Although the Republican leadership told Pelosi they would be able to get 70 to 80 votes today, but only ended up with 65 or so, you cannot overlook the complete failure that is Pelosi’s leadership of the Dems in Congress. Sure, her comments preceding the vote scared a handful of Republicans orginally in that 70 or 80 - Pelosi’s ill timed speech and its partisan tone, combined with her calling the GOP lawmakers unpatriotic, isn’t bipartisan coalition building whatsoever. Notwithstanding the fact that the Democrats have a majority in the House and Senate and can pass this thing, they insisted on GOP votes as a cover (polls show heavy disfavor to this package). So here are things of note:
Over ninety Democrats voted against it. Pelosi didn’t whip her Dems on the floor like she would on some lesser issues such as organized labor. She failed.
** 5 committee chairman voted no – this is the Democratic leadership – voting no?! **
**Every Dem member of the House Financial Services Cmte except for Barney Frank voted against it! All but Barney Frank!
Over 5 California democratic reps close to Pelosi voted no?!
Her remarks were clearly ill timed and ill suited – she pulled the thread on this fragile bipartisan group supporting this bill and let it fall apart. I’m not a fan of this bailout / failout package – but her complete lack of leadership is ridiculous. What was Obama doing? Where is he during this time and what has he been trying to do? Why was Obama not working with his party, the holders of the majority in both houses, and building consensus?
B/C Obama loves staying on the periphery on this issue, criticize McCain who went to Washington, and is more worried about himself politically. Always has. Obama’s party is in the majority – they have the votes to pass it, whether the political climate is difficult or not, they have this on THEIR plate and THEIR leadership failed. Remember it was the Dems who told McCain to ”get out of town” b/c he was making it more difficult. Right …. Failout Pelosi and “they’ll call if they need me” Obama are to blame – their party is in the majority, one is the House speaker and the other their nominee for president. Good grief.
we yelled loud enough to stop a bad bill, but at what cost?
Oh, 1.1 trillion dollars. I take a panglossian view of most everything in the news, but for the first time in my adult life, I feel as though I am living under the Carter Administration. Unfortunately, it will be a little more than four years from now (at least) before Bobby Jindal can pronounce, on his inauguration day that “It’s morning in America again.”
- If you listen to Obama speak on difficult issues while they are developing (Georgia, Financial Bailout) notice how his remarks are similar to what a reporter would be saying, with a few very broad “we should ….” or “during these times it is important to ….” – just reporting and very broad insight. - AP
Obama’s prepared remarks, from earlier today in Colorado.
And today, Democrats and Republicans in Washington have agreed on an emergency rescue plan that is our best and only way to prevent an economic catastrophe.
Not so much.
UPDATE:
After seeing the bill fail, Obama scapped the originial script and talked of Rocky Mountain-like turbulence
And today, Democrats and Republicans in Washington have a responsibility to make sure that an emergency rescue package is put forward that can at least stop the immediate problems we have so we can begin to plan for the future. As I said, this is a hard thing to do. And right now Democratic and Republican leaders have agreed but members have not yet agreed.
There are going to be some bumps and trials and tribulations and ups and down before we get this rescue package done. It is important for the American public and for the markets to say calm because things are never smooth in congress and to understand that it will get done. That we are going to make sure an emergency package is put together because it is required for us to stabilize the markets and to make sure that when a small business-person wakes up tomorrow morning, he will be able to make payroll.
We are not going to lose jobs at an even faster clip than we are doing right now. I am confident we are going to get there but it’s going to be sort of rocky. It’s sort of like flying into Denver. You know you’re going to land but it’s not always fun going over those mountains.
Shortly after the bailout vote, a statement from the campaign of Sen. John McCain (R-Ariz.) blamed the loss on “the Democratic leadership: Senators [Barack] Obama and [Harry] Reid, Speaker [Nancy] Pelosi and others.
“Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families,” said the statement, released in the name of senior policy adviser Douglas Holtz-Eakin.
[...]
“From the minute John McCain suspended his campaign and arrived in Washington to address this crisis, he was attacked by the Democratic leadership: Senators Obama and Reid, Speaker Pelosi and others. Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families.
“Barack Obama failed to lead, phoned it in, attacked John McCain, and refused to even say if he supported the final bill.
“Just before the vote, when the outcome was still in doubt, Speaker Pelosi gave a strongly worded partisan speech and poisoned the outcome.
“This bill failed because Barack Obama and the Democrats put politics ahead of country.” — McCain-Palin senior policy adviser Doug Holtz-Eakin
Before McCain Came To Washington, Senate Democrats Called On McCain For Leadership In Economic Crisis
No one wants to take ownership of the task of rescuing the economy right now. The Bush-Paulson plan has failed. The administration, House Democrats, and House Republicans (above all) have all proved unable to deliver. But there is someone who might be able to save the economy–and incidentally the Republican party: John McCain.
He should come back to D.C. But this time he needs to take charge–either by laying out the outlines of his own plan, or presiding over meetings at which a real plan that can pass is cobbled together. He might also insist on the immediate passage of a couple of provisions (raising or removing FDIC insurance limits, for example) that could mitigate the damage that could be done over the next few days.
It’s time for McCain to act decisively, and to lead, as he did with the surge. No one else seems up to it
The time is definitely right an McCain could change the downward trickle of his campaign. He needs to get Mitt Romney on camera and have that square jawed man reassure Americans right now that everything is going to be all right.
From what I understand, House Republicans including our man crush Eric Cantor are indicating that the partisan tone of Nancy Pelosi, including shutting out Hosue Republicans from negotiations led to the failout. The above video is apparently the straw that broke the pig’s back.
Former House Speaker Newt Gingrich reversed course on Monday, issuing a statement saying that if he were still in office he would “reluctantly and sadly” support the $700 billion Wall Street bailout bill.
Gingrich, who led the charge against the bailout last week, explained his change in position by saying that the House Republicans, “reinforced by John McCain,” have improved the bill “significantly” so it is “less bad” than the original proposal offered by Treasury Secretary Henry Paulson.
While saying that he sympathizes with any member of Congress who votes “no,” Gingrich says in his statement that the crisis of the credit markets is real and could have “horrendous” consequences.
While Gingrich has come around on the bailout bill, he still wants Paulson to resign for initially requesting the $700 billion with no oversight.
Gingrich maintains that as long as Paulson is in charge, “it is impossible to get a creative or significantly better solution.”
“Having a former chairman of Goldman Sachs preside over disbursing hundreds of billions of dollars to Wall Street is a terrible concept and inevitably will lead to crony capitalism and the appearance of – if not the actual existence of – corruption,” says Gingrich in his statement. “The Bush Administration has now provided three case studies in arrogance, isolation, and destructiveness: Michael Brown during Hurricane Katrina, Ambassador Jerry Bremer in Baghdad, and Secretary Paulson at Treasury.”
“It is a tragic and very expensive legacy,” he continued. “No conservative and no Republican should doubt how much it has hurt our cause and our party.”
