The American people sent congress a message this week and Congress tried something it's never tried before. They listened. A bloated $700b bailout bill was defeated this morning by the United States House of Representatives. I'm not sure of the specifics but I believe this is the first time the House has ever said no to spending of any kind.
The FED of course responded with $630b worth of it's inflated fake money to ensure 'liquidity' in this time of 'crisis'. Or so the press who apparently love Henry Paulson more than they love even Barack Obama, would have you believe.
Of course I don't think we've heard the last of this issue on the House floor. There will be another bill, and it will look a little different. It may be safe to say that come November it's not a closed ballgame anymore for House seats. This is a game changer for the Republicans at least. Some 90+ so called Blue-Dog D's have taken a step towards protecting their seats and I'll have to take some time to analyze the voting records to see who still sits on an uneven perch when the dust settles. But R's who were in vulnerable seats in this heated and very D' heavy election season have made a major sweep in their own defense and their opponents will only have their party emblem to tie them to the issue, no protest vote on record to save them.
I don't see how the D's can let Nancy Pelosi remain in her seat after the election as she has taken every hope and dream the D's ever had and flushed them down the toilet of the last two years. After all she turned a clear electoral mandate into the least popular congress ever and then couldn't even wrangle her own party to help pass what she thought was the most important legislation of our time.
Reports had Pelosi composing the actual language of the bill behind closed doors, going so far as to take blackberry's away from her staff so that the actual language and contents of the bill would remain a mystery until the very last minute. Perhaps that's not the kind of secrecy that the Unites States needs within it's lawmaking body.
On negative for the public about a failure to pass this bloated socialism in the House is that we don't get to see this morning how the two Senators in the Presidential race would vote. I think we know from the rhetoric this week that even though only 28 percent of the public wanted the bill, both candidates were emphatically in favor of it.
It's odd mojo for me to see the leader of the Democratic House jumping so wholeheartedly behind a bailout proposed and designed by the former CEO of Goldman Sachs, and a Bush appointed Treasury Secretary, all while trying to blame the entire financial situation on the Bush financial team... When I see a bus in flames heading for the train-tracks I don't think 'hey let's jump on board'. Unless of course the bus isn't really on fire, and there aren't really any train tracks, but if I hop on the bus with the crazy guy driving, maybe I'll get to drive a bus. I do like buses.