Bailout Fails
Mon, 09/29/2008 - 13:58 — Rottenchester
I'm watching C-SPAN and it's over: the bailout lost by 19 23 votes.
Randy Kuhl joined 132 133 of his Republican colleagues and voted against the bailout. He's issued this statement explaining his vote.
Update: Here's the roll. It's an interesting mix. Other area representatives (Reynolds, Walsh, and Slaughter) all voted for the bill.
Comments
I have to admit when I heard the news today I was almost giddy. I don't know, the stock market could well take another nosedive tomorrow, the credit markets could continue holding out believing 700 Billion is just around the corner, but I had hope for the first time in a week that we just might not be on the course to destroying this system.
CNN made it sound as though the world was ending and the end of our nation as we knew it was near this afternoon.
I just have to add one thing. Any issue other than saving baby ducklings on which George W. Bush and Nancy Pelosi join forces so adamantly demands far closer inspection than we have given this bill. A bill that would limit all future debate to 10 hours, a bill that would allow Fannie/Freddie and the rest to sell us mortgages for more than the amount they paid, a bill that would give Paulson and his successor unchecked power, sorry but today was one of the rare moments I felt like the system actually worked for the little guy.
Now the only question is, how bad will it be and how easily will these same people cave once they feel a little heat?
I can't disagree too much. It was a crummy bill which might not be the best way to address a real crisis, and no real discussion of alternatives happened.
It's interesting to note that the most endangered MOCs voted against this almost to a person, just as the founders wanted. They represented their constituents.
If I had to guess about what's coming down the pike, I'd bet on a little window-dressing to give some wavering members some cover, and another vote in a day or two. The market will go through the floor in the meantime, which will pressure some of the weak "nays" to become weak "yeas".
Yeah I agree with you there, they need cover and being able to say "we hear you, but now we have evidence the market will crash" would probably do it.
My hope is that we can keep this bill from becoming law, but that looks unlikely.
I'm proud of Randy, standing up to this too-many-questions-still package!