Frank mocks GOP complaint on bailout
As House Democrats and Republicans blame each other for the Wall Street bailout bill going down in flames, Representative Barney Frank of Massachusetts mocked the GOP leadership for saying that it lost some votes because of a partisan floor speech by House Speaker Nancy Pelosi.
Pelosi blamed the crisis on "right-wing ideology" and on Republicans following a "no regulation" mentality.
Frank, one of the major architects of the bailout package, said he was "appalled" that members of Congress would put "hurt feelings" ahead of the good of the country.
"Frankly, that's an accusation against my Republican colleagues I would never have thought of making," Frank said.
"Here's the story: There's a terrible crisis affecting the American economy. We have come together on a bill to alleviate the crisis. And because somebody hurt their feelings they decide to punish the country. I mean, I would not have imputed that degree of pettiness and hypersensitivity....But think about this: Somebody hurt my feelings so I will punish the country. I mean, that's hardly plausible. And there are 12 Republican members who were ready to stand up for the economic interests of America but not if anybody insulted them.
"I think they are covering up the embarrassment of not having the votes," Frank said increduously at a Democratic news conference.
Among Democrats, 140 voted yes and 95 no. Among Republicans, 65 voted yes and 133 voted no. In the Massachusetts delegation, Democrats John Tierney, Stephen Lynch, and William Delahunt voted no.
Frank remarked on the numerical "coincidence" that the number of "deeply offended Republicans" who voted no equalled exactly the number needed to reach the 218 votes in favor to pass the bill.
"I'll make an offer," he added. "Give me those 12 people's names and I will go talk uncharacteristically nicely to them and tell them what wonderful people they are and maybe they'll now think about the country."
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From the NY Times, September 11, 2003:
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON
Published: September 11, 2003
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.
''There is a general recognition that the supervisory system for housing-related government-sponsored enterprises neither has the tools, nor the stature, to deal effectively with the current size, complexity and importance of these enterprises,'' Treasury Secretary John W. Snow told the House Financial Services Committee in an appearance with Housing Secretary Mel Martinez, who also backed the plan.
Mr. Snow said that Congress should eliminate the power of the president to appoint directors to the companies, a sign that the administration is less concerned about the perks of patronage than it is about the potential political problems associated with any new difficulties arising at the companies.
The administration's proposal, which was endorsed in large part today by Fannie Mae and Freddie Mac, would not repeal the significant government subsidies granted to the two companies. And it does not alter the implicit guarantee that Washington will bail the companies out if they run into financial difficulty; that perception enables them to issue debt at significantly lower rates than their competitors. Nor would it remove the companies' exemptions from taxes and antifraud provisions of federal securities laws.
The proposal is the opening act in one of the biggest and most significant lobbying battles of the Congressional session.
After the hearing, Representative Michael G. Oxley, chairman of the Financial Services Committee, and Senator Richard Shelby, chairman of the Senate Banking Committee, announced their intention to draft legislation based on the administration's proposal. Industry executives said Congress could complete action on legislation before leaving for recess in the fall.
''The current regulator does not have the tools, or the mandate, to adequately regulate these enterprises,'' Mr. Oxley said at the hearing. ''We have seen in recent months that mismanagement and questionable accounting practices went largely unnoticed by the Office of Federal Housing Enterprise Oversight,'' the independent agency that now regulates the companies.
''These irregularities, which have been going on for several years, should have been detected earlier by the regulator,'' he added.
The Office of Federal Housing Enterprise Oversight, which is part of the Department of Housing and Urban Development, was created by Congress in 1992 after the bailout of the savings and loan industry and concerns about regulation of Fannie Mae and Freddie Mac, which buy mortgages from lenders and repackage them as securities or hold them in their own portfolios.
At the time, the companies and their allies beat back efforts for tougher oversight by the Treasury Department, the Federal Deposit Insurance Corporation or the Federal Reserve. Supporters of the companies said efforts to regulate the lenders tightly under those agencies might diminish their ability to finance loans for lower-income families. This year, however, the chances of passing legislation to tighten the oversight are better than in the past.
Reflecting the changing political climate, both Fannie Mae and its leading rivals applauded the administration's package. The support from Fannie Mae came after a round of discussions between it and the administration and assurances from the Treasury that it would not seek to change the company's mission.
After those assurances, Franklin D. Raines, Fannie Mae's chief executive, endorsed the shift of regulatory oversight to the Treasury Department, as well as other elements of the plan.
''We welcome the administration's approach outlined today,'' Mr. Raines said. The company opposes some smaller elements of the package, like one that eliminates the authority of the president to appoint 5 of the company's 18 board members.
Company executives said that the company preferred having the president select some directors. The company is also likely to lobby against the efforts that give regulators too much authority to approve its products.
Freddie Mac, whose accounting is under investigation by the Securities and Exchange Commission and a United States attorney in Virginia, issued a statement calling the administration plan a ''responsible proposal.''
The stocks of Freddie Mac and Fannie Mae fell while the prices of their bonds generally rose. Shares of Freddie Mac fell $2.04, or 3.7 percent, to $53.40, while Fannie Mae was down $1.62, or 2.4 percent, to $66.74. The price of a Fannie Mae bond due in March 2013 rose to 97.337 from 96.525.Its yield fell to 4.726 percent from 4.835 percent on Tuesday.
Fannie Mae, which was previously known as the Federal National Mortgage Association, and Freddie Mac, which was the Federal Home Loan Mortgage Corporation, have been criticized by rivals for exerting too much influence over their regulators.
''The regulator has not only been outmanned, it has been outlobbied,'' said Representative Richard H. Baker, the Louisiana Republican who has proposed legislation similar to the administration proposal and who leads a subcommittee that oversees the companies. ''Being underfunded does not explain how a glowing report of Freddie's operations was released only hours before the managerial upheaval that followed. This is not world-class regulatory work.''
Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.
