It's hold your breath time.
The big $700 Wall Street bailout package was just defeated in the House of Representatives by a 228-225 margin. I haven't seen vote totals but the initial stories indicate that Democrats didn't like it any better than Republicans.
The Dow Jones Average has already gone down 600 points on the news of likely defeat. It will be interesting to see if it goes down further.
Anybody who knows what's going to happen next should give me a call.
btw--I would have voted for the legislation. Having done some research on popular culture during the 1837-43 depression, my opinion is that we should go to great lengths to avoid depressions.
Update. The partisan breakdown from Greenwald via Kos was "140 Dems for, 95 against, and 65 Rs for, 133 against." Greenwald has an excellent critique of the legislation. If the oversight function, checks against CEO abuses, etc. are as weak as Greenwald claims, the legislation deserved to be defeated.
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2 comments:
I am less than calm about what is happening right now - I am actually so up to the minute it makes me ill - things are about to get interesting and I wish I could tell you whats next Ric - My priority will be getting out of city before the waters get too high - at least in Ky people know how to get buy on less so calm heads may prevail in your area
I agree with you that this bill needs approval to stem off any sort of depression. Democrats and republicans, alike, are blaming each other for its failure. How can Harry Reid single out republicans when the bill recieved only 60% approval from House democrats. You can only expect so many republicans to have the fortitude to go against fundamental conservatism at the risk of having it be proven a flawed system. I have never been this disenfranchised with the democratic party, or disappointed in politics itself, in my young political life. I fear that partisan politics will put itself first, and this will get much worse before any progress is made.
I agree with anansei. While I have faith in the economy, and haven't given up all hope on our leadership, my refund check comes in on thursday and I am going to look to stock up on beans and rice and be prepared to live out of my crockpot for a while.
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