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House Passes Economic Rescue Bill 263-171

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Looks like those 100 Republicans still stood firmly in opposition even though it was widely known that the credit markets AROUND THE WORLD had frozen up and there was absolutely nothing that could reverse that except this bill.

So how did we get here?

The core of the plan remains little changed from its inception—the Treasury Department would have $700 billion at its disposal to purchase bad mortage-related securities that are weighing down the balance sheets of institutions that hold them. The flow of credit has slowed, in some cases drying up, threatening the ability of businesses to conduct routine operations or expand.

At the same time, lawmakers have dramatically changed the measure, insisting on greater congressional supervision over the $700 billion, taking measures to protect taxpayers, and insisting on steps to crack down on so-called “golden parachutes” that go to corporate executives whose companies fail.

Earlier in the week, the legislation was altered to expand the federal insurance program for individual bank deposits, and the Securities and Exchange Commission took steps to ease the impact of the questionable mortgage-backed securities on financial institutions.

Bush is expected to sign the legislation immediately.

Expect this to be a campaign issue in 2012.