Yesterday I actually wrote that the Speaker was to be congratulated for working to get a bipartisan solution hammered out.
I actually thought that the enormity of the problem facing the country’s and the world’s economies had led her and her colleagues to a responsible middle position. Dozens of Republicans lined up behind their leadership today to vote for a bill that most in the GOP caucus understand to be fixing the consequences of policies conceived and executed by the friends of Bill Clinton and the advisors of Barack Obama when they ran Freddie and Fannie, policies which were protected from review and correction by none other than Barney Frank and Chris Dodd and the like. I thought the Administration’s and John McCain’s refusal to launch partisan broadsides combined with the near-uniform advice of financial experts had finally impressed the Dems enough that they would lay down their cudgels long enough to pass the law necessary to the functioning of the credit markets.
I was wrong. The bill failed in the House by a 228 to 205 vote, with 95 Democrats voting against it, a cynical exercise in manipulating the financial crisis for the Dems perceived political advantage. They think that blame for the worsening credit market will fix to Republicans and John McCain. That Pelosi et al stampeded tens of thousands of panicked investors out of the market today at some considerable loss to their hard work over the years means nothing to them. The jobs they are sacrificing to panic means nothing to them.
The only thing that matters to the Pelosi-Reid-Obama Democrats is power.
This is the bottom line: Democrats defeated this bill, and cooly walked out to denounce the House Republicans. Just as the Dems demonstrated during the long debate over off-shore drilling, they do not care a whit about the impact of their Beltway doings provided they think it will bring them more seats and greater power and perhaps the presidency.
The voters of this country would be insane to turn more power over to this bunch, much less to the irrelevant Obama, standing on the sidelines doing nothing to bring the party he allegedly leads to the responsibilities of governing.