GOP excuse for bailout not passing: Nancy Pelosi hurt our fee fees
Posted by: Donna
I kid you not. I just saw Reps. Boehner and Blunt at a press conference claiming that Republicans were all ready to vote for the bill until Pelosi made a “partisan” speech. Which, if true, means that a substantial number of Republicans in Congress are far too emotionally unstable to serve in their positions. Now the Democrats are having their press conference and Rahm Emmanuel and Barney Frank are owning those crybabies!
As for the bailout itself, I don’t know what to think. On the one hand, if financial institutions are allowed to fail the consequences to ordinary people and small businesses could be devastating. Most of us go through our lives blissfully unaware of the millions of transactions and loans required to enable us to gas our cars, buy food, get money from the ATM, or meet our payroll if we have a business. Taking liquidity away from banks, businesses, and consumers will bring the whole thing crashing down around our ears.
On the other hand, I’ve more than a few reservations about handing nearly a trillion dollars to the very people who either caused the problem or allowed it to happen. The nerve of Secretary Paulson, to actually think he could just present a 3 page demand for funds with no accountability or oversight is stunning. The compromises worked out by the Democrats – oversight, help for homeowners, and limits on executive compensation – made it somewhat more palatable but may not be enough to satisfy critics of a bailout. And while I understand the need for something to be done soon, I fail to see why it has to be done OMG RIGHT NOW!!! Nonsense.
But the Epic Fail Award belongs to John McCain. This morning he was braying about how his masterful leadership in the crisis led to the successful passage of the bailout bill. Except that most of the people working on it, including some of the Republicans, regarded his presence as more of a nuisance and a hindrance than a help. And then the bill didn’t pass. Fine leadership there, John. When the Republicans in Congress don’t even listen to you anymore, why do you expect anyone else to?
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I think they should just hand the $700B out to the American people. That should stimulate the economy. I mean seriously, I think we’d spend it a lot more responsibly than the folks who are asking for it.