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Yeah, it’s true, we’ve had several posts about the $700 billion bailout plan on this site and I’m expecting to post several more in the future. Why? First because it’s THAT huge for the American economy. Second because it’s drastically effecting my exchange rate in Israel and I need my hummus. (Let’s be honest here. The closer to home this thing hits, the more we pay attention.)
Everyone was all excited for this damn thing to pass so that we could finally start walking on the road to financial healing. But why didn’t Congress pass it bill?
Politicker gives an interesting theory as to why the majority voted no:
There are 41 incumbent House members on Politicker.com’s The Pindell Report of the nation’s most competitive House races. Of that group 31 voted against the bailout, possibly proof that that a yes vote might be politically toxic just a little over a month from Election Day. Of the four House members running for the Senate only Maine’s Tom Allen voted for in favor.
Ok, so it’s because the politicians don’t want to make a mistake that would jeopardize their reelection. Because who wants to vote for the guy who had a hand in the bankruptcy of the United States?
Let’s be sure that we acknowledge that there are MANY reasons besides reelection that effected the vote:
Even Congressional leaders admitted on the House floor that this was less than a perfect bill for any member. Conservatives said the bill would was basically socialism. Liberals said the bill didn’t do enough to protect the Middle Class.
The bill simply doesn’t sit well with most Congressional leaders; both Liberals and Conservatives. Maybe it takes a crisis like this to finally create bipartisan leadership.
See also Anatomy of the Bailout Breakdown from Time.
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