Steve G.

Trillion dollar ripoff is dead…for now

In Congress, Economics, Libertarian, Personal Responsibility, Politics, Republican, Taxation, Terrorism, Torture, US Government on September 29, 2008 at 7:26 pm

The House version of the Congressional wall street bankers bailout ripoff is dead. Conservative Republicans united with liberal Democrats in a narrow victory against the muddled middle, but the fight is not over.

Terra Eclipse has united a diverse group of interests, including MoveOn, Downsize DC, True Majority, Campaign for Liberty, United Liberty, FreedomWorks and the National Taxpayers Union to oppose and track no votes in the Senate and possible future votes in the House.

pdsa reports at IPR:

Republicans blamed Pelosi’s scathing speech near the close of the debate — which attacked Bush’s economic policies and a “right-wing ideology of anything goes, no supervision, no discipline, no regulation” of financial markets — for the vote’s failure.

“We could have gotten there today had it not been for the partisan speech that the speaker gave on the floor of the House,” Minority Leader John Boehner said. Pelosi’s words, the Ohio Republican said, “poisoned our conference, caused a number of members that we thought we could get, to go south.”

Rep. Roy Blunt, R-Mo., the whip, estimated that Pelosi’s speech changed the minds of a dozen Republicans who might otherwise have supported the plan.

Julie Hirschfeld Davis, “Stunning defeat for economy bailout; stocks plunge“, Associated Press, September 29, 2008

  1. Pelosi should speak more often if it means she will scare Republicans into doing the right thing.

  2. The Senate is taking the measure up on Wednesday evening at 7:30 pm. Call and tell your Senator how you feel first thing in the morning.

  3. Hey, I’m sure of one thing. When I open my 401K quarterly statement (after I regain consciousness) I know I will have to be drastically downsizing my contributions to all things libertarian until the markets recover. There’s just too much schadenfreude going on over this mess because, absent the “bailout,” millions of ordinary people will soon be suffering. And when they are, the next “bailout” is going to be a New Deal-sized increase in the government regulatory and police state that will take libertarians fifty years to defeat (if at all).

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