228 Nay, 205 Yea: Congress Defeats Bailout!
In financial terms, Bush and the Fed are attempting pull off what Osama couldn't on 9/11. Americans scored at least a temporary victory today as congress dissolved Bush, Paulson, and Bernanke's pipe-dream of a check for $700+ billion of taxpayer money:
Republicans are wrong for going along with this plan, albeit reluctantly, instead of calling out their president and the pirates of wall street on this un-American proposal. Democrats are wrong for blaming the "free market gone wild," completely neglecting to mention the Community Reinvestment Act.
I'll keep updating with news and thoughts as the day goes on; there's too much going on now.
Update: Don't assume this was a partisan defeat, and don't assume this is over. It's not over by any stretch. Here are some details from the bill itself:
[The legislation] creates a "Financial Stability Oversight Board" to oversee the program, which includes the chairmen of the Federal Reserve Board, the Securities and Exchange Commission; the Federal Home Finance Agency director and the Housing and Urban Development secretary.
Wow. The Fed and the SEC? Bernanke and Chris Cox were the crooks set to be on the Financial Stability Oversight Board? We don't need a casino, we need a market.
Keep in mind this is the lowest rated Congress in history, with an abysmal approval rating lower than that of George Bush. Mama Nancy has allowed congress and American resolve itself to wither and subsequently grind to a halt, and after today's defeat, there isn't enough botox in the universe to bring back that token Pelosi smile.
Update: Here are congressman Michael Burgess' remarks about the Democrats' chastising of Republican legislators, and making the case for informing the public of the contents of the bill.
Stay tuned for the arm-twisting.
Update: Nancy Pelosi has assured party leaders that there will be no "witch hunt" into who caused the Fannie/Freddie crisis:
And she wondered why we laughed in 2006 when she pledged to run the "most ethical congress ever."
In a vote that shook the government, Wall Street and markets around the world, the House on Monday defeated a $700 billion emergency rescue for the nation's financial system, leaving both parties and the Bush administration struggling to pick up the pieces.Democrats voted 140 - 95 in favor of the bailout, while only 65 Republicans were in favor of the bill. We'll discuss later how both parties are wrong on this issue and are acting as meandering and robotic apparatchiks, exploiting it to score points against their opposing faction. But first, how is the head of the snake taking the news? Breitbart is reporting that Bush is "very disappointed" by the vote. What a shame! I'm sure this isn't what he had in mind when his administration pieced the legislation together months (yes, months) ago:
[White House Deputy Press Secretary] Fratto insisted that the plan was not slapped together and had been drawn up as a contingency over previous months and weeks by administration officials.Unbelievable. If by "enough" you mean "enough time to pass this stinking pile of socialist legislation before the American people wake up to the fact that they're being blackmailed by their own government via one of the worst examples of financial terrorism ever to take place within their own borders," then yes, George.
He acknowledged lawmakers were getting only days to peruse it, but he said this should be enough.
Republicans are wrong for going along with this plan, albeit reluctantly, instead of calling out their president and the pirates of wall street on this un-American proposal. Democrats are wrong for blaming the "free market gone wild," completely neglecting to mention the Community Reinvestment Act.
I'll keep updating with news and thoughts as the day goes on; there's too much going on now.
Update: Don't assume this was a partisan defeat, and don't assume this is over. It's not over by any stretch. Here are some details from the bill itself:
If the Treasury purchases at leastThere was no executive compensation limit of any significance. Nothing. Just tax the "golden parachutes!" Was there any real tangible oversight for these crooks? Of course!$300 million in mortgage-based assets from a financial institution, that company would lose the ability to take a tax deduction on the amount of salaries that exceed$500,000 for its top five individuals. It also includes a 20% excise tax on golden parachutes payments triggered by events other than retirement.
[The legislation] creates a "Financial Stability Oversight Board" to oversee the program, which includes the chairmen of the Federal Reserve Board, the Securities and Exchange Commission; the Federal Home Finance Agency director and the Housing and Urban Development secretary.
Wow. The Fed and the SEC? Bernanke and Chris Cox were the crooks set to be on the Financial Stability Oversight Board? We don't need a casino, we need a market.
Keep in mind this is the lowest rated Congress in history, with an abysmal approval rating lower than that of George Bush. Mama Nancy has allowed congress and American resolve itself to wither and subsequently grind to a halt, and after today's defeat, there isn't enough botox in the universe to bring back that token Pelosi smile.
Update: Here are congressman Michael Burgess' remarks about the Democrats' chastising of Republican legislators, and making the case for informing the public of the contents of the bill.
Stay tuned for the arm-twisting.
Update: Nancy Pelosi has assured party leaders that there will be no "witch hunt" into who caused the Fannie/Freddie crisis:
Further, according to House Oversight Committee staff, [former board member for Freddie Mac] Emanuel has received assurances from Pelosi that she will not allow what he termed a "witch hunt" to take place during the next Congressional session over the role Fannie Mae and Freddie Mac played in the economic crisis.Of course - why would the witch be in favor of a witch hunt? So Nancy Pelosi plays political games while trying to place blame completely on Republicans and their "free market," and then tries to protects her own underlings from legal scrutiny during the worst financial crisis in a century?
Emanuel apparently is concerned the roles former Clinton Administration members may have played in the mortgage industry collapse could be politically -- or worse, if the Department of Justice had its way, legally -- treacherous for many.
And she wondered why we laughed in 2006 when she pledged to run the "most ethical congress ever."