(no subject)

[merchimerch]

Oh wow - the bailout bill failed and the DOW is plunging.

Even more shocking, although the Democrats largely supported it and Republicans largely didn't, I was shocked that only 60% of Democrats voted for the bill. I don't think I understand the nuances of the bill, but it did seem as though there were more safeguards for taxpayers than I expected. Perhaps this is why the Republicans pulled support?

CNN says that there may be another vote soon, but wow, just wow.

Comments

[merchimerch.livejournal.com]

Yeah I suppose that speech was ill-timed, but I was glad to hear it made none the less.

And I'm not sure that Pelosi bashed the Republicans, just Bush's presidency, therefore it might have allowed certain house members to gain distance from Bush. Then again Bush condoned the bill, so that might not have worked.

Great speech though -- we need more populism in Congress and in government in general.

[fallen42.livejournal.com]

The thing is, it's the Republicans in the congress of 1999 that are to blame for this mess. They repealed the Glass-Stegall act which kept banks from packaging mortgage backed securities. Although the Dems definately get some of the blame for signing onto the thing in the end.

http://en.wikipedia.org/wiki/Glass_stegal