Pedestrian Observer GB: Bailout Rejected & the Political Blame Game Ensues

The failed Bush/Paulson Bailout Plan defeated in Congress by a vote of 205 Yea vote to 228 Nay vote. What is amazing is the political spin and blame game of Blaming House Speaker Nancy Pelosi for “failing” to deliver the vote. If indeed it was true how come the Democrats delivered 140 Yea votes with 95 Nay vote while Republicans had a measly 65 Yea vote with 133 Nay votes. What was that all about, was it the Democrat House Speaker’s responsibility to bring in the Republican vote under a Republican administration's plan.

What is really ridiculous is when some Republican’s were supposed to have been hurt by the so-called “partisan” speech of House Speaker Nancy Pelosi from the CNN Breaking News clip:

When President Bush took office, he inherited President Clinton’s surpluses 4 years in a row. Budget surpluses on a trajectory of 5.6 Trillion Dollars in surplus and with his reckless economic policies within 2 years he had turn that around. And now 8 years later the foundation of that fiscal irresponsibility combined with an anything goes economic policy has turn us to where we are today.

They claimed to be free market advocates when it’s really an anything goes mentality. No regulation. No supervision. No discipline. And if you fail you will have a golden parachute and the taxpayer will bail you out. Those days are over. The party is over.

Here is Boston Heralds report on the Republican’s reaction on the Nancy Pelosi’s speech:

"We could have gotten there today had it not been for the partisan speech that the speaker gave on the floor of the House," House Minority Leader John Boehner said. Pelosi’s words, the Ohio Republican said, "poisoned our conference, caused a number of members that we thought we could get, to go south."

Rep. Roy Blunt, R-Mo., the whip, estimated that Pelosi’s speech changed the minds of a dozen Republicans who might otherwise have supported the plan.

And here is Rep. Barney Frank, D-Mass., take on the matter:

"Well if that stopped people from voting, then shame on them," he said. "If people’s feelings were hurt because of a speech and that led them to vote differently than what they thought the national interest (requires), then they really don’t belong here. They’re not tough enough."

More than a repudiation of Democrats, Frank said, Republicans’ refusal to vote for the bailout was a rejection of their own president.

Unless those responsible to where we are now are not taking any responsibility and accountability, politicians will resort to blame game and looking for escape goats to avoid responsibility. Clearly it is not the free enterprise system that failed us but corporate greed where there is no regulation, supervision and discipline as Speaker Pelosi pointed out. But then again will the bailout plan through legislation really stop the bleeding?

This is scary and the worrisome outcome as news of the bailout plan failure the market starts to ebb down again. Sad that partisan politics influence some lawmakers when we are faced with a financial crisis they are on a blame game instead of going back to the drawing board on how they can respond to the financial crisis.

The bailout is definitely very unpopular with the people. Investors loss their confidence in the market, in the same manner that the people are outraged why the people responsible for the financial crisis are the very same people in charge of the bailout? Meanwhile as politicians squabble and turn this into a political blame game people are at risk of losing their jobs, houses, small business going under and other consequences due to tight if not frozen credit industry.

In the meantime in order to bring back the Republicans to the floor a drastic action by House Speaker Nancy Pelosi is needed........ maybe baking cupcakes for the Republicans to appease their hurt feelings will do the trick....... ayayayay.

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