George Wenschhof
The House Democratic and Republican Leadership were not successful in selling their bail out bill to the rest of their fellow Representatives. The Democrats voted for the Bill 140-95, while the Republicans voted against the bill 65-133. The 205 votes for was only 12 votes short of passage.
As a result, the financial reaction on Wall Street was unpleasant with the original drop being around 600 and the drop as of 2:27 PM ET was 457.50 to stand at 10,685.63. CNN.com has more here.
It was obvious, House Minority Leader John Boehner was not successful in persuading his Republican colleagues as two-thirds voted against the bill. It is likely a second vote will be called as the possibility of a economic meltdown looms on the horizon but it is doubtful it will happen today. The NY Times has more here.
Let's see what comments come from the Obama and McCain campaigns. Stay Tuned.
The House Democratic and Republican Leadership were not successful in selling their bail out bill to the rest of their fellow Representatives. The Democrats voted for the Bill 140-95, while the Republicans voted against the bill 65-133. The 205 votes for was only 12 votes short of passage.
As a result, the financial reaction on Wall Street was unpleasant with the original drop being around 600 and the drop as of 2:27 PM ET was 457.50 to stand at 10,685.63. CNN.com has more here.
It was obvious, House Minority Leader John Boehner was not successful in persuading his Republican colleagues as two-thirds voted against the bill. It is likely a second vote will be called as the possibility of a economic meltdown looms on the horizon but it is doubtful it will happen today. The NY Times has more here.
Let's see what comments come from the Obama and McCain campaigns. Stay Tuned.
3:50 PM ET Update: Dow down 596.09
Well, the political silliness begins with Republicans blaming a speech by Nancy Pelosi on the House floor for the reason the bill failed. It was a partisan speech which actually was truthful in blaming the Republican Bush administration for the deregulation that has led to the current financial crisis. Representative Barney Frank gave a excellent response to that Republican nonsense with a statement that because your feelings were hurt, you can not do what is best for your country? TheHill.com has more here.
Remember, this was a bill introduced by Republican President Bush and his administration and the Democrats acted in a bipartisan fashion, putting the country first, voting for the bill 140-95, even though there were many aspects to the bill they did not like.
McCain, who made a big circus out of suspending his campaign for one day to focus on passing this bill, obviously failed to deliver his Republican Representatives in the House as they voted against the bill 133-65. Now, with the egg clearly on McCain's face after the bill failed, he is set to issue a statement blaming Obama for the bill's failure. ThePage.time.com has more here. Doubtful, the voters will buy into this statement. Ambinder, on TheAtlantic.com asks the question if McCain wanted credit for the passage will he accept blame for the failure? Read more here.
Obama has issued a statement that he is confident this bill will get done. Stay Tuned.
4:25 PM ET Update: Dow suffers largest single day point loss - 777.68 to finish at 10,365.45
This is not a time to be pointing fingers.
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