Some quick thoughts on the House failing to pass the financial services bailout legislation.
First, House Speaker Nancy Pelosi bears a great deal of the responsibility for failure to pass the legislation. Mrs. Pelosi hoped that she could get a lot more Republicans. Why? Because she never had enough of her own party to pass the legislation as presented.
The legislation was not good at all. Better than the Treasury Secretary, Henry Paulson, presented to congress. The conservative House Republicans were trying to make sure that this bailout, and let us not be confused, it is a bailout, would not completely at the expense of the American taxpayers. Of course the Democrat majority was trying to laden the legislation to help their allies, especially the left-wing housing activist group ACORN, patrons of the Democrat presidential nominee, Sen. Messiah Barack.
Maybe a little more bleeding by Wall Street will get both sides together and since we are told that "something has to be done", it will be done not the way that the Bush administration and congress tried to ram it through.
And, maybe the way that the government is doing something may work in the short run. Taking failing banks and selling them to stronger banks.
I for having debate and make sure that the legislation is decent, not just something because we are told something is better than nothing. That is how we almost got stuck with the "comprehensive immigration reform" bill scam. This is a really big deal and we need to have a serious debate, not a "crap sandwich" that may have been written on a cocktail napkin.
And one last thing.
When this is over, the federal government may want to get out of the mortgage business and stop forcing banks and other lending institutions loaning money to people and business that could never pay back. This is a reason why we are in this mess to begin with.