Pelosi Blamed for Bailout Failure

[brokenandtwisted]

Pelosi blamed for bailout failure...

http://video.ap.org/v/default.aspx?mk=en-ap&g=3c45ee7f-a16d-4869-9abc-a27dbafbda40&p=ENAPus_ENAPus&f=1129458&t=s201fg=tool

Damn Democrats are bringing down America! :proud2: Apparently Pelosi's speech turned the tables, and ultimately the bailout was denied.

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PELOSI: When was the last time anyone ever asked you for $700 billion?

It’s a staggering figure and many questions have arisen from that request. And we have been hearing a very informed debate on all sides of this issue here today. I’m proud of the debate.

$700 billion. A staggering number, but only a part of the cost of the failed Bush economic policies to our country. Policies that were built on budget recklessness when Pres. Bush took office, he inherited Pres. Clinton’s surpluses - four years in a row budget surpluses on a trajectory of $5.6 trillion in surplus. And with his reckless economic policies, within two years, he had turned it around. And now 8 years later, the foundation of that fiscal irresponsibility, combined with an “anything goes” economic policy, has taken us to where we are today.

They claim to be free-market advocates, when it’s really an anything goes mentality. No regulation, no supervision, no discipline. And if you fail, you will have a golden parachute and the taxpayer will bail you out.

Those days are over. The party is over in that respect.

Democrats believe in a free market. We know that it can create jobs, it can create wealth, many good things in our economy. But in this case, in this unbridled form, as encouraged and supported by the Republicans — some Republicans, not all — it has created not jobs, not capital, it has created chaos. And it is that chaos that the Secretary of the Treasury and the Chairman of the Fed came to see us, just about a week and a half ago. It seems like an eternity, doesn’t it? So much has happened. The news was so bad. They described a very dismal situation.

http://michellemalkin.com/2008/09/29/nancy-pelosis-bailout-attack-speech-on-the-house-floor/

Thoughts? It was socialist in nature no doubt.

[katyk]

Blaming Nancy Pelosi is BULL SHIT.

The goal was for both parties to "unite" and get half of their house party members to vote for this measure. Then she makes a speech blaming the Bush administration for the problem we are in now anyway, and they get their GOP panties in a wad.

This is a good article on it: (http://www.cnn.com/2008/POLITICS/09/29/bailout.fallout/index.html)

And my favorite quote:

Rep. Barney Frank, the House Democrats' main negotiator on the package, called the Republicans' finger pointing an excuse.

"Because somebody hurt their feelings, they decided to punish the country?" Frank said. "I don't believe they had the votes. They are covering up the fact that they don't have the votes."

Also, McCain goes on and on about how he fought for stricter regulation laws and saw this problem coming.

In reality...


The Facts: During his time in the senate, McCain has been a champion of government deregulation — some of which is being blamed for the Wall Street meltdown. Since the recent crisis, though, he has supported a plan for the government to take on the debt of failing financial institutions.

During a September 21 interview on CBS's "60 Minutes," McCain was asked if he regretted a 1999 vote for deregulating Wall Street. "No — I think the deregulation was probably helpful to the growth of our economy," McCain said.

In footage of a speech aired during that interview, though, McCain voices support for government now stepping in. "I'm not saying this isn't going to be messy and I'm not saying it isn't going to be expensive," he said, "but we have to stop the bleeding."

http://politicalticker.blogs.cnn.com/2008/09/29/fact-check-mccains-stance-on-deregulation/

I don't agree with all of Pelosi's remarks, only because I am not educated enough on the subject to make an informed opinion, but I do believe Bush's administration, which allowed for loose regulation and lobbying laws, is to blame for the mess we're in. How could it not be?

[brokenandtwisted]

Here's the transcript of the speech (http://www.nytimes.com/2008/09/30/washington/30pelositranscript.html) (the YT link doesn't show the whole speech).

Pelosi's method was unprofessional though in my opinion. Harping on the Republicans wasn't the point of the bill, it was to calm the financial markets. Sure, the Republicans are to blame for the economic state (in part), but it has to be dealt with regardless of political affiliation. Now there's a sinking financial market with global implications. So yes, a depression is going to happen if someone doesn't cough up cash fast and the American dollar will plummet...and Pelosi will be known as a shrill cunt. I don't agree with the bill either...it gave too much power (thereby abolishing free-markets) to the Treasury, but harping on Republicans isn't exactly a professional...method.

[katyk]

I don't know if you've ever seen footage of congress in session, but there are many times when professionalism is not on the forefront of their minds.

But regardless, even if she wasn't "professional", who cares? So the American people suffer for that? The Republicans getting angry and pointing the blame directly on her is unprofessional and out of line, too. These are adults, with a big job to do and I swear they act like children sometimes.

Democrats have been the punching bags of Capitol Hill for years, so the Republicans should learn how to take some criticism every now and then like big boys and girls. If there is blame to be had for this disaster, then we should put the blame on the administration who allowed it to happen.

