Breaking: Bailout bill fails, Dow roller-coasters; Update: Pelosi speech added

posted at 2:00 pm on September 29, 2008 by Ed Morrissey

This has to be considered a shocker.  The bailout bill failed in the House, and it wasn’t especially close.  The final tally was 207-226, with Democrats supporting it 141-94, while Republicans opposed it 66-132.

How did the markets react?  Initially, with panic.  Dow dropped from around a -290 to more like a -660, but then recovered within minutes to a -400.  Within a few minutes after that, it rose a little further to about -360, a 300-point gain, but it continued to go up and down, and probably will all day long.

What does this mean?  The Senate can always initiate their own version of the plan and re-send it to the House, but that will take some doing.  Can Republicans change their votes after taking this kind of stand?

If it stands, it will be a repudiation of the leadership in both House caucuses and the Bush administration.  Pelosi couldn’t hold her caucus together, and Boehner, Cantor, Blunt, and Putnam will find themselves in the minority of theirs.

Update:  I guess this puts lie to the notion that an agreement existed before John McCain went back to Washington.  They got more Republicans today than they had last Wednesday, and it still didn’t pass.

Update II: Here’s the speech that probably killed the agreement. Pelosi blamed the collapse on George Bush and a lack of regulation, and called Republicans hypocrites for cheering free-market principles.


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My understanding was that Nancy Pelosi’s speech was so partisan, that it poisoned some of the Pub votes.

We need a good bailout bill.

Can we DRILL HERE, DRILL NOW, when this is NO CREDIT, NO MONEY to lend the oil companies?

originalpechanga on September 29, 2008 at 2:03 PM

Did Nancy actually gavel it out? If she hasn’t gaveled, then it’s not over yet.

nukemhill on September 29, 2008 at 2:04 PM

In a decisive battle by courageous people, communism appears to have been beaten back one more time.

rplat on September 29, 2008 at 2:05 PM

Was there a roll coll vote taken (I would assume so, but who knows), so we can see every last representative’s vote?

Is it online yet?

Abby Adams on September 29, 2008 at 2:05 PM

Profiles in lack of courage on the Republicans side.

furytrader on September 29, 2008 at 2:05 PM

If it stands, it will be a repudiation of the leadership in both House caucuses and the Bush administration.

Um, you can say that again. How about a repudiation of the whole damn shebang from top to bottom, including me and you? We’re repudiating ourselves, with good reason – and it might be the first honest move we’ve made in 20 years.

I repudiate myself!

CK MacLeod on September 29, 2008 at 2:06 PM

As a more than interested observer, I am proud of the American people for saying, No!, and I am proud of (most of) their Representatives for listening and acting accordingly.
Randy

williars on September 29, 2008 at 2:07 PM

AWESOME!

Now the Republicans, should ask for Pelosi to resign her post for injecting partisan politics into the bill.

I dont know why Republicans wanted to vote for a “crap sandwich” anyways. If Pelosi needs Republicans to pass a bill, when her party holds the majority, then all I can say is good job Republicans!

If Pelosi is to scared to vote on the bill w/o Republican support, that is just more proof the bill is all based on lies.

DONT GIVE IN CONSERVATIVES!! FIGHT! FIGHT! FIGHT!!!

TheHat on September 29, 2008 at 2:07 PM

I second the motion for self-repudiation

David in ATL on September 29, 2008 at 2:07 PM

Maybe some decided to look deeper.

http://www.financialsense.com/Market/wrapup.htm

belad on September 29, 2008 at 2:07 PM

wall street is acting like the gangs in the 60′s that burnt their homes down during the riots. dow down 500pts. and falling.

unseen on September 29, 2008 at 2:07 PM

Profiles in lack of courage on the Republicans side.

furytrader on September 29, 2008 at 2:05 PM

Ummm…

…94 Democrats voted against it.

So before you get out the tar and the feathers, you might want to look at both parties.

