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Even republicans say "this is a manufactured crisis"
"...Darryl Issa, R- Riverside County, who made a fortune in car alarms, calmly told reporters afterward, 'This is a manufactured crisis,' and said the administration already has the tools it needs to inject banks with capital, action he said would be 'every bit as effective' as the bailout...."
Anger, disarray as bailout plan goes down in unexpected defeat in House
Carolyn Lochhead, Chronicle Washington Bureau
Monday, September 29, 2008
(09-29) 18:45 PDT Washington -- House Speaker Nancy Pelosi looked ashen as she faced reporters this afternoon, the stock markets plunging on news that the House had defeated, 205-228, a $700 billion bailout of the U.S.
Financial system.
The markets did not.
They plummeted as two thirds of Republicans and more than a third of Democrats voted no.
Senate leaders quickly stepped forward to project an aura of calm.
The two leading Senate negotiators, Banking Committee chairman Chris Dodd, D-Ct., and Judd Gregg, R-NH, promised that while no votes would happen over the Jewish holiday Tuesday, even as markets remain open, Congress will not leave without taking action.
"We're going to stay here until we get it fixed," vowed Senate GOP leader Mitch McConnell.
"It is inappropriate to fix blame.
What we want to do is fix the problem." But no one could outline a path forward.
"I can't give you an answer at this point," McConnell said.
"It's simply unknown."
Pelosi could call the House back into session at any time to reconsider its vote.
The Senate could vote on it as originally planned on Wednesday.
But there was no plans put forth after things collapsed on Tuesday.
Dodd called the vote "a failure of will" and said tempers need to cool as leaders decide how to proceed.
Warning of job losses, Gregg said the stock market drop should stiffen spines.
A close vote was expected in the House, but not a loss.
Angry constituents, protests from conservative and liberal activists - and more than anything, a deep distrust in both parties of President Bush - combined with a lethal force that leaders on neither side could control.
Anger and disarray ruled the day.
Democrats blamed Republicans for failing to deliver half their votes, and Republicans blamed Pelosi's scathing speech on the House floor where she ripped the Bush administration and a free market philosophy run riot, and hoped for better days under a new president.
The scene was the world of Washington turned upside down.
As members gathered to vote, Democrats gave ovations to two Republicans, House minority leader John Boehner, R-Ohio, and Financial Services Committee ranking Republican Spencer Bachus, R-Ala.
For their courage in supporting the bailout.
As the voting ran into overtime, liberal Democrats such as Dennis Kucinich of Ohio were joined by conservative Republicans shouting, "Regular order!" demanding that the vote be gaveled to a close.
Majority leader Steny Hoyer, D-Md., who just moments before had declared in a stirring speech that in a time of national crisis there are no political parties, only Americans, angrily confronted Republican dissenters.
Pelosi and her lieutenants huddled to no avail, looking up nervously at the roll call as votes failed to materialize.
"Everybody was just sitting there in awe," said Rep.
Sam Farr, D-Monterey, who voted for the bill.
Republicans "just walked away from their leaders and threw McCain under the bus."
Republican presidential nominee John McCain had returned to Washington late last week, saying he would quell the House Republican revolt, and just a day before had been praised by House Republicans for his efforts.
McCain and Democratic nominee Barack Obama traded charges of injecting partisanship into the debate and urged action.
Campaign politics aside, both have largely deferred to Congress on the financial crisis that one of them will be left to manage.
Telephone calls from President Bush went unheeded.
Bush is now poisonous on Capitol Hill.
Both parties share profound outrage at the crisis on his watch.
There is little faith that an administration that oversaw the events leading to the crisis can fix it now.
Like the boy who cried wolf, said Farr, "Bush just has no credibility.
When he ran around saying the sky was falling, nobody believed it.
Now we're in a domestic crisis when the government needs credibility."
Pelosi, a fierce opponent of the Iraq war, is convinced that the risk of assuming Bush has it wrong this time is too great.
She went on the floor to recall in the starkest terms the warning Federal Reserve chairman Ben Bernanke, whom she called "one of the foremost authorities on the Great Depression," had delivered to her when he pleaded for the bailout, describing credit meltdown as a once-in-a-century event to drive home its peril.
Pelosi described her shock at the warning and her outrage at the price tag.
Cornered by events and forced with just days to act to rely on an administration she loathes, Pelosi had to accept the broad outlines of Treasury Secretary Henry Paulson's proposed fix.
Leaders in both parties changed the bill as much as they could.
But in the end Pelosi could not pass the bill with her own party's votes.
The Congressional Black Caucus, whose new leader is Oakland's Barbara Lee, joined conservative free-market Republicans in the revolt.
Lee said she was voting against the bill because it did nothing to create jobs.
GOP leaders, one of whom waved Pelosi's speech, blamed her for pushing over the edge 12 wavering Republicans.
"We put everything we had into getting the votes to get there today," Boehner said.
"But the Speaker had to give a partisan voice that poisoned our conference;
Caused a number of members, who we thought we could get, to go south."
Democrats ridiculed the claim.