Hey Jim Hansen - Perhaps you forgot in 03 your president ran around the country with cameras in tow proudly proclaiming an agreement that he got with fannie and freddie to "remove obstacles in the home loan process for lower income Americans to ensure that every American has the opportunity to be a proud homeowner." Thanks for reminding us about the Democrats but you are lying, ignorant or just dumb if you want us to think that your buddy W didn't orchestrate this vile deregulation to force the market into this bind. Why is he so quick to get our signature on the blank check? Why is he so quick to, once again, usher in JP Morgan and Citibank to eat up WaMu and Wachovia? Do you see a pattern here or should I break out the crayons and draw you a picture?
Barney Frank is the guy who voted three times (01/03/05) against more regulation over Fannie&Mac after bush admin voiced caution and asked for more oversight. His language was that the Bush administration was overly concerned and overly panicked. Why? Because he wanted to protect the votes of poor people who should have never reiceived a mortgage in the first place!!!! Now he is pointing the finger back at the republicans.....this is a joke!!! He and his fellow loosers (incl Pelosi) need to loose their jobs....NOW!
Tom, c'mon. Reaganomics got us here, and the House Republican are going to use the same failed economic theory to justify putting our country into a deep deep recession. For the last thirty years, you could not say regulation and Republican in the same sentence. Now the economic crisis is caused by Barney Frank and Chris Dodd not doing enough to regulate Fannie Mae and Freddie Mac? Some body please give me the names of the 12 little Republican Hoovers that changed their vote after the last minute. Tom, you are starting to sound like a Palin interview.
Linda's math skills suggest that "No Child Left Behind" is just another dismal failure of the Bush years.
Ready for a third term, anyone?
You people that support the Republicans at this point are completely brain dead. The Republicans caused this entire thing, that's not an opinion, that's a fact. Remember the "depression era" laws you so gleefully removed? Well they were there for a reason you idiots. Those laws protected you and you were so stupid you let Bush and the boys strip-mine this country. One of those "depression era" laws you Republicans removed prevented companies from becoming this large - again, fact, not opinion. I don't know why I'm bothering to say this, you can't convince a Republitard of anything because they're just plain arrogant and stupid.
I am totally confused didn't a REPUBLICAN ADMINSTRATION come up with this bill?? Why are DEMOCRATS being blamed for anything???
More bailing out for the rich! All hail the continuing corporate welfare!!
September 30, 1999
Fannie Mae Eases Credit To Aid Mortgage Lending
By STEVEN A. HOLMES
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.
''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.''
Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.
In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.
''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''
Under Fannie Mae's pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 -- a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped.
Fannie Mae, the nation's biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings.
Fannie Mae officials stress that the new mortgages will be extended to all potential borrowers who can qualify for a mortgage. But they add that the move is intended in part to increase the number of minority and low income home owners who tend to have worse credit ratings than non-Hispanic whites.
Home ownership has, in fact, exploded among minorities during the economic boom of the 1990's. The number of mortgages extended to Hispanic applicants jumped by 87.2 per cent from 1993 to 1998, according to Harvard University's Joint Center for Housing Studies. During that same period the number of African Americans who got mortgages to buy a home increased by 71.9 per cent and the number of Asian Americans by 46.3 per cent.
In contrast, the number of non-Hispanic whites who received loans for homes increased by 31.2 per cent.
Why shoudl it be up to the DEMS to vote for this - it was proposed by president Bush and his Fed chairman, SEC chairman etc last i looked these people are all Republicans. If they can't get there own party to back their rescuer plan don't go blaming the other side
Hopefully, the reason the bill didn't pass was because people had concerns about rushing this through. Well, that and the fact that certain folks up for reelection may be questioning the wisdom of casting a vote contrary to the wishes of their constituents. Ms. Pelosi may have picked a bad time to go partisan, but would this have been the deal breaker? We're talking about patching together a monumental bill at gun point, in a way, and Wall Street is holding the gun. The fix needs to be substantive, not something that ends up having lots of holes in it. Keep at it, folks. And may the people who rushed to sell their stocks cool their jets a bit. Let's not panic.
Hey, thanks to all you thoughtful posters! Why didn't I see it before? The GOP had nothing to do with this mess. Of course, American consumers (I use this word in deference to our Great Leader, who no longer uses the word old-fashioned pinko word "citizen" — after all, a consumer just takes while a citizen gives back, which is a bad liberal thing to do, right?) bear no responsibility for failing to understand their mortgages and investments, much less to spend wisely. If we had all just trusted the sagacious Republicans and had let them deregulate every facet of the economy and allowed us to dump our Social Security trust into the stock and derivatives markets, the economy would be going gangbusters forever! Forever! Democrats were fools for blocking such sound economic measures. What fools we all were.
You people that support the Republicans at this point are completely brain dead. The Republicans caused this entire thing, that's not an opinion, that's a fact. Remember the "depression era" laws you so gleefully removed? Well they were there for a reason you idiots. Those laws protected you and you were so stupid you let Bush and the boys strip-mine this country. One of those "depression era" laws you Republicans removed prevented companies from becoming this large - again, fact, not opinion. I don't know why I'm bothering to say this, you can't convince a Republitard of anything because they're just plain arrogant and stupid.
Pelosi's quote:
"When was the last time someone asked you for $700 billion?" she asked. "It is a number that is staggering, but tells us only the costs of the Bush administration's failed economic policies — policies built on budgetary recklessness, on an anything goes mentality, with no regulation, no supervision, and no discipline in the system."
Republican reaction: "I am so upset that someone had the nerve to tell the truth about the cause of this financial mess and blame Republicans that I am going to vote against the bill."
So much for all the right-wing pandering about personal responsibility.
The number of people responding to this article parotting republican "radio talk show" hosts is really scary. These guys are entertainers folks, not economist, political scientist, or in most cases educated. They sell things by playing on your emotions, fear, anger etc. For goodness sakes start looking beyond this group for your infomation.
