September 29, 2008
Bailout went down in flames because of public outcry
The bailout bill which went up for a vote today was doomed for a couple of reasons. As it turns out legislators from all over the country were bombarded by constituent communications urging them not to vote for the bailout. The Democrats that voted for the bill were the ones that are most secure in their re-election bids. The ones who voted against it were those facing serious challenges. Many of Pelosi's closest allies in the House and committee chairs that owe their positions to her voted against it. Republicans as a party were split on the bill, many were uncomfortable with the gigantic price tag, others simply weren't going to help Pelosi while she was banging them over the head with lies about how we got here in the first place.
Everyone is going beserk about the stock market drop. But the market wanted a bill and the market was reacting to not getting it. Tomorrow is a Jewish holiday and so there will be no debate in the House. I suspect the stock market will stabilize as some investors come in to scoop up bargains.
Posted by Henry Louis Gomez at September 29, 2008 11:51 PM
Comments
It's energizing; the news renews my hope in our system, that not all is lost, and WE The People can - indeed - throw the politicians under the bus with our pressure.
That bailout is insane; these bums in Congress don't give a rip what it will do to the future of our families. Let the market take its chill pill; let the people who have to, go and file bankruptcy. What incenses me the most is that the mafia of greedy bureaucrats, politicians and financial cowards who got us into this mess won't be walking around in an orange jumpsuit any time soon. But, for now, I'll take this vote as a victory. Saddling the taxpayers with someone else's bad investment is an outrage; we already have too much of that when we must subsidize federal mismanagement.
Posted by: Gigi ![[TypeKey Profile Page]](http://www.babalublog.com/nav-commenters.gif)
at September 30, 2008 12:31 AM
Its nice to hear someone with a little faith in America and the free market, Henry.
We have weathered bigger adjustments and come out even stronger. I note that none of the other markets around the world are devastated either. There have been several 'crashes' in recent time that were worse when the market drop is measured by percentage instead of in points.
The Marxist thinkers in Congress tried to gin this adjustment up into a giant crisis to justify socializing a huge chunk of our economy. Too many otherwise smart folks took the bait. Its a good thing the voters got off their couches and let Congress know that weren't fooled. Now someone should tell President Bush.
Posted by: PTG at September 30, 2008 12:22 PM
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