The House of Representatives failed to pass the Wall Street bailout plan. The vote came in at 205 for it and 228 against it. About two thirds of the Democrats voted for it, while about only one third of Republicans voted for it.
The bill failed to pass because of the Republicans.
My elected Representative, Roscoe Bartlett (R) voted against it. What business he has weighing in on anything to do with the finances of this country is a mystery to me. He can’t even keep his own real estate deals straight. He’s really no different then most of Congress. Very few of our elected representatives have enough knowledge to make informed decisions about the economy. Most of them are lawyers by profession.
The stock market responded to the news of the bailout bill not passing with the Dow Jones industrial average losing 778 points. According to CNN’s Wolf Blitzer, that’s some sort of record. According to CNN’s Glenn Beck, we are heading for another Great Depression. He’s not an economist. In fact, he didn’t even go to college. His background comes from being a former top-40 radio DJ.
Just the guy I want to hear from when watching CNN.
I have no idea what all this will mean. The problem is, nobody else knows either. The same people that are saying something must be done to bail out Wall Street were saying only a few months ago that the economy is strong. John McCain was saying only a few weeks ago.
Cayusa
/ September 30, 2008That is the hardest part for me. You hear those saying that the economy is strong just a few weeks ago and now there is a group saying we need the bailout, other saying it would do more damage, others with their own plan that they say will work where the others wont. Not being an economist myself, I don’t know and I don’t understand most of it. The main problem is that pass or fail, those with money aren’t going to suffer the way those of us without will.