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« Community Disorganizers | Main | In the Tank » September 29, 2008Bailout BombsThe Wall Street bailout bill was defeated in the U.S. House, with 40 percent of Democrats and two-thirds of Republicans voting against it - a reflection of nothing other than this: The vast majority of the American people are against it. Whether the American people's collective judgment is right or wrong about this issue, their opposition to the Wall Street bailout bill has exposed for all to see the rank incompetence of House Speaker Nancy Pelosi and the Democrat leadership that is now running Congress. I'm watching MSNBC right now, and they're pushing the meme that it is the Republicans' fault for the bill's demise. Pelosi is also pushing that view. But Democrats are the majority in the House, and Pelosi couldn't get 94 of her own members to vote for the bill. Update: Allen Fuller has a good idea: To get larger Republican support for the $700 billion bailout, offset the cost with spending cuts. Update: The Obama cheerleaders in the mainstream media are calling today's vote a blow to John McCain. Wrong. It's a huge opportunity. In last week's debate, when each candidate was asked what among their budgetary priorities would need to be cut to pay for the $700 billion bailout, McCain actually named some things - ethanol subsidies and cost-plus defense contracts - and promised a complete review of federal programs and agencies to eliminate wasteful spending. Obama couldn't name a single program that would be cut even a nickel. Instead, Obama actually named programs he would expand. The opportunity for McCain is this: Propose a new bailout package similar to the one that just passed, but with one key new feature: Every dollar spent by the bailout program must be offset by a dollar in certified spending cuts, a ban on earmarks and a roll-back of all earmarks passed since the beginning of the year. Posted in Economy & Business
Comments
Contrary to what Pelosi and her kin declare, the ball for this meltdown is completely in their court. I read that 40 percent of Dems in the House don't support the bill either. In addition, any new spending should definitely be offset by cuts--McCain did very well with that question and I hope his campaign pushes his response. There is a long paper trail documenting what caused this meltdown--the Community Reinvestment Act that put banks in a chokehold whereby they wrote bad paper (No credit? Bad credit? We can still write you a mortgage!), the complete failure of our current leaders on congressional committees (Dodd, Frank, etc.), and socially engineering our economy to send tax payer dollars straight to tax recipients who paid no taxes to begin with. I applaud the members of congress who denied their votes, both parties' members actually. best, Kay B. Day Posted by: Kay B. Day at September 29, 2008 3:08 PMBill, I've got a pretty simple question. Do you think Republicans ought to take credit for killing this bill? If it was such a bad bill, I'd think you'd say yes. If it was a great bill, I imagine you'd say no. Where do you stand? Posted by: Christian at September 29, 2008 5:22 PM I don't see how anyone can say they fixed the problem unless they back track to the first cause. This is like providing liquidity to an unrepentant drug addict. Rasmussen reports that likely voters are moving to supporting a bailout with current polling being close to even splits opposed, for, and undecided... (around 33% each) Time for McCain to ride to the rescue. Cue Bonnie Tyler. Posted by: Steve in TN at September 29, 2008 9:41 PMPost a comment
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