LatinaLista — Whether the $700 billion infusion of capital into Wall Street, courtesy of Congress, is called a bailout or a rescue, the bottom line is that the failure to pass the package rests solely on the shoulders of House Republicans.
Time will tell if the American public applauds their efforts or crucifies them in the November elections, and the global markets vilify them, but one thing is certain, they did no favor for John McCain.
After defeating the package with a vote of 228 vs. 205 and causing today’s Dow Jones 777 point plummet â€” the single largest decrease during a day in stock market history, House Republican leaders immediately took to the microphones to blame the defeat on a speech that House Speaker Pelosi delivered before the vote.
Because of her speech, they say, they decided not to vote for the bill.
All along, as justification for being against the bill, Republicans have underscored the phrase that “Americans aren’t dumb.”
Well, we weren’t dumb when the imperfect bill was crafted nor are we dumb enough to think that some grown men who have played political hardball throughout their whole political careers suddenly have gotten their feelings hurt over a speech delivered by a woman they probably don’t even like.
The ones who seem to fit the “dumb” description are the House Republicans who had to lie to cover up the fact that they didn’t have enough votes to pass the bill â€” even with McCain’s help.
The House Republicans, who have consistently shown to have some of the most extreme conservative members of their party who historically have reacted in knee-jerk fashion to pressure by special interest groups, behaved in a way that shows their flagrant arrogance and ignorance for what is good for the country.
Economists, business owners and financial analysts all agree that the $700 billion has nothing to do with bailing out, according to critics â€” “Wall Street fat cats” â€” but in impacting the freeing up of basic credit for us to be able to get car loans, college loans, credit cards or loans of any kind.
Unfortunately, whether due to panic or actual impact of the current economic crisis, there are reports already filtering in from some parts of the country that car dealerships cannot process car loans for some people.
We know that the impact has already hit the global markets from the news that a handful of banks in Europe were partially nationalized over the weekend to protect them from failure.
The crisis is real and the partisan way that both parties approached this crisis contributed to its failure and the general public’s misunderstanding that the Wall Street crisis has nothing to do with electoral politics and everything to do with our financial security.
However, a bill that was sponsored by a Republican administration and defeated by Republican congressional members, even with Sen. McCain taking credit for a victory that never materialized, illustrates that a McCain win would prove to be an unproductive Washington if his “assistance” couldn’t even get some egotistical politicians to see past ideology and look at the bigger picture.
If the crisis wasn’t so dire, a great big thank you card should be sent to House Republicans for showing the nation that they have no intention of working in unison with another Republican administration, but because things are the way they are, we should all be praying that the severity of the situation has been overstated and that who wins the election in November will be the biggest news in what’s left of this year.