No Bailout

This afternoon, the House voted down a $700 billion bailout that would have pulled that much or more of bad mortgage loans and bonds out of the market.


Even though in an earlier blog I wrote in support of this bill, as a Republican, I understand why it failed.


For the case against it, the United States is a capitalistic society. Shouldn't the market correct itself, consequences be damned? If you look at history, capitalism has a cruel, but efficient way of correcting itself. Why should we now get involved in the best system yet to be devised and add a socialistic twist to it?


In the case for it (now failed), loan rates would be kept in check, your pay check wouldn't stagnate, job growth would continue and yes, Wall Street would have been saved. Whether any of this would have come true, we'll now never know.


In the scheme of things, this was a pretty historic vote. We'll see what happens the rest of this week, but I'm personally disgusted on the non-action and gridlock happening because of this bill. We need action. Maybe not from this particular bill, but from a bill that works for all.


Here's one interesting fact before I close: It's interesting to see Democrats blaming us Republicans for this bill not being passed when 95 from their own caucus voted against this bill.


ER


Draft: The Defeated Bill

Vote: 205 Yea; 228 Nay

Video: Pelosi Speech Riles GOP

RCP: Recent Congressional Approval