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House dumps bailout

The House just rejected a Bush adminstration-backed plan to shore up the nation’s financial institutions by buying up bad debts.

The vote was 228 to 205.

Reps. Marion Berry, D-Gillett, John Boozman, R-Rogers, Mike Ross, D-Prescott, and Vic Snyder, D-Little Rock, all voted for the bill.

The stock market fell sharply in response to the House vote.

The White House and congressional leaders pushed the plan as a “necessary evil” to protect the economy from the worst financial crisis since the Great Depression.

Opponents said the government shouldn’t be responsible for saving Wall Street firms that caused the crisis in the first place. Other bailout foes demanded more help for American homeowners threatened with foreclosure.

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One Response to “House dumps bailout”

  1. September 30th, 2008 at 2:19 pm

    GORDON RODGERS says:

    I think the best policy is to continue to vote down bailouts. This is primarily a Northeast and West Coast problem. Let Wall-Street go down even lower. David Letterman brags that New York City is the greatest city in the world; well, it is time to let the “greatest city in the world” handle some of its own problems. I am thankful for the 95 Democrats and 133 Republicans who voted against this bailout. 700 million dollars are not going to solve the problem; it is only going to delay the inevitable a few months. I have very little sympathy for wall-street millionaires and financial advisors and brokers who make millions using other peoples money for their own advantage.

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