Bailout a no go

The $700 billion bailout rescue plan was rejected by the House of Representatives 228 to 205 votes. 140 Democrats voted for it while 95 voted against it. Only 65 Republicans voted in favor while 133 voted against. President George W Bush said he was "very disappointed" by the vote's result as the marked dropped another 770 points. Treasury Secretary Henry Paulson said he will continue be work with congressional leaders to get something done "as quickly as possible". Since the vote several things happened around the world:

• Wachovia, the fourth-largest US bank, was bought by larger rival Citigroup in a rescue deal backed by US authorities
• Benelux banking giant Fortis was partially nationalised by the Dutch, Belgian and Luxembourg governments to ensure its survival
• The UK government announced it was nationalising the Bradford & Bingley bank
• Global shares fell sharply - France's key index lost 5%, Germany's main market dropped 4% while US shares plunged after the vote result was announced.

UK Prime Minister Gordon Brown said he was disappointed by the vote's failure and would do everything he could to protect the British economy.

This is kind of weird that the Democrats are so gun-hoe about a bill proposed by GEORGE BUSH and it fails because of the Republicans. I don't know how partisan things are, when Bush invited the lawmakers to that meeting in the White House everything seemed to be going smoothly. Then yesterday Speaker Pelosi seemed so optimistic. Now there is so much finger pointing I don't even thing Congress knows what to do next. You have "big government" Democrats supporting a GOVERNMENT bailout plan proposed by a "trickle-down economics deregulation" president but fails because HIS party Republicans don't want to reward greedy behavior of men who financed many of their campaigns. Man. I don't know what you call it.

In terms of the presidential candidates it seems John McCain is attacking Barack Obama on not being decisive enough and suspending his campaign to get the job done. I don't know that Barack has blamed McCain yet, all I find on his response is telling the American people to remain calm. I do not think that it is, but if anything it's John McCain's fault. Wasn't it he the one who dramatically suspended his campaign and raced back to Washington to focus on the crisis and negotiate the plan? Well at the end of the day it's because of his own party that it doesn't pass. The man does all this and couldn't even convince his OWN party!
But I really don't want to blame anyone because who am I to do that.

I do think though those Republicans who voted it down need to come up with an idea of their own though, not just let Nancy, Republican whip Roy Blunt, most the Democrats and some Republicans do all the work and then vote it down. Also I am not sure if some of the Republicans who voted down the plan have a valid reason. Congressman Jeb Hensarling we would be "headed down and slippery slope to socialism". That is all find a dandy you like capitalism and de-regulation, but if the market crashes because of your paranoia that's not good either. Congressmen Ted Poe didn't want the average- Joe to pay for the greedy wall-street. That is the best reason yet, however I hope he understands that if Joe's taxes doesn't bailout Wall Street and then things get worse, everyone including Joe looses. And a lot more than he would have paid in taxes. Maybe this is naive, but I'd like to think that we are bailing out Wall Street because it could ruin all the other sectors of the economy not just cause it's Wall Street the "fat-cats". Other Republicans including congressman Eric Cantor said they were prepared to vote "yes" until Nancy Pelosi gave a very divisive partisan speech right before the vote. You don't vote based on if a speech someone gives rubs you the wrong way. You vote based on the ideas and policies presented.