Religious_Zealot on September 29, 2008 at 2:08 PM

Profiles in lack of courage on the Republicans side.

furytrader on September 29, 2008 at 2:05 PM

And you say that because . . . .?

rplat on September 29, 2008 at 2:08 PM

market crash coming now.

unseen on September 29, 2008 at 2:08 PM

Maybe MSNBC should have waited until after the vote to put up their oversized story about how the Democrats got so much more out of the bill than the Republicans. Oops.

Ronnie on September 29, 2008 at 2:09 PM

Time for a new re-write, with revenue sharing agreement for states to allow drilling, suspension of CRA and FASB157, and loans vs takeover for financial firms. Ok, just my conservative fantasy, but it would be great.

Vashta.Nerada on September 29, 2008 at 2:09 PM

can people really be this stupid?

phronesis on September 29, 2008 at 2:09 PM

down 600pts

unseen on September 29, 2008 at 2:09 PM

Well, GOOD!

There is no reason to pass a bailout bill and saddle generations of honest Americans with an onerous debt like this.

We have a free-market economy, and we need to let institutions fail if needs be. If there is no risk involved, if every time something bad happens Uncle Sam steps up to lend a hand, then there will be no progress. This same sort of financial carelessness will be the norm, rather than the exception.

Maybe a failure this massive will be the stimulus needed to clean house in all of Congress, and put Wall Street on notice that taxpayers will no longer tolerate the types of behavior that resulted in this mess.

Congress itself, led mainly by democrats, used our financial institutions to further their own social engineering plans, and are a major player in this disaster.

Let the the system fall down. We can rebuild it, and this time, perhaps add a little humility to leaven the greed.

AW1 Tim on September 29, 2008 at 2:09 PM

Yes, as pointed out here in the past week or so, the Democrats had the required votes, so this can’t be blamed on the Republicans if the whole world tanks…

141-94?! That’s a lot of Democrats voting against. Pelosi has no power, even within her own party.

Abby Adams on September 29, 2008 at 2:10 PM

Who are Nancy and Harry going to blame now? They’ve got the Dem votes to pass it (or do they?).

GarandFan on September 29, 2008 at 2:10 PM

Note that the markets took this in stride, after a short drop.

Right_of_Attila on September 29, 2008 at 2:10 PM

Now John McCain will come in, tweak the bill, get all the Republicans on board. Game over.

Ronnie on September 29, 2008 at 2:10 PM

This is good news. There is reason and sanity to be found in Congress… just not amongst the leadership.

The market is reacting to uncertainty, not action (or lack thereof).

The Dems are 100% responsible for the market reaction- they have been preaching utter doom and gloom for over a week while failing to take decisive action and floating false memes.

Mark my words- if this is allowed to die, the market will stabilize and recover (to a degree) by tomorrow PM. The market is smarter than to believe that throwing money at something= a solution… especially $700 billion in money thrown and does not solve half the problem.

Damiano on September 29, 2008 at 2:10 PM

Vote suspended.

Arm twisting ensues.

44Magnum on September 29, 2008 at 2:11 PM

The NYSE is a much better index to watch than the 30 stock anachronism that is the DOW.

KentAllard on September 29, 2008 at 2:11 PM

Damiano on September 29, 2008 at 2:10 PM

So utterly wrong. The market will crash if this doesn’t pass.

phronesis on September 29, 2008 at 2:11 PM

can people really be this stupid?

phronesis on September 29, 2008 at 2:09 PM

did you go short today?

bought SDs today at 70.ish

unseen on September 29, 2008 at 2:12 PM

The putrid Democrats were the cause of this failure then they tried to save their own butts with this Marxist bailout and it didn’t work. Sometimes you must burn down a sick forest in order to re-grow strong healthy trees.

rplat on September 29, 2008 at 2:12 PM

Bill fails, conservatism wins.

Texas Rainmaker on September 29, 2008 at 2:12 PM

market crash coming now.

unseen on September 29, 2008 at 2:08 PM

unseen let it crash and burn.

