Wall Street Lobbyists Scramble To Put Rescue Back On Track

[Purveyor]

Source: Dow Jones

By Jessica Holzer, Of DOW JONES NEWSWIRES

WASHINGTON -(Dow Jones)- Wall Street lobbyists scrambled to salvage a $700 billion bailout of the financial industry after it failed on the House floor Monday, causing the stock market to plummet.

Lobbyists differed on the need for a radical overhaul of the legislation to get it through Congress, with some arguing that it could be brought up for a vote later this week with no changes at all.

The U.S. Chamber of Commerce, one of Washington's most powerful lobby groups, implored lawmakers to take a fresh vote on the defeated bill just hours after it had failed.

"Congress must not adjourn without taking action to stabilize the financial markets," the group wrote in a letter to all members of Congress, warning that it would "score" how each lawmaker voted on the issue in its annual tally of key business votes.

Stung by the bailout's defeat, industry lobbyists vowed to continue pushing for the swift passage of the legislation, which would allow the Treasury to buy $700 billion in soured mortgage assets from troubled financial firms.

But they face stiff opposition to the rescue. Some of the most liberal Democrats joined House conservatives on Monday to reject the bailout legislation, which failed on 228-205 vote. Flipping those votes may require more rounds of negotiations by lawmakers.

Read more: http://tinyurl.com/4l38cp

[msongs]

1. that should read "wall street parasites" nt

[OhioChick]

2. Or Bloodsuckers. n/t

[kestrel91316]

3. The Fed just printed up another $630 billion in funny money for them. They

no longer need us to bail them out as far as I'm concerned.

[FarCenter]

7. If you are referring to the currency swaps

The Fed is trading dollars for yen, euros, pounds, pesos, etc... whatever they can get. It is not new money into the system. It is our dollars for their currency.

[martymar64]

8. Either way, they now have cash

Now they can leave us the fuck alone.

[kestrel91316]

11. Well, they just got given a shitload of money that WE THE PEOPLE

did not authorize.

[pattmarty]

4. NO BAILOUT!!!!!!!

[ixion]

5. exactly

no matter how badly the wall st. leeches may whine.

[whistle]

6. Hit them with a surtax

[pberq]

9. Exactly - let them pay for it

[defendandprotect]

15. We need surtaxes--breaking down monopolies -- remedy and Re-regulation ...

nationalize oil industry -- and get electric cars on roads ---

[tabasco]

10. Vultures picking at the rotting corpse of America.

[defendandprotect]

12. They just got $630 BILLION from the FED today ... !!! ???

[defendandprotect]

13. They just got $630 BILLION from the FED today ... !!! ???

[grahamhgreen]

14. "Flipping those votes may require more rounds of negotiations by lawmakers." - Or more bribes

After all - those lobbyists have 700 billion in projects to offer congresspersons...

[daleo]

16. It reads like a threat (i.e. cut off campaign funds, or worse)

"The U.S. Chamber of Commerce, one of Washington's most powerful lobby groups, implored lawmakers to take a fresh vote on the defeated bill just hours after it had failed.

"Congress must not adjourn without taking action to stabilize the financial markets," the group wrote in a letter to all members of Congress, warning that it would "score" how each lawmaker voted on the issue in its annual tally of key business votes."

The verb "implore" hardly fits, unless the godfather was "imploring" his enemy with that horse head in the bed.