Bailout Bill Rejected
The House rejected the proposed $700 billion bailout bill by a vote of 228-205 today, which helped the stock market tumble another 700+ points. According to news articles I’ve read, some people are blaming a scathing, partisan speech by House speaker Nancy Pelosi (D-Calif.) prior to the vote, in which she basically blamed the country’s current economic problems on Republican policies that promoted an “anything goes” attitude. At least one member of Congress said this speech probably changed a lot of minds and swung votes the other way.
This isn’t the end of the bailout plan, but it obviously will need to be reworked a bit before going up for another vote. Personally, I don’t want to end up footing the bill (along with every other taxpayer) for the horribly unsound decisions of a handful of major banks and investment firms, but what’s the alternative? Widespread unemployment? Inflation? Lost retirement savings? Unstable domestic and world financial markets? Another “Great Depression”? Um, no thanks.
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