(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

[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 They repealed the Glass-Stegall act which kept banks from packaging mortgage backed securities.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