I don't give a damn if the fault lies with the "Republicrats" or the "Democrans", the FACT is that "United we stand, divided we fall". If we think our financial world is falling, ..."you ain't seen nutt'in yet"; our whole damned democracy is falling! This partisan division is a fool's war. Strict party allegiance is just a lazy dumb ass' way of pretending to be interested and active in politics when all they do is go in the voting booth and "pull the lever" for one party regardless of ANYTHING else. Lay off the blame... it's time to DO something. It's time to revolt and it starts in November. Has there ever been a better time to vote out ALL the incumbents? Surely our enemies wouldn't attack us now while we're weak... would they?
If Republicans oppose the bill, even though it was Bush who proposed it and McCain who rushed to DC to get it passed, then who is it with the failed leadership?
Frank and Dodd are the ones who made Fannie Mae and Freddie Mac offer sub-prime loans to ANYONE who wanted them regardless of their ability to repay the loans.
Frank and Dodd deserve every iota of blame for this fiscal debacle.
They single-handedly SANK this country.
- Harvard MBA '04
What were the comments from Pelosi? Does anyone know? If I had reservations about a bill put before me in the first place and have 80% percent of my constituents saying that they opposed the bill. Something in a speech may sway my decision.
Linda is a perfect example of the morons running the Republican't party.
Their math skills fall into line with their understanding of science.
"We don't need math, We don't need science - God controls it all, made it all."
And Sarah Palin is their poster child.
I bet she was involved in preparing Miss Teen South Carolina last year. The country is in the poilet adn the republicans just flushed.
Is this eerily like 9/11 or what?
The democrats, under Clinton destroy the military and intelligence agencies permitting 9/11 to take place. Then they of course blame Bush.
Republicans, in 2005, over concern for this looming nightmare, offer up S.190 to oversee any organization involved in secondary subprime lending. Democrats vote no and kill it.
He Dims, nice job you morons; 2 for 2!!!
McCain and Bush are the only people who offered at any time to set aside politics to get this bill passed.
It was Obama and Pelosi who refused to work together and Obama and Pelosi are to blame for this failure.
This is what we have to look forward to from an Obama administration: 4 years of sleezy partisan politics!
This bailout was just plain wrong.
1) The limit on exec compensation was a toothless fraud. Companies will still pay the high salaries, the companies won't be able to deduct it, and the shareholders will be punished, along with the taxpayers.
2) As such, the bailout provides no incentive for the remaining banks to act right going forward. The entirety of Wall Street is filled with thugs the likes of which this world has hardly seen since the Great Depression. The surviving banks will have swelled egos and no incentive to change their behavior.
3) FRE and FAE fraudulently reported earnings so their CEOs could get bonuses. There's no punishment for them, either, included in this bill.
Make no mistake about it, for confidence to be restored, before I would personally vote for something like this, somebody needs to go to jail. Until then, I have absolutely NO confidence that this bailout will reform shit.
Anyone who suggests that it's the Dems who need to retire the field has presumably just been released from the asylum where they've spent the past eight years.
Congratulations to Congress for not putting Tresury notes at risk of a downgrade. Credit default swaps on Treauries have been spiking ever since talk of this bailout started, which means the swap writers have less confidance that the Treasury can honor its obligations. Similar swap action in mortgage securities was a very good predictor of current bank failures.
Congratulations to Congress for not putting Tresury notes at risk of a downgrade. Credit default swaps on Treauries have been spiking ever since talk of this bailout started, which means the swap writers have less confidance that the Treasury can honor its obligations. Similar swap action in mortgage securities was a very good predictor of current bank failures.
I don't know what Pelosi said, but I am THRILLED this bill failed.
For Barney Frank to claim that this bill was needed should put up everyone's BS detector. Remember this is the same man who for years stood in the way of more oversight for Fan/Fred. Who has taken millions from the financial sector. And who has been in Congress since 1981. He is a career politician making him an expert BS artist.
Today, the American people won.
Had both parties ignored the President in 2003 there would be close to a million less people butchered and the 700 billion needed for the bandaid bail- out would be in the banks.
This is GOOD, too bad it is not a silly 30 minute sit-com. Our buddy, and true American Tom DeLay would not have let this happen. Good thing, they used so much too get ride of him. He would have fixed it during Golf, somewhere, but it would have been fixed. Instead, this California, VERY RICH female can not even get pigs to a feeding without discontend. Oh for the Good Old Days when things at least got done, today we can make fun of a war hero, but SHOW no leadership when it counts the most. This new direction will easy since DOWN is so easy to correct, just, do any thing and it is better.
Just leave Linda aloooooooone
Everyone should go out and punch every one of your friends and family in the face who told you that real estate was the only key to building wealth or who engaged in flipping or took out some crazy ass mortgage they couldn't pay off. Kick every one the people you know in the nuts who have racked up 6 figures in credit card debt or who drive a Hummer or SUV that they don't need. The country has gorged itself on debt and excess spending for the last 20 yrs ... all we needed was the most corrupt and incompetent leadership in the country's history to put the final nail in the coffin. This is it people ... The Great Depression Pt 2.
HOW MUCH PER PERSON DOES THIS EQUAL? $200,00+?? JUST GIVE THE SAME AMOUNT TO EACH CITIZEN, I GUARANTEE YOU THEY WILL BUY BUY BUY. NO MORE PROBLEM. EXCEPT FOR THE FATCATS THAT SCREWED THE PUBLIC WITH THE CREATIVE FINANCING, EVERY ONE ELSE IS BETTER OFF. WHO REALLY IS GETTING THE ADVANTAGE OF A BAILOUT - CHINA, SAUDIES? OTHER FOREIGN COUNTRIES AND NATIONALS. THEY HAVE BEEN FLOODING OUR BANKS WITH INVESTMENT MONEY. WHY DO I WANT TO BE ON THE HOOK FOR 700 BILLION FOR THEIR BENEFIT? THIS IS A FREE MARKET COUNTRY ISN'T IT. IF MY BUSINESS FAILS IT FAILS!!
So much partisan bull crap. Follow the money it will lead to the real answers. Why such a request at this time? Why go to Congress and request a "bail out package" with absolutly no strings attached, and then squak about the negeotiations in Congress? Why is the Presidents own party not supporting him on this issue? It seems the President's reputation for honesty is being questioned. I wonder why? Let's face it Republicans and Democrats just look at the world differently. Most all of the positive things that have been accomplished by this country have been done by the middle class lets try to keep them around a little longer.
