Bailout rejected and MEDIA flip-flop, Pelosi, Bush, Paulson
Last week, Joe Taxpayer, Joe Watercooler, Snaphot Joe, comedians, and the MEDIA (old and new) were clearly against the $700 billion bailout and the expanded powers Henry Paulson wanted.
The general consensus was that the plan- in general- was too controversial and The People weren’t getting anything out of out. At its core: why should we bailout Wall Street greed and bank mismanagement?
Then the House of Representatives worked overtime this weekend, and elected officials brought all of these concerns to Paulson, Bush, Cheney, Pelosi, and others.
During the first debate between Obama and McCain, which was supposed to be about foreign policy, the focus was on the bailout, economy, and Financial CRISIS. In fact, Obama has seen a surge of poll points since this CRISIS, as he has a populist platform.
Anyway, as lawmakers, lawyers, politicians, and the White House ironed out the details for a compromise, House Speaker and arguably the most influential Democrat Nancy Pelosi, made a reportedly controversial pre-vote speech. The MEDIA reported that some voters changed their votes because of that speech. That seems like a scapegoat, and my gut tells me that was a planted story from Pelosi herself. As leader, she should have never put a bill to floor that was so close anyway. Final tally: 228-208.
Here’s how the MEDIA covered this:
Sept. 29 (Bloomberg) — The financial-rescue plan intended to restore confidence in the U.S. banking system collapsed in partisan wrangling as the House of Representatives voted down the proposal backed by the Bush administration and congressional leaders of both parties.
Markets plunged as the House rejected, by a vote of 228 to 205, the $700 billion measure to authorize the biggest government intervention in the markets since the Great Depression. The Dow Jones Industrial Average fell 778 points, or 6.98 percent to 10,365, the biggest point drop ever. The Standard & Poor’s 500 Index fell 8.4 percent, the most since Oct. 26, 1987.
So as soon as the going got rough, the “tough” got going: of course the Dow Jones is going to get hit: with a week of HYPE from Paulson saying that markets will crash if *something* isn’t done, the House rejection caused mass panic.
Tony Vahl had asked everyone to stand pat and not to support the bailout. I agree- economic theory is very difficult because there are too many unknown factors to predict.
I believe the House voted in the best interest of their voting districts. Nancy Pelosi would have us believe GOP members changed their votes because they didn’t like her speech.
Please.
The MEDIA is now covering the House like they are a bunch of idiots and fools for not voting for the bailout. Even one of the few last remaining co-workers I have mocked the House’s rejection, calling them out for not being able to “play nice”.
I guess we are all conditioned to immediately attack the House if they vote down a bill.
But the huge joke is that my co-worker, the MEDIA, and the average person didn’t even WANT the bill in the first place.
I’m afraid I’m going to become The Joker or The Comedian, so I’m going to take a break from moaning and groaning about how the MEDIA is covering this Financial CRISIS.
In the meantime, be sure to wish Jolan Besana well. It looks like it still will be weeks or months before things happen to secure his release from the Somali pirates. Thankfully, NPR covered the Somali CRISIS yesterday, to give it some mainstream exposure.
Similar Posts:
- Bush’s Bailout Round II
- John McCain vs Obama, and my thoughts on the stimulus deal
- Conspiracy: Barack Obama and the Manufactured CRISIS
- Rush Limbaugh Sean Hannity Interview on Obama
- Economic confidence and the psychology of a recession
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You have chosen to vilify Nancy Pelosi with the guess that she wanted people to think that it fell apart because of her speech? Srsly? There are so many good reasons to vilify her, why choose such a lame one.
For those who “flip-flopped”, Nancy Pelosi’s speech made a good excuse. Nothing more, nothing less.
Vilify her for the speech itself, at least! It was INSULTING, and I tend to track slightly liberal.
I don’t my readers want me to write an essay identifing why Nancy is less popular than President Bush. It’s pretty self evident that she is a villain.
