Bailout Bill Defeated: Wall Street in Freefall

As of this post, the Dow is down 780 points! Wall Street is in virtual free fall from this defeated bill. Poor Speaker Pelosi. She gave a speech on the floor of the House and it hurt the Republican's wittle feelings. Check her out on this MSNBC clip. Dang! Speaker Pelosi looks tired, haggard, overworked, and under appreciated. She looks like she needs a nap and some chamomile tea to calm her nerves.

The GOP fell apart. What happened to their RNC Convention mantra "country first." Well, these country firsters decided it was more important to perserve their Republican Brand than to preserve the American Republic.

So, what did the Speaker say that offended the GOP soooo much that caused the House Republicans to act like small childeren and blame Speaker Nancy Pelosi for the failed bailout vote. The House Republicans claimed that she made a partisan speech. Let's take a look at an excerpt fo Nancy Pelosi's speech:

"[W]hen was the last time someone asked you for $700bn? It is a number that is staggering, but tells us only the costs of the Bush administration's failed economic policies — policies built on budgetary recklessness, on an anything-goes mentality, with no regulation, no supervision, and no discipline in the system."

"Democrats believe in the free market, which can and does create jobs, wealth, and capital, but left to its own devices it has created chaos."

"Democrats insisted that legislation responding to this crisis must protect the American people and Main Street from the meltdown on Wall Street. The American people did not decide to dangerously weaken our regulatory and oversight policies. They did not make unwise and risky financial deals. They did not jeopardise the economic security of the nation. And they must not pay the cost of this emergency recovery and stabilisation bill."

"Today we will act to avert this crisis, but informed by our experience of the past eight years with the failed economic leadership … We choose a different path. In the new year, with a new Congress and a new president, we will break free with a failed past and take America in a new direction to a better future."

Representatives Barney Franks and Rahm Emmanuel talkling to about the crisis on.

Here’s the story. There’s a terrible crisis affecting the American economy. We have come together on a bill to alleviate the crisis. And because somebody hurt their feelings, they decide to punish the country. I mean, I would not have imputed that degree of pettiness and hypersensitivity.

We also have — as the leader will tell you, who’s been working with them — don’t believe they had the votes, and I believe they’re covering up the embarrassment of not having the votes. But think about this. Somebody hurt my feelings, so I will punish the country. That’s hardly plausible. And there are 12 Republican members who were ready to stand up for the economic interest of America, but not if anybody insulted them.

I’ll make an offer. Give me those 12 people’s names and I will go talk uncharacteristically nicely to them and tell them what wonderful people they are and maybe they’ll now think about the country.