I feel for some of the people who invest. jaixdad (sp) is one person whom I respect and hope he gets out unscathed. But others aren’t worthy of it….

many have based their whole world on stocks. In some cases squalling their life savings for a fast buck, when we all know it shouldn’t work that way.

The Stock market is just as if not worse then the banks right now.

upinak on September 29, 2008 at 2:13 PM

So utterly wrong. The market will crash if this doesn’t pass.

phronesis on September 29, 2008 at 2:11 PM

My stocks are already coming back 2%. Outside of financials and oil related stocks (who are down for a different reason) I don’t see the catastrophe.

Vashta.Nerada on September 29, 2008 at 2:13 PM

did you go short today?

bought SDs today at 70.ish

unseen on September 29, 2008 at 2:12 PM

No i wish i had. I thought this would pass.

phronesis on September 29, 2008 at 2:13 PM

:)

http://www.youtube.com/watch?v=dib2-HBsF08

DailyTrackingPoll on September 29, 2008 at 2:13 PM

Vote suspended.

Arm twisting ensues.

44Magnum on September 29, 2008 at 2:11 PM

Nope, vote gaveled closed, it lost.

Romeo13 on September 29, 2008 at 2:13 PM

Did the voting get closed? Or did they just suspend it temporarily?

Enoxo on September 29, 2008 at 2:13 PM

I really wish I understand this.

I’ve read credible sounding people on each side on this issue.

I have absolutely no idea if the bill that got shot down was good, bad or simply necessary.

What I DO like is the fact that Dems have wrapped themselves in the current bill and have gone on record saying that the Republicans had nothing to do with it.

Now that it has been rejected (which can and SHOULD be seen as a repudiation of Pelosi’s leadership), they come out looking very, very bad.

Religious_Zealot on September 29, 2008 at 2:14 PM

Seize the day, McCain. Get on the news saying “This is why I came back to DC. The economy was more important than a campaign, and I had doubts about the bill being proposed. Obviously others do, too.” I don’t think he came out and actually endorsed the bill, so he has an out of sorts.

Wethal on September 29, 2008 at 2:14 PM

Profiles in lack of courage on the Republicans side.

furytrader on September 29, 2008 at 2:05 PM

For years Democrats have been telling us that everything that happened while the Republicans held the House and Senate was directly the responsibility of the Republicans, since they had the votes to pass anything they wanted.

Now that the Democrats hold the house and senate, I see that no matter what happens, it’s still the Republicans who are at fault.

MarkTheGreat on September 29, 2008 at 2:14 PM

My stocks have only lost .01. I guess a lot of people are just depending on the wrong stocks.

ConservativePartyNow on September 29, 2008 at 2:14 PM

My stocks are already coming back 2%. Outside of financials and oil related stocks (who are down for a different reason) I don’t see the catastrophe.

Vashta.Nerada on September 29, 2008 at 2:13 PM

That’s because its not a fait accompli yet.

phronesis on September 29, 2008 at 2:14 PM

Just keeping calling your legislators and tell them to stop voting for a bailout. Let the chips fall where they may and let’s get on with doing what needs to be done.

This nation cannot afford either the price or the precedence of such a plan.

The market will work itself out, and the American people are a strong and resilient bunch. We survived the Great depression and the following World War, and can survive this as well.

AW1 Tim on September 29, 2008 at 2:14 PM

Epic win!

It's Vintage, Duh on September 29, 2008 at 2:14 PM

And, of course, this will be seen as a failure of Bush and the Republicans as part of their bill… and not a failure of the Democrats who, gosh darn it, are only trying to do the right thing…

Skywise on September 29, 2008 at 2:15 PM

The market will close up by the end of the day. Bargains to be had after panic selloff ends. Like globull warming has done, this media driven hoax will subside.

roninacreage on September 29, 2008 at 2:16 PM

Profiles in lack of courage on the Republicans side.

furytrader on September 29, 2008 at 2:05 PM

Nonsense – Profiles in Courage! Time toi take back our party from the country clubber blue blood types like the Bushes and the Rockefellers

bill30097 on September 29, 2008 at 2:16 PM

Nope, vote gaveled closed, it lost.

