Monday, September 29, 2008

See checks and balances do work but only when the Speaker pisses off over half the House

A deeply divided U.S. House has narrowly rejected a massive taxpayer bailout of the troubled financial sector. President Bush pushed hard for the roughly 700-billion dollar bailout, warning that there could be dire consequences for the national economy without it. Though there was considerable crossover in the votes, most Democrats voted for it, while most Republicans voted against it. The Dow responded by dropping like a stone, losing more than 600 points at one point.

Stay with
Newstalk 1190 WOWO for the latest developments
Ironically Republican incumbent Representative Mark "my small town values" Souder who has so much experience in Congress that he decided not to stand up and represent his constituents in his legacy vote regarding the Administration's welfare benefits package for corporations, and instead tried to structure his argument for the legislation as inevitable and capitulate by marking the legislation as "put(ting) a finger in the dike".

Sorry Mark, a dike doesn't cost 250-700 billion dollars to build, or repair.
Monday he called it "a bold bill that will help keep the crisis in our financial system from spreading throughout our economy." Souder said he was concerned abut the effect of the economic turmoil on northeast Indiana jobs. If jobs leave the area, he said, "they won't come back. We have more at risk than other areas." Souder said his office has been flooded by calls from constituents who oppose the bailout and said a "yes" vote is unpopular with voters. "Sometimes you got to gut it out," he said. "I don't like it," Souder said of the bill. "I tried to delay it" to allow for more discussion. Last week Souder said he was leaning toward voting against the bill, but Monday he said the revised legislation was better than Paulson proposed last week.
Mr. Souder, if citizens get frustrated enough, they might just have the guts to send you back home for good.

Here is a breakdown of the vote: There are 435 members in the House of Representatives in the United States Congress. The EESA 08 was defeated 205-228 (note that is more than half against); 65 Republicans and 140 Democrats who voted "yes"; 95 Democrats and 133 Republicans voted "no". There were one or two Representatives missing from the vote.

6 out of 9 Representatives from Indiana voted against the EESA.
The DOW has closed @ 777 pointes down today in response to the vote.

To Watch It Unfold Rep. Dennis Kucinich (D) Ohio | Speaker Nancy Pelosi (D) California Speech
After The Vote Rep. Barney Frank (D) Massachusetts | The Republican House Leadership
Source: TowleRoad

Fort Wayne Politics | Emergency Economic Stabilization Act of 2008 (pdf) |
Souder bucks GOP on bailout | Fort Wayne News | Speaker Nancy Pelosi's (D) California speech text


1 comment:

Tim Zank said...

Robert, If you haven't already, you should read this from Reason:

sums up the scenario really well.

Search This Blog

Alfie Evans

1. When a doctor says A and a parent says B, I tend to go with what the doctor says. Usually the doctors are right. After reviewing Alfie...

Blog Archive


Brgd. General Anthony Wayne US Continental Army


My blog is worth $11,855.34.
How much is your blog worth?


About Commenting

Keep it clean and relevant to the post. If you have a question that isn't related to a recent post, email me at . You can also email me if you want to make an anonymous comment.


Per the by-laws of the Libertarian Party of Allen County, the Chair is the official spokesperson of LPAC in all public and media matters.

Posts and contributions expressed on this forum, while being libertarian in thought and intent, no official statement of LPAC should be derived or assumed unless specifically stated as such from the Chair, or another Officer of the Party acting in his or her place, and such statements are always subject to review.