"No Banker Left Behind" Bailout Fails

Just got the word, the House failed to pass the $700B bailout bill with a vote of 205-228 against the plan.

It was just a few hours ago that a conciliatory sounding House Speaker Pelosi announced calmly that an agreement had been reached. I read the statement released by the House Speaker and it was very matter of fact with none of the political bile that Pelosi likes to interject at any opportunity.

However, Pelosi just couldn't keep her mouth shut and so she reverted to her normal "Party First" position and decided to give another one of her speeches in which she claimed credit for rescuing the economy for the Democrats and blasted Republicans for their resistance. So what was the result? She succeeded in driving away Republican votes. Other Democrats in the House, apparently fearful of looking timid and backing the bankers, and therefore fearful for their seats, bailed.

Here is what Pelosi said from the floor. You decide who screwed this one up:

"Today, we will act to avert this crisis, but informed by our experience of the past eight years with the failed economic leadership that has left us left capable of meeting the challenges of the future. We choose a different path. In the new year, with a new Congress and a new president, we will break free with a failed past and take America in a New Direction to a better future."

Note the marked difference of the above from the statement she issued on Sunday:

"Significant bipartisan work has built consensus around dramatic improvements to the original Bush-Paulson plan to stabilize American financial markets -- including cutting in half the Administration's initial request for $700 billion and requiring Congressional review for any future commitment of taxpayers' funds. If the government loses money, the financial industry will pay back the taxpayers."

I think we ought to give Speaker Pelosi a "Good Job" button for keeping party first and maintaining the reputation of the "Do Nothing and Say NO to Everything" 101st Congress!

The Bushwhacking that has been going on by this "Do Nothing, Say "No" to Everything" Congress finally came home to roost. They thought they were above the fray. Not so and the electorate has spoken: "We don't trust any of you" and for good reason. So when the chips were down, the Democrats ran. And the electorate won!

The game of "party first" has finally turned the electorate on the self styled aristocrats and the rich bankers. Two years of party bickering and jockeying to take over the white house has come to roost. I don't think we'll be listening to debates about Iraq any longer; that one has been milked for all it was worth and now the politicians are forced to face real issues.

I suspect the electorate isn't crazy and we all want this resolved in a manner in which the economy can go forward. I certainly don't trust these politicians and the line has to be drawn somewhere. Enough is enough!

Good, may the games begin!