Monday, September 29, 2008


I'll say more about this in the morning. For now, I'll just pass it on.

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.
I didn't see that coming.

Hat tip to Huffington Post.


nunya said...

Makes me feel like a hostage.

Kel said...

It's astonishing that they didn't pass it with so much at stake.

I don't agree with handing money to bail out Wall Street but if the choice is the complete collapse of the markets then, sadly, you have no choice.

daveawayfromhome said...

Considering the extent of bad debt in America, I'm not sure that bailing out Wall Street financial firms (who, of anyone, should have known better), will do much to counter the massive amount of debt that has been wracked up in all segments of this society, other than keep the richest members of our country rich. They might as well go down with all of us, because I dont think the bailout will do much to stem the tide anyway, nor do I think it's the best use of what resources we still have. Something needs to be done, but I'm not sure that bill was it. Something will be done, eventually, but best not to rush it. Spending this kind of money shouldnt be rushed into. Again

Kel said...

Dave, I know what you mean. However, like global warming, I would rather do what we can to avoid the collapse and take the risk that I might be proved wrong later on.

And I only supported the bill once I knew that oversight had been established and that the $700 billion would only be spent if needed.

I think you know by now that voting to protect fat cats stuck in my throat, the whole notion that profit is private and debt public appals me, but given the dire threats being issued I was willing to give them the benefit of the doubt.

The Republicans were not, and have once again put their re-election in front of the public good.

I think they really wanted to have their cake and eat it. Get the Democrats to vote for the bill to save rich bankers and the financial system and then condemn them for doing so. Their actions are appallingly cynical.