Monday, September 29, 2008

Bailout bill loses in House

The AP's just reported - - -

The House has defeated the $700 billion bail-out legislation for the financial industry.

More than enough members of the House had cast votes to defeat the Bush administration-pushed bill, but the vote was held open for a while, apparently as efforts were under way to persuade people to change their vote.

On Wall Street, stocks plummeted as investors followed the developments in Congress.


I'm not certain where things will go from here. Back to the drawing board and more conferencing is most likely.

I’ve got some advice for Sen. McCain and congressional Rs: Stay in front of those cameras and keep telling the public President Bush and many House and Senate Republicans were warning about Freddie and Fannie problems more than 5 years ago.

Let the public know the Dems kept saying: “Freddie and Fannie are great. We’ve no problems with how they keep their books or the bonuses they pay top executives. We’re just so glad they’re making home ownership affordable for people the banks used to turn down.”

The RNC should blanket the country with ads using video clips from House hearings and Dem leadership statements of the kind I’ve been posting here for the last few weeks.

It will be a good thing for the country if in the next few weeks most Americans learn, for instance, that Barney Frank, Chuck Schumer, and Chris Dodd were until a few weeks ago praising Freddie and Fannie.

I pick those three because they’ve taken the lead for the Dems in blaming the current mess on Republicans.

It's a shame we have such an overwhelmingly Democratic media that hasn't been telling us much about the lead role the Dems have had the past few decades putting in place the legislation and ignoring the warning signs that led up to the mess we're in today.


Anonymous said...

The Democrats apparently had the Republicans onboard until Old Flintface, Nancy Pelosi, went and ran her vicious partisan mouth, blaming the Bush administration for the current problem. Those jerks just can't keep their nasty partisanship out of any issue. John, you're absolutely correct in saying the GOP should be blanketing the nation with clips of Dodd, Pelosi, Frank, and the rest of the lowlifes telling what a great job Fannie Mae and Freddie Mac were doing. Sadly, I don't think the GOP is smart enough, nor do they have the courage, to do that--actually confronting the enemy. It's because of the GOP's inability to live up to their claims that I abandoned them in favor of the Libertarian philosophy some time ago.
Tarheel Hawkeye

Archer05 said...

The leftist pollsters said as more people understand the bailout, the more they are for it. Of course, the more educated elitists realize the importance of Socialism already. Vote the bums out! I hope the conservatives in both parties continue to stand tall.
Michelle Malkin:
U.S. Congressman Mike Pence issued the following statement regarding the failure of the bailout bill today:
“Today Congress took a stand for the American taxpayer and free markets. The American people rejected this corporate bailout and today the People’s House did likewise.
“It is now imperative that Congress come together and develop a response to the crisis facing our financial markets that reflects the American people’s belief in personal responsibility and fiscal discipline.
“There are alternatives to the massive federal bailout that Congress rejected. I look forward to working with my colleagues in both parties to develop a response to this crisis that puts taxpayers first and preserves the essential freedom of the American marketplace.”

Anonymous said...

The House of Representatives web site was crashed by traffic. (reported on Drudge) It was still down just a few minuets ago.

The Federal Reserve, spending, borrowing, and maintaining and expanding our Empire can be added to the list of culprits for the economy's problems.

Why haven't we seen any talk of cutting spending?

This is an outstanding resource for understanding the big picture:

The Bailout Reader

The Wall Street Bailout vote - who voted yes and who voted no:

Friends don't let friends vote for anyone who voted for the Billionaire Bailout.

"Old Flintface, Nancy Pelosi" Good one! I would never have been so kind.