Friday, October 3, 2008

It's the Bailout, Stupid

Despite the urgent endorsement of both the sitting Republican president and the Democratic Speaker of the House, the so-called “bank bailout” legislation just barely failed to pass through the House of Representatives after going through the Senate this week.

The vote on Monday came 13 votes short of passing the bailout. Roughly a third of Democrats and two thirds of Republicans turned it down. The narrow vote against it has shown that the United States is not a spigot of capital, distributed at the taxpayer’s expense

…at least, until the House votes on the matter again today.

Many Republican congressmen and -women have unsheathed their free market rhetoric to justify voting against the bill:

It was also convenient that mail and phone calls were coming in “30 to 1” against the bailout. Now, thanks to the wild downturn on the stock market that occurred when the first bill failed to pass, perhaps the general public is starting to change their mind about the bill.

Since virtually all the Republicans who voted against the bill on Monday were in “vulnerable” election races, they may have been riding public opinion, and will continue to do so in their vote today.

If that is the case, then expect the bill to pass, with a bunch of other items tacked on.

No comments: