Some Days It Doesn't Pay to Think Congress Can Get It Right

I’m writing this as I watch the news about the failure of Congress to approve the $700,000,000,000 bailout plan. This morning it looked like it would narrowly pass but when the votes came in, it was 12 votes short.

Now, of course, both parties are running for cover and looking for ways to blame the other side of the aisle. I’m an unabashed Democrat and I see this through that lens, but the most incredible part of this for me is the Republican spin that some Republicans voted against the measure at the last minute because of Nancy Pelosi’s remarks. Here is the paragraph from the CNN web page:

House Republican leaders blamed Nancy Pelosi, the Democratic Speaker of the House, for the bill’s failure, saying she had scuttled a bipartisan compromise with a “partisan speech” shortly before the vote. Pelosi started her speech by citing “the Bush administration’s failed economic policies — policies built on budgetary recklessness, on an anything-goes mentality with no regulation, no supervision and no discipline in the system.”

You can see Speaker Pelosi’s words here; regardless of what you think of her remarks, it’s hard to imagine that this bill died because Nancy hurt the feelings of the Republicans. By the way, as we listen to the Republicans blaming the Democrats, it’s helpful to note that 95 Democrats voted against the bailout, while 133 Republicans did.

But that’s what we have. Meanwhile, the party that demanded deregulation of the banking industry is doing its best to say nothing is their fault. Whatever happens is going to be of little value to those who lose their jobs and aren’t high enough to have golden parachutes.

Barack, we need you now.