bailout bill stalled by democracy

While I totally disagree with Barney Frank’s support of this bill, he is one of the most entertaining people in politics today.  The above video is his response to acusations that Nancy Pelosi’s speech before the vote was the reason it failed.

Why are the major parties blaming each other for causing this bailout bill to fail?  What happened yesterday is what democracy is all about, right?  Legislation was proposed by the White House containing no oversight (in fact it had provisions against oversight) and all kinds of fishy talk about expediency.  Congress did their job and threw on the brakes.  The bill was re-written, voted on, and failed.  That is democracy people.  There is now more time for considered debate.  Hooray, I say.

Democracy Now interviewed Rep. Dennis Kucinich before the vote.  While the press has swallowed the initial premise, Kucinich makes the case that the whole thing has a smell to it (he was interviewed before the vote yesterday):

AMY GOODMAN: Is it any better than when it was first introduced by the Treasury Secretary, by Henry Paulson?

REP. DENNIS KUCINICH: Well, you know, that implies that you would accept the underlying premise. I reject the underlying premise that we needed this bill. And as a matter of fact, that we’re putting this up before an adjournment in an election season shows that Congress is being put under extraordinary pressure to bail out Wall Street. We haven’t looked at any alternatives, Amy. This is—you know, it isn’t as though, if you had a liquidity crisis, that—you know, a real one—that you’d start to look at all the alternatives. We haven’t done that. We have a bill here, a bill of more than a hundred pages, that we haven’t had a single hearing on the bill, you know—on the concept, yes, on what Paulson and Bernanke asked for initially. But, you know, we need to have hearings on this. There’s 400 economists and three Nobel Prize-winning economists who have said, “Whoa, wait a minute! What are you doing? Why are you rushing this?” You know, this thing doesn’t smell right, frankly.


5 Responses to “bailout bill stalled by democracy”

  1. 1 rb
    September 30, 2008 at 10:39 pm

    Good ol’ witty Barney! Always good for a laugh. I am in complete agreement with you on the democratic process that occurred yesterday. What are the alternatives though? Rewritting mortgages for those over their head and bailing out Wall Street should not occur. I understand the potential of this bill to resolve our economy’s current woes, but my god…the cost if more than I can fathom or bear nor have my children and their children bear.

  2. 2 rb
    September 30, 2008 at 10:40 pm

    er…the cost is more…

  3. 3 rb
    September 30, 2008 at 10:40 pm

    OH BTW I’m gonna be friggin DAD MAN!!!!!!!!1 Found out two weeks ago or so that Lisa is pregnant! WOOT!

  4. September 30, 2008 at 11:24 pm

    Holy crap! CONGRATULATIONS MAN! You’re going to be a great Dad. Tell Lisa congrats from Susan and I.

  5. 5 SL
    October 1, 2008 at 4:59 pm

    RB – Let me know when you want to come over to go toy shopping. We’ve got a bunch of stuff O already out grew.

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