Today, in a rare moment of representative democracy, the U.S. House of Representatives listened to voters and failed to pass the $700 billion bailout bill. While it may have been a bombshell to many, the fact is, it was American Democracy at work.
Legislators across the nation were bombarded with emails and calls from constituents saying, “Do not pass this bill.” According to the Rasmussen Consumer Index, fifty percent of Americans oppose the plan, and 63% of Americans worry that the government will do too much.
Today, legislators listened, and they responded. But this is in no way the end. The way I see it, the decision to stall the vote until Thursday is an opportunity to get it right.
Ever been in a crisis? If so, you’ve heard those you trust—whether a clergy member, financial planner or therapist—tell you, “Never make major decisions in the midst of a crisis.” And we’re all familiar with the term, “haste makes waste.”
Three days away (back home closer to their constituents) just may do our congressional leaders some good. It will allow each of them a chance to step away, clear their head.
The bottom line is, everyone in Congress is admitting that the current bailout bill is a “bad” bill they don’t want to pass but feel they must. But, what’s so wrong with having the courage to say, “This bill is bad, but I believe we can do better…and we must.”
This congress has an opportunity to not settle for the lesser of two evil bills (Paulson’s and now the enhanced version). Congress has an unprecedented opportunity to say, “We are committed to the American people. We are elected to be the best possible stewards of taxpayer dollars. We will not sell the taxpayer short. We can do better and we will.”
Come back on Thursday— huddle, compromise, study, research, write and rewrite, ask tough questions, demand answers, and compromise some more— and then come back with a plan that you can vote for with dignity. Popular legislative sentiment is that to “do nothing” is unacceptable. No. To do “just anything” lacking any real confidence in its merits or assurances of its success, is unacceptable.
Congress, please, for the sake of the American people, go back to the drawing board.
So, the bailout was rejected, and the DOW tumbled 777 points. Is it the end of the world as we know it? Let’s take a closer look at the bailout. What are the pros and cons? How did we get here? Who is to blame? And, most importantly…What do you think?
My personal (non financial expert) opinion: If you don’t have much money, you probably haven’t lost much. If you have a bunch of money, you might have lost a bunch. Of course, as always, the middle class will be hurt the most from this crisis. They are already struggling, and bailout or no bailout, the middle class stands to pay the greatest price. But, that’s just my opinion, and I’m no financial expert.
The U.S. House rejected on Monday a proposed $700 billion financial bailout package supported by the Bush administration, the Federal Reserve and the congressional leadership of both parties. The vote was 205 for and 228 against. The rejection of the plan could mean disruption in financial markets and another attempt by officials to craft a compromise plan that will get a majority vote. The administration had been pushing for quick movement on the bailout, which officials have warned is necessary to avert serious consequences for markets and the economy. Some critics said the plan was a giveaway to the very companies that created the crisis, while others said it amounted to socialism.
In a moment of historic drama in the Capitol and on Wall Street, the House of Representatives voted on Monday to reject a $700 billion rescue of the financial industry.
In a major upset, the US House of Representatives has voted against passage of the $700 billion bailout bill. The vote was 228-205 against. Democrats voted 141-94 in favor of the measure while Republicans voted 131-67 in opposition to the proposal. There are now discussions as to whether or not a new vote sometime later today.
Reacting to the news, the Dow Jones is down by a range of 400-600 points. At one point the drop was over 700 points so it does seem that the market is stabilizing somewhat.
Henry Paulson is disappointed about rejected bailout…
Rachel Maddow…
From The Associated Press…
A White House spokesman says President Bush is very disappointed in Monday’s House vote rejecting the administration’s rescue plan for the nation’s financial industry.
“There’s no question that the country is facing a difficult crisis that needs to be addressed,” said spokesman Tony Fratto. He said the president will be meeting with members of his team later in the day “to determine next steps.”
Bush is “very disappointed” with the vote, Fratto said.
Here is a quick video round-up, of reaction and fact-check to the Presidential Debate on Friday. Just in case you missed it, you can see the full video coverage of the debate here. What did you think of the debate? Let me know in comments.
Rachel Maddow responds to debate and does some fact-checking…
“I don’t torture myself over decisions. I make them as quickly as I can,
quicker than the other fellow if I can. Often my haste is a mistake,
but I live with the consequences without complaint.“— from “Worth Fighting For” by John McCain and Mark Salter, 2002
Is this the person who you want with the power to deploy US troops?
Is this the person who you want with the ability to launch a nuclear assault?
Is this the person who you want attempting to influence the US economy?
Are you willing to live with the consequence’s of John McCain’s quick decisions without complaint?
If I worked for the Obama campaign this would be the one quote that I would repeat in ads over and over and over again.
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