McCain didnt get the job done

I was wondering why it had passed noon today with no McCain tirade from you Petr. But 3 o clock...good job you did it before closing time.

Sizzlack - McCain suspended his campaign until the deal got passed. Should he resuspend his campaign? and why didnt his own party support him?

He looks kind of foolish now doesnt he? I should say more foolish.

weren't you ignoring me?

Two thirds of house republicans did not support the bill.

and something like 90 Democrats didn't either

McCain's is irrelevant here, he's in the Senate. The bill only went as far as the House.

Either way it's making the Republicans look bad. Maybe not so much now for middle america but after they - and the rest of this country - start feeling the consequences of this inaction, Obama can start rehearsing his inauguration speech.

a significant majority of dems voted in favor - a majority of reps voted against it. Obama got his guys to support it and mccain didnt.

I think majority of dems said yes and 2/3's of reps said no - so . . ..

Uptowngal - McCain went to DC to "get the bailout to work" and the house republicans were the issue then. They came out with a totally new plan at the Bush meeting which McCain attended (but didn't say anything at). That's who needed the convincing so that's the connection to McCain. He would have been best served by not speaking out that he was going to "Save the day."

My understanding is banks are not lending to each other - when main street can't get a credit card, auto loan or refinancing then they will want something done. Until then, they are listening to talk radio about how it is bailing out wall street fat cats.

God, I can't stand that ass McCain.

Prade-Addict....another loser heard from....John McCain is a good and honorable man who is going to lose in a landslide.

Good point, GG77, McCain essentially set himself up for failure. Proved himself irrelevant.

My point was that with no rescue plan in place, the next shoe will drop and main st. will again point fingers at Bush and the Republicans. Whether or not it's true, that's where this will go.

petrfitz, you've had nothing but bad things to say about this bill, now you're going to kill mccain for not getting it passed?

what, you are expecting LOGIC out of perfitz?

If for any bizarre reason Mc Cain is president this will turn into a shakespearian tragedy. The empire still could have correct itself-and I still believe in america's ingenuity, creativity, and work values-but this could be the steepest fall. World War III and recession together. If there are people reading this post voting for Mc Cain, please wake up and smell the air.

Didn't 40% of Dems vote against? That ain't peanuts. This bill has very low approval with the general population. In theory, the House did what it should, and reflected that. Democracy. The same process that put Bush in power twice.

The Dow down 777 points. The politicians failed the general public today and if this doesnt get passed on Wednesday scratch off another 1000 points on Wednesday. By the end of this week as Jim Cramer stated we should be down by 3000 points. I don't like this bill but I understand for our economy to continue it is imperative it get passed.

At this point forget about going into a recession because its obvious we are already in one its trying to avoid the great depression pt 2.

I was mystified why the Democrats took the lead on getting this bailout passed--this is a Repulican-=created problem=let them fix it--I think that's part of why so many Dems were against it- Certainly McCain won't be able to fix this

Isn't this exactly the time that McCain riding in on a white horse and getting this passed in a revote later in the week would have the most impact? If I were trying to get credit for bringing my party together to vote for a plan, it would probably be a good thing (from the perspective of the person wanting credit, not the markets) to let it fail once and then be seen as a savior when it passes in a couple of days.

Sure 40% of dems vote against but 66% of Republicans voted against it - much bigger gap for a Republican (Bush/Paulson) generated bill. The dems moved past the partisan origination and tried to improve it based on their politics (middle class orientation). The Republicans didn't want to support bush. So while the 40% of dems didn't want to support it - they actually moved past politics - bi-partisan in bigger numbers. Keep in mind Dems didn't originate the bill.

What would happen if the bill doesn't get passed??

"I was mystified why the Democrats took the lead on getting this bailout passed--this is a Repulican-=created problem=let them fix it"

what are you 12?

I think McCain should take a serious step back - we do not need his face in here with his empty words. HE didn't talk at the meeting and is really lacking in solutions right now. If he hadn't called the meeting last week, even more work could have been done on the document. He needs to step back and put the ego in check right now. Maybe let Palin talk. . .. lol.

I think urbandigs put it well - the bill would likely make the situation only really bad vs. really really bad. Banks arent lending to each other and likely it will be much harder to get loans for auto, refinaincing, credit cards etc. Basically it probably makes the cost of borrowing a little less problematic. I dont think it is a panacea and believe it needs more work as well, but they need to find some solution because the markets clearly trade on sentiment and it would improve that sentiment (which would affect pensions/401k investments etc.).

Here's what McCain staff and surrogates were saying before the vote:

"This bill would not have been agreed to had it not been for John McCain... This is a bipartisan accomplishment, a bipartisan success. And if people want to get something done in Washington, they just watch John McCain. He's been the guy whose name is at the top of major pieces of legislation for a long time."
-- Mitt Romney, NBC's Today show, 9/29/08

"What Senator McCain was able to do was to help bring all of the parties to the table, including the House Republicans, whose votes were needed to pass this"
-- Steve Schmidt, NBC's Meet the Press, 9/28/08

"We're optimistic that Senator McCain will bring House Republicans on board without driving other parties away, resulting in a successful deal for the American taxpayer."
-- McCain spokeswoman Kimmie Lipscomb, 9/26/08

"Banks arent lending to each other"

Why do banks need to lend to each other? I mean, I get why banks need to lend to businesses (or at least roll over the loans they currently have outstanding in order to avoid companies from becoming insolvent), but what purpose does one bank lending to another serve. Unless there is a scenario in which one bank has a lot of clients that want loans but not enough deposits and then borrows from another bank that has a lot of deposits but not enough borrowers, it sounds like the purpose is just financial gimmickry.

The fed is supposed to be the lender of last resort but they have had to lend more and more and are more taxed than usual. Typically banks would help with this by funding each other. Now nobody trusts each other and interbank lending rates are astronomical or they just aren't doing it. Banks lend to fund regular operations - including a small business owner who takes a loan out 7 days in advance of future payroll (very common). If the small business owner starts having trouble with this, then the worker doesn't get paid on time, then that guy doesn't meet his mortgage payment etc. That's why you are seeing the fed needing to keep injecting liquidity into the market. The fed discount window wasn't being used regularly in ordinary times.

"I was mystified why the Democrats took the lead on getting this bailout passed--this is a Repulican-=created problem=let them fix it--I think that's part of why so many Dems were against it- Certainly McCain won't be able to fix this"

This is a product of both parties. I think it's philosophically the republican child, but the Dems midwifed it.