Monday, September 29, 2008

Economic Armageddon

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The House voted down (at least it appears at this time) the bailout bill and the Dow plunged 300 points in 2-minutes. 95 Democrats joined over 130 Republicans in sending this bill to defeat.

When real leadership was needed, Speaker Pelosi performed as she has since ascending to her leadership position and failed miserably in providing any. The most-important bill of this or any Congress in the last three decades and she failed to push it through.

This is a meltdown the likes of which we've not seen in mine--or for that matter, my parents lifetimes. Bad policies begat bad loans, which begat this crisis.

Heaven help us unless someone can come through and put forth a bill that Conservatives can stomach (interestingly, the Heritage Foundation backed this bill). The time is now for John mcCain to step up and show his gravitas and leadership ability but, alas, that time may be past.

Update: The Dow is starting to stabilize but oil plummeted $10.00 and the banking index is down 12%. Now I'm not an economist and don't even pretend to play one on this blog but this is chaos. Sadly, the only hope we may have to stave off the apocalypse is Harry Reid and the Senate and he's a worse leader than Pelosi.

Update: The vote is still open and can remain so indefinitely. Bloomberg News says that Reps. Boehner and Frank are trying to get others to reverse their votes but it's not looking too promising as we speak.

Update: Look how precipitously the market tanked when it became apparent that it was going to fail:

Update: Rep. Cantor laid the failure directly at the feet of Pelosi and called the Congress under her "leadership" the "most unproductive" he's ever seen. I can't argue with that at all. Rep. Boehner blamed Pelosi's "partisan speech" on the floor today for losing the vote.

Yeah, it sure as hell was partisan and probably would have pissed me off as well:

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