Romeo13 on September 29, 2008 at 2:13 PM

At the time I posted, it was suspended. Arm twist epic fail.

Gaveled closed, and if I wasn’t at work right now, I’d be toasting the nays with a beer.

Bravo Nays!!!

44Magnum on September 29, 2008 at 2:16 PM

Vashta.Nerada on September 29, 2008 at 2:13 PM

vash, who would sell their oil stocks at this moment in time? Other then get rich quick innvestors only who don’t understand the liquidity of them.

upinak on September 29, 2008 at 2:16 PM

My stocks are already coming back 2%. Outside of financials and oil related stocks (who are down for a different reason) I don’t see the catastrophe.

Vashta.Nerada on September 29, 2008 at 2:13
there are automatic programs set to buy with certain drops. this is the counter attack. I don’t think it will hold. the end of the day shold see massive selling once the news sinks in. The 95 dems voted against the bill that obama wanted. 95 dems that Obama could not controll.

unseen on September 29, 2008 at 2:16 PM

If there is no financial meltdown, all the leaders in both parties will be revealed as completely incompetent in economic matters. Including almost all of the pundits. If there is a meltdown, their credibility will be restored. Assuming there is no bailout.

zmdavid on September 29, 2008 at 2:17 PM

vash, who would sell their oil stocks at this moment in time? Other then get rich quick innvestors only who don’t understand the liquidity of them.

upinak on September 29, 2008 at 2:16 PM

you don’t need much gasoline in a depression

unseen on September 29, 2008 at 2:17 PM

Bitchin’!

pugwriter on September 29, 2008 at 2:17 PM

94 Democrats voted against this.

I don’t believe it. Further more where was the press on this? No where and I mean no where have I read a story that suggested even a few dozen dems would vote against this.

patrick neid on September 29, 2008 at 2:18 PM

vash, who would sell their oil stocks at this moment in time? Other then get rich quick innvestors only who don’t understand the liquidity of them.

upinak on September 29, 2008 at 2:16 PM

Oil dropped below $100 in trades today – some computers (or even humans) see that and pull the trigger without thought. HAL and SLB down over 10%, XOM down around 3%

Vashta.Nerada on September 29, 2008 at 2:18 PM

Evidently, Nancy is unable to count past 200. What a moron. Why did she open a vote on a bill that wouldn’t pass? What sort of idiocy is that?

progressoverpeace on September 29, 2008 at 2:19 PM

Remember that these people wanted to recess until after the election. I wonder what they are going to do now?

Maybe is Bush and Paulson had been willing to be honest about the problem in the first place, we would not be here now.

BigD on September 29, 2008 at 2:19 PM

Vashta.Nerada on September 29, 2008 at 2:18 PM

gasoline demand fell again mostly because the entire southeast has been having a gas shortage. so people just stop driving.

unseen on September 29, 2008 at 2:20 PM

there are automatic programs set to buy with certain drops.

Anybody who didn’t disable their automatic programs on a day like today, isn’t playing with a full deck. Anyone trading today is doing so with one eye on the news, one eye on current prices and both hands on the keyboard.

MarkTheGreat on September 29, 2008 at 2:20 PM

unseen on September 29, 2008 at 2:17 PM

Think of this as a buying opportunity – I am.

Vashta.Nerada on September 29, 2008 at 2:20 PM

The left is insidious like a cancer and this is probably only the first skirmish. I’m sure they will return like maggots to a rotting flesh. Stay vigilant.

rplat on September 29, 2008 at 2:20 PM

gasoline demand fell again mostly because the entire southeast has been having a gas shortage. so people just stop driving.

unseen on September 29, 2008 at 2:20 PM

SE demand is not down, their price is up. Consequence of not allowing refining or additional pipelines in their region.