"I am appalled," said House Financial Services chairman Barney Frank, D-Mass.
"There's a terrible crisis affecting the American economy.
We have come together on a bill to alleviate the crisis.
And because somebody hurt their feelings, they decide to punish the country."
Darryl Issa, R- Riverside County, who made a fortune in car alarms, calmly told reporters afterward, "This is a manufactured crisis," and said the administration already has the tools it needs to inject banks with capital, action he said would be "every bit as effective" as the bailout.
Issa and other dissident Republicans had consulted with former Federal Deposit Insurance Corporation William Isaac, who urged them to explore alternatives.
"People began to realize that they don't have to give $700 billion to the administration," Issa said.
"The FDIC can provide the capital...They can end this crisis with the tools they have."
He and others demanded that a recent "mark to market" accounting rule that requires companies to write down their assets to current market value be suspended, and that FDIC insurance be raised to cover deposits higher than $100,000 to prevent a run on banks - already underway - by small businesses and wealthy individuals.
Asked whether those items could be included, Gregg said it would be "counter productive" at this stage to discuss reopening the bill.
Gregg and Dodd both said negotiators from both parties had acted fairly, compromised, and come away with their basic concerns met.
In fact, behind the partisan breakdown, there is a remarkable consensus on the need legislation, including McCain and Obama, one of whom will inherit the worst financial crisis since the Great Depression.
Members have described themselves as hostages.
Rep. Brad Sherman, D-Los Angeles, who voted against the bailout, described the original Treasury plan as "a ransom note that said if you ever want to see your 401Ks again, send us $700 billion in unmarked bills."
Rep.
Paul Ryan, a conservative Wisconsin Republican who had been a ringleader of the House rebellion, said he voted for the legislation so that he could go home to his family and sleep at night in good conscience, despite his reservations and his belief that Paulson had made the crisis worse.
"I hate this moment we're in," he said.
"We are in a massive credit crunch.
I'm receiving thousands of constituent calls saying, 'Don't do this.'" With only a month before members face re-election, he said many feared they would be voted out of office if they voted yes on the bailout.
"This to me is a conscience vote," Ryan said.
"The easiest thing would be to vote no and go hide in my office and watch the markets collapse.
I will suffer politically for this, but I will sleep at night."
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(09-29)18:45 PDT Washington -- House Speaker Nancy Pelosi looked ashen as shefaced reporters this afternoon, the stock markets plunging on news thatthe House had defeated, 205-228, a $700 billion bailout of the U.S.financial system.
The markets did not.
They plummeted as two thirds of Republicans and more than a third of Democrats voted no.
Time to start revising the list of douchebags to kick out of office ASAP.
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To clarify, everyone who voted FOR the bailout must go.
NOW.
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A fortune in car alarms?
obama ohate
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Alfred B...With no regard for human life!:
To clarify, everyone who voted FOR the bailout must go.
NOW.
I guess we would lose alot of democrats
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Becci:
Alfred B...With no regard for human life!:
To clarify, everyone who voted FOR the bailout must go.
NOW.
I guess we would lose alot of democrats
And the same goes for the Republicans that voted for it.
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Crowded Elevator always smell different to midget:
Becci:
Alfred B...With no regard for human life!:
To clarify, everyone who voted FOR the bailout must go.
NOW.
I guess we would lose alot of democrats
And the same goes for the Republicans that voted for it.
I agree but it was alot more democrats that voted for it.
All I hear is that the republicans are for the rich but yet the democrats are all voting for this.
Senator Kerry was on the O'Reilly factor talking about how this has to go through.
I would think that this would make some people think.
But I am sure it wont.
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Be sure to thank every congressman who voted no also
thank them the first time somebody's payroll check doesnt come
thank them when a banks fail in the UK
thank them when shipping companies fail in Asia
thank them when middle eastern countries who follow a banking that doesnt charge any interest buys up your state
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JD:
be sure to thank every congressman who voted no also
thank them the first time somebody's payroll check doesnt come
thank them when a banks fail in the UK
thank them when shipping companies fail in Asia
thank them when middle eastern countries who follow a banking that doesnt charge any interest buys up your state
People only think this is to bailout the rich they are not thinking of the everyday person
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Bump
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JD:
be sure to thank every congressman who voted no also
thank them the first time somebody's payroll check doesnt come
thank them when a banks fail in the UK
thank them when shipping companies fail in Asia
thank them when middle eastern countries who follow a banking that doesnt charge any interest buys up your state
Its all really just too bad isnt it
Free market can suck sometimes when higher ups and not to bright people in the middle class make bad decisions
but a free market will fix itself
fuck those banks and fuck the people who borrowed more than they KNEW they could not afford
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Banks Fail this Banks Fail that wah wah
WTF
Fuck the banks
let banks with sound principles and those that are accustomed to ethnic business practices reign
And to hell with the Federal Reserve
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Alfred B...With no regard for human life!:
To clarify, everyone who voted FOR the bailout must go.
NOW.
And vote in independents?
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This is a really well-constructed power ploy.
The Republicans will win their majority again in November because of this.
Mark my words.
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