When the latest version of the “Bush Bailout” failed to pass, the market fell about 700 points, Monday afternoon, (September 29). The bill went down 228 to 205. 133 Republicans and 95 Democrats voted against the bailout. It got backing from 140 Democrats and 65 Republicans.
A few minutes later, republicans were on TV telling America it was House Speaker Nancy Pelosi’s fault. Before the vote, Pelosi addressed the house and described the bailout costs as “staggering.” She blamed ” the Bush administration’s failed economic policies – policies built on budgetary recklessness, on an anything-goes mentality, with no regulation, no supervision and no discipline in the system.”
House Minority Leader John Boehner, R-Ohio, told the House that the bailout was a “mud sandwich” that nobody wants to vote for. But, accordng to him, twelve of his republican colleagues apparently professed to be so upset at Speaker Pelosi’s gross misrepresentation of facts, they decided to vote against the bailout plan.
Democrats, led by Speaker Pelosi, immediately went on TV, themselves, to give their side of the story. But it was Massachusetts congressman Barney Frank, (House Financial Services Committee chair), who stole the show. Frank was not amused with what he apparently saw as posturing by his republican colleagues. This is what he had to say:
“I am appalled! Frankly, that’s an accusation against my republican colleagues I would not have thought of making. Here’s the story. There’s a terrible crisis out there affecting the American economy – we have come together on a bill to alleviate the crisis and because somebody hurt their feelings, they decide to punish the country. I mean, I would not have imputed that degree of pettiness and hyper-sensitivity.”
Frank went on to say he thought the republicans were embarrassed they could not muster the needed votes and were covering up.
Frank wants the names of those 12 republicans who backed out, so he can “go talk uncharacteristically nicely to them and tell them what wonderful people they are and maybe they’ll now think about the country”.
How about just calling the bailout plan…a surge? Republicans who so quickly agreed to pour ten billion dollars a month into saving Iraq, will surely want to risk that kind of money on saving Main Street? Those who gave President Bush a blank check into Iraq, and continue to gamble that feuding Iraqi factions, who have been at each other’s throat for centuries, will live peaceably together, can surely also take a chance on Wall Street?
Here’s what I propose. Congress should either do something…
Or admit they’re not prepared to do anything, and leave it for the next president to deal with!
Does the word CHANGE take on new meaning, now…?