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"We want our money back and we want our money back now for the taxpayers," said House Speaker Nancy Pelosi, D-Calif.The vote was 328-93.
In all, 243 Democrats and 85 Republicans voted "yes" on the bill. It was opposed by six Democrats and 87 Republicans.
The margin of victory came despite sharp Republican attacks calling the legislation a legally questionable ploy to paper over Obama administration missteps.It sounds like a Circuit City customer after finding out their Ipod Touch didn't work. Sorry, no returns.
It should be (and is) absolutely forbidden for Congress to break a valid and legal contract.But it should also be absolutely forbidden for Congress to have bailed them out in the first place, and the contracts would have been worthless anyway, so they can all die in a fire for all I care.Good to see Obama accidentally admit that the bubble was the problem. Now if he'd only stop trying to reinflate it.
I agree with Titan on most of his statements. If we think back years ago to the whole United Way outrage on salaries... if you want to run a fortune 500 company you have to pay the scale and fringes.. By taking away the ability of these companies to pay bonuses you have just removed much of their ability to recruit the talent required to turn things around. I'm not by any means saying the system isn't flawed but when the gov. steps in and ties a companies hands they might as well lock the doors while their at it. There are good reasons you don't have 100k a year people running these companies albeit some of the reasons are what got them into this mess BUT the thought in the back of my mind is that the entire charade was designed from the beginning with a fair amount of predictability as to the ultimate outcome.
Now if you'll all excuse me while I go short sell all the companies that received over 5B in TARP funds.
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