Bailout Bill Rejected by House. Global Stocks Plummeting

The decline of global markets preceded the vote, but I noticed that the US Stock Market reveresed it's climb since a big start of day slide, but now it's tobogganing again.

 The House vows to try again.

GOP leaders said earlier that they had reached a deal and that GOP members who "could vote for it in good conscience would do so.  You know where that was going, even though everyone knows something needs to be done.

In fact, their games show the Republicans are trying to make the Democrats pass the bill so they can blame them for the unpopular package.  That number 700 billion sticks up at top even though the Democrats forced penalties (that the Bush administration warned against), oversight, and a recoop of money after 5 years time, and the Republicans were offered a plan the administration could use to get Wall Street companies to purchase insurance on wobbly debt, instead of getting bailouts.

Whatever you think of the bill the dance the Republicans are doing is a repulsive political Disco shuffle.

Today:

40% of Democrats and 2/3rds of Republicans voted against the bill according to AP report "Stunning defeat for economy bailout; stocks plunge " . But the names of the pro votes aren't important. Pelosi said she would force the Republicans to share their part of the deal.  This shows that the votes are being calculated and have little to do with 'conscience' or proclivity.

I'd like the Republican idea, excerpt they leave out more regulations on business.  In fact, part of the larger game with John McCain pretending to have reworked the bill to get the reduction of those regulations those all the work was done before he got to Washington (22 hours after he said he had to leave NY immediately and fly to Washington to help with it) and House minority leader Boehner had to have his Republicans stage a rebellion to mask the fact that they were helping McCain fake the rescue. George Bush held the phoney meeting that blew up in their face to help John-boy and then watched as the GOP Congressionals trashed it. 

I almost feel sorry for the war criminal.

BTW, my clock says 1:25 pm PDT (so it's 4:25pm EST) and the market is now going down again and is at -777.68 (20 minute delay).

I'll be gone for a while and will try to catch up when I get back.

I'm guessing that for some people 5:00 pm can't come early enough.

More information is available at NY Times "House Rejects Bailout Package, 228-205; Stocks Plunge ".

tags: financial crisis  bailout bill  stock market  republicans  democrats  john  mccain  

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