Video: Rep. Paul Ryan on why he’s voting — reluctantly — for the bailout
posted at 1:50 pm on September 29, 2008 by Allahpundit
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Pure and simple: “If we fail to pass this, I fear the worst is yet to come.” Mitt Romney agrees, as does the Heritage Foundation, as does the Journal, echoing Ryan’s point about bailing out Wall Street to protect Main Street. Ryan’s no squish, either; he helped lead the GOP revolt a few days ago.
And yet, as I write this, the bill’s just failed in the House. The Dow dropped 300 points, down to about -675, as the vote was going on. It’s steady at -500 as I write this.
The takeaway, a la Rich Lowry, is that the ultimate socialist option here is having a depression drive a terrified public irretrievably to the left. Like I said in one of our Headlines threads last night, we have what may or may not be a ticking nuclear bomb; we can hope for the best and let what happens happen or we can send in the bomb squad at potentially fabulous expense. Explain to me why the risk of letting this thing go off and start a global economic meltdown is better than at least trying to defuse it. To quote Megan McArdle, who’s no socialist: “My basic reasoning is this: given just how badly the Great Depression sucked, I’m willing to gamble on stopping it, even if that gamble fails, even if it is not necessary (a question that, if we actually go through with it, will be much argued and never answered). I’m not willing to gamble for the bankers; the worst thing that will happen to them is that they retire on a pittance, or take a boring job somewhere. I’m worried about the 40 million or so people who might end up out of work, and with nowhere to go. I’m willing to do quite a bit to stop that from happening, even let the bankers off scott free. I don’t think it’s actually necessary to do that, but if I have to choose between helping the 40 million, or expressing my moral outrage–well, there’s always skywriting.” Click the image to watch.
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It looks like the house is having a little problem:
206 yea—-227 nay
Rovin on September 29, 2008 at 1:52 PM
Guess he didn’t convince enough people
e-pirate on September 29, 2008 at 1:53 PM
We need a thread on the failed house vote — and its implications — if indeed anyone can sort those out!
:-0
Buckaroo on September 29, 2008 at 1:53 PM
The current proposal is light years better than the criminal-written one, but still not very good. Kudos to Ryan for standing up on Friday, but we may get something even better if we wait. Suspend mark to market, and keep talking.
Vashta.Nerada on September 29, 2008 at 1:54 PM
Failed in the house, looks like.
Spirit of 1776 on September 29, 2008 at 1:54 PM
Implications? Look at the Dow. How’s that for an implication.
Syd B. on September 29, 2008 at 1:54 PM
I honestly don’t buy this “Armagedon” syndrome … remember it was DEMOCRAT Paulson who proclaimed that…..
Randy1968 on September 29, 2008 at 1:54 PM
Dow plunged 600 points. Whew.
carbon_footprint on September 29, 2008 at 1:55 PM
But climbing back up, I might add.
carbon_footprint on September 29, 2008 at 1:55 PM
I don’t mean to quibble with Lowry, but isn’t the resistence to the bill indicate resistence to socialized movement left.
Spirit of 1776 on September 29, 2008 at 1:56 PM
Yes, but oil went under $100, which has tanked all oil stocks, and muddied up the picture.
Vashta.Nerada on September 29, 2008 at 1:56 PM
The Great Depression didn’t actually make the country more conservative, though. Out of it we got the New Deal. Wonder what we’ll get out of this one?
Time to learn Chinese. They’re about to take advantage of the bargain basement prices.
Slublog on September 29, 2008 at 1:58 PM
It’s been pretty stable at 207-226. Looks like they aren’t able to switch any votes.
DOW was down to -650, climbed back up to -400, but now is hovering around -470.
Good thing I’m retiring for 30 years.
e-pirate on September 29, 2008 at 1:59 PM
Yeah, but the MSM will never separate market activity to whatever they deem to be the major news story.
jimmy the notable on September 29, 2008 at 1:59 PM
I can’t believe people are willing to throw this country into a Depression out of some warped sense of principle. Screw you all!
Blake on September 29, 2008 at 1:59 PM
Puppy therapy.
Exurban Jon on September 29, 2008 at 1:59 PM
*since I can’t drink on the job.
Exurban Jon on September 29, 2008 at 1:59 PM
Don’t forget about Social Security.
jimmy the notable on September 29, 2008 at 2:00 PM
To paraphrase McCain, there is a whole lot of people in the House who would prefer to send the economy into a depression in order to win an election… eyes roll.