Ive got to admit, I dont understand this bailout or who the money is going to
unless they are going to bailout the people who are in danger of being thrown out on the street because they have no money, then i dont think this plan should pass either.
I don’t know who has a better attitude: Angel Jimenez or Gary Allen Vollink.
I guess it’s a braniac thing to lose the forest with all those trees around.
do not bailout wallstreet
keep the money on
mainstreet
…
Kucinich said what every working man in America has been thinking for the past 2 weeks.
Hell with Wall Street!
What is going to be done when millions go unemployed?
You may be next on the chopping block Damian.
Dennis was the guy I most wanted to vote for on the democratic side because he would have made the best president out of all of them.
But I know I live in a country of stupid people and because he was short and funny looking he would not get the votes to win in a general election.
so instead i went with Obama.
am I a realist, or a sellout?
I dont know.
but I ended up throwing my support behind Obama because he was the most charismatic and i thought he stood the best chance of winning.
heres some more Kucinich
Hey DT, as you can see I’m not supporting the bailout, and attacked the MEDIA for flip-flopping, and I always live my life to be on the chopping block at Tashman. In fact, I have an inside connection at 1st shift Taco Bell and 3rd shift Burger King.
* There are about 300 million men, women, and children currently living in the United States, so the bailout is equal to roughly $2,300 per person.
* Which is right around what we each paid, on average, for gas and oil in 2006 ($2,227) and a bit less than our average personal tax burden ($2,432).
that only proves that the gov can afford to give each person in the country 2g’s but wont because theyd rather give to a select few.
According to the 2006 Census, there are 33 million mortgage holders. Not that I’m recommending this, but if you divide the $700 billion by those home owners, you get $21,000 for each.
Wouldn’t that help the economy? Isn’t the problem the people who can’t afford their homes?
Again, I don’t recommend this….
Question: if the Democrats are in the majority, why do they need the Republicans to vote for this bill?
Answer: they want political cover for the November elections.
You better believe Pelosi wanted to provoke the Republicans. You better believe she can count — she knew she didn’t have the votes.
I’m sure she wants to be able to say: “We tried to pass the bill, but the Republicans blocked us.”
If the bill doesn’t pass and the Republicans are to blame, she can blame them for not caring about the people. If the bill does pass, she can blame Bush for screwing up the economy. Either way, she wins (political cover).
This is politics.
Amen, Vahl. Too bad I chose “such a lame” aspect to cover.
To Vahl:
although there is some corruption and dishonesty as there is in any political party, the reason that some democrats vote for a bill while others vote against it is because some are for it while others are against it.
democrats are compromising wimps.
Im a democrat and Im saying that.
they are almost never united in their voting patterns,
and the party is always divided for this reason.
and if im not mistaken democrats in congress have an 11% approval rating compared to bush’s 29.
that is because they didnt do anything to get our troops out of Iraq, and didnt try to impeach bush.
they didnt do any of the main things the people who voted for them wanted them to do.
there are not enough democrats like Kucinich and too many like pelosi.
I was done with pelosi when she said “impeachment is off the table.”
Congress really let the American people down, or really stood up for them. Honest to god, I got no fuckin’ clue anymore
Its all for show. No one in congress cares about Joe Middle Class, or his welfare abusing brother in law Tim Poor Class.
What happened to the America I grew up in. the 1970’s held such promise or was that just the rose colored glasses of youth?
Where’s that friggin’ asteroid.
Just knock us back into the stoneage and let us try again.
dont worry.
with the economic troubles were having, we will all end up back in the stone age without the asteroid.
especially with the price of gas as it is, we’ll all cut a hole in the bottom of our cars where the floormat is and ride around just like they did on the flintstones.
yabba dabba do.
Getting back to the basics:
No more driving since gas is too expensive.
No more multiple cell phones per family
No more cable or satellite
No more internet
No more eating out
No new clothes
is eating food and having running water on your list?