The financial resuce bill which was introduced in the House today represents a compromise that was negotiated between the Rebublican and Democratic leadership and which addresses most of the objections to the administration bill which I raised here earlier.
Well, we saw more clowns today in the House vote on the financial rescue bill. While the Democrats delivered the votes to pass the bill, Republicans, voted against the bill in large enough numbers to sink it. Apparently and incredibly, they claim that they voted against the bill because Nancy Pelosi hurt their feelings by pointing out how badly the Bush administration had mismanaged the economy.
Rather than do what is necessary to try and save the economy and the country, the Republicans decided, like spoiled children, to hold their breath until the economy turns blue. And amazingly, they did this on a Monday after five large bank failures over the weekend - one in Belgium, one in Germany, one in the UK, one in Iceland and Wachovia here in the U.S. (Of course the FDIC insists that Wachovia didn't 'fail', but Citicorp snapped it up for $1 per share vs. $60 per share it was trading at a year ago and FDIC had to absorb a lot of the losses.
Of course, once it was apparent that the bill was failing, the stock market dropped like a stone - down 600+ as I type this. Lest you think that this affects only big investors, keep in mind that more than half of Americans have their retirement savings invested in the stock market.
Look for more corporate failures in the next several days as the Republican members of Congress pout. It would be nice if they cared about their country more than they care about defending their disgraced President.