Illinidiva on September 29, 2008 at 2:00 PM
overheard on CNBC:
“What would it take to change a few votes to get this to pass?”
Answer: “Hang a few more Wall Street CEO’s”
Rovin on September 29, 2008 at 2:00 PM
Anyone know where to find the roll call for this vote? I want to know how my Representative voted.
flyfisher on September 29, 2008 at 2:01 PM
Oh, I see. He’s is presuming a depression as a consequence.
Regardless, that depends on the outcome. Right now seems like we have a resistence to intervention.
Spirit of 1776 on September 29, 2008 at 2:01 PM
Warped? LOL!
Fletch54 on September 29, 2008 at 2:02 PM
Principle is all we have. I don’t want to sell our future and possibly throw us into a worse future REAL depression to save ourselves because of the mistakes that the big companies made. This is MY money they’re giving to this bailout, and they haven’t convinced me its necessary. Hell, earlier today they said the 700B number was pulled out of thin air.
jimmy the notable on September 29, 2008 at 2:02 PM
The House still needs 10 more votes to pass this thing…
JetBoy on September 29, 2008 at 2:03 PM
Oil is down because the dollar is UP.
If the United States economy is in the middle of a total collapse, why does the entire world want to own US dollars?
If the US economy was going down the crapper, everyone on the planet would be dumping dollars into the crapper, not digging out every dollar they can find.
rockhauler on September 29, 2008 at 2:03 PM
If Frank and Dodd head up the investigative hearings, it sends a clear signal that this will happen again and again. Why wait for it?
a capella on September 29, 2008 at 2:03 PM
That’s my question. I understand that an atmosphere of panic has been created around this bill, but unless the factors that created the problem are changed we will go right back to the same problem with + 1 trillion burden.
Spirit of 1776 on September 29, 2008 at 2:05 PM
A win for capitalism!!
Big Orange on September 29, 2008 at 2:05 PM
I’m so glad I moved most of my portfolio into GLD.
p0s3r on September 29, 2008 at 2:05 PM
With all due respect, Mitt’s “the worst is yet to come” is a very non-substantive statement (and I was a Mitt suporter), the Heritage Foundation is Beltway and therefore not to be given special weight, the WSJ is wrong much of the time, and who gives a crap sandwich what Rich Lowry thinks?
Where’s the commentary on what the electorate might think? Tell us, AP, why the House members voted the way the did, rather than what a bunch of commentators think about it?
BigD on September 29, 2008 at 2:06 PM
The irony is, our worst economy is still better then the best foreign economy.
right2bright on September 29, 2008 at 2:06 PM
what’s going on?
jimmy the notable on September 29, 2008 at 2:07 PM
unprecendented power to a non-elected official
Spirit of 1776 on September 29, 2008 at 2:08 PM
So, let me see if I can sum up our country’s situation real quick.
We’ve spent about 4 trillion dollars keeping poor people from becoming more poor and failing.
Now we are spending 700 billion dollars to buy them all houses.
That about sum it up?
lorien1973 on September 29, 2008 at 2:08 PM
Right on brother! This will work out OK.
Big Orange on September 29, 2008 at 2:09 PM
Yeah, and nobody says a word about it. While the MSM whined about a non-existent recession in the US, Europe and Japan were having real recessions.
jimmy the notable on September 29, 2008 at 2:09 PM
This does not bode well for me at the moment. My company is in the final stages of being acquired by a larger rival and all of us here are going to be laid off after the new year.
DerKrieger on September 29, 2008 at 2:09 PM
Looks like I picked the wrong week to quit amphetamines!
Dash on September 29, 2008 at 2:09 PM
There’s no irony about it, which is why this bailout bill is nothing but a fraud put to paper.
Fletch54 on September 29, 2008 at 2:10 PM
For now. Wait until the inflation from the 630 billion dollars kicks in; and gas prices go up to 5 or 6 dollars.
Then wait for when VZ sends more oil to Russia and China. And we aren’t drilling here (still).
Then see how good our economy is.
We are on the
slowfast road to craptown. Population: Us.lorien1973 on September 29, 2008 at 2:10 PM
Should have built that guest room. Since my parents will be moving in, and all.
