

    Also, you have these banks, like Citigroup, who are still doing business as usual, swooping up and buying those that have gone/are going under.

  • http://myspace.com/bwcoop Coop

    @Charles

    WWII was the cherry on top that got us out of the Great Depression but it was the New Deal and jobs that FDR created that were the catalyst.

  • http://myspace.com/hune916 HunE916

    Coop, Charles is a dill weed. Don’t waste your breath.

  • http://myspace.com/bwcoop Coop

    @HunE916

    I think the reason the FED (Bush Administration) would want them to do that is so they can say the sky is falling and they can come back to the public and say that they can say see we told you so.

    I know one thing for sure the Dow dropped 778 points the biggest drop in history. Last week I joked that my 401K was only worth $5.00 well that may just be true.

  • http://myspace.com/bwcoop Coop

    @HunE916

    Thanks for the heads up.

  • http://myspace.com/tamarlese Peachizz

    This is all very sad.

  • terika83

    @Charles says:

    How many people marke more than 250,000 a year in america as to how many make less? i think you would find its a very disproportinate number

    ------------------------------------------------------

    It doesn't matter if there is less people who make more than 250 a year because like I said "THERE @$$E$ CAN AFFORD THAT CRAP". Like you said...tax all and tax fair at that. Proves my point on why McCain is out of touch with the people...saying middle class is 5 million a year...how many people make that a year??? Not even enough to make it, its own class...please.

  • ELove

    ALOT of great points being made!!!

    @editorialgirl
    I just got through telling Some of my relatives the SAME EXACT Thing and I FEEL the same way ;-)

  • http://sandrarose.com Sandra Rose

    Charles Says:
    And as far as this being a “THEY” and not a
    “US” Problem, uh seriously?? Trust me it will affect the way you go about things in your life, i hope none of you plan on buying a home or car...

    **************************************************

    CNN's Lou Dobbs just called the bill rejection the "people's victory". He's right. The ignorance of Bush to think he could use our taxpayers to bail out the GREEDY corporations. Maybe he should use the billions he robbed from Fannie Mae and Freddie Mac to bail his friends out. :)

  • http://sandrarose.com Sandra Rose

    Coop Says:
    @Bird

    I listen to a lot of political talk radio (Left wing) and one of the shows is the Randy Rhodes show. The host of that show has the idea that no CEO should make more then 100x the lowest employee at that company because that way if you want to make more you must pay the little guy more.

    **************************************************

    That's an Excellent idea!

  • dj_dceezy

    Shout out to Charles... I'm sure your friends are ridiculing you as I type

  • Sharonda

    Well, I seen this coming since early this year when everything was increasing and those "blank checks." Sweden had a similar market crash in the 90s, but it took lots and I MEAN LOTS of tax dollars from citizens to get it straighten out and I think it took 3 years???The bailout, to me, is a BAD IDEA (that's just the business side coming out lol).It's not going to take a couple days to get this straight, it might take YEARS and I applaud Obama for wanting to run president because when he get in the WH, he got lots of clean up.At this point it is JUDGEMENT over EXPERIENCE.Get the old geezers out of there and put some new ideas floating in this world!

    Lol @ John McCain thinking 5 Million is middle-class.Lord help him!In that case my parents would gave me a sweet 16, a ferrari and some other ish!

  • sali

    Everyone must know that this will definitely affect our every day lives especially the future of our children. Kids going to college won't be able to get school loans!! What if your car breaks down and you need another one, you won't be able to get a car loan easliy. The price of food will continue to RISE. PEOPLE WAKE UP!!
    We will have to pay for this regardless if there is a bill or not and as much as I'm against it, it is better then having no plan and allowing these fools to continue what they are doing. Start educating yourselves because your future as well as the future of your children are at stake here!!!!

  • flyqtnva

    so where are all those rich people, celebrities, actors and others who have millions of dollars, they all need to ge together and do something together. A common misconception is that this is because poor people were buying homes they couldnt afford. Some of those homes where apartment building, store fronts, investments.
    Its at 300 families in the world that could stamp out all the worlds problems and still be rich. Where are they?

  • flyqtnva

    white people steal

  • PAHairston

    One things for sure about this financial crisis: THEY CAN'T BLAME THE BLACK MAN FOR THIS MESS!!!!!!!!!!!!!!!!!!

  • Charles

    Everyone must know that this will definitely affect our every day lives especially the future of our children. Kids going to college won’t be able to get school loans!! What if your car breaks down and you need another one, you won’t be able to get a car loan easliy. The price of food will continue to RISE. PEOPLE WAKE UP!!
    We will have to pay for this regardless if there is a bill or not and as much as I’m against it, it is better then having no plan and allowing these fools to continue what they are doing. Start educating yourselves because your future as well as the future of your children are at stake here!!!!

    ------------------------------------------------------------

    Agreed