Bush signs bailout bill

The House gave final approval today to the $700 billion bailout for our financial markets, authorizing what may be the most expensive government bailout in American history.

The vote was 263 to 171. In a sign of urgency surrounding the package, Congressional staff rushed the newly printed legislation into a news conference where Democratic leaders gathered after the vote and Speaker Nancy Pelosi, signed it at 2 p.m.

Within an hour, the legislation made its way to the hands of President Bush.

Mr. Bush said they had achieved something "essential to helping America's economy weather the financial crisis."

[Source: nytimes.com]

Pelosi on gridlocked bailout

Speaker of the House Nancy Pelosi has some choice words for President Bush and today's news that the proposed $700 billion bailout package failed to pass in the House of Representatives.

Update: It's being reported that Pelosi's address may have been the reason for the vetoed bill.

[Source: thepage.time.com]

House rejects bailout package, Stocks plunge!

In a week of economic and political turmoil, the House of Representatives just voted today to reject the $700 billion rescue of the financial industry. The vote came in defiance of President Bush and Congressional leaders of both parties, who said the bailout was needed to prevent a widespread financial collapse.

The vote was 228-205, with 133 of the president's OWN PARTY turning against him to join 95 Democrats in opposition of the bill. 

Supporters of the bill are saying they will try to bring the rescue package up again as soon as Wednesday.

In anticipation of a defeated vote today, stock markets plunged and only further plunged once the news came in. The Dow closed 777 points down, in the worst single-day drop in two decades and oil prices fell on fears of a global recession.

After the chaos, the president said the following:

"We put forth a plan that was big because we got a big problem. And we'll be working with members of Congress, leaders of Congress on the way forward. Our strategy is to continue to address this economic situation head on."

It definitely says something when members of your own party don't back you! 

[Source: nytimes.com]

A deal reaches tentative agreement

And may even have the votes to pass.

After successive negotiations, lawmakers and the Bush administration have reached a tentative agreement early today on a $700 billion financial rescue package.

The House is expected to vote on it tomorrow, with a Senate vote to follow.

Read Obama's response to the agreement here.

[Source: thepage.time.com]

Bush warns of 'long and painful recession' without financial rescue

President Bush addresses the nation on the financial crisis from the White House. He says the $700 billion bailout package is "aimed at preserving America's overall economy."

Though he says his "natural instinct" is to oppose intervening in the market, he claims "these are not normal circumstances."

"Any rescue plan should also be designed to ensure that taxpayers are protected," Mr. Bush said. "It should welcome the participation of financial institutions, large and small. It should make certain that failed executives do not receive a windfall from your tax dollars. It should establish a bipartisan board to oversee the plan's implementation. And it should be enacted as soon as possible."

[Sources: thepage.time.com, nytimes.com]

Dean: Bush just trying to protect Wall Street

The DNC chair, Howard Dean, tells MSNBC that Congress will is likely to only support a bailout bill that also helps taxpayers and mortgage payers. And then basically goes on to say that President Bush really only wants to keep money in the pockets of them big CEOs.

Click here to view the video.

He also added that McCain tends to react to things in a "hot-headed way" and is sometimes "irascible" compared to Obama's "calm" demeanor. I don't know, I think that if the calm and debonair Obama took a cue from Howard Dean's handbook, he might be a little more entertaining. No?

[Source: thepage.time.com]

Bush: "This is a big problem"

President Bush makes remarks outside the White House following a meeting with the Colombia President, defending the government's bailout of Wall Street.

"My first instinct wasn't to lay out a huge governmental plan. My first instinct was to let the market work. Until I realized when being briefed by the experts how significant the problem has become. So I decided to act and act boldly."

"The systematic risk was significant and required a significant response...This is a big package because this is a big problem."

[Source: thepage.time.com]

Polls portend McCain is more of the same

Poor guy. He can't seem to get away from that Bush fella in the big house. 

Despite a vigorous effort to distance himself from the way his party has done business in Washington, Sen. John McCain is seen by voters as far less likely to bring change to Washington than Sen. Barack Obama. He is widely viewed as a "typical Republican" who would continue or expand President Bush's policies, according to the latest New York Times/CBS News Poll.

This is even after the "Palin effect." What's a maverick to do?

[Source: nytimes.com]

Bush to order withdrawal

Reminding us all that he's still here, President Bush plans to order 8,000 more combat and support troops out of Iraq by February.

However, the withdrawal is smaller and has taken longer than anticipated.

By the time this withdrawal has taken effect, we'll have someone else calling the shots. For better or for worse.

Click here to read more about the expected withdrawal.

[Source: ap.org]

Russell Brand gets political at the VMAs

In the most crass of ways.

In an effort to urge young voters to elect Barack Obama this November, Brand actually suppressed any hopes of the Democratic party appearing intelligent.

"Please, America, elect Barack Obama. On behalf of the world," said the Brit host.

And then, naturally, the shambolic mess referred to President Bush as "that retarded cowboy fellow."

Umm, thanks, but no thanks Russell. How about you keep your mouth shut and let the rest of Hollywood malign the Democratic name in their support of Obama.

To top things off, he lampooned the Jonas Brothers for their vows of chastity. America really hates you now.

One is the loneliest number

Y'all know that Bush problem the McCain camp is trying to ignore this campaign?

Of course you do. The Obama camp has that shtick covered. Well, President Bush is the new scare tactic. And Republicans have begun addressing that by, well, take a look...

Republican National Convention by the numbers:

Bush: 1 mention

Cheney: 0 mentions

Democratic National Convention by the numbers:

Bush: 184 mentions (95 linked to McCain)

Cheney: 20 (19 linked to Bush)

It's kinda sad that it's the Republican's own incumbent that casts a pall over their fete.