Thanks for nothing Barney. The failure of Fannie and Fredie lie directly with you and others who supported such stupid policies. Where is your fiduiciary duty to the taxpayers? Now you want to lay blame on others because of Nancy Ps stupidity and her intentional disregard of her own accountability and responsibility and inability to omit it. Maybe she should have started by saying that she as a leader failed along with Congress the bank oversight committe and many others all share the blame and responsibility and now lets try and fix it. Barney and Nancy obviously have no leadership ability.or traits. Who would ever follow these talking heads of little substantance. Children are more honest and polite then these folks.
Can we please remember that it was the REPUBLICAN President that pushed this legislation? The Democrats leadership pulled together their half and the Republicans choked! Frank has every right to point the fingers at the Repubs because this was supposed to be a
BI-PARTISAN agreement. I guess this is the same Bi-partisanship that we can look forward to if McSame were to get elected. BTW-I thought the suspension of his campaign was supposed to bring them all together, he showed such leadership by putting his country first-what a JOKE!!!
I don't think that the republican congress leaders know how to do the math. I am not surprise that they WILL lose more seats to the democrat in this election.
I think more people should tell Linda to re-do her math...
Democrat 1: Man, what are we going to use to argue against the Republicans? We don't really have anything worth--
Democrat 2: OH LOOK SOMEBODY MADE A MISCALCULATION
Democrats 3-10: REPUBLICANS MUST BE WRONG BECAUSE ONE POSTER MADE A MISCALCULATION SO OBVIOUSLY NO REPUBLICANS ARE CAPABLE OF MATH
Way to troll, guys.
Cantor is a grandstander, that's why he brought a "Copy" of Pelosi's speech as a prop. He's your typical useless suit.
I'm by far no fan of Pelosi, but clearly the republicans could not bring their share of the vote - disclaimer - I'm a registered Republican. In fiscal cases liek this expect to see splits such as we did today quite often.
What few folks know is there is a very decisive split in the R party. On the one side you have the fiscally conservatives and on the other side the Republicans that need to highjack poor christians to get elected.
Posted by PRH "Hey Helen B. Canin...get a grip on your math skills. 40% of the Democrats voted no. 33% of the Republicans voted no. "
Hewy PRH! Are you a math idiot? Only 33% of the Republican voted YES.
You people are like human wheelbarrows. Pull your head out of your butt and face reality.
Bush is a disaster, the Republican House and Senate leadership is a disaster and John McCain with Sarah Palin is a disaster waiting to happen.
Hey Barney I know how to fix this mess. VOTE EARL H. SHOLLEY in November. The Congress should start an immediate investigation as to how, who and when this mess was created. When we have all of the facts and names then whatever the solution ends up to be, will included the firing/jailing of those responsible.
"Lets just send Linda back to school, where she can learn that 133 [Nay Republican Votes] of 198 [All Republican Votes] is not 33%, but 67%."
Twenty-seventhed!
Wait, I mean seconded!
Two things:
1 - I would like a list of those who voted no.
2 - I would like to see the CEOs and politicians who spearheaded this total financial debacle go to jail, regardless of party.
Actually three things: 3 - The last time this happened wasn't there a Bush president?
So, the two Buishes have cost America
3 - The last time this happened
3 - The last tiemthis happened
For those who think the failed bailout shows Obama's lack of leadership I have this...Are you kidding? Wasn't it McCain who vowed to get the deal done?
As to the vote itself, reps and dems are equally to blame. I understand why they refuse to ratify the bailout, and to some extent I agree with both sides of the ney, but options have run out. Is anyone up for a credit freeze? This would set us back to the great depression. Bailout and cleanup is the only option.
"Eureka" hit the nail right on the head, and all of that stuff is in there just because the Dems felt that everyone should be able to "own a mortgage". Where does our constitution say that everyone has a right to own a mortgage. And then the Repubs get a majority and do they recind the earlier mess, NO!!! And did
Ms Pelosi do anything in the last 4 years to stop it, NO!!! We really elected some winners from both parties.
Enough with the math comments we get it. And honestly I think we are all missing the point here it is the policies of this administration as well as previous ones, principally the Reagan Admin, that started to deregulate markets. With the support of the Bush admin Fanny Mae and others used reckless buying strategies that backfired and now threaten our economy.
Pelosi and everyone involved is just trying to make bad situation from getting worse, and the unfortunate reality is that everyone is focusing on blaming the other guy when we need to focus on market assistance, which I think is needed, while also addressing the regulation of the market. Even if the dems draft the entire bill and pass it by themselves it probably will die on bush’s desk. It still won’t pass, and that is the problem
People should really look at history on this one. Like what FDR did with the new deal. When he implemented New Deal policy and started controlling the markets and over produced US currency putting us in debt. Sometimes we need to face a debt and some more regulation in our policies in order to get us back on track. And not all people are for that.
The Dems should have carried this load all by themselves but they didn't. This can not be a Repbublican failure it is a clear lack of Democratic party leadership. If the islamic radical is elected as president we will have 4 more years of no Democratic leadership.
Did you see "Wyatt Earp" ? Remember the scene at the OK Corral when Val Kilmer playing Doc Holliday winked and all hell broke loose? Well, Nancy and Frank congratulations... you just couldn't resist laying claim to the save and placing partisan blame on the Republicans.
If there was any hope of preserving the bipartisanship, it is gone and I don't see any leadership to restore it.
Both Obama and McCain need to join the President and get this worst congress past their partisan BS
The failure in leadership is in allowing Barney Frank & Chris Dodd to speak to the media. It is readily apparent that they are not able to hide their contempt for the other party. Pelosi and Reid should be the only ones speaking along with the appropriate Republican leadership.
The fact that the Democratic and Republican leadership could not manage a united message and leave the pettiness behind closed doors is shameful. Pelosi's poor judgement today in giving a public partisan speech in introducing the bill undermined her own goals to get the bill passed. How would Tip O'Neil or Lyndon Johnson or Bill Clinton have handled things? Certainly not like this. Who do we turn to now? Who has any credibility left?
