Republicans bail on the $700 billion bailout bill. Dow drops another 700 points.

Despite a much hyped bipartisan agreement being reached on Sunday apparently it was still too much for some Republicans to stomach and enough of them voted no that they managed to kill the bill:

A four-hour debate included impassioned pleas for and against the measure from Democrats and Republicans alike. Even some of those arguing the legislation must be approved were quick to point out problems with it.

But the vote began with both Democratic and Republican leadership telling their members the only way to protect the economy from a spreading credit crunch was to vote for the difficult to swallow measure.

After the defeat, Republican leaders accused Nancy Pelosi, the Democratic speaker of the House, of giving a “partisan speech” which “poisoned” Republican support.

Pelosi said the $700 billion “is a number that is staggering, but tells us only the costs of the Bush administration’s failed economic policies.”

But Barney Frank, the top Democrat on the House Financial Services Comnmittee, demanded: “Because somebody hurt their feelings, they decided to punish the country?”

Sure, why not? They’re already rich.

Though I must admit that I don’t know enough about economics to know if this is a good thing or a bad thing. Even with the amendments that were added to the $700 billion bailout plan I was still uncomfortable with hastiness it was being pushed through Congress so, in a way, I’m kind of glad the Republicans were their usual petty and selfish selves and blocked it from passing. I’m particularly bothered by the news reports that the Treasury came to the determination that it needed $700 billion by plucking a number out of their ass as opposed to, say, basing it on an actual need. I’m not against using taxpayer money to help resolve the crisis so long as we’re not using more than we really need to and there’s some guarantees that the government will get it back once Wall Street starts making profits again.

I don’t have any stocks to worry about at the moment, hell, I don’t even have a 401K (haven’t been able to put money into one for a few years now). As it stands we’re keeping our heads above water, but it’s been tight ever since the first layoff back in 2005. I haven’t a clue what’s really going to happen in terms of the economy as a whole, but I think a few more institutions on Wall Street feeling the repercussions of their idiocy aren’t entirely unwarranted. At this point the best I can hope for my family is that we manage to continue treading water until things improve. That makes all the noise and fuss surrounding the bailout hard to wrap my head around, but I’d be lying if I didn’t admit that there’s a little sense of satisfaction in seeing so many rich people freaking out over what their future has in store for them.

Hell, I coulda done that

“It’s not based on any particular data point,” a Treasury spokeswoman told Forbes.com Tuesday, regarding the bailout amount of $700B . “We just wanted to choose a really large number.”

Article at Forbes.com, highlighted at Political Wire.

 

Rachel Maddow explains the $700 billion bailout.

Rachel Maddow explains what the $700 billion bailout is all about and why we should be very worried with the proposed legislation to fix it:

This is what the past 8 years of Republican leadership has gotten us. An ongoing war costing us billions a month and now an all-time record breaking Wall Street bailout which won’t be open to oversight or judicial review. After all the shit they’ve pulled they still expect us to just trust them?

Via BD.

Jon Stewart on the $700 billion Wall Street bailout.

You gotta laugh at these things lest you end up crying…