The U.S. House of Representatives has initially rejected a bailout of Wall Street fatcats as congressional leaders of both parties failed to sway enough members to defy the will of the people.
The vote is now being held open beyond the 15-minute limit. The vote was not gavelled to count. It remains on the floor as the House goes to other business as leaders go behind the scenes to turn nine members on the "no" side to support the bailout. Stay tuned.
It was a sad, hypocritical moment in American politics for the bailout supporters. House Speaker Nancy Pelosi blamed eight years of the Bush administration for the nation's financial and economic troubles. That was a terribly wrong, partisan remark to make at such a critical moment. Besides, it was the Clinton administration that unleashed the greatest deregulation of Wall Street, something for which Pelosi supported.
House Majority Leader Steny Hoyer claimed that the American people had asked Congress to act today for the bailout. I guess he hasn't been answering his phone or reading his e-mails.
This kind of selective memory and damning denial are reasons why this 110-page piece of legislation initially failed. No supporter could definitely say this bailout would work. They only used the word "maybe".
This nation faces an even deeper recession, one that will produce the most severe economic conditions many of us have ever seen. No bailout plan can stop that. It would be better that the $700 billion in the bailout be given back to the taxpayers to survive the coming days that will stretch throughout 2009 and into 2010.
Congratulations, America! Stay on guard, however. This plan will be resurrected in some fashion, perhaps today, or maybe later this week.
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