Tuesday, Sept. 30, 2008 | 2:07 a.m.
Immediately after the House of Representatives on Monday killed the $700 billion Wall Street bailout, the stock market plummeted. Finger-pointing quickly followed.
Republican leaders blamed Speaker Nancy Pelosi, D-Calif., for the bill’s failure. They said a dozen Republicans who planned to support the bill changed their votes because Pelosi gave a “partisan speech.” Those 12 votes would have been enough to pass the bill.
Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, said that was a telling critique of the Republicans.
“Because somebody hurt their feelings, they’re willing to punish the country,” Frank said.
Many of the Republicans, and the Democrats who voted against the bill, noted voters’ disgust with Wall Street and see the bill simply as a bailout. Although that anger is understandable, it is clear that the government will have to take action to prevent an economic disaster.
On Monday the Dow Jones industrial average fell nearly 778 points, the largest single-day drop ever. The problems, however, go beyond retirement plans wrapped up in stocks and bonds.
Analysts see major economic problems without government action. They are concerned about the credit market’s restricting further, making it even more difficult for businesses and consumers to obtain loans. That could seriously damage the economy.
The blame for this mess can be traced to the White House. President Bush’s policies have hurt the economy, and his response to the troubled economy over the past few years has been anemic.
Bush’s administration offered the plan, and Bush and his aides negotiated with congressional leaders to find a consensus plan. Bush, Republican presidential nominee Sen. John McCain and House Republican leaders urged their colleagues to support the plan, yet Republicans voted 2-to-1 against it.
Americans are desperately looking for someone to lead the country out of this mess, but what they have found so far is a Republican Party that has failed to show any leadership.
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