Vashta.Nerada on September 29, 2008 at 2:21 PM

Kiss 20% of the market GOOD-BYE.

This could really start to unwind without steps to free up the credit freeze.

lexhamfox on September 29, 2008 at 2:22 PM

So … I guess that lie that the despicable dems told about the old bill (that even fewer liked) being agreed to before McCain got in can no longer be hidden.

progressoverpeace on September 29, 2008 at 2:22 PM

you don’t need much gasoline in a depression

unseen on September 29, 2008 at 2:17 PM

I am talking raw crude. Not refined into gasoline.

upinak on September 29, 2008 at 2:22 PM

Think of this as a buying opportunity – I am.

Vashta.Nerada on September 29, 2008 at 2:20 PM

The last week or so I’ve been saying, “Damn, I maxed out the IRA for this year early on, so the contributions could start earning me some money. Could have waited and got some bargains. What goes down must come up (eventually).”

Wethal on September 29, 2008 at 2:22 PM

If the House doesn’t bring it back quickly, the focus will turn to McCain and Obama. They’ll be on the spot to lead their parties on the issue.

dedalus on September 29, 2008 at 2:23 PM

:)

http://www.youtube.com/watch?v=dib2-HBsF08

DailyTrackingPoll on September 29, 2008 at 2:13 PM

Thanks for the video!

Oink on September 29, 2008 at 2:23 PM

This could really start to unwind without steps to free up the credit freeze.

lexhamfox on September 29, 2008 at 2:22 PM

I’m still getting a dozen loan offers a day by all the usual credit card companys and mortgage lenders. They won’t leave me alone.

roninacreage on September 29, 2008 at 2:24 PM

Now John McCain will come in, tweak the bill, get all the Republicans on board. Game over.

Ronnie on September 29, 2008 at 2:10 PM

From the Headlines, McCain is tanking on all issues. Realistically, Obama is barely passable on foreign affairs. But no one cares. Meanwhile, Politico reports that Obama is looking for a rape victim to do an ad complaining that Palin, as mayor, made rape victims pay for rape kits. WTF.

McCain needs to act quickly. Dem majorities in both houses can’t run a lemonade stand. McCain should step up to a microphone, explain that the game has changed and that Mitt’s his new VP candidate. Something has to be done to get through to the middle 20% of the country.

BuckeyeSam on September 29, 2008 at 2:24 PM

Did the voting get closed? Or did they just suspend it temporarily?

Enoxo on September 29, 2008 at 2:13 PM

Gavel went down……. done deal.

They have to bring up a different bill in other to vote on this subject again.

Mcguyver on September 29, 2008 at 2:25 PM

Think of this as a buying opportunity – I am.

Vashta.Nerada on September 29, 2008 at 2:20 PM

not yet.

This will be a two or three day sell off. Japan and asia will follow the DOW. europe will crash and then the DOw will crash tommorrow once the bill is dead. Congress is still saying they can redo.

unseen on September 29, 2008 at 2:25 PM

Rush is reporting that Nancy is berating all the people who didn’t vote the way she wanted. And Rush is saying, those are kind of the people she needs to get anything to pass. I am so tired of these clowns.

Dr Evil on September 29, 2008 at 2:25 PM

I’m still getting a dozen loan offers a day by all the usual credit card companys and mortgage lenders. They won’t leave me alone.

roninacreage on September 29, 2008 at 2:24 PM

Me too – the one bright side is that maybe this will stop soon. I have already worn out TWO shredders.

Vashta.Nerada on September 29, 2008 at 2:25 PM

I repudiate myself!
CK MacLeod on September 29, 2008 at 2:06 PM

This is not the me I thought I knew.

Akzed on September 29, 2008 at 2:25 PM

While reading the comments, Rush beat me to it.

Pelosi can’t close the deal.
Reid can’t close the deal.
Obama can’t close the deal.