Exurban Jon on September 29, 2008 at 2:10 PM
Apparently not, Lorien. They voted it down.
techno_barbarian on September 29, 2008 at 2:11 PM
It’ll come back on Wednesday and pass. It has to. “The best deal” is the one that gets done this week. Anything else will be a day late and a dollar short. The people that roadblocked this, if successful, will be heroes today but not a month from now. A month from now they’ll look like idiots.
RBMN on September 29, 2008 at 2:11 PM
I’m watching Drudge. He’s changed his headline 4 times in the past half hour. ;)
Connie on September 29, 2008 at 2:11 PM
Spirit of 1776 on September 29, 2008 at 2:11 PM
There is no distinction between Main Street and Wall Street. Wall Street did what it did at the de facto behest of Main Street. Main Street said, “Give me 7-10% on my 401k and retirement plans, or you’re fired. Oh while you’re at it, pay for all my feel-good socialist policies with foolish risk-taking. It’s ok, we’ll bail you out if there are any consequences.”
Wall Street: “I want 20 mil if/when this goes to shit.”
Main Street: “Whatever. I want my 10%. With french fries, you greedy bastard.”
Wall Street: “Um. Ok.”
Sure, there were plenty of thieves and boiler-room con men involved in all of this, but if I recall correctly, Main Street voted those con men into power in 2006. Main Street wanted the proverbial cake with a belly full of it, too.
There are no saints in this equation.
spmat on September 29, 2008 at 2:12 PM
My wife and I just sold our house ahead of losing our jobs due to an acquisition. We planned on staying with my in-laws until we got new jobs. May be there longer than planned.
DerKrieger on September 29, 2008 at 2:12 PM
Everyone selling stock on Wall Street ia paid for that stock in US Dollars. Those dollars are not leaving the United States, they are going into US Treasury bills.
If this was a collapse in the US Economy, foreign investors would be leaving the US, converting those dollars into some other currency, and taking that currency somewhere else.
They are not doing that, they are staying in US Treasuries.
This is a manufactured panic. Made up by leftists, and news media who have bought the story.
rockhauler on September 29, 2008 at 2:14 PM
We were hoping to buy our first house in a few months. I hope there are still banks left willing to give out mortgages.
e-pirate on September 29, 2008 at 2:14 PM
Looks like the CNBC crew are throwing up their “Power-lunches”
Rovin on September 29, 2008 at 2:15 PM
“Reluctantly.”
What an innocuous term for the violations of one’s conservative [allegedly] principles.
Ya know, it can be used, elsewhere, too:
Judge – “I, reluctantly, will allow the police to enter one’s home without any probable cause, warrant or compelling emergency.”
Spouse – “I, reluctantly, had an adulterous relationship.”
Mother – “I, reluctantly, exterminated the child in my womb.”
Reverand – “I, reluctantly, preyed on the children in my parish.”
Now, doesn’t “reluctantly” make it all better?
OhEssYouCowboys on September 29, 2008 at 2:15 PM
My bank, suntrust is handing out loans still. Smaller, more capitalized banks are still doing it.
It’s these monstrous banks that are dying. And I say good riddance. The oligopoly must end.
lorien1973 on September 29, 2008 at 2:16 PM
Kent Brockman: Professor, without knowing precisely what the danger is, would you say it’s time for our viewers to crack each other’s heads open and feast on the goo inside?
Professor: Yes I would, Kent.
e-pirate on September 29, 2008 at 2:17 PM
Which is predicated on the assumption that your “fix” won’t induce that said Depression. We’re going to devalue the dollar with this. Perhaps irrevocably.
spmat on September 29, 2008 at 2:17 PM
As long as you’re qualified, I’m sure there will be. My daughter had no problem getting a car loan last week and was pleasantly surprised a few days later by a merit pay raise that will pay the difference in the new loan over the old.
Connie on September 29, 2008 at 2:18 PM
Do it quick and the banks and the government will love you for it. My dad just bought a house and he’s getting tax breaks up the wazoo. This is a pretty good time to buy. Its not like every bank is going out of business.
jimmy the notable on September 29, 2008 at 2:18 PM
Oh well. Depressions are probably character-building.
RBMN on September 29, 2008 at 2:18 PM
Or we could try a better bill.