They might of got there feelings hurt...big whoop!!! What is more likely is that they have heard from their constituents and are looking at an election they want to win.
You'll find no heroes in the congress....none!
This hurt feelings and being insulted is just cover for voting no which they were going to do anyway.
Posted by PRH "Hey Helen B. Canin...get a grip on your math skills. 40% of the Democrats voted no. 33% of the Republicans voted no."
Ladies and Gentlemen, another Republican Math Moron
33% of the Republicans voted YES. Yes, YES. Try and concentrate now; that means that 66% voted NO.
I understand it is tough to count above 21, even with your shoes and socks off and your pants off. Stop being a human wheelbarrow and get your heads out of your butts.
Bush is a disaster. The Republican Leaders(?) in the House and Senate are a disaster. McCain and Palin are a disaster. Do you see a pattern here?????
You guys should have to pass a mental means test in order to have a vote.
Why now?...... did the Republicans decide to grow a set and NOT vote "Lock Step" with the president. They do just about every other time? This was a Republican proposal, backed by the Republican leadership, but they couldn't get their own family in line. The GOP needed only 20+ Dems in the mix ( if the 198 lock step republicans voted with the leadership.) .....They had 140 Dem votes!
I understand the Dems not being able to get a consensus alone... They tend to think for themselves.... The Republicans let the President do the thinking. You know where this is going.........Blah Blah Blah...COMPLETE GOP failure!
It's George, "the Hack" Bush's policies, and his rubber stamp congress for six years that knocked all these walls down, between securities, insurance and banking, although CLinton had his hand in it as well. To try to blame Barney Frank is ludicrous.
Let''s see, Lie us into war, lie about the war, hide the dead, shred the constitution, keep Iraq money out of the budget for five years, torture people, rig the voting system, bilk the treasury, break laws with your political appointees in every branch of governement, and then run an old man, and "Caribou Barbie," on the same failed, broken, tax cut and spend credo the Rebulicons have run on since old man deficit, or Reagan... Time to wake up Limbaugh listeneners. Your people have sold you out, and you aren't even aware of it, yet......
Why is every body on Linda's case .When you talk about %'s How does this sound
If the Democrats would have gotten just 10.13% of their own party to vote for it .It would have passed.They must have someone with .13% enough party unity to do that.
I wonder how many votes the demos could have put together if the bill were left in it's previous give-away form. Probably all of 'em..... and we REALLY could have gotten screwed.
Thank God for the house Republicans.
So far most the comments have been on telling Linda she made a mistake not on the problem at hand. For those people who think Linda's mistake amounts to treason and was not the cause of the problem. Here is something you might consider.
(1) In 1999 congress and President Clinton did away with the Glass-Stegal act. If you don't know what this act is look it up. (2) In 2002 (I think) and 2005 Bush tried to get more controls on on Fanny and Freddie but Barney Frank lead the charge along with Dodd that there should not be more controls but less. In fact Barney pressured people to provide more loans to low income people with out anything down. Dodd was No.1 in getting cash from Freddie and Fanny. It is a joke to now see Barney and Dodd trying to fix the problem they help create and blame the whole mess on Bush. The blame for this can be put in very few words, Washington D.C
I hope i did not make a mistake I would hate to see you guys spend a whole day telling me something that I could give a rip about what you think
Enough of the math comments...geeze! Can't one person point out the math error? Identifying a faulty calculation, in no way, contributes to the discussion after the first correction. Just because you can spot poor math doesn't mean you aren't a liberal idiot!
What I will say is short and sweet. I am a lifelong Republican. My family was Republican but I for Republicans to blame Pelosi for not voting in the best interest of the county is unforgivable. Do you have an idea how many seniors had their portfolios wrecked because they didn't like what Pelosi said? If John McCain wants to do something worthwhile and he is such a Maverick why doesnt he work with the ultra conservative splinter Republicans to consider the interests of the county over their hurt feelings?
Why is every body on Linda's case .When you talk about %'s How does this sound
If the Democrats would have gotten just 10.13% of their own party to vote for it .It would have passed.They must have someone with .13% enough party unity to do that.
Barney Frank helped get us into this in the first place. However this is a case of Congressmen putting their jobs ahead of the country. Wait until America gets their 401K statements, or worse loose their job because their employer cannot get financing for payroll. They will be calling their congressman to do something.
Congress lets put politics aside and act like statesmen for a change. Shame on you.
Thank goodness their were enough Dem's & Rep's to stop it. It's not going to cure a thing. Let the market clean up it's own mess. Why should we be buying mortgages that no one will touch and then they say we might make a profit on them. Yeah, Sure! It isn't likely that there will be an investigation of the Mac's as it would lead Pres Carter who started it, Pres Clinton who expanded it, but did try to get stronger oversight about the time Mc Cain did and later the Rep's tried too (4 years ago) But the Dem's lead by that great leader B. Franks ridiculed them and said everything was fine. It's interesting that the two CEO's who were removed now are advisors to BHO. Just think, if BHO gets elected lucky us will have him working these same pople with little or nothing to stop them. Now that's a scary thought.
Wow! How many times are you guys going to correct Linda.
…..but going back to the original article.
Bravo Barney Frank!!! That “Pelosi hurt our feeling” excuse from the republicans was idiotic to say the list.
The McCain camp is peddling that same excuse on behave of the republicans who voted no.
Just pathetic!!!
BARNEY YOU BLEW (OPPS) IT WHENYOU TRY BLAMING THE REPUBS FOR THIS..YOU HAD 235 DEMS THATCOULD OF PASSED IT..YOU AND DODD AND CLINTON MESSED UP FANNIE AND FREDDIE BACK IN THE 90S..SO GO BLOW (OPPS AGAIN)OFF STEAM ON YOUR OWN PARTY.
I am amazed how long the American people, my fellow countryman, tolerated the miss-steps of Mr. Bush! I used to belong to the Grand Old Party, but I wish Mr Bush would have been impeached for gross incompetence before his ill thought excursion into Iraq. I wonder why his father never finished the business?
