The “bailout” bill did not pass even though it included a few compromises that the Democrats wanted. The revised bill was configured to answer specific objections of both Democrats and Republicans.
The bill mandated strict oversight, money to be doled out piecemeal, no CEO golden parachutes and Wall Street to make up the difference IF the government could not re-coup all the money spent on the bailout. The last point, I guess, made the bill not really a bailout but an investment – sort of.
The House Republicans would have none of it and were joined by quite a number of Democrats. The Republicans objected to the bailout provision as socialism and the Democrats to the lack of help for people in foreclosure.
There were a number of reasons why the House Republicans voted down the measure and one of them actually was a speech delivered by Nancy Pelosi BEFORE the vote where she blamed the whole financial mess on the Republicans in blunt and derogatory terms. Her speech was so vitriolic that some House Republicans immediately gave her the finger and said screw your bill toots.
Pelosi, not one of my favorites, made a very stupid mistake by on the one hand calling for
bi-partisanship and on the other, blaming everything on the Republicans. Anyone with half a brain would have at least waited till the voting ended and made her political points some other time.
The House Republicans also had an ulterior motive for killing the bill. Many of them were up for re-election and knew that their support of Bush and his failed policies was being held against them. Many, including me, were going to punish them for that obstinate, damn my constituents, behavior by voting for anyone BUT them.
They saw, in this bailout bill a way to stand up to Bush and show their constituents that they really were not blindly following Bush for the good of the party; they really had an independent mind and really cared for their constituent’s views and concerns.
And there were those Republicans who actually had economic principles that they would not compromise on even though their leader was willing to do.
Bush never really behaved like a true Republican from the start. He grew the government larger than any Democrat. He invaded countries, grew the deficit which is a sin to Republicans and interfered in people’s lives which is anathema to pure Republicanism. BUT Republicans did follow and did not object till now…
OK the Dow did drop a ton but in percentage, it was not the worst in our history. Keep in mind that the DOW is made up of ONLY 30 industrials. The S&P 500 would be a more accurate measure of the market in general.
As I watched CNN, all the anchors were screaming “the sky is falling, run for cover – our credit markets have dried up and so the economy will just crumble and the taxpayers will be the ones to suffer the most – just you wait and see”.
Bullshit…let the FDIC insure all bank deposits up to $250,000 which I hear Obama will propose and insure all money market funds for the same amount and that will free up the credit market.
Let the private sector buy up the toxic sub-prime mortgage securities for what they are really worth and get them off the books and start fresh if you can. If you cannot, hasta la vista baby, next time, don’t be so stupid.
The market has to correct itself with some help from the Feds but NO BAILOUT cause’
a lesson has to be learned by everyone – it appears, the hard way.
It is ironic that I will be voting for Obama and yet I back the Republicans on this particular issue – oh well. McCain, as you noticed, was visible mixed up as to what to do; his crap is getting old. He obviously cannot walk and chew gum at the same time.
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