Spirit of 1776 on September 29, 2008 at 2:19 PM
I called by Dem. Congressman and demanded that the perpetrators in Congress of this mess be investigated. I specifically called out Barney Frank. Those bastards shold NOT be allowed to get away with this.
DerKrieger on September 29, 2008 at 2:19 PM
MAINSTREET SAYS NO TO WALLSTREET!….CEO’s—unqualified buyers hardest hit.
Rovin on September 29, 2008 at 2:20 PM
Fox News just broke the news that the vote has failed in the House, due in part to Nancy Pelosi’s partisan speech that said the crisis was due to the failure of the policies of the Bush Administration. Republicans went berserk when they heard that and the vote went singing down the drain soon after.
http://www.foxnews.com/story/0,2933,430021,00.html
Back to Square One.
pilamaye on September 29, 2008 at 2:20 PM
Heh. I love gallows humor.
Slublog on September 29, 2008 at 2:20 PM
Why arent the Republicans demanding accountability of Dodd and Frank?
The whole sorry lot of Dems are crooks!
becki51758 on September 29, 2008 at 2:22 PM
Will assess “safe” votes = votes where they can vote for it without jeopardizing their seat in the House.
Game of chicken continues.
Vote again this afternoon.
Mr_Magoo on September 29, 2008 at 2:24 PM
Mondays suck.
cntrlfrk on September 29, 2008 at 2:24 PM
I do like this feisty redhead on CNN, so at least it’s not all bad.
She’s even better on mute.
e-pirate on September 29, 2008 at 2:24 PM
Well, if you saw Wall Street protests on the 25th…
JetBoy on September 29, 2008 at 2:25 PM
Anyone who is worried about their job, come to my place if you can work a shovel; I’m digging a bunker in the backyard and could use some help.
Three hots and a cot, plus some walking-around money for your work.
Bishop on September 29, 2008 at 2:26 PM
Maybe he needs to do an inventory, and see if he can locate a pair How BRAVE.
Dr Evil on September 29, 2008 at 2:27 PM
*****Bit of a language warning on the link I posted a couple up
JetBoy on September 29, 2008 at 2:28 PM
Well that’s going to hurt.
Republicans, that is. That’s a “Gingrich let the government shut down because he was snubbed on Air Force One” moment.
Slublog on September 29, 2008 at 2:28 PM
Leave it to the San Francisco idiot to put her political foot in her mouth just enough to piss off conservatives enough to bring this to a failure. As a California resident, I’m truely not surprised.
Rovin on September 29, 2008 at 2:29 PM
Blame the victim. Now that’s a fun game.
lorien1973 on September 29, 2008 at 2:30 PM
Time for republicans to open up a can of whoop ass on Dodd, Rangel, Frank etal.
Press conference time, jerk offs. Do it.
lorien1973 on September 29, 2008 at 2:30 PM
Now would the time to ask for the resignations of Frank, Dodd and the rest of the twirps. Get on the tube and point out that those idiots can’t possibly be kept around when they were instrumental in causing this mess.
Bishop on September 29, 2008 at 2:32 PM
I’ll add Pelosi to that list:
Clueless, party of four. Your table is ready.
Syd B. on September 29, 2008 at 2:32 PM
It will be for the media and the Democrats. You thought the beating we took after the 1995 shutdown was fun?
That’s nothing compared to the narrative being written as we speak.
Slublog on September 29, 2008 at 2:33 PM
What, we could take a worse beating than we are already gonna take in November?
Republicans have an opportunity to lay their cards on the table; tell the people what caused this, give a free market way to fix it – demand resignations of those responsible, fix what caused it and come out like champs.
Or, if they play it like always, they’ll look like sheepish idiots.
Either way. Their choice now.
lorien1973 on September 29, 2008 at 2:36 PM
The problem is, once that story gets wider play, GOP attempts to explain their votes on principle will go down in flames.
Slublog on September 29, 2008 at 2:38 PM
Wow… the GOP just came out and blasted pelousi for her partisan speech right before the vote.
Stupid bitch.
techno_barbarian on September 29, 2008 at 2:40 PM
How so? If people can be made to know that this doesn’t fix anything; it’s just a bandaid, the republicans will look fine. If the republicans do not explain themselves, then they’ll look like crap.
So, the latter is the most likely event.
Either way, I’m not even convinced this is a real problem. I think its more manufactured than anything else.
