Wall Street Bailout Fails in the House

If you turned on any of the cable news outlets yesterday around 4 PM, you might have thought the world was coming to and end. Reporters were on location trying to shout above the melee. Analysts in studio sat mesmerized in disbelief. News anchors were forced to put on their bravest faces and couldn’t seem to get information fast enough. And Washington politicians were hold press conferences every 10 seconds.

No, terrorists did not strike this country once again. No, there was not any natural disaster. No, OJ wasn’t running from the California Highway Patrol, again.

Rather, a loose coalition of 133 fiscally conservative Republicans and 95 rogue Democrats shocked the political world when they defeated President Bush, Speaker Pelosi, Majority Leader Reid, and Presidential candidates John McCain and B. Hussein Obama by  beating back the massive Wall Street bailout bill yesterday in the House of Representatives.

Bravo.

I didn’t like this bill. Granted, I understand the need for the federal government to act and act quickly. But, this was just a VERY BAD bill. I am glad there are still some people in Washington who hold principles over political expediency. Of course, there WILL be repercussions.

Embarrassed by the fact that she brought a bill to the floor of her chamber without an adequate amount of votes to pass it, Speaker Pelosi blamed “Republicans” for the defeat. She never mentioned the fact that 40% of her own caucus abandoned her on this issue.

Annoyed that he no longer possesses the juice to bend GOP reps to his will, President Bush expressed disappointment with the vote and encouraged members to get right back to work . . . . . AFTER barney Frank gets back from a religious holiday.

Harry Reid just pooped his pants.

The media? Well, they just went ballistic. They sat there all day with popcorn in hand watching Pelosi and her leadership point their collective fingers at Republicans and President Bush for this crisis and decry free market capitalism as a failure. They hailed the democrats as heroes for saving the country from the grips of “another Bush Administration failure”. After the vote, they went into full Chicken Little mode. Is it any surprise that the DOW dipped nearly 800 points when every media anchor and financial analyst on the networks were pulling out their hair and jumping from buildings?

I think I could hear B. Hussein Obama chanting, “tank, tank, tank” as the DJIA continued to tick down further and further.

I applaud these maverick Congressmen. They saw that this bailout was just too large. They saw that there were not any taxpayer protection measures. They saw that it gave the Treasury Secretary unbridled and unchecked power. They saw that it relegated the judicial branch to the sidelines. They saw that it contained an unconstitutional congressional veto. They saw that even upon repayment, special interests like ACORN would see money before the taxpayer. They saw that the executive branch would have the power to overpay one institution for a security, while underpaying another for theirs. They saw that it was just a putridly bad bill. I thank them for it.

Back to the drawing board . . . .

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1 Comment

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One response to “Wall Street Bailout Fails in the House

  1. Tremont

    Thanks to our Congressman Tim Holden who saw this big bail out by Bush as another attempt to fill the pockets of his friends on Wall Street, while Main Street pays the bill again. Thanks for the “No” Vote. We need change from these past 8 years of screwing the middle class and taking care of the very wealthy in this Country. Hank I agree this plan was not the answer, Wall Street needs to find its own way out of this mess!

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