Saturday, October 04, 2008

Historic bailout bill passes Congress; Bush signs

Finally, Congress has passed the $700 billion bailout bill. It was interesting to note though the numbers amongst the ayes and noes.

In all, 91 Republicans joined 172 Democrats to support the measure while 108 Republicans and 63 Democrats voted "no."
So, on this bill which McCain has thrown all his weight behind, and even suspended his campaign to emphasise it's importance, he was still unable to manage to persuade a majority of Republicans to back the bill?

Is that leadership?

"Let's not kid ourselves: We're in the midst of a recession. It's going to be a rough ride, but it will be a whole lot rougher ride" without the rescue plan, said Rep. John A. Boehner, R-Ohio, the minority leader, as he prepared to cast his vote for the most sweeping federal intervention in markets in decades.

Treasury Secretary Henry Paulson pledged quick action to get the program up and operating.

The bailout, which gives the government broad authority to buy up toxic mortgage-related investments and other distressed assets from tottering financial institutions, is designed to ease a credit crunch that began on Wall Street but is engulfing businesses around the nation.

"In these past two weeks, we've seen things we never thought we would see before in terms of the economic insecurity of our own country," said House Speaker Nancy Pelosi, D-Calif. She said the measure would "begin to shape the financial stability of our country and the economic security of our people."

McCain is no doubt hoping that, now that this bill is passed, that the economy will move to the back shelf and the election will return to ground more favourable to himself. But, from the noises being made by Pelosi and Boehner, I don't think this subject is ever going to completely remove itself from the front burner.

McCain, the man who defines himself as "a deregulator", is going to have to spend the next couple of weeks pretending that he's all for regulation. I don't think the economy is going to remove itself from this election any time soon.

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