The markets fell. The sun rose. The ponzi scheme lost. Final tally: 205 - 228. One Republican abstained.
Many dems refused to go along with this marxist wet dream.
See? Congress critters can learn new tricks. And Nancy Pelosi - being only two heartbeats away from the Presidency - is still the most dangerous idiot in the world:
"Madam Speaker, when was the last time someone asked you for $700 billion?
It is a number that is staggering, but tells us only the costs of
the Bush Administration’sthis congress' failed economic policiesinsatiable, profligate, pork barrel earmark appetite — policiesan appetite built on budgetary recklessness, on an anything goes mentality, with no regulationour refusal to properly legislate, no supervisionor heed any warnings from any regulator, and (exercise) no discipline in the systemour own houses.
Democrats believe in
the freeheavily encumbered & taxed markets, which can and does create(stifle) jobs, (transfers) wealth, and (manipulates) capital, but left to its own devices it has created chaos.and would be far better off left to professionals who understand things like human nature; market economies; credit worthiness; and property rights...
...It is our responsibility today,
to help avert thatto own up to our gross negligence & criminal culpability for this catastrophic outcome.
Let us be clear: This is a crisis caused (by decades of foul and manipulative interference, by this congress) on Wall Street.
ButAnd it is a crisis that reaches to Main Street in every city and town of the United States (for which we, and only we, as an elected corporate body, charged by the Constitution of The U.S., are responsible for the judicious & pragmatic control over the Public's tax dollars.):
"We, the People, in order to form a more perfect union..."
How something can be 'more perfect' is a mystery, but what these congress critters refused to ratify yesterday was an abomination of legislation (H.R. 3997):
To provide authority for the Federal Government to purchase
and insure certain types of troubled assets for the purposes
of providing stability to and preventing disruption
in the economy and financial system and protecting taxpayers,
and for other purposes.
1 SEC. 2. PURPOSES.
The purposes of this Act are—
(1) to immediately provide authority and facilities
that the Secretary of the Treasury can use to
restore liquidity and stability to the financial system
of the United States; and
(2) to ensure that such authority and such facilities
are used in a manner that—
(A) protects home values, college funds,
retirement accounts, and life savings;
(B) preserves homeownership
and promotes jobs and economic growth;
(C) maximizes overall returns to the tax
payers of the United States; and
(D) provides public accountability for the
exercise of such authority.
Number one is pointless as the Federal reserve already flooded the global banking system with $630,000,000,000.00 of cash yesterday. Can you spell inflation?
A,B, & C: a gub'mint that can give you everything, can take everything away.
And (D) is a joke if you leave this congress in any sort of 'oversite' role which, apparently, is what these profligate reprobates have in the back of their neanderthal skulls:
SEC. 3. DEFINITIONS.
For purposes of this Act, the following definitions
(1) APPROPRIATE COMMITTEES OF CONGRESS.—The term ‘‘appropriate committees of Congress’’ means—
(A) the Committee on Banking, Housing,
and Urban Affairs, the Committee on Finance,
the Committee on the Budget, and the Committee on Appropriations of the Senate; and
(B) the Committee on Financial Services,
the Committee on Ways and Means, the Committee on the Budget, and the Committee on
Appropriations of the House of Representatives...
In other words, the same dipstick public servants who slept at the stupid switch for ten years and got us into this train wreck in the first place!
What about the markets? We keep hearing 'the worst drop in history.' Not true. 1987 was far worse. After yesterday's initial fallout, today's global markets are steady & the DOW is opening up. The DJA has yet to fall below 10,000.
This is a long over due market correction brought on by bad debt - bad debt legislated into a 'free market' by congress against anyone's common sense or sound business practices!
So where do we go from here? This is a good start: Freddie Mac & Fannie Mae under investigation by the Department of Justice and the Securities and Exchange Commission. I'm sure Frank Raines will have many questions to answer - and an Obama bus to go under.
But let us not forget Barney Frank & Chris Dodd. Both democrats. House Financial Services Committee Chairman & Senate Banking Committee Chairman, respectively.
Plus, 17 out of the 25 top recipients of campaign contributions from Freddie & Fannie lobbyists are Democrats. Chris Dodd, John Kerry & Barak Obama are the top three recipients of this 'grease the wheels to disaster' money.
How about some change, Senators?