Monday, September 29, 2008

House Rejects Bailout Package

The vote against the measure was 228 to 205, with 133 Republicans turning against President Bush to join 95 Democrats in opposition. The bill was backed by 140 Democrats and 65 Republicans.

Lots of finger pointing and name calling already. I'm watching the responses on C-SPAN and it's pretty much a freaking Whiney Baby Parade. Someone needs to call a WHAAAAmbulance and send it over to Capitol Hill.

Some of McCain's and Obama's comments, from this article at The Guardian:
From the minute John McCain suspended his campaign and arrived in Washington to address this crisis, he was attacked by the Democratic leadership: Senators Obama and Reid, Speaker Pelosi and others. Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families. Barack Obama failed to lead, phoned it in, attacked John McCain, and refused to even say if he supported the final bill. Just before the vote, when the outcome was still in doubt, Speaker Pelosi gave a strongly worded partisan speech and poisoned the outcome. This bill failed because Barack Obama and the Democrats put politics ahead of country.

Emphasis mine.
It is important for the American public and for the markets to say calm because things are never smooth in congress and to understand that it will get done. That we are going to make sure an emergency package is put together because it is required for us to stabilize the markets and to make sure that when a small business-person wakes up tomorrow morning, he will be able to make payroll. ... I am confident we are going to get there but it's going to be sort of rocky. It's sort of like flying into Denver. You know you're going to land but it's not always fun going over those mountains.

It is my understanding that while this bailout would not have been soooo fun, it would have been better than nothing. I don't know enough about economics to really know how to feel about it. Kyle is spitting nails. He's convinced he won't be able to get loans for school next semester and will have to quit college. He may not be incorrect.

The Dow Industrial fell 7%. I'm going to assume that's a lot because it's being mentioned with great frequency. It really is amazing, watching C-SPAN and hearing the comments from the people actually involved in this decision, how much the Republicans are frantically trying to make sure everyone knows IT WAS THE DEMOCRATS! IT'S THEIR FAULT! and how much the Democrats are calmly talking about the next steps and trying to be honest but reassuring.

2008 will be remembered as the year the American population shit a collective brick. This has been one of the most panicky, frenzied, pearl-clutching years in recent history, AND IT AIN'T OVER YET, BABY!

Update: Video of McCain's comments. Still waiting for video of Obama's speech, WHICH IS AWESOME, BTW.

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