The deteriorating dollar is the cause of the high oil prices, the supliers are paid in dollars, when its value is low, oil prices go up!
Heil Louie Carter - Great hate speech, pal. Have you been asleep? This is all about unrestrained go-for-the-jugular, lie, cheat and steal free market capitalism. And all you guys who are dinging Pelosi and Obama and Franks, please....They aren't driving the bus....it's your buddy, George Dubya....He's driving the bus. Paulson and Bernanke work for HIM. This was a REPUBLICAN proposal, from the executive branch. Oops, nobody in the driver seat, maybe he's taking a nap. After all he's the DECIDER, not a LEADER. He caused this by appointing people who didn't believe in regulations; people who caught his wink and simply didn't enforce the regulations. All you people who are ranting about Socialism...you voted for him. It's harvest time, folks.
So, Louie, vote for the Libertarian. You grow all your own food right? Own your place free and clear. Don't need any money for retirement besides the gold you got stashed in the basement next to the guns. If so, you go guy! You're smarter than me....What, you have a mortgage and a job and a 401K or pension? First, kiss the 401K or pension goodbye. And then, well, your company is going belly up because people are gonna be short of cash and they aren't gonna pay their bills on time. But your boss won't be able to tap his line of credit, because that bank doesn't have any money to lend. Oh, and the farmers....the farmers couldn't borrow money for spring planting, so they're growing enough to eat for themselves and hoping the bank doesn't foreclose. So you'll be jobless, and homeless, and hungry, but at least not involved in Socialism. The Republicans caused the Great Depression because they were worried about Socialism. Now they're going for 2 out of 2. The Grapes of Wrath. It's at the library. Read it. You might learn something.
The evil domocrats who supported the bill like Pelosi and Frank are responsible for the Nay votes by Republicans who rejected the bill by 67%. Hmmmm...... I guess that Pelosi and Frank should withdraw their applications to be Republican Whip. Did the Dems just want to see the Republicans kick Bush's butt? I'm sure it's all one big conspiracy. Graybeard says that the Dems should have banded together and endorsed a Bush policy? Pipe Dream?
How to twist the situation around so it looks like the Republicans are the saviors! 1) Blame it all on Pelosi accurately describing the last 8 years of Republican led spending sprees and de-regulations/anything goes.
2) Have the mathematical skills of a moronic 8 year old or else be a practitioner of the "Big Lie" method - 133 No Votes out of 198 is 67% No, not 1/3 No, Linda!
3) Completely miss the irony of Barney Frank's point - to withold a vote to "save the country" because Pelosi made anti administration comments is to OUTDO Pelosi in putting partisanship first!
Ditcatcher,
It's like this. We're all on a boat called the United States of America. The captain (you know, George W. what's-his name) was letting his rich friends steer the boat without proper supervision, and they've hit an ice berg. There IS a hole in the the ship, and it WILL sink. Just because WE sleep in steerage, doesn't mean we shouldn't help save the ship. When it sinks, the people in the bottom of the boat will drown before it ever reaches the first class state rooms. We need to make sure that those who helped hit the ice berg are punished, but not bailing is NOT an option.
Excuse me but enough of the name calling from BOTH sides. What is this, a school yard?
Look, WE maybe in massive trouble here. The bill failed because it was poorly written with no oversight and no way of the U.S. tax payers getting anything back!
Now WE have to put pressure on our congress people to get it right.
What lost today's vote was the current speaker (Nancy Pelosi)! What possessed her to lambast the republicans prior to this critical vote is totally beyond me, BUT SHE IS NO LEADER! Through her partisan speech today, she set up some members who may lose on November 4 -- not against them as much as there will be a vote against HER!!
There is enough blame to go around on this fiasco. The Financial Services Modernization Act of 1999, started the ball rolling. And while there is a lot of blame to be placed on the Administration for not ram rodding more regulation through, there is a lot of culpability in Franklin Raines, Jim Johnson and Jamie Gorelick (who are not members of the administration), and their cheer leaders in Congress. Candidly, it is probably time for a new chair of the banking committee. Barney Franks provided a lot of cheerleading to keep lose credit going, as did Chris Dodd in the Senate.
Point being, it is time for new leadership in the House and Senate. We cannot afford the current speaker any longer. In the largest vote of her career -- she lost! 40% of the Democrats DID NOT VOTE FOR THE BILL!! Historians will ask the rhetorical question: WHAT WAS SHE THINKING?????
- Harvard MBA '04 wrote:
"Frank and Dodd are the ones who made Fannie Mae and Freddie Mac offer sub-prime loans to ANYONE who wanted them regardless of their ability to repay the loans.
Frank and Dodd deserve every iota of blame for this fiscal debacle.
They single-handedly SANK this country."
Hey MBA, check the Dean signature on your cert, it sounds like Linda signed it.
How surprising that those that support the Dems continue to harp on my mistake and call me names because of that mistake, and yet fail to look at the big picture - it's a problem created by BOTH SIDES, people! Barney Frank was instrumental in causing this, just as others on the Republican side were for various other reasons. And yet the Dems cannot bother to read the ENTIRE THREAD to see that I've apologize for a mistake in how I read the article before they post nasty stupid comments. Just shows how dumb some people are...and why this state with Devolved Patrick in charge is in dire straits as well.
Thanks to those that bothered to read through the thread and posted comments suggesting that people stop bashing me. But I doubt that'll happen. By tomorrow morning, this thread will be even longer - with even more postings by people who can't be bothered to read what else has been written (how hard is it to search for "Posted by Linda" to see where my other responses were?) and instead just spout off their leftist shots at the other side.
I came to this country some years ago...with no money, references or place to live. But thanks to your generous country, I was given a business, a brand new home and car. All my expenses were paid and there was plenty of tandoori and naan on the dinner table I can tell you for sure. Thank you America....and especially a generous thank you to the democrats who made all of my American dreams possible. Now I have gold chains, remote control cars and CSPAN on my brand new big screen plasma TV, which is tax deductible by the way. I can enjoy all these things even though I know I am better than you.