There is no deal, not when the democrats blame the republicans for everything.

rockhauler on September 29, 2008 at 2:25 PM

Dodd and Franks will have to resign, Pelosi will have to beg forgiveness and maybe resign (she won’t).
McCain if he is smart will arrive and bring everyone together (and demand the Dodd and Franks, and Cox resign)…but the Dems will resist it, demanding that Obama stands next to him.
This is a mess…they are fighting for the economy, but more important to them is their jobs. They don’t want to give an inch to the Republicans, because they know they can ride this to the White House.
Hopefully the American people will see through Pelosi and Reid…

right2bright on September 29, 2008 at 2:25 PM

All commodities down but gold. Total depression signal. I know that’s hyperbole, but this is the market saying if we don’t plug this dyke, it’s gonna really mess things up. If nothing else, it’s a big time recession.

DJ Tablesauce on September 29, 2008 at 2:25 PM

SE demand is not down, their price is up. Consequence of not allowing refining or additional pipelines in their region.

Vashta.Nerada on September 29, 2008 at 2:21 PM

Exactly!

gasoline demand fell again mostly because the entire southeast has been having a gas shortage. so people just stop driving.

unseen on September 29, 2008 at 2:20 PM

unseen, then please explain to me WHY I am paying 4.05 (holding for a week and a half) a galoon of gasoline, when crude it going down so much (Alaska crude is at 93.80 last time I checked) and I am not on the east coast to deal with refinaries there, since I have them in my State… AND I am not paying the State Tax for gasoline, since Palin took it off the line for a year starting Sept. 1.

I pay the highest in the Nation, Alaska gives the lower 48, 8% of their daily use yet I am getting screwed over because you all have issues and want cheap gas. Well so do I…

upinak on September 29, 2008 at 2:26 PM

Democrats supporting it 141-94, while Republicans opposed it 66-132.
——–

So clearly the Dems are to blame.

Dave Rywall on September 29, 2008 at 2:26 PM

I say, I say, good job guys and gals.

So clearly the Dems are to blame.

Dave Rywall on September 29, 2008 at 2:26 PM

Aren’t they always? (I include liberal Republicans as Democrats :) )

VolMagic on September 29, 2008 at 2:27 PM

Thank God sanity prevailed. There’s no use in throwing money at a problem until you correct the underlying problem. I haven’t seen anything about congress repealing the requirements to loan money to people that cannot pay it back. Until this is accomplished, there should be NO bail-out.

rmgraha on September 29, 2008 at 2:27 PM

Maybe a little rope a dope by repubs tired of takin the blame for failed Dem policies? The Repubs were awfully quiet yesterday while the partisan Dems spewed blame and hate speech like wildfire.

Slammed the trap door shut now seal the damn thing!

Name the names and demand accountablility for Fannie and Freedie.

Oh I guess Rush just did! HAHAHAHAHAHA

dhunter on September 29, 2008 at 2:27 PM

This will be a two or three day sell off. Japan and asia will follow the DOW. europe will crash and then the DOw will crash tommorrow once the bill is dead. Congress is still saying they can redo.

unseen on September 29, 2008 at 2:25 PM

Agreed – I am waiting until end of week, or next. Also, any redo of the bill will likely be more to our liking – so far, every change has been to our (conservative) benefit.

Vashta.Nerada on September 29, 2008 at 2:27 PM

the dems wanted to play politics. they wanted the reps to pass it and let their blue dog dems vote against it. they failed. 95 dems voted against this. almost 100 rep voted for it.

unseen on September 29, 2008 at 2:27 PM

So clearly the Dems are to blame.

Dave Rywall on September 29, 2008 at 2:26 PM

Dave did you see the light?

upinak on September 29, 2008 at 2:27 PM

I’m starting to consider that we might actually want to have the Fed create short recessions on a regular basis (maybe even yearly). Whenever you have long uninterrupted expansions, it seems like some amount of rot builds up.

