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The $700 Billion Bailout: A Public-Choice Interpretation

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  • Ramirez Carlos D.

    (George Mason University and Federal Deposit Insurance Corporation)

Abstract

On September 29, 2008, the U.S. House of Representatives voted to reject HR 3997 (known as the original $700 Billion Bailout Bill). On October 3, the House reversed course and voted to approve the Emergency Economic Stabilization Act of 2008 (EESA). This paper applies a political voting model to these two House votes – the rejection of the bill on September 29 and its passage on October 3. Both economic conditions and PAC contributions matter in explaining the two votes, but their effect is attenuated by the individual legislator’s power. PAC contributions from the American Bankers Association appear to matter for explaining those legislators who switched. The role of ideology in explaining either the September 29 or October 3 vote is limited.

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Bibliographic Info

Article provided by De Gruyter in its journal Review of Law & Economics.

Volume (Year): 7 (2011)
Issue (Month): 1 (November)
Pages: 291-318

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Handle: RePEc:bpj:rlecon:v:7:y:2011:i:1:n:13

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  1. Randall S. Kroszner & Thomas Stratmann, . "Interest Group Competition and the Organization of Congress: Theory and Evidence from Financial Services', Political Action Committees," CRSP working papers 465, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
  2. Atif Mian & Amir Sufi & Francesco Trebbi, 2010. "The Political Economy of the US Mortgage Default Crisis," American Economic Review, American Economic Association, vol. 100(5), pages 1967-98, December.
  3. Dougan, William R & Munger, Michael C, 1989. "The Rationality of Ideology," Journal of Law and Economics, University of Chicago Press, vol. 32(1), pages 119-42, April.
  4. Snyder, James M, Jr, 1990. "Campaign Contributions as Investments: The U.S. House of Representatives, 1980-1986," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1195-1227, December.
  5. Stratmann, Thomas, 2002. "Can Special Interests Buy Congressional Votes? Evidence from Financial Services Legislation," Journal of Law and Economics, University of Chicago Press, vol. 45(2), pages 345-73, October.
  6. Thomas Stratmann, 2005. "Some talk: Money in politics. A (partial) review of the literature," Public Choice, Springer, vol. 124(1), pages 135-156, July.
  7. Jamal Ibrahim Haidar, 2009. "The mark-to-market valuation and executive pay package regulations within the 2009 US (Bailout) Emergency Economic Stabilization Act," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 12(3), pages 189-199.
  8. Stephen Ansolabehere & John M. de Figueiredo & James M. Snyder Jr, 2003. "Why is There so Little Money in U.S. Politics?," Journal of Economic Perspectives, American Economic Association, vol. 17(1), pages 105-130, Winter.
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Cited by:
  1. Garett Jones, 2012. "The Bond Market Wins," Econ Journal Watch, Econ Journal Watch, vol. 9(1), pages 41-50, January.

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