Rep. Frank's request is sound. I would like to know the 12 names, and if my MOC is one of them.
to make sure i have this right.
repuplican party is the party of the rich - squeezing the middle class and poor out of their last party. however, those cities and states controlled by dems are the most expensive to live in - which cause the middle class and poor to go get mortgages they can't afford - to live in crappy houses that are way overpriced.
republican party is to blame for this going down in flames because they didn't have a higher percentage of their party vote. yet, the dem controlled house did not get behind their leaders who stressed all day long just how important it was to pass. Parties gain control of congress so that they can win close votes - those along party lines.
this rejection was not a partisan vote - large numbers from both parties decided it was not worthy of passage. don't blame it on repubs. don't blame it on dems. when there is that large enough of a "thumbs down" - tells me that something wasn't right. i see this as a bi-partisan refutal. maybe that's a good thing.
and for those that say it was a bush piece of legislation. no it wasn't. it was bush, pelosi, reid, frank and others - from both parties, i'm sure. in fact a fair number of mass reps voted against.
and really - the flames against linda - calling her an idiot. the first response was good. second was clever. after that, it became foolish.
have a hiher
uhh... Linda... check your math... about 67% of Repubs voted no. If this is a sign of your processing abilities, your arguments are mute.
Obviously, Democrats are the majority party. They didn't need ONE single Republican vote to pass the legislation. Obviously Pelosi had people on her own team who didn't want the legislation passed. Must be something in the bill to dig deeper into...
The only solution to end the political partisanship and wasteful spending is term limits, say, a person can only serve one six year term. If that person wishes to serve again, they can run for office again in six years. Think of all the campaign money we would save that we could then give to the charities in our own communities to be used for helping those in need. With term limits, the congressmen and women would not have to worry about getting re-elected, but would be able to focus on the nation's issues/challenges/problems. Would require a constitutional amendment. I think it is about time. What do you think?
The democrats have a significant majority in the House. They didn't need the Republicans. This is a failure of Barney Frank and Nancy Pelosi. I is time to throw Barney Frank out of office.
I think that the community has made it clear that Linda's math skills rival those of an orangutan. So leaving that point behind, and simultaneously trying to stifle my fury at "kevin" for writing phrase "...arguments are mute". (just so you know the word is "Moot", which means bearing no significance, "mute" in this circumstance makes no sense)
After that digression, I will settle on my main point which is that Frank's comments are altogether non-spactacular. We'll see much longer the finger pointing continues, and hopefully we won't be so adversely effected by this hellish situation.
THANKS, BARNEY AND CHRIS.
In comment #203 above, klsparrow blames Clinton for repealing Glass-Steagall. I took his advice and looked it up on wikipedia. According to wikipedia, the original legislation was written up by Republicans at the behest of the banking industry. The final bi-partisan legislation was signed by Clinton. It seems to me both parties are implicated, possibly as a result of special interest groups. But would like to emphasize that the legislation originated with the Republicans, the traditional friends of Wall Street.
____________________________________
The bill that ultimately repealed the Act was introduced in the Senate by Phil Gramm (R-TX) and in the House of Representatives by James Leach (R-IA) in 1999. The bills were passed by a 54-44 vote along party lines with Republican support in the Senate[7] and by a 343-86 vote in the House of Representatives[8]. Nov 4, 1999: After passing both the Senate and House the bill was moved to a conference committee to work out the differences between the Senate and House versions. The final bipartisan bill resolving the differences was passed in the Senate 90-8-1 and in the House: 362-57-15. Without forcing a veto vote, this bipartisan, veto proof legislation was signed into law by President Bill Clinton on November 12, 1999.
POOR LINDA. STOP PICKING ON HER.
ON ANOTHER NOTE, BOTH THE DEMOCRATS AND THE REPUBLICANS ARE MORONS. BEGINNING WITH BUSH, EVERYONE IN BETWEEN AND ENDING WITH BARNEY FRANK WHO BELONGS AT THE BOTTOM OF THE HEAP OF MORONS
WE NEED A THIRD PARTY IN THIS COUNTRY.
uh, wasn't it the Maverisk who brought party politics into this? McCain disgusts me to no end.
Let's put Linda on the ticket with McCain!
Our country has been attacked by the most divisive weapon of partisanship by the Speaker of he House and Frank. I believe it is time to find leaders and not political hacks. It is time for a change, perhaps the possibility of reform politics have some politicians on the defensive.
barney frank is the chair of the house financial services committee. barney frank opposed reguletory oversight for fanny mae and freddie mac. barney franks is largely responsible for the institution of sub prime lending practices.HE HAS NO RIGHT TO CRITICIZE OTHERS IN THIS DEBACLE!!the majority of voters oppose the bailout plan as unfair. what we need is BIPARTISAN LEADERSHIP to educate the voters that this crisis threatens ALL AMERICANS, not just those who own stock.
The Republicans are clearly responsible. Stop making excuses & face up honestly, these "NO" votes have caused one the biggest falls in stock-market history.
We need to be very HOPEFUL, CAREFUL & LUCKY at this point; we are already near, or on the verge of, a second "GREAT DEPRESSION".
Blowing chances like this, is incredibly irresponsible. Even if we get it right & do it quick, things are not guaranteed. People do not at this point, understand the games they are playing.
After reading several comments from this particular press coming in re: Pelosi, and Frank - I have to add this, many of these people better read Nancy Pelosi's speech thoroughly. You ought to be thankful for people like Frank and Pelosi right now America!!! The heck with your Republican/Dems "percentages" voting here, pay attention people to who you have put in the White House: The Republican idiots that have run this country into the ground the last eight years - inclusive of " W " and his "appointees" , once again - ought to be truly ashamed of themselves for bringing the country into this economic disaster in the first place. They have NEVER claimed ANY accountability in anything, incluing this disaster to our nation economically, as well as that bankrupt scene searching for WOMD in Iraq - another HUGE mistake. In fact, they ought to be in jail about now!!! Now the Rebpublicans in Congress are "whining" and ran out on this scene because of Pelosi's "truthful" speech in order to make an attempt to save the American Taxpayers - and they - your WONDERFUL Republicans
reject this plan and leave the American Taxpayers hanging like this while their Wall Street and Republican cronies that created this mess get out of "Dodge" with a ton of our money? God Help Us !!!
where is the crisis... barney the jew thinks its ok to take time away from government work...because he is a member of a tribe.