If this were not an election year, this would not be a major catastrophe. Guaranteed.
lorien1973 on September 29, 2008 at 2:41 PM
The Democratic party has the MAJORITY in the house…..they could have passed this WITH THEIR VOTES. I’m not sure the media is going to be able to spin this when the DEMs had enough of both sides to pass this until the pathetic Speaker of the House decided to make this a partisan issue. I hope the egg on her face never comes off.
Rovin on September 29, 2008 at 2:45 PM
The GOP just came out and blasted pelousi for poisioning the vote with her foolish petty and partisan rant just before the vote.
I think the filter clipped my last post, so I’ll put it this way this time:
Stupid b**ch.
techno_barbarian on September 29, 2008 at 2:45 PM
Eh, and we’ve benefited from the narrative game when exactly? The news media writes the narrative. They’re writing it right now, flatly ignoring facts and reality, to protect the Democrat party and their chosen candidate.
We will never win the war of the narrative when we continually play the role assigned to us by those whose objective is to destroy us.
spmat on September 29, 2008 at 2:45 PM
At least we got out there before the dems. Can’t wait to see what they come out and say.
At least we got out there first this time.
techno_barbarian on September 29, 2008 at 2:46 PM
Why is it so difficult to understand:
The people who caused this mess are the ones trying to fix it?
We are not relying on OJ to find the real killers are we?
If this were serious, they’d take it seriously. They are not. They are being partisan hacks. This crisis is made up to win an election. Nothing more, nothing less.
lorien1973 on September 29, 2008 at 2:47 PM
The key here is message discipline. The “Nancy hurt our feelings” quotes given to the media are an unforced error that could undercut the principled disagreement to the bill and allow the Democrats an easy avenue of attack.
Slublog on September 29, 2008 at 2:53 PM
She couldn’t get her own party to vote for this thing, Slu. She only needed 11 votes to push this through and couldn’t get them from the 94 dems that voted against this bill.
She’s a failure and a disgrace.
techno_barbarian on September 29, 2008 at 2:58 PM
Agreed……but there were just enough Republican that were going to swallow this poisonous pill and vote for what they thought was “the best fix” however temporary. Pelosi had enough votes on both sides right up to her speech. Dems are still in their “little room” trying how to come out a spin this…..Maybe her arrogance will turn into a blessing!
Rovin on September 29, 2008 at 3:00 PM
Agreed on Pelosi, but there was no need to make the stupid error of playing the victim card.
Slublog on September 29, 2008 at 3:01 PM
Rockhauler was spot-on on the Treasury and dollar valuation indicators. Additionally, trading curbs and all, a 5% drop on the NYSE adds to the picture of a financial system in distress but not free-fall. But the key question going forward is: can the financial system contain the inevitable bank run? That is where the crap may meet the wind generation device, depending on the size of the run.
Tongueboy on September 29, 2008 at 3:03 PM
roll call
http://clerk.house.gov/evs/2008/roll674.xml
craig on September 29, 2008 at 3:04 PM
Yeah that was stupid, I won’t disagree with that. I’d have preferred them come out with a message. But a press conference is more than they could muster previously. So maybe they are growing something.
lorien1973 on September 29, 2008 at 3:10 PM
That’s so true I don’t know whether to laugh at the truth or cry at how low our expectations are for House Republicans.
*Sigh*
Slublog on September 29, 2008 at 3:13 PM
Congress has no idea how we got in this mess and are unwilling to even publicly debate the issue.
I have ZERO confidence that pouring billions into bad loans will have any more positive impact than handing your credit card to an alcoholic cousin with a gambling debt. Cousin gets to live another day but will come back for more money in 6 months having learned nothing. Sometimes being your brothers keeper means letting your brother know he’s on his own.
Angry Dumbo on September 29, 2008 at 4:22 PM
Guess all my fellow repubs against this bailout have a nice storehouse of gold to get them through the hard times.
eaglewingz08 on September 29, 2008 at 4:57 PM
I agree it’s better to do something rather than nothing.
BUT, fix the fundamentals at the same time: repeal the CRA now!
PattyJ on September 29, 2008 at 5:00 PM
And now he flip-flopped just a few days later. Had Obama flip-flopped so fast, ’squish’ would be one of the more polite words used against him. He should have stuck to his guns but now he is nothing more than a tool of Pelosi’s socialist revolution.
grdred944 on September 29, 2008 at 5:03 PM
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