September 30, 2008

defeated by a narrow margin

Filed under: Uncategorized — blogsdon @ 9:12 am

The bailout bill failed yesterday. Here’s a few takeaways from it.

  • The failure of this bill will not short-term directly affect the homeowners struggling to pay off their mortgages. It will short-term affect people with investments in the stock market (the Dow took a 777 point dive yesterday), and it will contribute to the ever-crumbling economy as much of day-to-day business relies on having available credit (i.e. credit that is used for maintaining payroll).
  • The bill itself was far from perfect. It lacked many provisions that provided oversight to CEO compensation and further money disbursement, while at the same time completely ignored the taxpayers who were footing the bill. That said, it would still have been better than nothing.
  • Pelosi gave a short partisan speech before the bill (saying that this bill must be passed to correct the failures of the Bush administration). Then the House Republicans voted down the bill, citing Pelosi’s partisan speech as the reason why. There’s a few ways to look at this:
  1. Pelosi didn’t want the McCain to claim “victory” because he had so entwined himself with the engineering of this bill (even though he did pretty much nothing). She tried to change it to a Democratic victory at the last second, believing the bill was sure to pass. (Mr. Jungman’s Theory)
  2. Pelosi knew it was a bad bill, and by giving a partisan speech she ensured that the bill would not pass because the House Republicans would not validate her words. This is really cynical and diabolical as it would A) Defeat a (bad) bill that was publicly perceived as being extremely vital without making it look like the Democrats were responsible for voting it down, and B) Make the Republicans look bad for voting and down, including McCain who prematurely claimed responsibility for the passage of the bill.
  3. The Dems say that the Republicans did a disservice to the whole country by voting down the bill just because “their feelings were hurt.” In fact, some of the Republicans cited Pelosi’s speech as a reason for voting it down. So who’s worse: the people who gave a partisan speech or the people who VOTED partisan when the fate of the country’s economy is at stake?
  4. The only final takeaway is maybe this was a bad bill afterall, and it got voted down simply because it needed more work. It would’ve been nice to pass this bill for obvious short-term market reasons and then go on to write a secondary bill to establish more provisions, but it looks like we’ll have to settle for a better-late-than-never bailout.

Lastly, John McCain. I can’t stand his whole “This is not about partisan politics, this is about doing what’s best for the country. And right now I’m doing what’s best for the country better than my political opponent.” Fuck off, McCain. I can’t wait to see Sarah Palin again on CBS failing to recall any supreme court rulings other than Roe V. Wade, and then get completely owned in a debate where her I’m-charming-because-I-never-come-off-as-being-smarter-than-anyone-else-in-the-room act will not make up for a total lack of basic economic and foreign policy knowledge.

Barney Frank’s take on the House Republicans:

And follow this link to see Obama slam “trickle down” economics.


1 Comment »

  1. Area Man Cautions Against Using Profanity Unless Trying to Actually Be Funny.

    Comment by Area Man — September 30, 2008 @ 9:21 am | Reply

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