What The Heck? The Bailout Failed?

29 Sep, 2008 by Melissa Clouthier

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I take a nap and this is what happens while I’m sleeping? Good. Grief.

My natural instinct is to say that it’s good when new laws don’t get passed. Gridlock is a beautiful thing because laws tend to make the average person’s life harder. So the bailout plan failed. I should be ecstatic. Certainly, the vast majority of Americans didn’t really want this bill. So are they right? Time will tell.

Right now, the stock market is tanking. It will likely tank tomorrow. Now, it’s a psychological as much as a financial thing. People get stupid when they’re scared and that’s what makes me nervous.

90 Democrats voted AGAINST the bill. So don’t listen when the Dems blame Republicans for the legislation’s failure to pass. Only 12 Democrats needed to pony up for this.

Nancy Pelosi is a knucklehead. What a vindictive woman. It is called politics–as in care for the toes you step on because they are connected to the ass you have to kiss tomorrow. It’s called don’t insult the people you need to help you.

David Bernstein of Volokh Conspiracy:

As I wrote in the comments, I have no idea why any particular member, or group of members, of the House, voted for or against the bill. All I’m saying is that if you are trying to rally the House to pass an emergency bill, you make it seem like there is AN ACTUAL EMERGENCY, which more or less precludes partisan attacks. To the extent any Republican voted against the bill because of Pelosi’s speech, it may not be a question of them being offended by her partisanship, but the perspective that if Pelosi thinks that the situation calls for partisanship, it must not be a serious emergency, because leaders simply don’t engage in such antics when a true emergency is at hand. For that matter, if I were a Democrat skeptical of the bill, Pelosi’s speech may have discouraged me from voting for it for the same reason.

On the other hand, maybe Nancy Pelosi isn’t stupid. Maybe she doesn’t want the crisis to go on and on, damn the American economy, damn small businesses. If you’re rich enough, low valued stocks are nice for making some money. She’s rich enough. Oh, and don’t forget that every day this crisis continues is more votes for Barack Obama. At least, Pelosi and Obama count on voters being that superficial. [Updated: Soren Dayton seems to agree with my hypothesis. Help us! I don’t know what the country will come to with politicians who filter every single defining moment through self-interest rather than what is in the best interest of the country. And Jeff Goldstein asks if Pelosi inadvertently helped America. That would be the only way it’d happen.]

After sleeping tonight, Americans may face the consequences of their anger. I hope the populace is right. I fear a situation where people can’t pay their employees, who can’t pay their bills, where more homes are lost, which will exacerbate the problem. [Update: Are people already reconsidering? Or are people just confused? Are people finally understanding the implications of letting this slide could be disastrous? Or, do people, like me, hate all alternatives and figure something has to be done, just not what Paulson was proposing.]

Pain. There will be pain.

More here. And another reminder of the timeline:

Michelle Malkin has the vote tally. Want to know how your Senator and Congressman voted?

AllahPundit shares this:

You’d think The One at least could flip 12 Democrats by promising to swing by their districts while he’s on the road and turn some water into wine or whatever to help get them reelected. After all, if the polls hold, this is going to be his mess to clean up come January. Waiting only makes it worse. Grab a mop, Messiah. Click the image to listen.

And did Obama help things? No. Here’s how the Congressional Black Caucus responded:

More members of the Congressional Black Caucus, whose heavily black districts include many of Obama’s most ardent supporters, opposed the bill than supported it.

Few of these members are in, or will ever have, tough re-elections.

Obama, it seems, could have helped deliver some of these votes if he had been more invested in the bill.

Frank Luntz: “The taxpayers want someone hung and they don’t want it to be the taxpayers.”

Ace explains market to market accounting crap that might help all this.

Again, I will conclude with pain. Tomorrow, we wake up with it.