HOUSE DEFEATS FINANCIAL BAILOUT BILL!!

Rep. Eric Cantor, among other House Republicans, insinuated that Speaker of the House Nancy Pelosi’s extremely partisan pre-vote speech (see video HERE) for riling up those in the chamber.

“This is not a partisan crisis, this is an economic crisis” Cantor said, noting that 94 democrats also voted against the bill. It was Pelosi’s “failure to listen and failure to lead” which led to the result.

Now, I certainly agree that something must be done, but that “something” must not be the total abandonment of capitalism. Is it so much to ask that Congress spend as much time looking into the economic crisis as they did into the use of steroids in Major League Baseball?

– Jeff (looking forward to the inevitable drop in oil prices)


House Defeats $700B Financial Markets Bailout

By Julie Hirchfeld Davis, Associated Press

WASHINGTON (AP) – The House on Monday defeated a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry.

Stocks plummeted on Wall Street even before the 228-205 vote to reject the bill was announced on the House floor.

When the critical vote was tallied, too few members of the House were willing to support the unpopular measure with elections just five weeks away. Ample no votes came from both the Democratic and Republican sides of the aisle.

Bush and a host of leading congressional figures had implored the lawmakers to pass the legislation despite howls of protest from their constituents back home.

The vote had been preceded by unusually aggressive White House lobbying, and spokesman Tony Fratto said that Bush had used a “call list” of people he wanted to persuade to vote yes as late as just a short time before the vote.

Lawmakers shouted news of the plummeting Dow Jones average as lawmakers crowded on the House floor during the drawn-out and tense call of the roll, which dragged on for roughly 40 minutes as leaders on both sides scrambled to corral enough of their rank-and-file members to support the deeply unpopular measure.

They found only two.

Bush and his economic advisers, as well as congressional leaders in both parties had argued the plan was vital to insulating ordinary Americans from the effects of Wall Street’s bad bets. The version that was up for vote Monday was the product of marathon closed-door negotiations on Capitol Hill over the weekend.

“We’re all worried about losing our jobs,” Rep. Paul Ryan, R-Wis., declared in an impassioned speech in support of the bill before the vote. “Most of us say, ‘I want this thing to pass, but I want you to vote for it—not me.’ ”

With their dire warnings of impending economic doom and their sweeping request for unprecedented sums of money and authority to bail out cash-starved financial firms, Bush and his economic chiefs have focused the attention of world markets on Congress, Ryan added.

“We’re in this moment, and if we fail to do the right thing, Heaven help us,” he said

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Comments

  1. Anonymous says:

    Jeff..I couldn’t agree with you more! I think this ‘bailout’ is just delaying the inevitable.

  2. Anonymous says:

    Pelosi NEEDS to go!!!!!

  3. Stevec says:

    Pelosi, Frank, and a whole lot of the DO NOTHING Congress needs to go.
    Let them bail out with THEIR pensions and gifts and donations THEY recieved.
    Watching the video’s about those who warned about this and seeing their actions now, IT’S UNCONSTITUTIONAL.

  4. ComOB says:

    Let it fail!!!! If we let it fail, we’ll suffer a little now and benefit ALOT later.

    But the most immediate benefit will be the defeat of the Democrat majority and Barack Obama. If the bill fails to pass, then the Republican party can throw bipartisanship to the wind and smash the Democrats with their failures in making this crisis happen in the first place.

  5. Anonymous says:

    Is anyone else suspicious that the speech by Pelosi was aimed at getting Republicans to vote against the bill, so it would fail? If the Democrats wanted to make sure it passed, they just had to appease a few more Democrats.

  6. Anonymous says:

    Power drunk Nancy Pelosi gave one hell of a speech today right before the roll call vote on the bailout. She blamed and condemned President Bush, attacked the Republicans and assumed no blame over the last two years for the democrats in congress
    who failed to act when they were warned in advance about this crisis in 2007. Democrats are have control of Congress and could have prevented this whole mess last year. However, the Dems have consstently attacked McCain for voting with the President 90% of time when they voted with him 50% of the time never stating the fact.
    yes, Pelosi bew it with her big mouth.

  7. Anonymous says:

    know why Bush wants to pass something quickly?
    run a search for CARLYSLE GROUP
    hint: it’s an equity investment firm tied to securities.
    The Bush family are heavies in this company.

  8. Anonymous says:

    We need a bailout from Nancy Pelosi. She’s got to go.

  9. Beth says:

    I’ve checked out Carlysle group…are you aware that many key figures are Clinton admin players?????

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