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Did Nancy Pelosi’s speech to Congress really sink the bi-partisan rescue plan? Republicans would have you think so.
As everyone heard Monday, the first go-round for a rescue plan for Wall Street and Main Street died in the House of Representatives causing markets to plummet. Immediately afterward the finger-pointing began.
One claim from Republicans charged Speaker of the House Nancy Pelosi with the defeat. House Minority Leader John Boehner claimed her speech to House members before the vote was so partisan it deterred members from voting for the bill.
“We could have gotten it if it were not for this partisan speech that Speaker Pelosi gave,” Boehner said.
Democrats have dismissed that charge. Rep. Barney Frank responded most vehemently.
But is there any truth to that Republican charge? See (or read) for yourself.
Pelosi is not to blame for the failure of this bill. GOP leaders conceded that late yesterday once calmer heads had prevailed, The Washington Post reported.
However, given the importance of this bill, Pelosi’s speech was too partisan. She had a chance to rise above the bitter divides and deliver an inspiring and rousing speech on the House floor—and she didn’t.
Meanwhile, Pelosi's Republican counterpart in the House, Boehner, gave a five minute speech before the vote that sought to rally both parties in Congress to vote for the bill. Take a look.
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It doesn't, Colin. Here are four reasons why:
1. This story has yet to gain traction. People are talking about it, and...
Comments (6)
Amen Summer.
Posted by Jon | September 30, 2008 2:19 PM
Posted on September 30, 2008 14:19
People who couldn't afford them bought expensive homes with 0% down and simply walked away when the homes dropped in value or they couldn't make their ARM payments because "they had nothing to lose." But someone loaned these people the money for the mortgage that they just walked away from, leaving the loan unpaid. That's what STARTED this mess. Unscrupulous mortgage lenders, yes, and many, many people on Main Street. There is enough blame to go beyond Wall Street.
Posted by Summer Thompson | September 30, 2008 1:57 PM
Posted on September 30, 2008 13:57
"Wall Street sank itself."
Let's see. This thing started with the failures of Freddie Mac and Fannie Mae, both Government Sponsored Enterprises meant to increase loans to those who - for good reason - wouldn't otherwise to get them in the private market.
Although an economic contradiction in their existence, only a few years ago, Barney Frank and Christopher Dodd called these institutions financially sound. Furthermore, they encouraged both institutions to increase their ARM loans (almost forcing private banks and mortage companies to do likewise to compete).
So... just like the Great Depression, what looks like free market failure is actually good ol' Uncle Sugar sticking his nose in where it doesn't belong.
Posted by Jon | September 30, 2008 1:30 PM
Posted on September 30, 2008 13:30
Your headline is misleading. Wall Street sank itself.
Posted by Matt | September 30, 2008 11:49 AM
Posted on September 30, 2008 11:49
I don't know that Pelosi's speech was that partisan. Or if it was, it wasn't that effective. After all, Republicans weren't the only ones voting against the measure. In fact, the Arizona delegation (four Republicans and four Democrats) voted unanimously against it. She obviously didn't rally my state's Dems to support it or her.
Posted by Colleen | September 30, 2008 10:32 AM
Posted on September 30, 2008 10:32
From above: Pelosi is not to blame for the failure of this bill. GOP leaders conceded that late yesterday once calmer heads had prevailed, The Washington Post reported.
And yet, did you hear anything else from the talking heads?
Posted by Beth | September 30, 2008 10:09 AM
Posted on September 30, 2008 10:09