For the bill, I agree with you. It's a lose-lose, really it is. We have to pass a bill or let it all sink. It's just a huge mess. Personally, I think a bill should be passed to lower interest rates on struggling homeowners. That would require too much work in the congress right now though, and vacation time is coming up, so it won't happen.

[brokenandtwisted]

I don't know if you've ever seen footage of congress in session, but there are many times when professionalism is not on the forefront of their minds.

But regardless, even if she wasn't "professional", who cares? So the American people suffer for that? The Republicans getting angry and pointing the blame directly on her is unprofessional and out of line, too. These are adults, with a big job to do and I swear they act like children sometimes.

Democrats have been the punching bags of Capitol Hill for years, so the Republicans should learn how to take some criticism every now and then like big boys and girls. If there is blame to be had for this disaster, then we should put the blame on the administration who allowed it to happen.

For the bill, I agree with you. It's a lose-lose, really it is. We have to pass a bill or let it all sink. It's just a huge mess. Personally, I think a bill should be passed to lower interest rates on struggling homeowners. That would require too much work in the congress right now though, and vacation time is coming up, so it won't happen.

Suffer is such an understatement. Instead of an increase in taxes, there's going to be bankruptcy left right and center. I'd much rather have higher taxes than go bankrupt, wouldn't you?

And I firmly agree that the Republicans need to learn to take criticism. They've run a terrible government these last two terms, especially with foreign policies and the economy (which are the two major issues this election). However criticism doesn't have place at this moment. There's a time and place for criticism. When discussing a global (mind you, historical) financial crisis, he-said-she-said is really unimportant. Address the bill and its' implications. Don't pick apart a party simply because you dislike them when your dislike is totally irrelevant to the case at hand. I didn't hear her discuss the content of the bill. All she did in that entire speech is castigate the Republican party for what they've done.

[katyk]

Suffer is such an understatement. Instead of an increase in taxes, there's going to be bankruptcy left right and center. I'd much rather have higher taxes than go bankrupt, wouldn't you?

And I firmly agree that the Republicans need to learn to take criticism. They've run a terrible government these last two terms, especially with foreign policies and the economy (which are the two major issues this election). However criticism doesn't have place at this moment. There's a time and place for criticism. When discussing a global (mind you, historical) financial crisis, he-said-she-said is really unimportant. Address the bill and its' implications. Don't pick apart a party simply because you dislike them when your dislike is totally irrelevant to the case at hand. I didn't hear her discuss the content of the bill. All she did in that entire speech is castigate the Republican party for what they've done.

Well you are right about that. She should have said it AFTER the bill passed. haha. But yes, she could have worded it differently too. But you know Pelosi. She's a strong woman who does not mince words. That's how she's gotten so far in government! But she said it, it happened, they could have ignored it, but they didn't. So it was a cluster fuck all the way around.

[Peeperann]

Actually ABC, NBC and Fox news all said that a large amount of Republicans crossed over and voted no and that is the reason it failed.

You can personally get the info on how each Senator voted 'yay or nay'. It's public record. For once the Republicans cannot blame this on the Democrats or the Liberals!!

And yes, the Republicans are the ones who got us into this mess in the first place.

Although I do agree something has to be done. We'll be the next third world country if not.

[Castille]

Pelosi's speech didn't change a single vote. However, it does make convenient cover for house members that weren't going to vote for the bail-out in the first place. In the same way I assume her speech was an effort to offer cover for the dems that were voting for it. House Reps say inflammatory things all the time - that's what they're there for and why the House makes good side show sometimes. But to assume Pelosi can spout a few fighting words and change a vote is giving her a lot more power and credibility than she will ever possess.

[polis]

pffft, i'm glad that lame bill didn't pass.

it was too forgiving on debt for assholes that personally have millions. they should never been so greedy in the first place.

heh.

seriously though, they should make a plan that effects them more than the tax payer.

[brokenandtwisted]

The No Votes (multimedia) (http://www.nytimes.com/interactive/2008/09/29/business/20080929-CONGRESS-VOTE-GRAPHIC.html)

Senate to Vote Today on the Bailout Plan

Published: October 1, 2008

WASHINGTON — Senate leaders scheduled a Wednesday vote on a $700 billion financial bailout package after accepting tax breaks and a higher limit for insured bank deposits in a bid to win House approval and send legislation to President Bush by the end of the week.

Senator Christopher J. Dodd, Democrat of Connecticut, above right, with two aides Tuesday in Washington.

Top lawmakers said the Senate proposal, worked out after a day of maneuvering behind the scenes, would include tax breaks for businesses and alternative energy and higher government insurance for bank deposits.

“It has been determined, in our judgment, this is the best thing to move forward,” said Senator Harry Reid, Democrat of Nevada and the majority leader, in announcing the surprise move.

cont'd (http://www.nytimes.com/2008/10/02/business/02bailout.html?hp)

[Athena]

I'm glad it didn't pass, but blaming Pelosi is just partisan bullshit, much like the crap she was spewing.

This bailout thing is a mess. We need the bailout to open up more credit, but...Loose credit is the reason we're in this mess to begin with.

Tax payers and innocent, responsible people will suffer no matter which option we choose.