Ultimately, there is nothing really wrong with a recession, provided it is followed shortly by an expansion–the people that loose their jobs can get new ones. Companies that go under get replaced; that might even be advantageous, as our board-to-CEO form of corporate governance seems to ferment in some big, old companies.

The real problem seems to be political–every time there is a recession, people panic and empower government to screw things up.

Count to 10 on September 29, 2008 at 2:28 PM

Over the weekend an associate of Paulson said the $700 billion number was basically pulled out of thin air (or, as AOSHQ said, a bodily orifice) just because they needed a really “big” number. I wonder if that annoyed, alarmed enough House members who wondered then why they had to vote for a bill in this amount.

Wethal on September 29, 2008 at 2:28 PM

I’m listening to JD Hayworth on KFYI 550 Phoenix and he is saying that they can assess “safe” votes which are votes where the seat is not in jeopardy of re-election. The House Whips get involved in this. Could be up for revote again today.

Mr_Magoo on September 29, 2008 at 2:28 PM

The Democrats have a MAJORITY in the house.
All by themselves, they could have very simply passed the bill.
.
.
The fact that over FORTY percent of Democrats voted AGAINST the bill is the only reason it failed.
.
May they suffer the scorn and misfortune they allowed.
.
.

Mark_Tampa on September 29, 2008 at 2:29 PM

So clearly the Dems are to blame.

Dave Rywall on September 29, 2008 at 2:26 PM

Finally, you understand…that is what Pelosi will do for you.

right2bright on September 29, 2008 at 2:29 PM

Dodd and Franks will have to resign, Pelosi will have to beg forgiveness and maybe resign (she won’t).
McCain if he is smart will arrive and bring everyone together (and demand the Dodd and Franks, and Cox resign)…but the Dems will resist it, demanding that Obama stands next to him.

right2bright on September 29, 2008 at 2:25 PM

Man, this would be great, but perhaps too much to hope for…

Vashta.Nerada on September 29, 2008 at 2:29 PM

Didn’t Obama over the weekend say that McCain had no impact on the bailout bill? And didn’t Obama say that he was instrumental in its construction? Heh.

Godzilla on September 29, 2008 at 2:30 PM

Mitt’s his new VP candidate. Something has to be done to get through to the middle 20% of the country.

BuckeyeSam on September 29, 2008 at 2:24 PM

Don’t be daft, everyone’s is disgusted with his “erratic” behavior of last week, he needs to be the calm safe candidate who can steer us through this.

Fortunata on September 29, 2008 at 2:30 PM

Evidently, Nancy is unable to count past 200. What a moron. Why did she open a vote on a bill that wouldn’t pass? What sort of idiocy is that?

progressoverpeace on September 29, 2008 at 2:19 PM

Perhaps one off the most important votes in recent memory, certainly for the rest of the world financial markets, and she didn’t have the votes. It is not possible to be this stupid. Worse still she spends half a day telling Repubs what losers they are!

She needs to be put under observation. She’s going to hurt herself!

patrick neid on September 29, 2008 at 2:30 PM

Pelosi has big brass balls. 40% of her own party members in the House voted against the bill, but she’s already blaming the GOP for the bill’s failure. Complete crap, of course, but the MSM will back her to the hilt. People all over the country will be blaming Republicans.

One possible bright spot: suppose that nothing gets passed in (via the Senate) and the economy starts recovering by Election Day. All of this gnashing of teeth and wailing about the Apocalypse will be exposed as the claptrap that it is. Remember: government is largely responsible for this. Expecting them to clean it up is just plain stupid.

Physics Geek on September 29, 2008 at 2:30 PM

I’m starting to consider that we might actually want to have the Fed create short recessions on a regular basis (maybe even yearly). Whenever you have long uninterrupted expansions, it seems like some amount of rot builds up.

We would be better off today if the country had been allowed to go into recession after 9/11 instead of Greenspan keeping rates low prevent a recession.

Mark1971 on September 29, 2008 at 2:31 PM

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