I think it's clear that Pelosi, Reid, Dodd, Schumer and Frank (the DEMs) are trying to stabilize markets while looking out for the public's interest in recouping this capital outlay.
House Republicans are afraid to lose votes and cannot act quickly or decisively. They now have an alternate plan--why didn't they get this plan to the Senate for consideration when the thing was in progress? Why? because they wanted to grandstand and attach their names to the changes. Not to mention the economically-retarded McCain dropping into the proceedings, grandstanding, credit stealing and disrupting things.....
this meltdown is Republican Ideology failing, it was their party that pushed for deregulation (Phil Gramm) and now they won't even clean up their own mess. It is really appalling that they have tried to blame Dems and low income people. Here's a hint, if you hand a bunch of people exploding financial time bombs (adjusting mtgs) guess what? they are gonna EXPLODE and the bullshit will eventually affect the top tier. Of course, high level Republicans and Bushies don't care until it affects their base...the top 2%...Any questions?
Well the truth is Barney Frank hurt peoples feeling nationwide.Sorry pal better throw a farewell party soon.Enough is enough of these cronies in the democrat party and congress.The poison from Fannie Mae and Frankie Mac is having an enormous effect to the majority of America and the real estate market.
NO BAILOUT! The funny thing is one of the key points of this bill was that the CEOs of the failed company's would get financial security from the bill...that doesn't sound right?
I'm not from Mass. but I've got to reply to your "punish America" comment. America isn't being punished. you fat cats sitting on your fat cans & getting richer every day on the backs of us tax payers are bring punished by this no vote.
Art Jensen - - Minnesota
To "Newly Educated"
Nice piece of sarcasm, Newly.
One small problem with your patronization schpeil, though, is this minor detail.
The ability or inability to pay down any kind of debt is rather dependent upon something called income. Here. Let me re - re - re newly educated you.
Income is derived from stuff like oh say jobs, for example.
If Wall Street brokerages, The Fed, The majors (Banks), Congress, variously indistinguishable itterations of presidential admins, and mainstream media -- wage a deliberate (accidentally on purpose), 30 year campaign to help (look the other way while) Corporate US abandons and betrays national economic balance (aka, jobs / workforce / consumers) by relocating jobs offshore and into Mexico, busting unions, dumbing us down, etc., then maybe they and the Corporations aren't quite the innocents you would have us believe.
Hey Barney Fife -
What say you about Speaker Pelosi telling sixteen (16) freshmen Democrats that they can vote NO on the rescue bill so they won't have re-election problems?
How's that for PARTISAN LEADERSHIP?!
Pelosi and Frank need to RESIGN NOW!!!!
They are killing my investments. I am over 70 yrs old, retired veteran, and live off of my pension, 401k and IRA. The Democratic leadership does NOT care about the middle class. They only care about their political hides.
Get the marbles out of your mouth Barney!
House Speaker Nancy Pelosi just couldn't control herself yesterday, savaging President Bush and blaming "right-wing ideology" as the sole cause of the nation's fiscal turmoil.
Whereupon bipartisan compromise legislation intended to resolve the nation's financial crisis went poof.
And then the stock market posted its single largest one-day point loss ever.
Not surprisingly, Pelosi and Democratic leaders like Barney Frank and Rahm Emanuel immediately blamed the GOP for the bill's defeat, asserting that Republicans had put their "hurt feelings" above the nation's interest.
Talk about putting lipstick on a . . . well, on a politician.
The fact is, 95 Democrats - 40 percent of the party's House membership - voted against the bill.
Pelosi - who allegedly controls the chamber - couldn't even deliver her own members. How humiliating is that?
Republicans at least had long-standing philosophical objections to a massive expansion of government power over the economy. And, frankly, Pelosi's boneheaded speech sure didn't help matters.
But what of her disloyal Democrats?
Clearly, they'd bought the demagogic rhetoric of people like Pelosi and Frank, that the $700 billion rescue plan constituted a "bailout of Wall Street."
Yet as responsible parties, from President Bush and Treasury Secretary Henry Paulsen on down, have repeatedly made clear, this is a rescue of Main Street from the crippling effects of a potential meltdown of the nation's credit markets.
Even as they chanted the mantra of bipartisanship, the Democrats have worked mightily from the outset to spin the crisis for political advantage.
Yet there's an old political maxim: Don't gloat before they vote - and Pelosi did just that.
Now lawmakers are at each other's throats and Wall Street is in panic mode.
Heck of a job, Nancy.
There's some great irony in the way people are blaming the bill's failure on partisan politics. They chastise Pelosi's attacks without ever once linking partisanship with the Republicans who voted no as a response to those attacks. They completely sidestep the partisan response of the republicans that DIRECTLY killed the bill to complain about some name calling.
Anyone who voted against the bill because they got their feelings hurt is a child. I sure hope that most congresspersons voted the way they felt because they had legitimate reasons and the fools saying namecalling changed their vote speak for themsels.
My representative listened to the outcry from home. I am glad he and others voted no for the bailout. I hope it fails again.
We are going to have a real shakeout. After that is over, things will pick up again.
They should call for hearings and investigations on Democratic support of the ill advised lending practices. The corrupt people should have their assets seized and go to prison.
Mike P
Is there any mention of a bailout (from whatever source) to GM, etc. specifically for the automobile companies to completely pay off their creditors (the “little” people) and clear their debts? Then, the companies could be allowed to go into bankruptcy and restructure their enterprises.
Would this solve both problems?
WOW!!!! I didn't realize how forgetful the American people are. Better be careful what you ask for, because it is already on the way. CHANGE?????
Read Revelation