Monday, September 29, 2008

democrats vs. republicans: whose fault on the bailout?

Both and had articles on the blame game. The House vote for a compromise bailout plan failed 228 -205. CNN reports that about 60% of democrats voted for the bill while only about a third of republicans voted for it, even though both party leaders in the House urged their respective parties to approve it. So, what do the articles say about who is blaming whom? Both articles note Nancy Pelosi's partisan remarks. Here is a quote from CNN:
Pelosi also said the cost of the bailout "is a number that is staggering but tells us only the costs of 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."
The top republican, John Boehner, said Pelosi's partisan comments alienated some republicans [not very good leadership on Pelosi's part nor did the republicans handle it well]. Barney Frank then blames the republicans for looking for an excuse for not being able to bring in the vote. When in reality I think this was the issue as mentioned briefly in both articles:
Before the vote, many House Republicans expressed opposition to the bill, saying it departed from free-market principles. Republican congressional aides also said calls from constituents were running 10 to 1 against the legislation.
People are angry and they have let their representatives know it.

Money guru Dave Ramsey as an interesting alternative to the bailout; go here.


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