Democratic: Yes (140) / No (95)
Republican: Yes (65) / No (133)
The Republicans saved the day.
My representative, Democrat Chris Van Hollen, voted for this bill. I warned him in several emails that I would vote against him if he did and I’m a man of my word: if a monkey is running against him I will vote for the monkey. I will also spread word at the coffee shop that our representative was so easily convinced by Bush and Paulson to give away our money.
Republicans saved the day? But the stock market tanked and lots of people have stocks in 401k’s!
It will tank regardless. Let the correction take its course. The faster is happens the faster we can divert resources to productive sectors of the economy instead of banks that deserve to rot and die and cease to exist.
The Powers That Be never made a believable connection to how this bailout would save us. “If you save the banks, they’ll start lending again for consumer car loans and credit cards!” Yes, consuming instead of producing will save us. :rolleyes:
The proposal’s defeat was also cheered on by a number of blogs that in recent days have posted links to lawmakers’ telephone and fax numbers and urged citizens to oppose the plan. They included stopthehousingbailout.com, a Web site organized by a 37-year-old Los Angeles attorney named Morgan Ward Doran, and globaleconomicanalysis.blogspot.com, run by Mike Shedlock, an investment adviser at SitkaPacific Capital Management. Mr. Shedlock said in an interview Monday that his site had received 1.7 million page hits this month, which he said was half a million more than normal.
On his Web site, Mr. Shedlock has derided the proposed rescue as “a rush to judgment” that would benefit “high-flying financiers who chased big profits through reckless investments,” and as “a complete waste of $700 billion.”
“A number of people emailed me to say this was the first time that they’ve written, faxed or phoned their member of Congress,” said Mr. Shedlock, a 55-year-old resident of Prairie Grove, Ill. “Were going to phone and fax every member of Congress who voted against this to thank them. … Everyone who voted to pass this bill, we’re going to actively organize to oust them.”
The cynic in me is convinced they’ll come up with something similar and pass that instead.