It’s a matter of opinion who are the more unemployable: The Street’s plutobrats, or Washington’s morons. The markets are in severe crash mode, thanks to a herd of selfish sheep. Government By Tantrum. Clown School is open for business.
The New York Times
The stunning defeat of the proposal on a 228-205 vote after marathon talks by senior Congressional and Bush administration officials lowered a fog of uncertainty over economies around the globe. Its authors had described the measure as essential to preventing widespread economic calamity.
The markets began to plummet even before the 15-minute voting period expired on the House floor. For 25 minutes, uncertainty gripped the nation as television showed party leaders trying, and failing, to muster more support. Finally, Representative Ellen Tauscher, Democrat of California, pounded the gavel and it was done.
In the end, 65 Republicans — just one-third of those voting — backed the plan despite personal pleas from President Bush and encouragement from their presidential nominee, Senator John McCain. By contrast, 140 Democrats, or 60 percent, voted in favor, many after voicing grave misgivings. Their nominee, Senator Barack Obama, also backed the bill.
By the end of day, the Dow had fallen 778 points, or nearly 7 percent to 10,365. The broader Standard & Poor’s 500-stock index dropped 8.7 percent.
Can these people read?
Market confidence isn’t a toy. If that implodes, say goodbye to your money. There was plenty of warning. “Ideological reasons” are cited for the rejection of the bill.
Apparently “gutless” isn’t a word being used.
The legislature has proven itself incapable of understanding, let alone managing, a major financial crisis.
But lawmakers on both sides pointed to an outpouring of opposition from deeply hostile constituents just five weeks before every seat in the House was up for election as a fundamental reason that the measure was defeated. House members in potentially tough races and those seeking Senate seats fled in droves.
“People’s re-elections played into this to a much greater degree than I would have imagined,” said Representative Deborah Pryce of Ohio, a former member of the Republican leadership who is retiring this year and voted for the plan. Congressional leaders in both parties said they did not know how they would proceed but were examining options, including having the Senate, where there was more support for the bailout, advance a bill after the Jewish New Year on Tuesday. Congressional leaders said any doubt about the need for action should have been removed by the market fall.
“Deeply hostile constituents” being experts on fiscal management, obviously, and no doubt fully conversant with what a multi trillion dollar train wreck on the derivatives market can do.
This is management? Mob rule would be a closer analogy.
Or can any collection of economic illiterates run Congress, any time they feel like it? This isn't about saving a few parasites, it's about damage control for the mess they created.
So populist claptrap, in an election year, is more important. Saving a seat for yourself is as good a reason as any for America waking up one morning stone broke, I suppose. Because if the chain reaction sets in, that’s what will happen. You'll be able to talk about the days when you had a bank to go to, and even had some money in it.
They’re still trying to pass something.
That’s also a description of severe constipation, coincidentally.
Petty politics, and there’s none pettier, with the House up for reelection too, helped squash the bill. You have to read the NYT article to see exactly how small minded both sides were.
If anything kills America, it will be itself, fighting itself, while the country burns down.
It’s hard to imagine anything less relevant than saving some stinking politician’s fatuous career while the country suffers so much. But that’s the criteria.
So the whole dismal catalog of personal mediocrity is likely to be added to whatever does finally pass, if Congress will condescend to do its job.
If you see a lot of insects polluting your home, you call them “vermin”.
I've often wondered why Americans despise Washington so much. Now I see why.
Let's get this straight- America's credibility is on the line, now. This is gold for anyone who's ever hated the US, and the super-intellects in DC have just proved they don't know when their butts are on fire.
Any other bright ideas?
Screw up again, and the only way is down.
