The Republicans shot it down 65 to 133. I find it hard to believe that they're voting their conscience; they're voting their electoral interest in November. I hope their constituencies enjoy the bank panic.
the longer they wait, the busier the FDIC gets. This, I must point out, also costs the US taxpayer money, and there's no chance we'll get any of it back, either.
The public doesn't quite grasp what's at stake, and there's no reason they should. But the representatives do. The true believers--well, I forgive them their zealotry, and hope that they're right and I'm wrong. But anyone who tanks a bank bailout they think might be needed, in order to get a cut in the capital gains tax, deserves to be tried for treason.
Of all the saddest claims about the failed bailout is the Republicans saying that they had to do so because Nancy Pelosi delivered such a horrid, partisan speech ... I expect Republican legislators to pay more attention to the economic fate of the nation than to whether the speaker of the house is hurting their exquisitely delicate feelings. As a friend notes, "I expect more maturity from my daughter and her fourth-grade classmates".
There could be no better testament to the historic ineptitude and failure of the Bush administration than that two-thirds of the members of the president's own party rejected his administration's plan to deal with the worst financial crisis since the Great Depression.
The Republicans killed the bill, and they are going to have to live with the consequences.
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